Details Title: 346 Description: Marketing Test 1 Total Flash Cards: 66 Created: 02/16/2009 15:38:07		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term utility definition Definition want satisfying power of a good or service Term Form utility Definition Converting raw materials to goods/services (production) Term Time utility Definition Availability of good or service when people want them Term Place utility Definition Availability of goods/services in convenient locations Term Ownership utility Definition Ability to transwer ownership of good to buyer Term Production era Definition Prior to 1920s Focus on producing High quality product will sell itself Term Sales era Definition before 1950s focus on selling have to peruade customer to buy Term Marketing era Definition Since 1950s change to satisfying customer needs shift from sellers market (more buyers than goods) to buyers market (more goods than buyers) Term Relationship era Definition Since 1990s furthering marketing era developing long-term relationships with customers lifetime value of customer Term Marketing myopia Definition failing to recognize scope of business focusing too much on product rather than customer Term Person Marketing Definition attracting target market towards a specific person (celebrity) Term Place Marketing Definition Attracting customers to a certain geographical location Term Cause Marketing Definition making select market aware of a certain cuase or social issue Term Event Marketing Definition marketing of sporting, cultural, charitable activities to selected markets Term Organization Marketing Definition influencing people to accpet goals, contribute, buy from organization Term Creativity Definition producing original ideas valuable skill for marketers, help develop solutions to marketing problems Term Critical Thinking Definition determines authenticity, accuracy, worth of any information, knowledge, claims, or arguments Term Shift to relationship marketing Definition used to be more transaction based marketing- simple exchange now longer-term approach (returning customers) Term Buzz Marketing Definition relying on customers to talk to family and friends about experience Term Functions of marketing Definition Buying Selling Transporting Storing Standardizing & Grading Financing Risk taking Securing Marketing Info Term Functions of Marketing exchange functions Definition Buying Selling Term Functions of Marketing physical distribution functions Definition Transporting Storing Term Functions of Marketing facilitating functions Definition Standardizing & Grading Financing  Risk Taking Securing Marketing Info Term Ethics Definition moral standard of behavior expected by society companies do their best to abide by code of ethics Term Ethos Definition character or fundamental values of person, people, culture Term Strategic Planning Definition upper level management process of determining organization's primary objectives adopting course of action to achieve objectives Term Tactical Planning Definition middle level mangement implementing activities specified in strategic plan Term Mission Definition companies essential purpose to differentiate from others Term Objectives Definition goals layed out in mission statement Term Porter Five Force Model Definition five competitive forces that influence planning strategy   Potential New Entrants- internet reduces barriers to entry Bargain Power of Buyers- internet shifts power to buyers Bargain Power of Suppliers- internet increases bargain power of sup Threat of Substitutes- internet increases substitutes Rivalry Among Competitors- all factors increase competiton Term First Mover Strategy Definition company that first offers product is long term winner Term Seconf Mover Strategy Definition firm that observes first mover and improves on design will have advantage Term Core Competencies Definition company's strengths what customers value and competitors can't duplicate Term Strategic Window Definition limited period when key marketing requirements and particular competencies best fit Term Target Marketing Definition group of people a firm focuses marketing towards Term Marketing Mix Variables Definition blending of four strategy elements (price, promotion, place, product) Product Strategy- decisions on what goods to offer, customer service, design, etc  Place (Distribution) Strategy- ensure customers find products in proper quantitites at right time and place Promotion Strategy- the way seller's communicate to buyers Price Strategy- method of setting profitable and justifiable prices Term Strategic Business Unit Definition key business units within diversified firms separate divisions within org each has its own manager, objectives, resources Term Boston Consulting Group Definition Stars- high market share and high growth invest funds into future growth Cash Cows- high market share and low growth milk profits to finance other divisons Question Marks- low market share and high growth either invest funds for growth or disinvest Dogs- low market share and low growth consider withdrawing Term SWOT Definition provides critical view of organization helps in evaluation Strengths, Weaknesses, Opportunities, Threats Leverage- Strenghts, Opportunities Constraints- Weaknesses, Threats Term Monopoly Definition single supplier dominating market Term Oligopoly Definition limited number of sellers in market Term Competitive Strategy Definition Should we compete? In what markets? How? Term 4 P's and 3 New P's Definition Price, Promotion, Place (Distrib), Product Public, Proliferation, Policy Term Sherman Act Definition 1890- prohibits restraint of trade, monoplies Term Clayton Act Definition 1914- adds to Sherman Act- prohibits price discrimination, exclusive dealings... Term Federal Trade Commission (FTC) Definition Prohibits unfair methods of competition Term Federal Food and Drug Act (FDA) Definition regultes safety of foods, dietary supplements, vitamins, drugs Term Federal Communications Commission (FCC) Definition regulates telecommunications, radio, and televisions Term Robinson-Patman Act Definition 1936- prohibits price discrimination in sales to wholesalers, retailers prohibits selling at low prices to eliminate competition Term GDP Definition sum of all final goods and services produced during a year Term discretionary income Definition money left to spend after buying all necessities Term DeMarketing Definition reducing consumer demand for a good to a level firm can supply Term Socio-cultural environment Definition relationship between marketing, society and culture Term Obsolescence Definition when product, service is no longer wanted even though it is in good condition Term E-Marketing Definition marketing, pricing, selling goods through the internet or other digital tools Term E-Business Definition describes business activities taking place via Internet Five categories: e-tailing (virtual stores) business-to-business transactions electronic data interchanges (EDI) e-mail, IM, blogs gathering, use of demographic info via web Term Electronic data interchange (EDI) Definition electronic exchange of pricing, purchase orders, invoices, etc Term Business-to-business (B2B) E-Marketing Definition sale and purchase of goods/services to support production of other goods/services Term Business-to-consumer (B2C) E-Marketing Definition selling to consumers over internet Benefits- lower prices, convenience, personalization Term Banner Ads Definition most common form of internet advertising Term Pop-up ads Definition windows that pop up with advertising message Term Maslow Hierarchy Definition five levels of need person must at least partially satisfy lower level before higher needs can affect behavior Self Actualization (top) (education, social events, luxury goods) Esteem Needs (jewelry, makeup, clothing) Social Needs (clothing, cars, entertainment) Safety Needs(alarm system, insurance, smoke detector) Physiological Needs (bottom) (vitamins, medecine, food) Term VALS (Values, Attitudes, Lifestyles) Definition psychographic segmentation used to predict consumer behavior eight categories: actualizers, fulfilleds, believers, achievers, strivers, experiencers, makers, and strugglers Term Webisode Definition show on internet Term Search Engine Marketing (SEM) Definition promoting website by increasing visibility in search engine results Term Creativity 3 P's Definition Person, Place, Process