Shared Flashcard Set

Details

Marketing Final
final review
169
Marketing
Undergraduate 2
05/09/2011

Additional Marketing Flashcards

 


 

Cards

Term
marketing
Definition
the activity for creating, communicating, delivering, and exchanging offerings that benefit an organization, its stakeholders, and society at large
Term
What does marketing seek to do?
Definition
Discover the needs and wants of prospective customers and to satisfy them
Term
Exchange
Definition
the trade of things of value between buyer and seller so that each is better off after the trade
Term
target market
Definition
one or more specific groups of potential customers toward which an organization directs its marketing program
Term
relationship marketing
Definition
hallmark of developing and maintaining effective customer relationships linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefits
Term
customer value
Definition
the unique combination of benefits received by the targeted buyers that includes quality, convenience, on-time delivery and both before-sale and after-sales service at a specific price
Term
4 P's of Marketing
Definition
Product, Price, Promotion, Place
Term
Organization
Definition
legal entity of people who share a common mission
Term
core values
Definition
fundamental, passionate and enduring principles that guide its conduct over time
Term
mission
Definition
statement of the organization's function in society, often identifying customers, markets, products and technologies
Term
organizational culture
Definition
the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
Term
business
Definition
describes the clear, broad underlying industry or market sector of an organization's offering
Term
goals
Definition
statements of an accomplishment of a task to be achieved, often by a specific time
Term
strategic marketing process
Definition
an organization allocates its marketing mix (4 P's) resources to reach its target markets
Term
SWOT analysis
Definition
Strengths, Weaknesses, Opportunities, Threats
Term
Environmental Scanning
Definition
the process of continually requiring information on events occurring outside the organization to identify and interpret potential trends
Term
multicultural marketing programs
Definition
combination of marketing mix that reflect unique attitudes, ancestry, communication preferences, and lifestyles of different races
Term
gross income
Definition
total amount of money made in one year by a person, household, or family unit
Term
disposable income
Definition
the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation
Term
discretionary income
Definition
the money that remains after paying for taxes and necessities
Term
competition
Definition
refers to the alternate firms that could provide a product to satisfy a specific market's needs
Term
4 Main Types of Competition
Definition
Pure Competition, Monopolistic Competition, Oligopoly, Monopoly
Term
Pure Competition
Definition
large number of sellers, similar products, distribution is important
Term
Monopolistic Competition
Definition
Large number of sellers, Unique but substitutable, Pricing is important
Term
Oligopoly
Definition
A few large competitors, Similar products, Promotion is important to achieve perceived product differences
Term
Monopoly
Definition
Single producer, Unique and un-substitutable, Unimportant
Term
Regulation
Definition
consists of restrictions state and federal laws place on businesses with regard to the conduct of their activities
Term
Ethics
Definition
the moral principles and values that govern the actions and decisions of an individual or groups
Term
Laws
Definition
society's values and standards which are enforceable in courts
Term
Ethical but illegal
Definition
insider trading
Term
Ethical and legal
Definition
company recall
Term
Unethical and illegal
Definition
limited disclosure
Term
Unethical but legal
Definition
Telemarketing
Term
business culture
Definition
effective rules of the game, boundaries between competitive and unethical behavior, codes of conduct in business dealings
Term
corporate culture
Definition
set of values, ideas, and attitudes that is learned and shared among members of an organization
Term
moral idealism
Definition
certain individual rights or duties as universal, regardless of the outcome
Term
Utilitarianism
Definition
focuses on greatest good for greatest number by assessing the costs and benefits of the consequences of ethical behavior
Term
Social Responsibility
Definition
Organizations are a part of a larger society and are accountable to that society for their actions
Term
Profit Responsibility
Definition
Companies have a simple duty: to maximize profits for their owners and stakeholders
Term
Stakeholder responsibility
Definition
focuses on the obligations an organization has to those who can affect the achievements of its objectives (employees)
Term
Societal Responsibility
Definition
obligations that organizations have to the preservation of the ecological environment and to the general public
Term
Green Marketing
Definition
efforts to produce, promote and reclaim environmentally sensitive products
Term
Cause Marketing
Definition
occurs when the charitable contributions of a firm are tied directly to the revenues produced through the promotion of one of its products
Term
Problem Recognition
Definition
Perceiving a difference between a person's actual and ideal situations big enough to trigger a decision; perceiving a need
Term
Information Search
Definition
Internal and external search for information, data, or value in making a decision
Term
Alternative Evaluation
Definition
Assessing and comparing value
Term
Purchase decision
Definition
Buying value
Term
Postpurchase behavior
Definition
Value in consumption or use; cognitive dissonance
Term
Extended Problem Solving
Definition
each of the five purchase decision stages is used including considerable time and effort in the external information search (high-involvement purchase situations)
Term
Limited Problem Solving
Definition
consumers typically seek some information or rely on a friend to help them evaluate alternatives; purchase situations in which the customer has little time or effort to spend
Term
Routine Problem Solving
Definition
little effort seeking external information and evaluating alternatives; low priced, frequently purchased items
Term
Organizational buyers
Definition
manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
Term
3 Markets of Organizational Buyers
Definition
Industrial, Reseller, Government
Term
Industrial firms
Definition
reprocess a product or service they buy before selling it again to the next buyer
Term
Resellers
Definition
Wholesalers and retailers that buy physical products and resell them again without any reprocessing
Term
Government Units
Definition
the federal, state and local agencies that buy goods and services for the constituents they serve
Term
New Buy
Definition
the organization is a first-time buyer of the product
Term
Straight Re-buy
Definition
A Reorder of an existing product of service from the list of acceptable suppliers
Term
Modified Re-buy
Definition
involves a change in the product specifications, price, delivery schedule, or supplier
Term
values
Definition
personally or socially preferable modes of conduct or states of existence that tend to persist over time
Term
Customs
Definition
what is considered normal and expected about the way people do things in a specific country
Term
Cultural Symbols
Definition
things that represent ideas and concepts; play an important role in cross-cultural analysis because different cultures attach different meanings to things
Term
Cross-cultural analysis
Definition
the study of similarities and differences among consumers in one or more nations or societies
Term
Semiotics
Definition
field of study that examines the correspondence between symbols and their roles in the assignment of meaning for people
Term
Cultural Ethnocentricity
Definition
belief that one's culture is superior to another's; impediment to global marketing
Term
Exporting
Definition
producing goods in one country and selling them in another
Term
licensing
Definition
company offers the right to a trademark, patent, trade secret, or other similarly valued items of intellectual property in return for a royalty or a fee
Term
Joint venture
Definition
when a foreign company and a local firm invest together to create a local business
Term
direct investment
Definition
a domestic firm actually investing in and owning a foreign subsidiary or division
Term
Secondary Data
Definition
facts and figures that have already been recorded before project at hand; internal and external
Term
Primary Data
Definition
facts and figures that are newly collected for the project; 3 main sources
Term
Observational data
Definition
facts and figures obtained by watching, either mechanically or in person, how people actually behave
Term
Questionnaire data
Definition
facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors
Term
Market Segmentation
Definition
aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action
Term
Product differentiation
Definition
involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products
Term
One product and multiple market segments
Definition
when a company produces only a single product or service and attempts to sell it to two or more markets
Term
Multiple products and multiple market segments
Definition
companies produce different lines of a product each targeted to a different market
Term
"Segments of One"/Mass Customization
Definition
Tailoring goods or services to the tastes of individual customers on a high volume scale
Term
Geographic Segmentation
Definition
based on where prospective customers live or work
Term
Demographic Segmentation
Definition
based on some objective physical, measurable, or other classification attribute of prospective buyers
Term
Psychographic Segmentation
Definition
based on some subjective mental of emotional attributes, aspirations, or needs or prospective buyers
Term
Behavioral Segmentation
Definition
based on some observable actions or attitudes by prospective customers--where they buy, what benefits they seek, how frequently they buy, why they buy
Term
Product positioning
Definition
the place a product occupies in consumer's minds on important attributes relative to competitive products
Term
product repositioning
Definition
changing the place a product occupies in a consumer's mind relative to competitive products
Term
head to head positioning
Definition
involves competing directly with competitors on similar product attributes in the same target market
Term
Differentiation positioning
Definition
involves seeking a less-competitive, smaller market niche in which to locate a brand
Term
Product
Definition
good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies needs and is received in exchange for money or something else of value
Term
Product Item
Definition
specific product that has a unique brand, size or price
Term
Product line
Definition
group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
Term
Product Mix
Definition
consists of all the product lines offered by an organization
Term
Consumer products
Definition
purchased by the ultimate consumer
Term
Business products
Definition
to assist in providing other products for resale
Term
Convenience products
Definition
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
Term
shopping products
Definition
items for which the consumer compares several alternatives on criteria such as price, quality, or style
Term
Specialty products
Definition
items that the consumer makes a special effort to search out and buy
Term
Unsought products
Definition
items that the consumer does not know about or knows about but does not initially want
Term
components
Definition
items that become part of the final product
Term
Support products
Definition
items used to assist in producing other goods and services, includes installations, accessory equipment, supplies and industrial services
Term
Introduction
Definition
sales grow slowly, minimal profits; marketing objective is to gain awareness
Term
Growth
Definition
Rapid increase in sales, competition appears; profit peaks; changes appear; marketing objective is to stress differentiation
Term
Maturity
Definition
sales slow, competitors begin to leave; marketing objective is to maintain brand loyalty
Term
Decline
Definition
sales drop; marketing objective is harvesting or deletion
Term
Diffusion of innovation
Definition
A product diffuses, or spreads, through the population
Term
Branding
Definition
a marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
Term
Brand name
Definition
Any word, device or combination of these used to distinguish a seller's goods or services
Term
Trade name
Definition
a commercial, legal name under which a company does business
Term
Brand equity
Definition
the added value a brand name gives to a product beyond the functional benefits provided
Term
Brand personality
Definition
A set of human characteristics associated with a brand name
Term
Brand licensing
Definition
a contractual agreement whereby one company (licensor) allows its brand names or trademark to be used with products or services offered by another company (licensee) for a royalty or fee
Term
multiproduct branding
Definition
a company uses one name for all its products in a product class
Term
multi-branding
Definition
involves giving each product a distinct name
Term
private branding
Definition
when it manufactures products but sells them under the brand name of a wholesaler or retailer
Term
4 I's of Services
Definition
Intangibility, Inconsistency, Inseparability, Inventory
Term
Break-even analysis
Definition
technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output
Term
break-even point
Definition
occurs when total revenue and total cost are equal
BEP=(FC)/(P-UVC)
Term
skimming
Definition
setting the highest initial price
Term
penetration
Definition
setting a low initial price
Term
prestige pricing
Definition
setting a high price so that quality/status conscious customers will be attracted to the product and buy it
Term
Price lining
Definition
a firm prices a line of products at a number of different price points
Term
Odd-even pricing
Definition
setting prices a few dollars or cents under an even number
Term
Target pricing
Definition
estimate price that the ultimate consumer will be willing to pay, then work backward through markups to determine what price they can charge wholesalers for the product
Term
Bundle pricing
Definition
the marketing of two or more products in a single package price
Term
Yield management pricing
Definition
charging different prices to maximize revenue for a set amount of capacity at any time
Term
standard markup pricing
Definition
adding a fixed percentage to the cost of all items in a specific product class
Term
cost-plus pricing
Definition
most common for business products; summing the total unit cost of providing a product or service and adding a specific amount, such as a percentage of cost or fixed fees, to arrive at the final price
Term
Experience curve pricing
Definition
holds that the unit cost of many products and services decline by 10-30% each time a firm's experiences at producing and selling them doubles
Term
target profit pricing
Definition
firm sets an annual target of a specific dollar volume of profit
Term
Customary pricing
Definition
used for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price
Term
Above-at-or below-market pricing
Definition
marketers will deliberately choose one of these strategies to price a product when they have a subjective feel for the competitors' or market price
Term
Loss-leader pricing
Definition
deliberately selling a product below the customary price to attract attention to it; attract customers so that they buy other products as well
Term
marketing channel
Definition
individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users
Term
indirect marketing channel
Definition
involves the use of intermediaries (transactional, logistical, facilitating)
Term
Supply chain
Definition
a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users
Term
Supply Chain Management
Definition
the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers
Term
Logistics
Definition
involves those activities that focus on getting the right amount of products to the right place at the right time at the lowest possible cost
Term
Logistics Management
Definition
the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and relating information from point of origin to point of consumption to satisfy customer requirements
Term
4 key logistics functions in supply chain
Definition
transportation, warehousing, materials handling, order processing, inventory management
Term
form of ownership
Definition
distinguishes retail outlets based on whether individuals, corporate, chains or contractual systems own the outlet
Term
level of service
Definition
the degree of service provided to the customers: full service, limited service or self service retailers
Term
Merchandise Line
Definition
how many different types of products a store carries (depth of product line) and in what assortment (breadth of product line)
Term
Retail life cycle
Definition
the process of growth and decline that retail outlets experience
Term
4 stages of Retail Life Cycle
Definition
Early Growth, Accelerated Development, Maturity, Decline
Term
Promotional Mix
Definition
the combination of one or more of the promotional elements used to inform prospective buyers about the benefits of the product, persuade them to try it, and remind them later about the benefits they enjoyed by using the product
Term
Advertising
Definition
any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor
Term
Personal selling
Definition
the two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, designed to influence a person or group's purchase decision
Term
Sales Promotion
Definition
short-term inducement of value offered to arouse interest in buying a good or service
Term
Public Relations
Definition
seeks to influence the feelings, opinions, or beliefs held by customers, stockholders, suppliers, employees, and other publc about a company and its products or services
Term
Direct Marketing
Definition
uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet
Term
3 trade-oriented promotion approaches
Definition
allowances and discounts, cooperative advertising, and training distributors' salesforces
Term
customer-oriented promotion tools
Definition
coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, product placements
Term
cooperative advertising
Definition
programs by which a manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's products
Term
Relationship selling
Definition
the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time
Term
Partnership selling
Definition
buyers and sellers combine their expertise and resources to create customized solutions, commit to joint planning, and share customer, competitive and company information for their mutual benefit and the custoemr
Term
Team Selling
Definition
practice of using an entire team of professionals in selling to and servicing major customers
Term
Order Taker
Definition
processes routine orders or reorders for products that were already sold by the company
Term
Order Getter
Definition
sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service
Term
General Business Strategy
Definition
can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage
Term
Cost leadership
Definition
focuses on reducing expenses, and in turn, lowers product prices while targeting a broad array of market segments
Term
Differentiation
Definition
requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology or superior service while targeting a broad array of market segments
Term
Cost focus
Definition
involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments
Term
Differentiation focus
Definition
requires products to have significant points of difference to target one or only a few market segments
Term
Diversification Analysis
Definition
tool that helps firms search for growth opportunities from among current and new markets as well as current and new products
Term
market penetration
Definition
current market, current product
Term
Market development
Definition
New market, current product
Term
Product development
Definition
Current market, New product
Term
Diversification
Definition
New market, New product
Term
Synergy analysis
Definition
seeks opportunities by finding the optimum balance between marketing efficiencies vs. R&D manufacturing efficiencies
Term
long-range marketing plans
Definition
cover marketing activities from 2-5 years into the future
Term
Annual marketing plans
Definition
deal with marketing goals and strategies for a product, product line or entire firm for a single year
Supporting users have an ad free experience!