intro to marketing
what is marketing
the anticipation, management, and satisfaction, of demand through the exchange process.
what is strategic planning?
The fit between the organization's objectives (and resources) and the changing market opportunities.
what is an example of a micro environmental factor and a macro environmental factor
micro- competition
macro- social& cultural, economic, technology, political and legal
what is a target market?
a group of people or organizations that share characteristics for which a business creates a marketing mix to satisfy the needs of that group.
what are the four ethical perspectives
-utilitarianism
-pragmatism
-categorical imperative
-cultural values
what builds customer loyalty?
-helpful customer service
-customer involvement
-loyalty program
what is core competency
what a company does really well that gives them a competitive advantage
name the 4 types of competitors and give an example
-brand competitor
-product competitor
-generic competitor
-total budget competitor
why is it important for businesses to segment markets?
-Define needs/wants more precisely
-meet customer demand
-improve efficiency
-Green-washing
-Price-gouging
-Price Fixing
-Bait and Switch
-Lowballing
what is the difference between sales and market orientation
customer value, customer satisfaction, and relationship marketing are all less important in a sales orientation
Name the 4 aspects of the growth-market share matrix and what they mean.
question marks- low market share and high market growth
stars- high market share and high market growth
dogs- low market share and low market growth
cash cows- high market share and low market growth
name the 4 types of competition and give an example of each
-monopoly
-oligopoly
-monopolistic competition
-pure perfect competition
what are the three targeting strategies?
- Undifferentiated
-Concentrated
-Multisegment
what is social responsibility?
an organization's obligation to maximize positive impact and minimize
name the 4 aspects of SWOT analysis and which are external and which are internal
strengths- internal
weaknesses- internal
opportunities- external
threats- external
what are the four social styles model
-analyticals
-expressives
-drivers
-amiables
what are the 4 aspects of the marketing mix?
- product
-place
-promotion
-price