Marketing Exam I

an organizationl function and a set of processes for creating, capturing, communicating, and delivering VALUE to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

a written document composed of an analysis of the current marketing situation, opprotunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or pro forma income and other financial statements

the trade of things of value between the buyer and the seller so that each is better off as a result

• 1. Create Value
• 2. Occurs in many settings
• 3. Can be performed by both individuals and organizations
• 4. Requires product, price, place, and promotion (4 Ps) decisions
• 5. Entails an exchange
• 6. Is about satisfying customer needs and wants

• Product
• Price
• Place
• Promotion

The controllable set of activites that a firm uses to respond to the wants of its target members

Items that can be physically touched

Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be seperated from the producer

Intellectual concepts-thoughts, opinions, and philosophies

The process in which businesses sell to consumers

The process of selling merchandise or services from one business to another

The process in which consumers sell to other consumers

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives

A method of providing additional value by offering the opportunity for consumers to act as collaborators in creating the product or service

regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance

A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers

The group of firms that make and deliver a given set of goods and services

A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage

Something the firm can persistently do better that its competitors

Involves a focus on retaining loyal customers and excellent customer service

Involves a firm's focus on efficient operations and excellent supply chain management

Involves a focus on achieving high quality products; effective branding and positioning is key

A written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or pro forma income (and other financial) statements

• When marketing executives :
• 1. define the mission or vision of the business
• 2. evaluate the situation by assessing how various players, both inside and outside the organization, affect the firm's potential for success

• When marketing managers:
• 1. identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (STP)
• 2. implement the marketing mix using the four P's

When managers evaluate the performance of the marketing strategy and take any necessary corrective actions

• A broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer 2 main questions:
• What type of business is it?
• What does it need to do to accomplish its goals and objectives

• Planning Phase
• Implementation Phase
• Control Phase

• 2nd step in the marketing plan
• uses SWOT analysis that assesses both the internal environment with regard to its STRENGTHS and WEAKNESSES and the external environment in terms of its OPPORTUNITES and THREATS

The process of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits

A group of consumers who respond similarly to a firm's marketing efforts

The process of dividing the market into groups of customers with different needs, wants, or characteristics-who therefore might appreciate products or services geared especially for them

The process of evaluating the attractiv eness of various segments and then deciding which to persue as a market

Involves the process of defining the marketing mis variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

anything that is of value to a consumer and can be offered through a voluntary marketing exchange

A pricing strategy that involves first determining the costs of producing or providing a product and then adding a fixed amount above that total to arrive at the selling price

A strategy that involves pricing below, at, or aboe cometitor's offerings

A pricing stratedy that involves first determining the percieved value of the product from the customer's point of view and then pricing accordingly

A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

Groups of associated items, such as those that consumers use together or think of as part of a group of similar products

Percentage of a market accounted for by a specific entity

A measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

The annual rate of growth of the specific market in which the product competes

A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers

A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international

A growth strategy that offers a new product or service to a firms current target market

A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve