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Intro to Mktg
Ch 1-5
102
Marketing
Undergraduate 1
02/09/2012

Additional Marketing Flashcards

 


 

Cards

Term
Production
Definition
actually making goods or performing services
Term
Customer Satisfaction
Definition
the extent to which a firm fulfills a customer's neds, desires and expectations
Term
Innovation
Definition
the development and spread of new ideas, goods, and services
Term
Marketing
Definition
the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
Term
Pure Subsistence Economy
Definition
when each family unit produces everything it consumes- there is no need to exchange goods and services and no marketing is involved
Term
Macro marketing
Definition
social process that directs an economy's 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
Economies of scale
Definition
which means that as a company produces larger numbers of a particular product, the cost of each unit of the product goes down
Term
Universal functions of marketing
Definition
buying, selling, tranporting, storing, standardization and grading, financing, risk taking, and market information. They must be performed in all macro marketing systems
Term
Buying function
Definition
means looking for and evaluating goods and services
Term
Selling function
Definition
involves promoting the product
Term
Transporting function
Definition
means the movement of goods from one place to another
Term
Storing function
Definition
involves holding goods until customers need them
Term
Standardization and grading
Definition
involve sorting products according to size and quality. This makes buying and selling easier b/c it reduces the need for inspection and sampling
Term
Financing
Definition
provides the necessary cash and credit to produce, transport, store, promote, sell and buy products
Term
Risk taking
Definition
involves bearing the uncertainties that are part of the marketing process
Term
Market information function
Definition
involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities, whether in the firm's own neighborhood or in a market overseas.
Term
Intermediary
Definition
someone who specializes in trade rather than production-plays a role in the exchange process
Term
Collaboraters
Definition
firms that facilitate or provide one or more of the marketing functions other than buying or selling. Include ad agencies, mkt research firms, independent product testing labs, ISPs, public warehouses, etc.
Term
E-commerce
Definition
refers to exchanges b/t individuals or organizations-and activities that facilitate these exchanges-based on apps of information technology
Term
Economic system
Definition
the way an economy organizes to use scarce resources to produce goods/services and distribute them for consumption by various people and groups in the society
Term
Command economy
Definition
gov't officials decide what and how much is to be produced and distributed by whome, when, to whom and why
Term
Market-directed economy
Definition
the individual decisions of the many producers and consumers make the macro level decisions for the whole economy. In a pure mkt directed eco, consumers make a society's production decisions when the make their choices in mktplaces
Term
Simple trade era
Definition
a time when families traded or sold their "surplus" output to local distributors
Term
Production era
Definition
is a time when a company focuses on production of a few specific products-perhaps bc few of these products are available in the market
Term
Sales era
Definition
a time when a company emphasizes selling bc of increased competition
Term
Marketing department era
Definition
a time when, in addition to short run marketing planning, marketing people develop long range plans- sometimes five or more years ahead-and the whole company effort is guided by the marketing concept
Term
Marketing concept
Definition
means that an organization aims all its efforts at satisfying its customers- at a profit
Term
Production orientation
Definition
making whatever products are easy to produce and then trying to sell them
Term
Marketing orientation
Definition
means trying to carry out the marketing concept 1-customer satisfaction 2-total company effort 3-profit
Term
Customer value
Definition
the difference b/t the benefits a customer sees from a market offering and the costs of obtaining those benefits
Term
Micro-macro dilemma
Definition
what is "good" for some firms and consumers may not be good for society as a whole
Term
Social responsibility
Definition
a firm's obligation to improve its positive effects on society and reduce its negative effects
Term
Marketing ethics
Definition
the moral standards that guide marketing decisions and actions
Term
Marketing management process
Definition
the process of 1-planning marketing activities 2-directing implementation of the plans and 3-controlling these plans
Term
Strategic management planning
Definition
the managerial process of developing and maintaining a match b/t an organization's resources and its market opportunities
Term
Marketing strategy planning
Definition
finding attractive opportunities and developing profitable marketing strategies
Term
Marketing strategy
Definition
specifies a target market and a related marketing mix
Term
Target market
Definition
a fairly homogenous group of customers to whom a company wishes to appeal
Term
Marketing mix
Definition
the controllable variables the company puts together to satisfy this target group
Term
Target marketing
Definition
says that a marketing mix is tailored to fit some specific target customer
Term
Mass marketing
Definition
the typical production oriented approach- vaguely aims at everyone with the same marketing mix
Term
Channel of distribution
Definition
any series of firms or individuals that participate in the flow of products from producer to final user or consumer
Term
Personal selling
Definition
involves direct spoken communcation b/t sellers and potential customers, face to face, over the phone, via videoconference
Term
Mass selling
Definition
communicating with large numbers of customers at the same time
Term
Advertising
Definition
mass selling, or any paid form of nonpersonal presentation of ideas, goods or servies by an identified sponsor
Term
Publicity
Definition
any unpaid form of nonpersonal presentation of ideas, goods or services-is another important form of mass selling
Term
Sales promotion
Definition
refers to those promotion activities other than advertising, publicity and personal selling-that stimulate interest, trial or purchase by final customers or others in the channel
Term
Marketing plan
Definition
a written statement of a marketing strategy and the time related details for carrying out the strategy 1-what mkt mix should b offered 2-what co. resources 3-what results
Term
Implementation
Definition
putting marketing plans into operation
Term
Operational decisions
Definition
short run decisions to help implement strategies
Term
Marketing program
Definition
blends all the firm's marketing plans into one big plan
Term
Customer equity
Definition
the expected earnings stream (profitability) of a firm's current and prospective customes over some period of time. Top management expects mkt strategy planners to help identify opportunities that will lead to an increase in the firm's customer equity.
Term
Breakthrough opportunities
Definition
opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
Term

Competitive advantage

Definition
means that a firm has a marketing mix that the target market sees as better than a competitor's mix
Term
Differentiation
Definition
means that the marketing mix is distinct from and better than what is available from a competitor
Term
SWOT analysis
Definition
aid for identifying relevant screening criteria and zeroing in on a feasible strategy: strengths, weaknesses, opportunites and threats
Term
Market penetration
Definition
means trying to increase sales of a firm's present products in its present markets-probably through a more aggressive marketing mix ex: Nascar and Coleman coolers
Term
Market development
Definition
means trying to increase sales by selling present products in new markets ex: EZ Go golf carts in malls, airports, etc
Term
Product development
Definition
means offering new or improved products for present markets ex: Campbell's soup low sodium
Term
Diversification
Definition
means moving into totally different lines of business-perhaps entirely unfamiliar products, markets or even levels in the production marketing system ex: McDonalds hotels
Term
Mission statement
Definition
which sets out the organization's basic purpose for being
Term
Competitive environment
Definition
affects the number and types of competitors the marketing manager must face and how they may behave 1-pure competition 2-oligopoly 3-monopolistic competition 4-monopoly
Term
Competitor analysis
Definition
an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies
Term
Competitive rivals
Definition
firms that will be the closest competitors
Term
Competitive barriers
Definition
the conditions that may make it difficult or even impossible for a firm to compete in a market
Term
Economic environment
Definition
refers to macro economic factors, including nation income, economic growth, and inflation that affect patterns of consumer and business spending
Term
Technology
Definition
the application of science to convert an economy's resources to output. Technology affects mktg two ways 1-new products 2- new processes
Term
Nationalism
Definition
an emphasis on a country's interests before everything else- affect how macro marketing systems work
Term
North American Free Trade Agreement NAFTA
Definition
lays out a plan to reshape the rules of trade among the US, Canada and Mexico. Enlarges the free trade pact and est. forum
Term
Cultural and social environment
Definition
affects how and why people live and behave as they do-which affects customer buying behavior and eventually the economic, political and legal environments
Term
Sustainability
Definition
the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs
Term
Strategic business unit
Definition
an organizational unit (within a larger company) that focuses on some product markets and is treated as a separate profit center
Term
Portfolio management
Definition
approach which treats alternative products, divisions or strategic business units as though they were stock investments to be bought or sold using financial criteria
Term
Market
Definition
group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs
Term
Generic market
Definition
market with broadly similar needs - and sellers offering various, often diverse, ways of satisfying those needs
Term
Product market
Definition
market with very similar needs and sellers offering various close subtitute ways of satisfying those needs
Term
Market segmentation
Definition
two step process 1-naming broad product markets 2-segmenting these broad product markets in order to select target markets and develop suitable marketing mixes
Term
Segmenting
Definition
aggregating process, clustering people with similar needs into a market segment
Term
Market segment
Definition
a relatively homogenous group of customers who will respond to a marketing mix in a similar way
Term
Single target market approach
Definition
segmenting the market and picking one of the homogenous segments as the firm's target market
Term
Multiple target market approach
Definition
segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
Term
Combined target market approach
Definition
combining two or more submarkets into one larger target market as a basis for one strategy
Term
Combiners
Definition
try to increase the size of their target markets by combining two or more segments. Look at varios submarkets for similarities rather than differences.
Term
Segmenters
Definition
aim at one or more homogenous segments and try to develop a different marketing mix for each segment
Term
Qualifying dimensions
Definition
those relevant to including a customer type in a product market
Term
Determining dimensions
Definition
those that actually affect the customer's purchase of a specific product or brand in a product market
Term
Clustering techniques
Definition
try to find similar patterns within sets of data. Clustering groups customers who are similar on their segmenting dimensions into homogenous segments. Clustering approaches use computers
Term
Customer relationship management
Definition
the seller finetunes the marketing effort with information from a detailed customer database
Term
Positioning
Definition
refers to how customers think about proposed or present brands in a market
Term
Gross Domestic Product GDP
Definition
the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country
Term
Gross National Income
Definition
is a measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation
Term
Birthrate
Definition
the number of babies born per 1000 people
Term
Baby boomers
Definition
people born between 1946 and 1964
Term
Generation X
Definition
Gen X, refers to generation born immediately following the baby boom-from 1965 to 1977
Term
Generation Y
Definition
Millenials, refers to those born from 1978 to 1994, emerged from the echo boom
Term
Metropolitan Statistical Area MSA
Definition
an integrated economic and social unit with a large population nucleus; US Census reports data to MSA
Term
Real income
Definition
income that is adjusted to take out the effects of inflation on purchasing power
Term
Disposable income
Definition
what is left after taxes
Term
Discretionary income
Definition
what is left of disposable income after paying for necessities
Term
Empty nesters
Definition
people whose children are grown and who are now able to spend their money in other ways
Term
Senior citizens
Definition
people over 65
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