Marketing Terms

3. A strategy for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
5. a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchases those products
6. a long-term view of what the organization wants to become
9. Things a firm does extremely well, which sometimes give it an advantage over its competition
10. the result of a company's matching a core competency to opportunities in the marketplace
12. A combination of circumstances and timing that permits an organization to take action to reach a target market
14. The process of establishing an organization mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan
17. assessment of an organization's strengths, weakness, opportunities, and threats
18. growth occurring when new products are developed to be sold in new markets
19. favorable conditions in the environment that could produce rewards for an organization if acted on properly
20. any limitations a company faces in developing or implementing a marketing strategy
21. competitive advantages or core competencies that give a firm an advantage in meeting the needs of its target markets

1. the percentage of a market that actually buys a specific product from a particular company
2. a statement of what is to be accomplished through marketing activities
3. the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program
4. a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
7. a division, product line, or other profit center within a parent company
8. a strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining marketing strategy
11. A temporary period of optimal fit between the key requirements of a market and a firm's capabilities
13. conditions or barriers that may prevent a firm from reaching its objectives
15. growth occurring when current products and current markets have the potential for increasing sales
16. A written document that specifies the activities to be performed to implement and control and organization's marketing activities