Marketing Chapter 1+2

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Marketing Chapter 1+2
2011-09-21 20:07:45

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  1. Situation Analysis
    study of internal and external factors that affect marketing stratigies
  2. Marketing strategy
    identifies target markets and sets marketing mix choices that focus on those markets
  3. sales forecasts
    the projection of probable future sales in units or dollars
  4. performance standard
    an expectation for performance that reflects the plan's objectives
  5. market segmentation
    the process of classifying people who form a given market into even smaller groups
  6. demographics
    people with different personal characteristics have different needs and interests
  7. disposable income
    the money left after taking out taxes
  8. discretionary income
    income remaining after deduction of taxes, other mandatory charges and expenditure on necessary items.
  9. geographics
    people's needs vary depending on where they live
  10. phsychographics
    lifestyle has an impact on how money is spent
  11. Mass Marketing
    using a single marketing strategy to reach all customer
  12. seven core marketing core functions
    • channel management
    • market planning
    • marketing information
    • product/service management
    • promotion
    • selling
  13. marketing concept says...
    a business should strive to satisfy customers needs while generating a profit for the firm.
  14. market share
    a companies percentage of the total sales volume in a given composite market
  15. consumer and organizational market
    consumers purchase goods and services for personal use and products for the use in their operations.
  16. Five utilities
    • information
    • time
    • form
    • place
    • possession
  17. In a market there is...
    • market share
    • customer profiles
    • market segment
    • target markets
  18. effective marketing strategy
    • identifies target market
    • sets marketing mix choices
    • takes the consumers needs and wants
    • takes the objectives of the marketing plan
    • competitive advantage
  19. Evaluating the State of the Economy
    • unemployment rate
    • retail sales figure
    • exchange rates
    • consumer confidence
    • productivity
    • inflation
  20. Marketing Objective
    • objective
    • single-minded
    • specific
    • realistic
    • measurable
    • time framed