FLASHCARDS of MKTG 4081 W Exam Study Guide (1)

Market

A group of people or businesses that want and can buy a product.

Marketplace

A place where people buy and sell things, can be physical or online.

Marketing Management

The process of studying the market, understanding customer needs, and making decisions to meet them.

Ultimate Customer

A person who buys products for personal use.

Organizational Customer

A business that buys products to resell or use in its operations.

Products

Things people buy to satisfy their needs, including goods and services.

Goods

Physical items that people buy, such as a phone or pizza.

Services

Activities done for the benefit of customers, such as haircuts or car washes.

Needs

Basic necessities that people require, such as food and shelter.

Wants

Specific desires that people have as ways to satisfy their needs.

Strategy

A plan designed to achieve long-term goals, including objectives and resource allocation.

Corporate Strategy

A big-picture plan of a company regarding business selections and resource usage.

Business-Level Strategy

The method by which a specific business competes in its industry.

Marketing Strategy

A company's plan for reaching customers, including target markets and promotional techniques.

Sustainable Competitive Advantage

A long-term advantage over competitors that is difficult to replicate.

Synergy

The concept that the whole is greater than the sum of its parts.

Industry

A collection of companies producing similar products that can replace one another.

Competitive Advantage

The unique advantage a business has to provide more value or lower costs than competitors.

Market Segmentation

The process of dividing customers into groups based on shared characteristics.

Targeting

The practice of choosing specific customer segments to focus marketing efforts on.

Positioning

The creation of a unique image or perception of a brand in the customer's mind.

Brand Equity

The value of a brand based on customer recognition and preference.

Commodity

A basic raw material that can be bought and sold, such as coffee or wheat.

Depositioning

The strategy of making a competitor appear weaker in order to enhance one's own company’s image.

Marketing Myopia

A narrow focus on selling products instead of understanding customer needs.

Category Captain

A leading brand that assists retailers in determining which products to stock.

Segmentation Methods

The techniques used to divide target markets, including geographic, demographic, psychographic, and behavioral.

Focus Groups

A qualitative research method used to gain insights into consumer preferences through group discussions.