MKT Test 1

Creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

written document composed of analysis of current mkt situation, opport, and threats for firm. Objectives/strategy in terms of the four P's

Trade of things of value b/t buyer and seller so each is better off

Product, price, place, promotion-set of activities a firm uses to respond to wants of target markets

Product: creating value

Price: capturing

Place: delivering

Promotion: Communicating

any offering that involves a deed, performance, or effort that cannot be physically possessed.

Regards buyer-seller relationship as a series of individual transactions; anything that happened before/after transaction is of little importance

Method of building relationship with customers based on the philosophy that buyers/sellers should develop long term relationships

Focus on identifying and building loyalty among firm's most valued consumers

Group of firms that make and deliver a given set of goods and services

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

Something the firm can persistently do better than its competitors

INvolves a focus on retaining loyal customers and excellent customer service

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

Focus on achieving high-quality products, effective branding and positioning is key

Part of marketing plan where:

1) Define mission/vision for business

• 2) Situation analysis
• SWOT-Strengths, weakn, opport, threats

Part of MKT plan where:

1) Identify/evaluate diff't opport by segmentation, targeting, positioning (STP)

2) Implement 4 P's

Part of MKT Plan where:

1) Mgrs evaluate performance of mkt strategy

What type of business is it? What does it need to do to accomplish its goals and objectives?

Something the firm can persistently do better than its competitors

2nd step in MKT plan, using SWOT

Segmentation, Targeting, Positioning used to ID opportunities for increasing sales/profits

Group o consumers who respond similarly to a firm's marketing efforts

Process of dividing the mkt into groups of customers w/diff needs,wants, characteristics

Process of evaluating attractiveness of various segments and deciding which to pursue as a mkt

Defining the mkt mix variables so target customers have clear, distinctive, desirable understanding of what prod does in comparison with competing products

Strategy that involves determining the costs of producin a prod then adding a fixed amt above that total to arrive at selling price

Involves pricing below, at, or above competitors offerings

Involves determining the value of the product from customer's POV then pricing accordingly

Division of firm that can be managed and operated independently from other divisions and may have diff mission or objectives

Gps of assoc items, such as things that consumers use together

% of a market accounted for by a specific entity

Measure of products 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

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

Growth strategy that aims to reach new market segments (domestic or international)

Offers a new product or service to a firm's current target market

Firm introduces a new product to a market segment that it does not currently serve