MKTG Exam

Cards (383)

  • Marketing
    The process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in dynamic environment
  • Marketing process
    1. Begins with a marketer
    2. Carried by a process
    3. End at a consumer
  • Customers
    The purchasers of organizations products; the focal point of all marketing activities
  • Target Market
    A specific group of customers on who an organization focuses its marketing effects
  • Components of Strategic Marketing
    • Product
    • Price
    • Distribution
    • Promotion
  • The best ads express value of the company
  • Exchanges
    The provision or transfer of goods, services, or ideas in return for something of value
  • Stakeholders
    Hold a stake or claim in the company's products
  • Knowing the marketing environment is critical for successes
  • Marketing Concept
    A managerial philosophy that an organization should try to satisfy customer's needs through a coordinated set of activities
  • Marketing Orientation
    A organizational commitment to researching and responding to customer needs
  • Customer Relationship Management (CRM)
    Using information about customers to create marketing strategies that develop and sustain desirable customer relation
  • Relationship Marketing
    Establishing, long-term, mutually satisfying buyer-seller relationships
  • ½ of a buyers dollars are going into marketing
  • Green Marketing
    A strategic process involving stakeholder assessment to create meaningful, long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
  • Strategic Marketing Management
    The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
  • Strategic Planning
    The process of establishing an organizational mission and formulating goals, a corporate strategy, marketing objectives, and a marketing strategy
  • Everything starts with a mission and a goal
  • Mission Statement

    A long term view, or vision, or what the organization wants to become
  • Levels of Strategic Planning
    • Corporate Strategy
    • Strategic Business Unit (SBU)
  • Corporate Strategy
    A strategy that determines the means for utilizing resources in the functional areas of marketing, production, finance, research and development, and human resources to achieve the organization goals
  • Strategic Business Unit (SBU)

    A division, product line, or other profit center within the parent company
  • Market
    A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
  • Market Share
    The percentage of a market that actually buys a specific product from a particular company
  • Growth Share Matrix by the Boston Consulting Group
    • Market growth rate
    • Market share
  • Diversification
    Allows firm to make better and wider use of their managerial, technological, and financial resources
  • Core Competencies
    Things a company does extremely well, which sometimes give it an advantage over its competition
  • Market opportunity
    A combination of circumstances and timing that permits an organization to take action to reach a particular target market
  • Strategic Windows
    Temporary periods of optimal fit between the key requirements of a market and particular capabilities of a company competing in that market
  • Competitive Advantage
    The result of a company matching a core competency to opportunities it has discovered in the marketplace
  • SWOT Analysis
    • Strengths
    • Weaknesses
    • Opportunities
    • Threats
  • Porter's 5 Forces

    1. Competition in the industry
    2. Potential of new entrants into the industry
    3. Power of suppliers
    4. Power of customers
    5. Threat of substitute
  • First-mover Advantage

    The ability of a company to achieve long-term competitive advantages by being the first to offer an innovative product in the marketplace
  • Late-mover Advantage

    The ability to achieve long-term competitive advantages by not being the first to offer a product in a marketplace
  • Marketing Objective

    A statement of what is to be accomplishes through marketing activities
  • Marketing Strategy
    A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
  • Sustainable Competitive Advantage
    An advantage that the competition cannot copy
  • Marketing Implementation
    The process of putting marketing strategies into action
  • Centralized organization

    A structure in which top-level managers delegate little authority to lower levels
  • Decentralized Organization

    A structure in which decision-making authority is delegated as far down the chain of command as possible