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• It means by which a company can understand how it relates to the environment in which it operates.

  Market audit
• These are made up of organizations within the same industry that are pursuing equivalent strategies target and groups of customers that have similar profiles.

  Strategic group
• It includes determining on marketing approaches that will help the company achieve its overall strategic objectives

  Market.
• It entails the gathering qualitative and quantitative data about the company's product and possible markets.

  Market analysis
• It consists of external circumstances that could help improve performance that can be exploited.

  Opportunity
• The process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives.

  Market implementation
• It is a tool used in strategic planning to identify and ultimately prioritize the organization strength weaknesses opportunities and strength

  Swot analysis planning
• It indicates external conditions and situation that could hinder performance.

  Threats
• It represents those specific characteristics of the business that offer an advantage over its competitors

  Strengths
• The process of measuring and evaluating the results of marketing strategies and plans and taking corrective actions to ensure that marketing objectives are attained.

  Market control
• This is one of the marketing concept which is to satisfy the needs and equivalents of customer before making any profit

  Societal concept
• This marketing concept is very useful for selling unsought goods.

  Selling concept
• It is the promotion of business products or services to a target audience

  Marketing
• This refers to the philosophy that determines what type of marketing tools are used by a company

  Marketing concept
• It is one of the five marketing concept which focuses on the idea on "customers will favor products that are available and highly affordable"

  Production concept
• It is one of the five marketing concept which holds the idea "customer will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort"

  Selling concept
• This is one of the five marketing concept which holds the idea "achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do"

  Marketing concept
• It is one of the marketing concept which holds marketing strategy should deliver value to "customers in a way that maintains or improve both the customers and societies will being"

  Societal concept
• The concept is one of the oldest marketing management orientation that guide sellers.

  Production concept
• Which of the following statements about marketing concept is not true.

  It focuses on persuading customers by explaining the benefits of the product
• is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.

  Product
• Five Product Levels (Kotler)


  Core Benefit Generic Product Expected Product Augmented Product Potential Product
• the fundamental need or want that the customer satisfies when they buy the product

  Core benefit
• is a basic version of the product made up of only those features necessary for it to function

  Generic product
• the set of features that the customers expert when they buy the product.

  Expected product
• refers to any product variations, extra features, or services that help differentiate the product from its competitors.

  augmented product
• includes all augmentations and transformations the product might undergo in the future. In simple language, this means that to continue to surprise and delight customers the product must be augmented

  potential product
• According to use: Consumer and Industrial Goods are goods that are purchased for personal consumption and/or household use

  Consumer goods
• are purchased in order to make other goods, to serve as a raw material or input in the production of other goods

  Industrial goods
• According to Differentiation: Undifferentiated and Differentiated Goods are products whose physical characteristics are so identical, that it would be difficult, if not impossible, to distinguish one purchased from one vendor or another. Most undifferentiated goods are products that are sourced from nature

  Undifferentiated goods
• are varied in their characteristics and features that make them distinguishable from one another.

  Differentiated goods
• According to durability: Consumable, Semi-Durable, and Durable Goods refers to the length of time a consumer can derive benefit from the product or good purchased.

  Durability
• is a product whose benefit can only be used by a consumer for a short period of time, sometimes only a few minutes. Consumables a such as food, drinks

  Consumable
• provide benefits to the consumer for a longer period of time, usually spanning several months

  Semi-durables
• According to Type: Convenience, Shopping, Specialty, and Unsought Goods are products that are purchased frequently, usually inexpensive, and do not require much purchase effort and evaluation. Examples are newspapers, gum, and candy

  Convenience goods
• are purchased less frequently than convenience goods, are relatively more expensive, and require some amount of information search and evaluation prior to purchase

  Shopping goods
• are goods that require an unusually large effort on the part of consumers to acquire.

  Specialty goods
• are goods that consumers seldom actively look for, and are usually purchased for extraordinary reasons, such as fear or adversity, rather than desire

  Unsought goods
• are form of product that consist of activities, benefits, or satisfaction offered for sale that are essentially intangible and do not result in the ownership of anything

  Services
• Services are generally considered more difficult to market due to its four major attributes: 1. Physical products are tangible. As such, they can be inspected by consumers prior to purchase

  Intangibility