Marketing Test 1

Marketing Test 1 - Marketing Test 1- Vocabulary 1-...

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Marketing Test 1- Vocabulary 1- Marketing- provides value to customers through close relationships with them to benefit the organization and those closely related to it 2- Exchange- trade of things of value between buyers and seller so that each is better off 3- Target Market- specific group of potential consumers toward which an organization directs its marketing program 4- Marketing mix- the marketing manager’s controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem 5- Environmental forces- uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory forces 6- Customer value- buyers’ benefits including quality, price, convenience, on-time delivery, and before and after –sale service 7- Relationship marketing- linking the organization to its individual customers, employees, suppliers and other partners for their mutual long term benefits 8- Marketing program- plan that integrates the marketing mix to provide a good service or idea to prospective buyers 9- Marketing concept- idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals 10-Market orientation- focusing organizational efforts to collect and use information about customers’ needs to create customer value 11-Societal marketing concept- view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being 12-Ultimate consumers- people who use the goods and services purchased for a household 13-Organizational buyers- manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale 14-Utility- Benefits or customer value received by users of the product 15-Profit- reward to a business firm for the risk it undertakes in offering a product for sale 16-Mission- statement of the organization’s scope 17-Organizational culture- set of values, ideas and attitudes that is learned and shared among the members of an organization 18-Goals (objectives)- targets of performance to be achieved, often by a specific time 19-Market share- ratio of a firm’s sales to the total sales of all firms in the industry 20-Strategic marketing process- approach whereby an organization allocates its marketing mix resources to reach its target markets 21-Marketing plan- road map for the marketing activities of an organization for a specified future period of time 22-Situation analysis- taking stock of where a firm or product has been recently, where it is now, and where it is headed 23-SWOT analysis- organization’s appraisal of its internal strengths and weaknesses and its external opportunities and threats 24-Market segmentation- sorting potential buyers into groups that have common needs and will respond similarly to a marketing action
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25-Points of difference- those characteristics of a product or service that make it
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This note was uploaded on 03/30/2008 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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Marketing Test 1 - Marketing Test 1- Vocabulary 1-...

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