Badm 320 Exam 1 flashcards _ Quizlet

All 3 terms must be true for it to be a market market

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Unformatted text preview: IT TO BE A MARKET. Market segmentation Dividing a market into distinct groups that have unique homogeneous needs, are identifiable a n d r e a c h a bl e . What are the 4 P's of marketing? (Marketing mix) 1. 2. 3. 4. P r o du c t P ri ce P l a ce Promotion What are the consumer 4 C's? 1. 2. 3. 4. Customer solution Cost Convenience Communication Market Share The % of total industry or product-category sales over period of time controlled by one c o m pa n y . Marketing Planning Planning at the product or product line level with a one year time horizon. What are the steps in the market Planning process? 1. Define the mission 2. Determine objectives 3. Analyze resources, risks, & opportunities (Porter's 5 forces) 4. Formulate a strategy 5. Implement strategy 6. Monitor and adapt What are the 3 phases of the marketing plan? 1. Planning phase (Mission, objectives) 2. Implementation phase (Analyzing risk and opportunities) 3. Control phase (monitoring and adapting) What 3 questions does a 1. What business are we in? q uizlet.com/19475064/badm- 320- exam- 1- flash- car ds/ 2/12 9/6/13 Badm 320 Exam 1 flashcar ds | Quizlet mission statement answer? 2. Who are our customers? 3. How do we create value? What are the characteristics of objectives? (goals) 1. Realistic 2. Measurable 3. Time specific What are Porter's 5 forces? 1. 2. 3. 4. 5. Situation analysis Assesses internal environment (Strengths and weaknesses) and external environment (Opportunities and threats) SWOT Market strategy Program that selects a target market and takes actions to satisfy the target market. What are porter's competitive positioning strategies? 1. 2. 3. 4. Focus (niche) strategy Perform extremely well in few market segments. Cost leadership strategy Advantage thru low production costs. Differentiation strategy Focus on offering different, unique products. Middle of the road strategy Good at everything, excellent at nothing. (satisfy no one) Market penetration strategy Focus on existing market and product. Try to attract new customers or convince existing customers to buy m...
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