Shared Flashcard Set

Details

Intro To Marketing
Intro to markting
70
Marketing
Undergraduate 3
05/21/2010

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
Term
Macro-Marketing
Definition
A social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
Term
Micro-macro Dilemma
Definition
What is good for some producers and consumers may not be good for a society as a whole
Term
Marketing Concept
Definition
The idea that an organization should aim all and its efforts at satisfying its customers – at a profit
Term
4 P's
Definition
Price, Product, Promotion, Place
Term
Price
Definition
The amount of money that is charged for something of value
Term
Product
Definition
The need-satisfying offering of a firm
Term
Promotion
Definition
Communicating information between seller and potential buyer or others in the channel to influence attitudes and behavior
Term
Place
Definition
Making goods and services available in the right quantities and locations –when customers want them
Term
Breakthrough Products
a. Breakthrough opportunities
Definition
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time
Term
Segmentation
Definition
An aggregating process that clusters people with similar needs into a market segment
Term
Model of Buyer Behavio
Definition
Buyers who buy for resale or to produce other goods and services
b. Producers of goods and services
c. Intermediaries
d. Government units
e. Nonprofit organizations
Term
Organizational Buying Processes
Definition
New Task Buying, Straight Rebuy, Modified Rebuy
Term
New Task Buying
Definition
New Product, Try to establish products price and place
Term
Straight Rebuy
Definition
Routine repurchase
Term
Modified Rebuy
Definition
In between straight and new-task
Term
Buying Center
Definition
All the people who participate in or influence a purchase
Term
MIS
Definition
Organized way of continually gathering, accessing and analyzing information that marketing managers need to make ongoing decisons
Term
5 Step Research Process
Definition
Setting the problem and the goal
b. Preparation of research
c. Gathering information
d. Analyze
e. Present
Term
Quantitative
Definition
Seeks structured responses that can be summarized in numbers – like percentages, averages, or other statistics
Term
Qualitative
Definition
Seeks-in-depth, open-ended responses not yes or no answers
Term
Product
Definition
The need-satisfying offering of a firm
Term
Brand
Definition
Equity, Familiarity, Insistence, Managers, Name, Non-Recognition, Preference, Recognition, Rejection
Term
Equity
Definition
Value of a brands overall strength in the market
Term
Familiarity
Definition
How well customers recognize and accept a companies brand
Term
Insistence
Definition
Customers insist on a firms’ branded product and are willing to search for it
Term
Managers
Definition
Manage specific products, often taking over the jobs formaerly handled by an advertising manager
Term
Name
Definition
Word, letter or a group of words or letters
Term
Non Recognition
Definition
Final customers don’t recognize a brand at all – even though intermediaries may use the brand name for identification and inventory control
Term
Preference
Definition
Target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience
Term
Recognition
Definition
Customers remember the brand
Term
Rejection
Definition
Potential customers wont buy a brand unless its image is changed
Term
Packaging
Definition
Promoting, protecting and enhancing the product
Term
5 Step New Product Developmen
Definition
Idea generation
b. Screening
c. Idea Evaluation
d. Development
Term
Direct
Definition
Direct communication with the customer
Term
Indirect
Definition
Indirect communication through another medium
Term
Transportation Type
Definition
Truck
b. Rail
c. Water
d. Air
e. Pipeline
Term
Private warehouses
Definition
Storing facilities owned or leased by companies for their own use
ii. Large volume of goods must be stored reulary
iii. Expensive
iv. Slow change
Term
Mass Merchandising (-ers)
Definition
Large, self-service stores with many departments that emphasize soft goods and selling on lower margins to get faster turnover
Term
Mass Merchandising Concept
Definition
i. Idea that retailers should offer low prices to get faster turnover and greater sales volume by appealing to large numbers
Term
AIDA
Definition
To get Attention
b. To hold Interest
c. To arouse Desire
d. To obtain Action
Term
Adoption Curve
Definition
Shows when different groups accept ideas
Term
Pushing
Definition
Using normal promotion effort (personal selling, advertising) to help sell the whole marketing mix to possible channel members
Term
Pulling
Definition
Using promotion to get consumers to ask intermediaries for the product
Term
Basic Sales Tasks
Definition
Order getting
b. Order Taking
c. Supporting
Term
Types of Compensation
Definition
Commission
b. Combination plan
c. Straight Salary
Term
Types of Presentations
Definition
Prepared Approach
b. Consultative selling
Selling formula
Term
Ad Objectives
Definition
Awareness
b. Interest
c. Evaluation and trial
d. Decision
e. Confirmation
Term
Ad Types
Definition
Product Advertising, Institutional Advertising
Term
Pioneering advertising
Definition
Pioneering advertising
Competitive advertising
iii. Reminder advertising
Term
Media Choices
Definition
Television
b. Direct Mail
c. Newspaper
d. Radio
e. Yellow pages
f. Magazine
g. Internet
outdoor
Term
Pricing Objectives
Definition
Objectives should guide strategy planning for price
Profit oriented
Sales oriented
Status Quo Oriented
Term
Profit oriented
Definition
Target return
Maximize profits
Term
Sales Oriented
Definition
Dollar or unit sales growth
Growth in market share
Term
Status Quo
Definition
Meeting Competition
Non-price Competition
Term
Advertising allowances
Definition
Price reductions given to firms to ecourage them to advertise

Stocking allowances, push money, trade-in allowance
Term
Stocking allowances
Definition
Given to an intermediary to get shelf space
Term
Push money (prize money) allowances
Definition
Given to retailers by manufacturers or wholesalers to pass on to the retailers salesclerks
Term
Trade-in allowance
Definition
Price reduction given for used products
Term
Discounts
Definition
Quantity, Cumulative, Non-cumulative, Seasonal
Term
Quantity discounts
Definition
Encourage customers to buy in a large amounts
Term
Cumulative quantity discounts
Definition
Discounts increase as the amount purchased increases
Term
Noncumulative quantity discounts
Definition
Apply only to individual orders
Term
Seasonal Discounts
Definition
Encourage buyers to buy earlier than present demand requires
Term
Markups
Definition
The dollar amount added to the cost of products to get the selling price
Term
Types of Pricing
Definition
Average-cost
Bid
Negotiated
Break-even analysis
Cost-oriented
Demand-oriented
Profits
Sales
Term
Maslows Hierarchy
Definition
Physiological > Safety > Love > Esteem > Self-actualization
Term
Selective exposure
Definition
Our eyes and minds seek out and notice only information that interests us
Term
Selective perception
Definition
People screen out or modify ideas, messages and information
Term
U.S. social class
Definition
occupation, education and type & location of housing
Supporting users have an ad free experience!