GACE Marketing Education (716) flashcards

33 cards. Read the term and the definition here. The deck at the top of this page is optional.

Marketing concept

Business philosophy in which achieving organizational goals depends on determining the needs and wants of target markets and delivering satisfaction more effectively than competitors do.

Selling concept

Orientation holding that consumers will not buy enough unless the firm undertakes large-scale selling and promotion, typical of unsought goods like insurance.

Marketing mix (4 Ps)

The controllable set of Product, Price, Place, and Promotion decisions a firm blends to produce the response it wants in its target market.

Services marketing (7 Ps)

Extension of the marketing mix adding People, Process, and Physical Evidence to address intangibility, inseparability, variability, and perishability of services.

Market segmentation

Dividing a heterogeneous market into smaller groups of buyers with distinct needs, characteristics, or behaviors who might require separate products or marketing programs.

Target market

The specific group of consumers at which a company aims its products, services, and marketing efforts after evaluating segment attractiveness and fit with firm resources.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Marketing research process

Five-step sequence: define the problem and objectives, develop the research plan, collect information, analyze it, and present findings used for decisions.

Primary versus secondary data

Primary data are collected firsthand for the current problem; secondary data already exist, gathered for another purpose, and are cheaper but may be outdated or mismatched.

Marketing information system

People, equipment, and procedures that gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

SWOT analysis

Strategic audit of internal Strengths and Weaknesses plus external Opportunities and Threats, used to match a firm's capabilities to its environment.

Product life cycle

Stages a product passes through - introduction, growth, maturity, and decline - each implying different pricing, promotion, and distribution strategies.

Brand equity

The differential effect that knowing the brand name has on customer response to the product or its marketing, reflecting awareness, associations, and loyalty.

Cost-plus pricing

Setting price by adding a standard markup to the cost of the product; simple and risk-averse but ignores demand and competitor pricing.

Break-even point

Sales volume at which total revenue equals total cost, computed as fixed costs divided by unit contribution margin (unit price minus unit variable cost).

Penetration pricing

Setting a low initial price to gain rapid market share and volume, trading early margin for adoption speed and scale economies.

Price skimming

Setting a high initial price to capture maximum revenue from buyers willing to pay, then lowering price to reach more price-sensitive segments.

Marketing channel

The set of interdependent organizations involved in making a product or service available for use or consumption by consumers or business users.

Intensive distribution

Stocking a product in as many outlets as possible; appropriate for convenience goods where location convenience drives purchase.

Exclusive distribution

Giving a limited number of dealers the exclusive right to distribute a product, used to protect brand image and dealer effort.

Promotion mix

The specific blend of advertising, public relations, personal selling, sales promotion, and direct/digital marketing tools a firm uses to pursue its objectives.

Push versus pull strategy

Push directs promotion to channel members to induce them to carry and sell; pull directs promotion to final consumers to create demand that pulls product through.

AIDA model

Message-planning sequence: get Attention, hold Interest, arouse Desire, and obtain Action, guiding copy and layout in promotional design.

Integrated marketing communications

Carefully integrating and coordinating the firm's many communication channels to deliver a clear, consistent, and compelling message about the organization.

Personal selling process

Prospecting and qualifying, preapproach, presentation and demonstration, handling objections, closing, and follow-up - the standard sequence for sales training.

Feature-benefit selling

Translating a product's factual characteristics into the benefits a specific customer gains, the core skill drilled in professional-sales standards.

Merchandising

Planning and promoting the right product assortment at the right time and place, including visual display, assortment depth, and inventory turnover decisions.

Visual merchandising

Coordinating store design, layout, lighting, signage, and displays to attract attention, guide traffic, and stimulate unplanned purchases.

Entrepreneurship

The process of starting and managing a venture, bearing risk in pursuit of opportunity, and assembling resources beyond those currently controlled.

Business plan components

Executive summary, company description, market analysis, organization and management, product line, marketing strategy, financial projections, and funding request.

DECA role-play format

Competitive event in which a student receives a business situation and performance indicators, prepares briefly, then presents a solution to a judge.

Performance indicator

A specific, measurable competency statement drawn from course standards that defines what a student must demonstrate in an event or project.

Work-based learning agreement

Formal document linking a student placement to pathway standards, specifying supervision, training plan, and evaluation for course credit.