Term
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Definition
| group of people or org for which an org designs, implements, and maintains a mktg mix intended to meet the need of that group, resulting in mutually satisfying agreements |
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Term
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Definition
| when a company implements strategies that attempt to shape the external environment within which it operates |
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Term
| the variables in the external environment of mktg |
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Definition
1. social (demographic shifts, cultural changes)
2. economic (macroecon conditions,consumer income)
3. technological
4. competitive
5. regulatory (political & legal) (tax/business law changes everday)
6. legal |
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Term
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Definition
1. pure competition: Good marketers need to keep working so their product doesn’t become a commodity. Must differentiate the product
2. monopolistic competition: lots of different products that are differentiated with very small market shares
3. oligopolie: selling very undifferentiated products. Ex airlines |
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Term
| barriers to entry (competition) examples |
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Definition
-brand names
-do you have power of buyer or supplier? |
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Term
| 2 reasons people do market research |
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Definition
1. to look smart
2. to be smart (reduce risk) |
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Term
| why dont people do market research? |
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Definition
expensive & tradeoffs (triangle of speed, quality & cost)
-If you want fast/cheap info for market research- go to google/wiki. Tradeoff: not quality info
-If you want quality info that is fast- hire market researcher. Tradeoff: costly |
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Term
| social factors within the external environment |
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Definition
-most difficult for marketers to anticipate
ex: broader interest ranges (defying traditional consumer profiles), changing gender roles, dual career families, demographic trends, growing ethnic markets |
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Term
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Definition
| the practice of choosing goods/services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
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Term
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Definition
| the study of people's vital stats such as age, race, ethnicity, location |
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Term
generation Y
generation X
baby boomers |
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Definition
Y: born 1979-1994
X: born 1965-1978
BB: born 1946-1964 |
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Term
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Definition
| a comparison of income VS the relative cost of a standard set of goods and services in different geographic areas |
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Term
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Definition
decrease in the value of money
-marketers attempt to maintain level pricing to avoid losing customer brand loyalty |
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Term
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Definition
period of economic activity characterized by negative growth, which reduces demand for goods and services
-marketers maintain or reduce prices to counter the effects of increased demand and increase production efficiency and improve customer service |
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Term
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Definition
monitoring new tech and encouraging R&D of new tech is essential to keep up with competitors
innovative companies have stronger performances in their respective markets |
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Term
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Definition
| pure research that aims to confirm an existing theory or to learn more about a concept/phenomenon |
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Term
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Definition
| research that attempts to develop new or improved products |
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