Podcast
Questions and Answers
What is the group of customers a company focuses on called?
What is the group of customers a company focuses on called?
Target market
What is the reason customers should choose a particular product called?
What is the reason customers should choose a particular product called?
Value proposition
What are the different marketing strategies that companies follow called?
What are the different marketing strategies that companies follow called?
Marketing orientations
What does a company do to gain a competitive advantage based on the production concept?
What does a company do to gain a competitive advantage based on the production concept?
What does a company do to gain a competitive advantage based on the selling concept?
What does a company do to gain a competitive advantage based on the selling concept?
What does a company do to gain a competitive advantage based on the marketing concept?
What does a company do to gain a competitive advantage based on the marketing concept?
Which of these is included in the micro environment?
Which of these is included in the micro environment?
Flashcards
Target market
Target market
The group of customers a company focuses on.
Value proposition
Value proposition
The reason customers should choose a product.
Production concept
Production concept
Strategy focusing on inexpensive and widely available products.
Product concept
Product concept
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Selling concept
Selling concept
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Marketing concept
Marketing concept
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Societal marketing concept
Societal marketing concept
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Micro environment
Micro environment
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Macro environment
Macro environment
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Customers
Customers
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Suppliers
Suppliers
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Competitors
Competitors
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Employees
Employees
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Economy
Economy
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Technology
Technology
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Nature
Nature
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Laws
Laws
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Culture
Culture
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Study Notes
Marketing Management
- Target market: The group of customers a company focuses on
- Value proposition: The reason customers should choose a product
- Example: A toy store focuses on kids and parents
Marketing Orientations
- Production concept: Focuses on cheap and easy-to-find products. This can lead to a narrow focus (myopia)
- Product concept: Focuses on quality, performance, and innovation.
- Selling concept: Focuses heavily on advertising and promotion.
- Marketing concept: Focuses on customer needs, and understanding target markets needs and wants
- Societal marketing concept: Focusing on helping customers and society. Companies using this concept make eco-friendly products instead of polluting the environment
The Marketing Environment
- Importance: Companies must consider factors beyond their business to maintain relationships with target customers and build successful strategies
- Two main types:
- Micro environment: Close to the company
- Customers
- Suppliers
- Competitors
- Employees
- Macro environment: Big outside forces
- Economy
- Technology
- Nature
- Laws
- Culture
- Micro environment: Close to the company
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