CLEP Principles of Marketing Study Notes

Marketing mix a marketing manager decides what type

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Marketing Mix - A marketing manager decides what type of each component to use and in what amounts, and this "mix" reflects the strategy of an organization's marketing program. Marketing Concept - to achieve the organization's goals, the company should try to identify customer s' wants and needs, and satisfy them. Consists "four Ps" (variables): product, price, promotion, and physical distribution . An organization creates a marketing mix for a specific market they are targeting--a target market. Conjoint analysis - is used to estimate the value people place on specific attributes or features of products and services. Products are essentially bundles of attributes such as price and color. The goal of any conjoint survey is to assign specific values to the range of options buyers consider when making a purchase decision. Market Segmentation - process of dividing a total (heterogenous) market into market groups consisting of people who have relatively similar (homogenous) product needs. Dividing a certain market into segments, based on what people need . For example, for someone selling cars, part of the market may want economy cars, another part might want big vans, and a third part may want a status symbol. The company would segment that market into three segments, and develop a marketing mix for each. The reason for segmenting a market is that an organization can better develop a marketing mix that satisfies a small , similar group of people instead of trying to develop something that appeals to a broad, diverse group. A Market Segment - consists of individuals, groups, or organizations with one or more similar characteristics that cause them to have relatively similar product needs. A Target Market - a group of people that an organization creates a marketing mix for, which is designed to meet their specific needs and preferences. A group of people that an organization is trying to target with their marketing. It can be a market segment,
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or a mass market, and they are expected to respond similarly to the same marketing mix. Characteristics used to identify them need to be measurable. Product Differentiation - the strategy where a company promotes the features of its product over the features of a competing product in the same market. Trying to get consumers to see a product or brand as different from its competitors, whether that difference be a tangible or intangible characteristic. Product Positioning - decision and activities intended to create and maintain a certain impression of the company's product relative to competitive brands in customers' minds. About consumer perceptions , not actual differences between products, and involves shaping a certain image of a product in customer's minds. Banner Ads – on Internet website is measured through the number of click-throughs. "Click-throughs" is the number of times visitors to a Web site click on an advertisement and go to the advertiser's Web site.
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