Principles of Marketing

airbud123's version from 2016-10-24 01:55

Section 1

Question Answer
what is a target marketspecific group of consumers at which a company aims its products (male/female, age, live location, they do for a laving, and how much they make)
marketmedium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. Can be physical or virtual)
customer realtionship marketingbusiness process in which client relationships, customer loyalty, and brand value are all built through marketing strategy and activities. Achieved by providing info directly suited to their needs and interests
strategic business unitautonomous division or organization unit, small enough to be flexible & large enough to exercise control over most of the factors affecting its long term performance

Section 2

Question Answer
culturesystem of shared assumptions, values, & beleifs, which govern how people behave in organizations
market sharerepresents the percentgae of an industry or market total sales that is earned by a particular company over a specified period of time
goalsan observable & measurable end result having one or more objectives to be achieved
customer satsifactiondegree of satisfaction provided by goods or services of a company. Measured by repeat customer
employee satisfactionwhether employees are happy & contented & fulfilling thir desires and needs at work

Section 3

Question Answer
portfolio analysisan analysis of elements of a company's product mix to determine the optimum allocation of resources (market growth rate, market share)
strategyhighly practical things you'll do every day
tactic strong over reaching vision, intended to fulfill your predetermined goals & objectives
market segmentbroad market broken down into segments. Includes individual, families, needs, and org.

Section 4

Question Answer
quoatarestriciton placed on amount of a product allowed to enter or leave a country
sales on a global markety1) export 2) license 3) joint ventrue 4) direct investment
5 steps to market research1) define the problem 2) develop research plan 3) collect data & info 4) analyze data 5) take action
market segmentmeasureable, substantial, accesible, differential, actionable
envio scanningprocess that systematically surveys & interprets relevant data (ext. opportunities, threats, competition, & itself)