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, market expansion

    • Disadvantages: Higher costs, complex management

  • Product Positioning Factors
    Features, benefits, price, quality, competition.