Part 1
This approach prioritizes meeting the specific desires and needs of current and potential customers.
What is market orientation?
This approach focuses on making products a company excels at, rather than customer needs.
What is product orientation?
The company holds the largest market share within its industry.
What is Market Leader?
This metric measures a company's size in its industry compared to competitors, based on sales revenue.
What is market share?
This plan requires considering all elements of the marketing mix
What is marketing plan?
These subgroups within a larger market share common characteristics.
What is Market Segments?
This clearly identified group of customers receives a company's focused marketing efforts.
What is target marketing?
This range of marketing activities aims to understand the opinions, beliefs, and feelings of customers
what is market research?
This research involves gathering new information that doesn't currently exist.
what is primary research?
This research collects data already gathered by another source.
what is secondary research?
This term refers to the tangible or intangible offering provided by a business.
What is product?
This model shows the stages a product goes through, from development to removal from the market.
what is product life cycle?
These marketing strategies aim to extend a product's life cycle.
what is extention strategies?
This refers to how well potential and existing customers know and remember a brand.
what is brand awareness?
This marketing strategy communicates a brand's value and identity.
what is brand development?
This exists when customers consistently choose the same brand.
what is brand loyalty?
This metric represents a brand's expected earning potential.
This refers to the value a customer pays for a good or service.
what is price?
This describes paid-for communication through mass media like TV or radio.
what is above the line promotion?
These marketing activities are directly controlled by the organization.
what is below the line promotion?
This refers to the methods used to deliver products to customers.
What is place?
This term describes the journey a product takes from producer to consumer.
what is distribution channels?
This element of the marketing mix highlights the importance of employee-customer relationships in service marketing.
what is people?
This element of the marketing mix emphasizes the importance of efficient delivery processes in service marketing.
what is processes?
This element of the marketing mix highlights the importance of tangible cues in service marketing, since services are intangible.
what is physical evidence?