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30 Cards in this Set
- Front
- Back
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The focus of marketing is on the customer and the customer's needs.
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True
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Marketing is defined as...
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Process of creating, distributing, promoting and pricing goods and services.
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Target market is defined as the group of customers on which marketing efforts are focused.
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True
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What is marketing mix?
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Product, distributing, promotion and pricing activities that focus on the customer.
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Define products as per the marketing text.
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Intangible & Tangible.
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List three forces that comprise the marketing environment.
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Natural disasters, Economy, Technology trends, Competition.
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Marketing concept is that by forcing customers to accept a firm's goods and services the marketing identity can achieve its in house goals.
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False
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Business has discovered that they cannot produce products/services first and then sell them to customers. Marketing determines what customers want first and then produce/provide it.
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True
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Relationship marketing seeks to establish long term relationships between the buyer and seller.
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True
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Customer centric marketing develops relationships with customers based on focusing upon their individual needs and concerns.
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True
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Define value in the eyes of the customer.
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quality & price
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Marketing management is defined as planning, organizing, implementing, and controlling marketing activities to facilitate sales and maintain customers
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True
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Marketing is utilized by nonprofit organizations. Provide an example and the goal of the nonprofit organization.
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Recruiting
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Why is marketing important?
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It's the way the customer gets to see the product.
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What is strategic planning?
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The process of establishing an organizational mission, formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plans.
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What is marketing strategy?
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Its a plan for identifying a target market and developing a marketing mix to meet the needs of that market.
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What is marketing plan?
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Specifies the activities to be performed to implement and control the firm's marketing activities.
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Core competencies are things that a firm does extremely well.
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True
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What is a Strategic Window?
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Short time period between specific events during which there is an opportunity to capitalize on a marketing situation.
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Competitive advantages are?
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what you do vs. competition.
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SWOT analysis is an assessment of a firm's strengths, weaknesses, opportunities, and threats.
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True
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Mission statement is:
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a long term view of what the organization wants to become.
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Marketing objective is a statement of what is to be accomplished through marketing activities.
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True
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Corporate strategy:
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determines the means to utilize resources to reach the firm's goals.
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Business unit
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a division or other profit center within the parent company.
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Firms are divided as business units with finance, human resources, production, and marketing as the main divisions and all are equally important.
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True
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Market is defined as
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A group of individuals or organizations that have needs for products or services and also have the ability, willingness and authority to purchase them.
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Market share is:
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The percentage of the market that is controlled by an organization.
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The growth/ market share matrix divides products into four product groups:
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star, cash cow, question mark, dog
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What makes marketing planning so difficult?
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changes in taste or style.
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