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26 Cards in this Set
- Front
- Back
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Marketing |
Provides needed direction for production and helps make sure the right things are produced and they get to the consumer. |
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Micro vs. Macro Marketing |
Micro- creating specific products for a specific customer Macro- What benefits the most people Dilemma- What benefits the company and the most people isn't always the best for everyone. |
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Modern view of marketing |
It is all about putting product on a shelf in an attractive way. |
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Discrepancy of quantity vs. Assortment |
Discrepancy of quantity - the difference between the amount of product produced and the amount an end user wants to buy Assortment- the lack of all the items a customer needs to receive full satisfaction from a product or products |
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Economies of scale |
As a company produces larger numbers of a particular product the cost of each unit of the product goes down. |
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Market-directed economy |
Consumers decide what sells and what doesn't. |
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Marketing concept |
An organization aims all of its efforts at satisfying its customers at a profit. |
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Marketing strategy |
Target market + marketing mix |
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Target marketing vs. Mass marketing |
Target marketing says that a marketing mix is tailored to fit some specific target customers. Mass marketing is vaguely aims at everyone with the same marking mix. |
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Marketing mix elements |
Product, Place, Price, Promotion |
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Marketing plan |
Writen statement of a marketing strategy and the time related detailed for carrying out the strategy. |
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Customer equity |
The expected earnings stream of a firm's current and prospective customers over some period of time. |
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Breakthrough opportunities vs. Competitive advantage |
Breakthrough - opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time. Competitive - A firm has a marketing mix that a target market sees as better than a competitors mix |
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Differentiate |
To make your product different or unique from the competition. |
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Market penetration vs. Market development vs. Product development vs. Diversification |
Penetration: Present product to present market Development: New product to present market Development: Present product to new market Diversification: New product to new market |
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Direct market environment |
A form of advertising in which physical marketing materials are provided to consumers in order to communicate information about a product or service. |
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Basic objective of a firm |
To meet the consumer needs. |
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Mission statement |
Sets out the organization's basic purpose for being. |
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Factors in the external market environment |
Customer, company and competitors |
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Competitor analysis |
Strategic Management analysis of the strengths and weaknesses of a possible competitor. Helps create offensive and defensive strategies. |
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Competitive barriers |
Existing companies trying to make it difficult for new competitors to gain access into the market. |
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Nationalism |
An emphasis on a country's interest before everything else. |
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NAFTA |
North America Free Trade Agreement - Lay out a plan to reshape the rules of trade between the United States, Canada and Mexico. |
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Gross national income |
Measure that is similar to GDP (Total market value of all goods and services provided in a county's economy in a year by both residence and non residence of that country) but GNI does not include income earned by foreigners who own resources in that nation but does include foreign income. |
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Exchange rate of money |
The way one country's money translates into another country's money. |
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Customer satisfaction vs. customer service |
Customer satisfaction- how happy the customer is with the product Customer service - is the way that the product is sold |
