Details Title: BA317 Marketing Description: Chapter Reviews Total Flash Cards: 71 Created: 06/09/2009 15:52:08		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 Business Flashcards
Cards in this set: Term Marketing Definition Activity of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Term Product live cycle Definition provides a way to trace stages of product's acceptance) to its decline (death) Term Diffusion process Definition when products are adopted initially by innovators, early adopters, early majority, late majority, and laggards Term adopter Definition consumer who was happy enough with their trial experience to buy a product Term innovation Definition product perceived as new by the adopter Term diffusion Definition process in which acceptance of a product spreads Term product category Definition brands that satisfy a type of need PLC Term introductory stage Definition full scale launch of a product into the market place PLC Term Growth stage Definition sales typically grow at increasing rate and many competitors enter the market, profits are healthy Term maturity stage Definition when the increasing sales start to decline Term decline stage Definition a long drop in sales Term SWOT Analysis Definition identifies internal strengths and weaknesses, examines external opportunities and threats Term Marketing Myopia Definition defining a business in terms of goods and services rather than in terms or services the business provide consumers Term Production orientation Definition what can the firm make or do best Term Sales Orientation Definition How can we sell the product more aggressively Term Marketing Orientation Definition sale does not depend on aggressive sales force but rather on a customers decision to purchase product. Term Marketing Concept Definition social and economic justifications for organizations existence is the satisfaction of consumer wants and needs (while satisfying organizational objectives) Term Commercialization Definition decision to market a product Term Development Definition prototype and marketing strategy is developed Term private brand Definition name owned by retailer or wholesaler Term individual branding Definition using different brand names for different products Term cobranding Definition placing two or more brand names on a product or package Term trademark Definition exclusive right to use a brand or part of a brand Term service mark Definition trademark for a service Term implied warranty Definition unwritten guarantee that the good or service is fit for the purposes for which it was sold Term express warranty Definition written guarantee Term warranty Definition confirmation or quality or performance of a good or service Term Product item Definition group of closely related product items Term Product line depth Definition number of product items in a product line Term product mix Definition all the products that an organization sells Term Marketing Definition term refers to a philosophy that stresses customer satisfaction Term Customer Value Definition relationship between benefits and the sacrifice necessary to obtain those benefits Term Situation Analysis Definition formal study conducted by organization to axcertain its current status and capablities and its future expectations Term Market penetration Definition incresing market share for present products in existing markets Term export broker Definition intermediary in global market assumes all ownership risks and sells globally for its own account Term Components of consumer decision making process Definition Need recognition, information search, evalaute alternatives, purchase Term Derived demand Definition demand for business products Term disintermediation Definition elimination of intermediaries (costco) Term stickiness Definition measureness of web site's effectiveness Term ethnographic search Definition study of human behavior in its natural context Term universe Definition population from which a sample will be drawn Term unsought product Definition product unkown to the consumer or known product that is not actively sought Term porduct line extension Definition adding addl products to exsisting product line Term Porter's five forces Definition rivalry, threat of substitutes, buyer power, supplier power, barriers to entry/threat of entry Term six categories of products Definition business(industrial) product, consumer product(satisfy wants), convenience product(inexpensive, little effort), unsought product, specialty product(reluctant to accept subs), shopping product (expensive, comparison) Term Categories of new products Definition New-to-the-World New Product Lines P d t Li Additi 10-6 Product Line Additions Improvements or Revisions Repositioned Products Lower-Priced Products Term new product development process Definition New-Product Strategy Idea Generation 10-8 Idea Screening Business Analysis Development Test Marketing Commercialization New Product Term Product life cycle Definition itroductory, growth, maturity, decline Term Channel intermediaries Definition Retailer, Merchants and Wholesalers, Agents and Brokers Term Direct Channel Definition producers sell directly to consumers Term four p's of marketing Definition product, price, place, promotion Term JIT Definition just in time manufacturing Term customer satisfaction Definition feeling that a product met or exceeded the customer’s expectations. Term relationship marketing Definition strategy that focuses on keeping and improving relationships with current customers. Term bases for segmentation Definition geography, pschographics, demographics, benefits sought, usage rate Term ethics Definition The moral principles or values that generally govern the conduct of an individual. Term morals Definition The rules people develop as a result of cultural values and norms. Term CRM- Definition The process of building and maintaining profitable customer l ti hi b Review - 41 relationships by delivering superior customer value and satisfaction.- Customer Relationship Management Term Promotional Mix Definition personal selling, advertising, public relations, sales promotion Term Value based pricing Definition Setting the price at a level that seems to the customer to be a “good price” compared to the prices of other options. Term Customer Lifetime Value Definition The entire stream of purchases that the customer would make over a lifetime of patronage. Term data mining Definition used to identify best customers Term Elasticity of Demand Definition price goes down, revenue goes up, it is elastic. Term unitary elasticity Definition revenue stays the same regardless of price change Term AIDA concept Definition model outlines process for achieving promotional goals Term IMC Definition Integrated Marketing Communications- all promotional messages are consistent Term social responsibility Definition concern for social welfare by businesses Term sustainibility Definition socially responsible companies will out perform their peers by focusing on world's social problems Term demographics Definition study of peoples vital statistics Term joint venture Definition coalition with muliple companies Term licensing Definition allowing another company to produce items using your logo and you get a kickback, while investor takes risk and operations costs