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Strayer University - Principles of Marketing MKT 100 Exam 1 (Chapters 1-8) Already Graded A
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Strayer University - Principles of Marketing MKT 100 Exam 1 (Chapters 1-8) Already Graded A
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Relates to activities used to inform individuals or groups about the organization and itsPromotion
products
Involves creating and modifying new and existing products as well as eliminating those
Product
that do not satisfy
Ensuring availability of products in desired quantities to maximum number or target
Distribution
market customers possible
Forces of Marketing Environment Competitive, Economics, Political, Legal, Technological, Socio-Cultural
Uses information about customers to create marketing strategies that develop and
Customer Relationship Management
sustain desirable customer relationships
Process of effectively and efficiently planning, implementing, and evaluating the
Strategic Marketing Management
performance of marketing activities and strategies
Strategic Business Unit (SBU) A division, product line, or other profit center within the parent company
Mission Statement Long term view, or vision of what the organization wants to become
Core Competency Things a company does extremely well, giving it an advantage over competition
Group of individuals or organizations that have needs for a product class and have the
Market
ability, willingness, and authority to purchase it
When a company matches a core competency to opportunities it has discovered in the
Competitive Advantage
marketplace
S.W.O.T. Analysis Assesses an organizations: Strengths, Weaknesses, Opportunities, and Threats
Specifies the activities to be performed to implement and control an organizations
Marketing Plan
marketing strategies
Political Forces Political, Legal, and Regulatory forces influence marketing decisions and strategies
Reactive Markets Adjust to conditions
Proactive Firms Seek to influence the political process
Types of competitors Brand, Product, Generic, Total Budget
Organization offers a product with no close substitutes, making the organizing the sole
Monopolies
source of supply
Oligopolies Few sellers control the supply of a large portion of a product
Disposable Income/Wealth Amount of money left after payment of taxes
Selection of a target market and the creation of marketing mix that will satisfy the needs
Marketing Strategies
of the target market members
Purchasers and household members who intend to consume or benefit from the
Consumer Market
purchased products and do not buy products to make profits
Purchase a specific kind of product for resale, direct use in producing other products
Business Market
and use in general daily operations
Homogeneous Large proportion of customers that have similar needs for products
Heterogeneous Customers have diverse needs for products in a specific product class
Targeting Strategies Undifferentiated, Concentrated, Differentiated
Designs a single marketing mix and directs it at the entire market for a particular
Undifferentiated
product
Concentrated Targets a single market segment using one marketing mix
Differentiated Targets two or more segments by developing a marketing mix for each segment
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