4-1
What do Market opportunities include?
It includes new markets and ways to improve a company's offerings in current markets.
A plan that identifies how a company expects to achieve its goals is known as what?
It is known as a strategy.
Define a target market.
It is a clearly defined segment of the market to which a business wants to appeal.
Define a decision.
A choice among alternatives.
What is a channel of distribution made up of?
It is made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer.
What does it mean by "marketing is integrated"?
It is an essential part of the business.
What are the planning steps without the marketing concept?
1. Develop a product.
2. Decide on marketing activities.
3. Identify potential customers.
What is the marketing mix composed of?
Product, distribution, price, and promotion.
What are the fives stages in consumer decision making?
Recognize, Identify, Evaluate, Decide and Assess.
What are channel members?
The businesses used to provide many of the marketing functions during the distribution process.
What were the several reasons businesses were unsuccessful?
1. They were concerned only about the product or service.
2. They believed that they knew what customers wanted.
3. They did not study the market.
4. They failed to use a variety of marketing tools available to them.
What is planning like with the marketing concept?
1. Conduct research to identify potential customers and their needs.
2. Develop a marketing mix (product, distribution, price, promotion) that meets specific customer needs.
What is a critical part of business's marketing decisions?
Distribution
What is an important marketing activity?
Conducting research.
What is a non-business organization?
It's primary focus something other than providing products and services for a profit.
What examples of businesses that do not use marketing effectively?
Car manufacturers, retailers, and restaurants.
What are market segments?
Groups of similar consumers within a larger market.
What is possibly the most difficult marketing decision to understand and plan?
Price
They often become dissatisfied with their lack of choice.
What do most government agencies have many characteristics of?
Monopoly
What does the marketing concept?
It requires a totally new approach to thinking and planning.
What is studying and prioritizing market segments to locate the best potential based on demand and competition known as?
It is known as Market opportunity analysis.
What is a unique type of marketing tool but does not create economic utility by itself?
Promotion
What is an important marketing skill?
Understanding the decision-making process.
What do Nonprofit organizations provide for their clients?
They provide products and services.