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firm market share
can be defined and measured in several various ways, may be limited by its own or its intermediaries ‘view’ to the market, can be improved by having the right products and support, can be decreased by not having the right price at the right time.
Customer satisfaction
is increasingly based on consumers ‘time’ and shortening the time it takes to find, select, and buy goods.
The combination of product, price, place, and promotion developed to satisfy a particular target market is referred to as the
marketing mix
Market segments are typically based on
important characteristics of customer groups.
Consumer markets consist of
purchasers and household members who intend to consume or benefit from the purchased products but do not intend to make a profit on the products.
A marketing mix is a particular combination of
product, price, place, and promotion that is created to reach a particular target market.
Some pharmaceutical companies market their over the counter drugs to the doctors and hospitals as well as to their end consumers who have different product and information needs. This means that
they would use a ‘differentiated’ approach.
Soy bean growers in Indiana use a single marketing mix strategy. They have only one product with no variation, one price, and one distribution system to reach all of their customers. This single marketing mix is an example of a
undifferentiated approach
A firm using the marketing concept would ask its customers about how they liked the product, its price, where it was available, and so forth, and would then
modify any or all of the firm’s marketing mix activities on the basis of information about its customers and competitors.
Which one of the following best indicates a customer orientation?
Developing products that fulfill customers’ needs
A good marketing strategy begins with
good marketing information about present as well as potential markets, customers, and the marketing environment.

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