Marketing final

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What is marketing?

The process of exploring, developing and delivering value to satisfy the needs of a target market.

What are the 4 p’s of marketing?

Product

Price

Place

Promotion

What is target market?

A specific group of customers on whom an organization focuses its marketing efforts

What are the forms of product?

good

service

idea

What is promotion?

Activities that are designed to inform, persuade, and remind customers about products or services.

What is price?

decisions and actions associated with pricing objectives and policies and actual product prices

What is place characteristic?

making the product available at the right place

What are the components for the marketing environment?

economic

political

legal/regulatory

technological

sociocultural

What is the marketing concept?

a managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.

What is the process of the evolution of the marketing concept?

1. product orientation

2. sales orientation

3. market orientation

What is relationship marketing?

long-term mutually beneficial buyer/seller relationships

What is Strategic business unit?

a profit center that’s self supporting in terms of sales, markets, production and other resources

What is a marketing plan?

a written document that specifies that activities to be performed to implement and evaluate the organization’s marketing strategies.

What is marketing strategy?

A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.

What is a market?

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness and authority to purchase those prodcuts.

What is a SWOT analysis?

an assessment of an organization’s strengths, weaknesses, opportunities and threats

What is the BCG Matrix (Boston Consulting group matrix)?

Star

question mark

cash cow

dog

What is environmental scanning?

The process of collecting information about forces in the marketing environment

What is environmental analysis?

The process of assessing and interpreting the information gathered through environmental scanning

What are the types of competitors?

Brand

product

generic

total budget

Types of competitive structures:

monopoly

oligopoly

monopolistic competition

pure competition

What are some ethical issues?

product issue product information

Distribution issue counterfeiting

Promotion issue (advertising lmao")

Prifing issue deceptive pricing

What are marketing ethics?

a dimension of social responsibility that involves principles and standards that define acceptable conduct

What is cause-related marketing?

the practice of linking products to a particular social cause on an ongoing or short-term basis

Why is marketing research important?

the systematic design, collection, interpretation and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities

What is a hypothesis?

an informed guess or assumption

What is marketing research?

the process of developing, collecting, analyzing and reporting insights that may be used to solve a specific marketing problem

What two forms of data can there be for marketing research?

Qualitative

Quantitative

What is validity?

a condition that exists when a research method measures what is is supposed to measure

What is reliability?

a condition that exists when a research technique produces almost identical results in repeated trials

What are the types of sampling?

probability

random

stratified

nonprobability

What was market segmentation?

The process of dividing a broad consumer or business market, normally consisting of existing and potential characters into subgroups

What are segmentation variable

The criteria or characteristics marketers use to categorize their audience into different groups

What are the target strategies?

Undifferentiated

heterogeneous

concentrated

differentiated