Exam 1 Vocab

Marketing

What is the objective of marketing?

Marketing seeks to discover the needs and wants of customers and satisfy them.

What are the conditions for exchange?

• At least two parties

• Something of value

• Communication and delivery

• Freedom to accept and reject

• Desire to deal with another party

What are the 4 P’s

Product, promotion, price and place (distribution)

What is the customer value proposition?

Unique combinations of benefits received.

What are ultimate consumers?

Normal people

Who are organizational buyers?

Companies, govt ,and schools

What is strategy?

An organization’s long-term course of action is designed to deliver a unique customer experience while achieving its goals.

What is a target market?

Group of people the company wants to pursue

What is organizational culture?

Set of values, ideas, attitudes, and norms of behavior that is learned and shared among members of an organization.

What is a mission statement?

The organization’s goals and pursue (usually inspirational)

What are the strategic planning steps?

• Set objectives- smart goals

• Analyze portfolios- See what products work best

• Strategic business unit- a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses

What is market segmentation?

Aggregating prospective buyers into groups/segments that have common needs and will respond similarly to a marketing action (ad campaign)

What is environmental scanning?

A collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization and marketing plan.