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36 Cards in this Set

  • Front
  • Back
The process of planning and executing the development, pricing, promotion, and distribution of goods and services to achieve organizational goals.
Is made up of all the people or organizations who want or need a product and have the willingess and ability to buy.
May be goods, services, ideas, places, or persons.
Marketing Concept
Is a customer-oriented business philosophy that stresses customer satisfaction as the key to achieving organizational goals. This philosophy maintains that all of the organization's efforts should be focusted on identifying and satisfying the wants and needs of the customer.
6 Primary Marketing Functions
1. Environmental Analyisis
2. Consumer Analysis
3. Product Planning
4. Price Planning
5. Promotion Planning
6. Physical Distrubution (Place) Planning
The Marketing Mix
Is the combination of four variables that comprise an organization's marketing program: product, price, promotion, and physical distribution.
Market Segmentation
Is the process of dividing the total market into distinct submarkets or groups based on similarities in their wants, needs, behaviors, or other characteristics
Market Segments
Are groups of customers who are similar to each other in a meaningful way and who will respond to a firm's marketing mix similarly.
Target Market
Is one particular goup of potential customers that the org seeks to satisfy with a product and the market which the firm directs its marketing mix.
Product Differentiation
Exists when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic. The term also refers to the strategy in which one firm promotes the features of competitive products in the same market
Product Postioning
Refers to the decisions involved in shaping the products image in the customer's mind. These images are defined relative to competing products.
Marketing Plan
Is the organization's statement of marketing strategy and the specification of the activities required to carry out the strategy. They identify target markets and provide general guidelines for developing the marketing mix.
Situation Analysis
Identifies the company's relative strengths and weaknesses, as well as the opportunities and threats posed by it's marketing environment.
Marketing Objectives
Specify the goals of the firm in both quanitative (sales, profit, market share) and qualitative (market leadership, corporate image) terms. They reflect the role of marketing in achieveing company-wide objectives.
Marketing Environment
Is composed of two types of factors: those that the organization can control and those that it cannot control. The success of the firm in achieving its goals depends on the ability to understand the impact of uncontrollable factors, and the effective management of controllable factors in response.
Macroenvironmental Factors
Uncontrollable forces:
1. Demographics or Demography
2. Economic Conditions
3. Competition
4. Social and Cultural Factors
5. Political and Legal Factors (Government)
6. Technological Factors
Microenvironmental Factors
External forces that impact each specific company uniquely. Largely uncontrollable.
1. Suppliers,
2. Marketing intermediaries
3. Target Market
Marketing Strategy
Defines the way in which the marketing mix is used to satisfy the needs of the target market and achieve organizational goals.
The Product/Market Opportunity Matrix (*PMOM)

*my own acronym
Specifies the four fundamental alternative marketing strategies available to the firm. (See next four)
1. Market Pentetration Strategy (PMOM)
Attempts to increase sales of the firm's existing products to its current markets
2. Market Development Strategy (PMOM)
Attempts to increase sales by introducing existing products to new markets.
3. Product Develpment Strategy (PMOM)
Entails offering new products to the firm's current markets.
4. Diversification Strategy (PMOM)
Aims new products at new markets.
SWOT Matrix
Is a tool used to assess the potential value and fit of new opportunities. Opportunities identified through the use of the Product/Market Opportunity Matrix should be judged against the strengths and weaknessses of the company relative to the threats and opportunities posed by the environment. (see next four)
1. Stregths (SWOT)
Competitive advantages or distinctive competencies that give the firm a superior ability to meet the needs of its target matrix.
2. Weaknesses (SWOT)
Limitations that a company might face in the development or implementation of a specific marketing strategy
3. Opportunities (SWOT)
Favorable environmental conditions that could bring the firm rewards if exploited.
4. Threats (SWOT)
Competitive conditions or other barriers that might prevent the firm from reaching its goals
The Boston Consulting Group Matrix (*BCGM)

*my own acronym
Is a framework that classifies each product or product line within a firm's "product portfolio." The matrix identifies product categories as a function of their market shares relative to immediate competitors and growth rates for the industry.
Stars (BCGM)
Generate large profits, but also consume substantial resources to finance their continued growth.
Problem Child (BCGM)
(sometimes called a "question mark")does not provide great profits, but still requires high levels of investment to maintain or increase market share.
Cash Cows (BCGM)
Generate large profits and require relatively little investment to maintain their market share in slow-growth industries.
Dogs (BCGM)
Are characterized by low profitability and little opportunity for sales growth.
Differential Advantage
Is made up of the unique qualities of product that encourage customer pruchase and loyalty. It provides customers with substantive reasons to prefer one product over another. By contrast, product differentiation simply refers to consumers' ability to perceive differences among competing products.
Marketing Myopia
Is a term that is used to characterize short-sighted marketing strategy. It refers to the tendency of some marketing managers to focus narrowly on the products they sell rather than the customers they serve. Consequently, they lose sight of customer preferences as these wants and needs change over time.
Sustainable Competitive Advantage
Is an enduring differential advantage held over competitors b offering buyers superior value either through lower prices or other elements of the marketing mix. Place or "location" is often regarded as the most sustainable competitive advantage since it is impossible for competitors to copy it.