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Marketing Vocab Quiz 3
Texas Tech
50
Marketing
09/09/2009

Additional Marketing Flashcards

 


 

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Term
Advantage
Definition
A key test of a core competency that demonstrates it provides increased access to [target] markets.
Term
Ansoffs Product-Market Grid
Definition
growth strategies based on the mix of new or existing This planning tool characterizes products and new or existing markets.
Term
Applications
Definition
These descibe the way products are used.
Term
Attribute listing
Definition
A listing of every attribute for a product to stimulate ideas for improvement of that item.
Term
BCG Growth Share Matrix
Definition
The Boston Consulting Group planning tool that evaluates business units in terms of their growth potential and market share
Term
study
Definition
bitch
Term
Brainstorming
Definition
An open approach to produce the greatest number of ideas.
Term
Brand positioning map
Definition
A two-dimensional grid that shows how brands relate to each other for two or sometimes three key attributes.
Term
Breakthrough project
Definition
A product development that requires a technological breakthrough.
Term
Business portfolio
Definition
All the businesses in the company
Term
Business strength
Definition
A way to measure the position of the business unit which includes market size, market growth, the intensity of competition, the relative price level, and amount of government regulation.
Term
Cash Cow
Definition
A business unit that has a low market growth rate but has high market share.
Term
Catalog technique
Definition
A listing of every attribute from published sources that may suggest other ideas.
Term
Competitive
Definition
A key test of a core competency that shows consumers perceive significant benefits to the firm with the competency.
Term
Core competency
Definition
A fundamental capability of the firm that will help it achieve its vision. Each capability will meet the three key tests of being a strategic, competitive, advantage in accessing appropriate markets and market segments.
Term
Derivative project
Definition
A simple extension that requires some change in the product line but no new technologies
Term
Differentiation strategy
Definition
A marketing strategy featuring customer perceived uniqueness on an industry-wide basis.
Term
Dog
Definition
A business unit that has a low market growth rate and low market share potential.
Term
Early adopters
Definition
The first group after the innovators to adopt a new product .
Term
Early adopters
Definition
The first group after the innovators to adopt a new product .
Term
Early majority
Definition
The group to adopt a new product that brings market penetration up to 50%.
Term
Free association
Definition
A method of stimulating the imagination by associating x with Y
Term
GE Strategic Business Planning Matrix
Definition
A planning tool that measures the business unit position based on the strength of the business and the attractiveness of the industry.
Term
Innovators
Definition
The very first group to adopt a new product and/or service concept.
Term
Laggards
Definition
This is the last group to adopt a new product and/or service concept.
Term
Late majority
Definition
The group to adopt a new product and/or service concept that brings market penetration levels to a clear majority.
Term
Market attractiveness
Definition
A scale to measure the position of the business unit which includes market share, market knowledge, cost efficiency, technology, and relative quality.
Term
Marketing Myopia
Definition
Defining a market too narrowly, thereby missing very large opportunities in very similar markets
Term
Niche strategy
Definition
A marketing strategy featuring special attributes and/or performance to a small market segment.
Term
Opportunity cost
Definition
The difference in rewards by using resources for Project A versus Project B.
Term
Overall cost leadership strategy
Definition
A high-risk marketing strategy featuring a low-cost position on an industry-wide basis.
Term
Place
Definition
The activities of the firm that make products available to its markets
Term
Platform project
Definition
An extension of a product line that requires one or more new technologies to implement.
Term
Price
Definition
The amount a consumer is willing to pay to obtain a product.
Term
Product
Definition
Goods or services, or a combination thereof, that is offered to a target market.
Term
Product positioning map
Definition
A two-dimensional or sometimes three-dimensional grid that shows how products relate to each other for two key attributes.
Term
Promotion
Definition
Activities that stimulate consumers to purchase.
Term
Question Mark
Definition
A business unit that has a high market growth rate but low market share.
Term
Star
Definition
A business unit that has a high market growth rate and the potential to have high market share.
Term
Strategic business unit [SBU]
Definition
An independent operating unit of the firm.
Term
Strategic planning
Definition
The process of developing and maintaining a long-term plan for the company that positions the firm to take advantage of its capabilities and constantly changing marketing opportunities.
Term
Sustainable
Definition
A key test of a core competency that measures the ability of sustain and/or increase the advantage of the competency over many years.
Term
SWOT Analysis
Definition
Strength, weakness, opportunity, and threat analysis.
Term
Want
Definition
A level of desire above the basic need.
Term
Benefit
Definition
Any real or perceived outcome that motivates buying behavior and answers the question What's in it for me?.
Term
Benefit
Definition
Describes the value: it is best if it is an emotional and intangible answer to What's in it for me?
Term
Expectation
Definition
The consumer's anticipated level of service quality and/or product performance.
Term
reseller
Definition
Reseller Any type of intermediary that helps the company find customers or prospects or participates in the transaction between the company and the seller.
Term
Selling Concept Philosophy
Definition
A marketing management philosophy that operates on the assumption consumers will buy products only if the company promotes and sells these products.
Term
Services
Definition
These are intangible items offered to a market to satisfy a need or a want.