Marketing Foundations
This organizational function focuses on creating, communicating, and delivering value to customers.
What is marketing?
This process thoughtfully defines an organization’s objectives and how it will achieve them.
What is strategic planning?
This element of the marketing mix focuses on logistics, supply chains, and distribution.
What is place?
Products that perform the same function and compete directly with each other fall into this category.
What is direct competition?
This agreement replaced NAFTA and governs trade between the U.S., Mexico, and Canada.
What is USMCA?
This concept explains why customers are willing to pay more for Apple products than competitors’ offerings.
What is customer value?
This tool evaluates strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
This element of the marketing mix is the easiest to change and directly affects revenue.
What is price?
When firms monitor economic, technological, and sociocultural trends, they are doing this.
What is environmental scanning?
This term refers to taxes placed on imports and exports between countries.
What are tariffs?
This marketing era believed quality products would sell themselves without aggressive selling.
What is the production orientation era?
This statement provides direction, motivation, and a shared purpose for an organization.
What is a mission statement?
Advertising, sales promotion, public relations, and personal selling fall under this “P.”
What is promotion?
Inflation, GDP, and consumer confidence are all examples of these external factors.
What are economic factors?
This belief suggests it is wrong or immoral to buy foreign-made products.
What is consumer ethnocentrism?
This occurs when both buyer and seller trade things of value and are better off afterward.
What is exchange?
This marketing growth strategy focuses on selling more existing products to existing customers.
What is market penetration?
This advantage exists when customers believe a product offers more value than competitors.
What is competitive advantage?
A recession is defined as GDP declining for this period of time.
What are two consecutive quarters?
Grants, special events, and individual donations are primary funding sources for this type of organization.
What are nonprofit organizations?
These are basic human requirements like food, shelter, and safety that marketers try to satisfy.
What are needs?
Stars, Cash Cows, Question Marks, and Dogs are all part of this portfolio analysis tool.
What is the BCG Matrix?
Product, price, place, and promotion are collectively known as this.
What is the marketing mix?
The FTC exists primarily to ensure this in the marketplace.
What is fair competition and consumer protection?
This marketing goal is common to nonprofits and focuses on awareness, engagement, and funding rather than profit.
What is mission-driven marketing?