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Marketing Concepts and Strategies: A Comprehensive Guide, Quizzes of Marketing Management

Definitions and explanations of key marketing terms, concepts, and strategies. Topics include the definition of marketing, the marketing mix, customer satisfaction, relationship building, marketing growth rates, market positioning, and various marketing tools and techniques. It also covers various eras of marketing and strategies to build a competitive advantage.

Typology: Quizzes

2012/2013

Uploaded on 10/16/2013

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TERM 1
what is the definition of marketing
DEFINITION 1
an organizational function and a set of processes , for
creating , capturing, communicating, and delivering value to
customers and for managing customer relationships in ways
that benefit the organization and its stakeholders
TERM 2
marketing satisfies...
DEFINITION 2
needs and wants
TERM 3
marketing mix is
..
DEFINITION 3
product, promotion, placement, price
TERM 4
maketing can be performed by
DEFINITION 4
individuals and organizationsb2bb2cc2c
TERM 5
good
DEFINITION 5
item you can physically touch
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pf4
pf5
pf8
pf9
pfa

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what is the definition of marketing

an organizational function and a set of processes , for creating , capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders TERM 2

marketing satisfies...

DEFINITION 2 needs and wants TERM 3

marketing mix is

DEFINITION 3 product, promotion, placement, price TERM 4

maketing can be performed by

DEFINITION 4 individuals and organizationsb2bb2cc2c TERM 5

good

DEFINITION 5 item you can physically touch

service

intangible customer benefit TERM 7

What are the various eras of marketing

DEFINITION 7 production oriented eras-sales oriented era1920-1950market oriented-after world war 2Value Based Marketing TERM 8

Does providing a good value mean selling at a

low price?

DEFINITION 8 no it can but it does not all ways mean that TERM 9

what type of relationship is the best to give

the customer value

DEFINITION 9 relational orientation TERM 10

supply chain

DEFINITION 10 group of firms that make and deliver a given set of goods and services

Market Positioning

involves the process of defining marketing mix variables so that the target market have a clear, distinctive, desirable understanding of what the product or represents in comparison to competing products TERM 17

marketing growth rates categories

DEFINITION 17 stars-high market share high growth ratecash cows-high market share low growth ratequestion marks- low market share high growthdogs- low growth low market TERM 18

STP

DEFINITION 18 Segmentation Targeting positioning TERM 19

tool to help with situational analysis

DEFINITION 19 SWOT analysis TERM 20

4 growth strategies

DEFINITION 20 Market Penetration-existing customersMarket Development- new market segmentsProduct Development-new productdiversification- new product or service that they do not currently serve

Macro Environmental Factors

Culture Demographics Social issues, tech advnces, economics situation, politicaln regulatory environment TERM 22

Generational Cohorts

DEFINITION 22 Gen y 1977-Gen xBaby BoomersSenoirs TERM 23

Social Trends

DEFINITION 23 Price SensitivityHealth and wellness concernsGreen consumersPrivacy concerns TERM 24

Need vs want

DEFINITION 24 wats-goods or services that are not necessary but are desiredneeds- necessary for survival TERM 25

functional vs Psycological

DEFINITION 25 functional- performance of a productpsychological - personal gratification

extended vs limited problem solving

extended-consumer spends a lot of time analyzing alternatives(risky purchases)limited- at most a moderate amount of consideration TERM 32

steps in the marketing

DEFINITION 32 define objective and research needsdesigning the researchdata collectionanalyze data develop insightsaction plan and implementation TERM 33

external vs internal secondary data

DEFINITION 33 external is collected from sources outside the firminternal- collected from firms own data on day to day TERM 34

exploratory research

DEFINITION 34 observation, following social media, in depth interviews, focus group, protective techniques TERM 35

conclusive research

DEFINITION 35 surveys, formal studies, scanner or panel data,

data vs information

data-raw numbersinfo- organized, analyzed, interpreted data with value TERM 37

four types of consumer products

DEFINITION 37 Specialty-luxury cars ,medical professionsshopping- -funiture appliancesConvenience- beverages, breadunsought- Gps or hand warmers TERM 38

breadth vs depth

DEFINITION 38 breadth is the amount of product lines by a companydepth is the amount of products in the product line TERM 39

how do brands give value to firms and

cutomer

DEFINITION 39 Brands facilitae purchseLoyaltyprotect from competition and price competitionreduce marketing costsassets(trademarks)impact market value TERM 40

brand equity

DEFINITION 40 assets linked to a brand that add to or subtract from the valuecomponents-brand awarenessPerceived valuebrand associationsBrand Loyalty

Product development

Idea generationconcept testingproduct developmentmarket testingproduct launchevaluation of results TERM 47

idea generation

DEFINITION 47 Internal ResearchR&D consortiaLicensingBrainstormingoutsourcingCompetitors ProductsCustomer Input TERM 48

Product life cylcle

DEFINITION 48 Introduction -little to no profit/low salesgrowth- rising sales- rapidly rising profitsmaturity-peak of sale/peak to decline of profitsdecline- decline in both