CLEP Principles of Marketing

organization - Answer- company, firm, etc. market - Answer- all people/organizations who want or need to buy a product marketing concept - Answer- customer-oriented business philosophy that focuses on customer satisfaction marketing functions - Answer- 1. environmental analysis 2. consumer analysis 3. product planning 4. price planning 5. promotion planning 6. physical distribution (place) planning marketing mix - Answer- combination of product, price, promotion, and physical distribution/place (the "four Ps") which make an organization's marketing program. their combination reflects the strategy of the company market segmentation - Answer- the process of dividing the total market into submarkets based on something the people have in common (this is done by first choosing certain variables of how to divide the market, then the segments are profiled) market segments - Answer- a submarket/group of similar customers target market - Answer- a particular group of potential customers the company wants to appeal to product differentiation - Answer- when a product/brand is perceived as different from its competitors & when one company promotes their product as better than a competitor's product product positioning - Answer- shaping the product's image in the customer's mind (position) compared to competing products. consumer perceptions are more important than the actual differences between products marketing plan - Answer- the company's marketing strategy and the activities required to execute that strategy (identifying target markets, providing general guidelines for developing the marketing mix, etc.). research for development focuses on how the marketing mix can most effectively be used, as well as market segmentation, product differentiation, product positioning, and target market selection