Marketing Environment
This analysis addresses both the internal environment with regard to strengths and weaknesses, and the external environment in terms of opportunities and threats.
What is a SWOT Analysis
Characteristics of human populations and segments, especially those used to identify consumer markets, such as age, gender, income, race, ethnicity, and education.
What are demographics
This marketing growth strategy is associated with the greatest amount of perceived risk.
What is diversification.
The first step in the consumer decision making process. It occurs when consumers are faced with an imbalance between actual and desired states.
What is need recognition.
A set of business practices designed to plan for and present an organization's products or services in ways that build effective customer relationships
What is marketing.
A group of potential customers that managers feel are most likely to buy a product.
What is a target market.
Generational cohort of people born between 1972 and 1992. They are the biggest cohort since the original postwar baby boom.
What is Generation Y/Millenials
In this type of a research sample, every member of the population has an equal chance of selection.
What is a random sample.
A failure to confirm one’s decision may result in cognitive dissonance, commonly referred to as this.
What is “buyer’s remorse”
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 Ps, action programs, and projected or pro forma income statements.
What is a marketing plan
Financial, managerial and marketing analyses are considered to be a part of this type of environment.
What is the internal market aka strengths and weaknesses!
This type of research has been previously published and includes things like industry reports, white papers, academic papers, and blogs. It is generally viewed as a cost effective and highly efficient means of conducting initial research.
What is secondary research data.
This type of risk is associated with the way people will feel if the product or service does not convey the right image.
What is psychological risk.
Routine, limited, and extensive are considered relative to this consumer process.
What are types of consumer buying decisions.
Product, price, place, and promotion--the controllable set of activities that a firm uses to respond to the wants of its target markets.
What are the 4 P's aka the Marketing Mix
The external environment typically considers these 5 factors, commonly referred to as the CREST model.
What are competitive, regulatory, economic, social, and technological factors. AKA Opportunities and Threats!
The first step in the market research process and arguably the most important.
What is the identification of the problem that needs to be solved/research objectives.
This type of marketing is defined as the active connection between businesses to ensure needs are met.
What is business to business marketing or B2B.
These are known as the 4 key factors affecting consumer buying decisions.
What are social, cultural, psychological, and individual.
This reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.
What is the value proposition.
This process of social acceleration, fuelled by the business cycle, has resulted in the need to implement heightened regulations of business practices regionally, federally, and internationally to protect people and the planet from the blind pursuit of profit by business.
What is corporate social responsibility (CSR).
A research technique in which a small group of persons comes together for an in-depth discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry.
What is a focus group
The system that gathers information about customers that can help to build customer loyalty and retain those loyal customers.
What is customer relationship management aka CRM.
The third step in the consumer decision making process.
What is the evaluation of alternatives.
A set of unique features specific to a company and its products that are perceived by the target market as significant and superior to the competition, resulting in customers choosing one firm over its competitors.
What is a competitive advantage.