Term
| Term: Set of institutions and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for society |
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| Term: Specifies marketing activities for a specific period of time |
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| Term: Trade of things of value between a buyer and seller |
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Definition
Product - creating
Price - capturing
Place - delivering
Promotion - communicating |
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| Term: Products you can physically touch |
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| Term: Intangible customer benefits that are produced by people/machines and cannot be separated from the producer |
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| Term: Undertaking marketing research to understand what potential employees are seeking |
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Term
| What are the four eras of marketing? |
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Definition
-Production oriented era
-Sales oriented era
-Market oriented era
-Value based marketing era |
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Term
| Term: Relationship of benefits to costs |
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| Term: Customers help create product service |
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| Term: Buyer-seller relationship regarded as individual transactions |
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| Transactional orientation |
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| Term: Buyer-seller long term relationship |
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Term
| Term: Philosophy and strategies, programs, and systems that focus on identifying and building loyalty from valued customers |
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Definition
| Customer relationship management (CRM) |
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Term
| Term: People who organize, operate, and assume the risk of a new business venture |
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Term
| Term: Written document composed of an analysis of the current market situation |
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Term
| What are the different phases of a marketing plan? |
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Definition
-Planning phase
-Implementation phase
-Control phase |
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Term
| Term: Phase in which marketing executives define mission/vision of the business |
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| Term: Phase in which marketing managers identify and evaluate different opportunities by engaging in a process known as STP |
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| Term: Phase in which evaluating the performance of the marketing metrics and taking corrective action takes place |
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| What are the five steps to a marketing plan? |
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Definition
1. Define business mission
2. Conduct a SWOT
3. Identify and evaluate opportunities with STP
4. Implement market mix and allocate resources
5. Evaluate performance using market metrics |
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Term
| Term: % of market accounted for by a specific entity |
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Term
| Term: Product which has much resource investment; has high growth, high market |
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| Term: Product in a low-growth market with a high-market share |
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| Term: Product in a high growth market with a low market share |
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| Term: Low market share product in a low growth market |
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| Term: Employs existing marketing mix and focuses the firm's efforts on existing customers |
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| Term: Employs existing marketing offering to reach new market segments |
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| Term: Offers a new product/service to a firm's current target market |
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Term
| Term: Introduces a new product/service to a market segment that is currently not being served |
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| Term: Current market mix shares something in common with new opportunity |
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| Term: New business lacks any common elements w/ present business |
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Definition
| Unrelated diversification |
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Term
| What are the four competitive advantages? |
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Definition
-Customer excellence
-Operational excellence
-Product excellence
-Locational excellence |
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Term
| What are the immediate environment factors that need to be considered when assessing the marketing environment? |
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Definition
-Company capabilities
-Competitors
-Corporate partners |
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Term
| What are the macroenvironmental factors that need to be considered when assessing the marketing environment? |
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Definition
-Culture
-Demographics
-Generational cohort
-Income
-Education
-Gender
-Ethnicity |
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Term
| What are the four generational cohorts? |
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Definition
-Seniors
-Baby boomers
-Generation X
-Generation Y |
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| What are some social trends affecting the marketing environment? |
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Definition
-Price sensitivity
-Health and wellness concerns
-Greener consumers
-Privacy concerns
-Time-poor society |
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Term
| Term: Shared meanings, beliefs, morals, values, and customs of a group of people |
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| Term: Generational cohort; born between 1977-2000, shaped by technology, entitled and very proficient, tech-savvy and great multi-taskers |
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| Term: Generational cohort; World wars and the Great Depression shaped, stick with what they know, enjoy value, fastest growing generation |
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| Term: Generational cohort; self-centered, take care of selves, spend lots of money, rock n' roll shaped |
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| Term: Generational cohort; both parents working shaped, not as wealthy as parents, advertising not as effective, do more research |
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Term
| What are the steps in the consumer decision process? |
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Definition
1. Need recognition
2. Search for info
3. Evaluate alternatives
4. Purchase and consumption
5. Postpurchase |
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Term
| Term: Discrepancy between satisfied/unsatisfied states |
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Term
| Term: Needs that pertain to the performance of a product/service |
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| Term: Needs that pertain to personal gratification consumers associate w/ a product/service |
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Term
| What are the three factors that affect the search for info about a product? |
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Definition
-Perceived benefits vs. costs of search
-Locus of control
-Actual/Perceived risk |
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Term
| Term: Perceived danger inherent in a poorly performing product/service |
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| Term: Risk associated w/ initial cost as well as the cost of using an item/service |
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| Term: Fear of others not regarding a purchase positively |
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| Term: Fear of harm occurring if the product does not perform properly |
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| Term: Group of products that contains of all possible choices in that product category |
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| Term: Group of products whose brands/stores are readily brought to memory |
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| Term: Group of products whose brands/stores consumer would actually purchase |
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| Term: Important attribute about a particular product |
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| Term: Product/service features that are important to the buyer |
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| Term: Decision in which good characteristics are weighed against bad characteristics to influence a purchase decision |
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Definition
| Compensatory decision rule |
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| Term: One product/service characteristic makes the purchase decision |
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Definition
| Non-compensatory decision rule |
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Term
| Term: Mental shortcuts that help a consumer narrow down choices |
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Term
| What are some examples of decision heuristics? |
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Definition
-Price
-Brand
-Product presentation |
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Term
| Term: Internal conflict arising from an inconsistency between two beliefs or a belief and a behavior |
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Definition
| Postpurchase cognitive dissonance |
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Term
| What are the three attitude components? |
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Definition
-Cognitive
-Affective
-Behavioral |
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Term
| What is the cognitive attitude component? |
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Definition
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Term
| What is the affective attitude component? |
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Definition
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Term
| What is the behavioral attitude component? |
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Definition
| Did you buy/do something about it? |
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Term
| Term: Purchase intentions turned into actual purchases |
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