Marketing Chapter One Study Guide
Marketing Study Guide Chapters 1-4
Marketing – the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society.
Target Market – one or more specific groups of potential consumers toward which an organization directs its marketing program.
Marketing Mix (The Four P’s) – Product, Price, Promotion, and Place. These are controllable factors that can be used within the marketing department to solve a marketing problem. Environmental Forces – the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision.
Customer Value – Buyer’s benefits, including quality, convenience, on-time delivery, and before- and after-sale service at a specific price.
Marketing Program – A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Tasks of Marketing – Discover the needs and wants of consumers who are prospective buyers, satisfying the needs of targeted consumers.
Profit – the reward to a business firm for the risk it undertakings in marketing its offerings
Mission – a statement or vision of an organization’s function in society.
Market Share – ratio of a firm’s sales to the total sales of all firms in the industry.
Goals – targets of performance to be achieved, often by a specific time.
Business Portfolio Analysis – a technique that managers use to quantify performance measures and growth targets of their firms’ strategic business units (SBUs). Requires an organization to locate the position of each of its SBUs on a growth-scale matrix. Vertical axis is market growth rate. Horizontal axis is the relative market share Cash-Cows (bottom left) – SBUs that generate large amounts of cash, far more than they can invest profitably in themselves. They have dominant shares of slow-growth markets and provide cash to cover the organizations overhead and to invest in other SBUs. Stars (top
Marketing – the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society.
Target Market – one or more specific groups of potential consumers toward which an organization directs its marketing program.
Marketing Mix (The Four P’s) – Product, Price, Promotion, and Place. These are controllable factors that can be used within the marketing department to solve a marketing problem. Environmental Forces – the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision.
Customer Value – Buyer’s benefits, including quality, convenience, on-time delivery, and before- and after-sale service at a specific price.
Marketing Program – A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Tasks of Marketing – Discover the needs and wants of consumers who are prospective buyers, satisfying the needs of targeted consumers.
Profit – the reward to a business firm for the risk it undertakings in marketing its offerings
Mission – a statement or vision of an organization’s function in society.
Market Share – ratio of a firm’s sales to the total sales of all firms in the industry.
Goals – targets of performance to be achieved, often by a specific time.
Business Portfolio Analysis – a technique that managers use to quantify performance measures and growth targets of their firms’ strategic business units (SBUs). Requires an organization to locate the position of each of its SBUs on a growth-scale matrix. Vertical axis is market growth rate. Horizontal axis is the relative market share Cash-Cows (bottom left) – SBUs that generate large amounts of cash, far more than they can invest profitably in themselves. They have dominant shares of slow-growth markets and provide cash to cover the organizations overhead and to invest in other SBUs. Stars (top