FBLA Marketing Day 1 Vocab

Production-Oriented Company

Focuses on efficient production and cost reduction.

Sales-Oriented Company

Prioritizes aggressive sales techniques to push products.

Marketing-Oriented Company

Focuses on meeting customer needs and wants through product development.

Marketing Concept

Emphasizes satisfying customer needs while achieving organizational goals.

Benefits of Marketing Concept

Improves customer satisfaction, enhances product development, and fosters long-term customer relationships.

Market Research

Understanding consumer needs.

Research Methods

Includes surveys, interviews, and observations.

Primary Data

Data collected firsthand for specific research purposes.

Secondary Data

Existing data that has been previously collected.

Market Research Reasons

To understand consumer behavior and market trends.

Target Markets and Segmentation

Dividing markets based on demographics, psychographics, and geography.

Product Development

Creating products to meet market demands.

New Product Development Process

Conception: Idea generation; Development: Creating prototypes; Test Marketing: Trial in select markets.

Product Mix Strategies

Width: Number of product lines; Length: Total products within lines; Depth: Variations of each product.

Product Line Diversification Advantages

Risk reduction and market expansion.

Product Line Diversification Disadvantages

Higher costs and complex management.

Product Positioning Factors

Features, benefits, price, quality, competition.