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Marketing section 1
Principles of Marketing chapters 1-6
59
Marketing
Undergraduate 3
09/30/2012

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Term
Hand of Government
Definition
Term
Adam Smith
Definition
1776, "Invisible Hand of Marketing", Triple bottom Line,
Wealth of Nations
Term
Arena of Temptation
Definition
Term
arena of Vulnerability
Definition
Term
Aristotle
Definition
Led to Stoic Tradition, In the school of sacrifice or a Godly model
Term
Attitude
Definition
Along with Values and beliefs they play a central role in marketing. A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way.
Term
B2C decision making process
Definition
Business to Consumer
Term
B2B decision making process
Definition
Business to Business, ie: Catering, express card with davannis and St. Thomas
Term
Baby Boomers
Definition
When baby boomers decrease certain companies that target baby boomers have to change their whole strategy.
Term
Barriers to entry
Definition
Business practices or conditions that make it difficult for new firms to enter the market. ie. Market size.
Term
Beliefs
Definition
Along with attitude and values, they are a consumer's subjective perception of how a product or brand performs on different attributes.
Term
Bidder's list
Definition
a list of firms believed to be qualified to supply a given item. Generated from the company's purchasing databank as well as from engineering inputs.
Term
Blended family
Definition
formed by merging two previously separated units into a single household.
Term
Brand loyalty
Definition
A habit formation. A favorable attitude toward and consistent purchase of a single brand over time. Results from positive reinforcement.
Term
Business Marketing
Definition
The Marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others. Organizational markets and buying behavior are necessary to understand for business marketing.
Term
Business Model
Definition
strategies an organization develops to provide value to the customers it serves. Technological innovation is a trigger for this. The key component for a company advancement.
Term
Business Porfolio Analysis
Definition
A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments. Purpose is to determine the appeal of each SBU or offering and then determine he amount of cash each should receive.
Term
Buy Classes
Definition
Three types of buying situations. New buy, straight rebuy, and modified rebuy.
Term
Buying Center
Definition
several people in an organization that participate in the buying process. Share common goals, risks, and knowledge important to a purchase decision. a.k.a. buying committee
Term
Cash Cow
Definition
A company that makes a lot of money and everyone knows the brand, has brand loyalty, company can almost run itself, and you just "milk the money out of it" Usually these companies invest in other ones.
Term
Cause Marketing
Definition
Part of the triple bottom line, occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. Basically companies that can donate a lot of money to get recognition in a public event and/or fund raising. ie. Mastercard fund raising for cancer.
Term
Caveat emptor
Definition
"Let the buyer beware" Led to the consumer bill of rights.
Term
Code of Ethics
Definition
A formal statement of ethical principles and rules of conduct. 86% of companies have some sort of code of ethics. Usually address contributions to government officials and political parties, customer and supplier relations, conflicts of interest, and accurate recordkeeping.
Term
Cognitive dissonance
Definition
Feeling of postpurchase psychological tension or anxiety usually you ask yourself ie. "Shit, should i have purchased the motorola or samsung?"
Term
Competition
Definition
A component of Environmental scan along with Social, economic, technological, and regulatory. Refers to the alternative firms that could provide a product to satisfy a specific market's needs. Various forms of it. Must take competition into consideration when designing a marketing strategy.
Term
Competitive advantage
Definition
A unique strength relative to competitors that provides superior returns often based on quality, time, cost, or innovation. Competencies are a main factor in competitive advantage.
Term
Consideration set
Definition
A group of brands that you would consider from among all the brands of which you are aware in the product class. Used in the buying/purchasing process
Term
Consumer Socialization
Definition
The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers. Children learn how to purchase by seeing their parents do it and by making their own purchases. They say you develop brand preferences at age 2.
Term
Consumerism
Definition
grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. They strive for ecologically safe products and ethical and socially responsible business practices.
Term
Core Values
Definition
Theeeeeeeee fundamental, passionate, and enduring principles that guide its conduct over time. Serve to inspire and motivate its stakeholders. Guide the organizations conduct.
Term
Culture
Definition
The second social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. Elements of of culture influence consumer buying patterns.
Term
Customer Experience
Definition
The internal response that customers have to all aspects of an organization and its offering. Includes the direct and indirect contacts of a customer.
Term
Customer Value
Definition
A type of customer relationship that is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sal and after sale service at a specific price. This is where loyal customers come in to play.
Term
Customer value proposition
Definition
A cluster of benefits that an organization promises customers to satisfy their needs. AKA whats special about that company
Term
Demographics
Definition
Age, gender, ethnicity, income, and occupation. Important in the social forces of an environment.
Term
Derived demand
Definition
A demand characteristic. Means that the demand for industrial products and services is driven by or derived from demand for consumer products and services.
Term
Discretionary income
Definition
Third component of income along with gross and disposable. The money that remains after paying for taxes and necessities. Used for luxury items such as sex, hoes, and blo. =]
Term
Disposable income
Definition
Along with gross and discretionary income. The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, transportation, and your bitch.
Term
E-marketplaces
Definition
Online trading communities that bring together buyers and supplier organizations. Considered to be B2B exchanges, and also known as e-hubs. Make possible the real time exchange of information, money products, and services. Public or Private.
Term
Environmental forces
Definition
In a marketing decision, these 5 forces are to be highly considered: Social, economic, technological, competitive, and regulatory forces. Can be known as accelerators or brakes on marketing.
Term
Environmental scanning
Definition
The process of coninually acquiring information on events occurring outside the organization to identify and interpret potential trends.
Term
Ethics
Definition
The moral principles and values that govern the actions and decisions of an individual or group. Serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
Term
Evaluative Criteria
Definition
Represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands. Such as inadequate factors when evaluating smartphones. Firms focusing on this strengthen the value of their product.
Term
Exchange
Definition
The trade of things of value between buyer and seller so that each is better off after the trade.
Term
Family life cycle
Definition
Describes the distinct phases that a family porgresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors.
Term
Goals
Definition
Also known as objectives, are statements of an accomplishment of a task to be achieved, often by a specific time. Common different types of goals in a business: Profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility. ei. Netflix wants to set a goal of being the top provider of online movies. That was a long one =] 8=D
Term
Green marketing
Definition
Part of societal responsibility, and is the marketing efforts to produce, promote, and reclaim environmentally sensitive products. Kinda like making your office building out of shit. or billboards and crap like that
^^ PUN
Term
Gross Income
Definition
The total amount of money made in one year by a person, household, or family unit.
Term
Involvement
Definition
Personal, social, and economic significance of the purchase to the consumer. Consumers sometimes don't engage in the five-stage purchase decision process which makes it harder on marketers. On the other hand High involvement decisions are things such as making a large purchase or if you're gonna have sex with a girl?
Term
ISO 9000
Definition
Developed by the international standards organization in geneva, switzerland, refer to standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures. Yikes. Easier definition. Its how you get your facilities certified to work in them.
Term
Learning
Definition
Much consumer behavior is learned. It refers to those behaviors that result from repeated experience and reasoning. Different types: Behavioral, cognitive, and brand loyalty.
Term
Lifestyle
Definition
A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. Used when there is a specific target market.
Term
Make-buy Decision
Definition
An evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself. Part of problem recognition.
Term
Market Orientation
Definition
An organization that has this focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.
Term
Market
Definition
People with both the desire and the ability to buy a specific offering. All markets are ultimately people. Deals with the authority to buy/purchase
Term
Market segmentation
Definition
To have market product focus and set goals you need to have this. It involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action. Helps a business focus on their target market.
Term
Market Share
Definition
The falletio, woops i meant ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. Determines your rank in the market and is a top goal for all businesses.
Term
Marketing Concept
Definition
The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals. Going from internal to external thinking.
Term
Marketing dashboard
Definition
The visual computer display of the essential information related to achieving a marketing objective. Gives live info on things like a new TV commercial, kinda like dildo infommercials and shit like that. pervs....
Supporting users have an ad free experience!