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Details Title: marketing Description: chapter 1,2,and3 Total Flash Cards: 36 Created: 09/11/2006 16:44:38	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term utility Definition want-satisfying power of a good or service Form, Time, Place, and Ownership Term strategic alliance Definition partnerships in which 2 or more companies combine resources and capital to create competitive advantages in a new market. Term lifetime value of a customer Definition revenues and intangible benefits that a customer brings to all org's over an average lifetime, minus the investment the firm has made to attract and keep the customer. Term Interactive marketing Definition buyer-seller communications in which the customer controls the amount and type of info received from a marketer through such channels as internet, toll free #'s and CD rom's. Term cause marketing Definition Identification and marketing of a social issue, cause, or idea to selected target markets Term Marketing concept Definition company wide consumed orientation with the objective of achieving long-run success Term Consumer orientation Definition Incorporating the marketing concept that emphasises the unment customer needs and designing a system for satisfying them. Term Buyers market Definition market where there are more goods and services than ppl are willing to buy Term Sellers market Definition market where there are more buyers for fewer goods and services. Term Marketing Definition Process of planning and executing the conception pricing, promotion, and distribution of ideas, goods, services, organization, and events. To create and maintain relationships that will satisfy individual organizational objectives. Term 4 marketing variables Definition product, price, promotion, place Term 5 non-tarditional marketing Definition person, place, cause, event, and organization Term marketing planning Definition Implimenting planning activities devoted to achieving marketing objectives Term strategic planning Definition determining an organization's primary objectives and adopting courses of action that will achieve these objectives. (long- Term 5yr) Term tactical planning Definition planning that guides the implementation of activities specified in the strategic plan ( short term) Term marketing stategy Definition overall, companywide program for selecting a particular target market and then satisfying consumers in that market through the a blend of place, promotion, price, and priduct. Term Porters 5 forces Definition Model that identifies 5 competitive forces: threat of new entrants, thret of substitute products, rivalry among competitor, bargaining power of buyers, and bargaining power of suppliers. Term 1st mover stategy Definition theory advocating that the company that is 1st to offer a product in a marketing place will be the long-term market winner. Term 2nd mover stategy Definition observing closely the innovations of the 1st movers and then intoducing new product that improve on the original offering to gain advantage in the market place. Term SWOT (strength, weakness, opportunities, and threats) Definition Helps planners compare internal organizational strengths and weaknesses with external opportunities and threats. Term product strategy Definition decisions about goods and services a firm will offer about customer service, packaging, brand names, ect.. Term distrubution strategy Definition ensures that the cunsumers find their products in the proper quantities at the right times and places. Term Promotion Definition Communication link between buyers and sellers. function of informing, persuading, and influencing a consumers, purchase decision. Term strategic business units Definition key business units within diversified firms. Term environmanetal scanning Definition process of collecting info about external marketing environment to identify and interpret potential trends. Term environmental managment Definition attainment of organizational objectives by predicting and influencing the competitive, political legal, economic, technological, and social-culural environments. Term competitive environment Definition interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substitued for 1 another, and marketers competing for the consumer's purchasing power. Term Time-based competition Definition strategy of developing and distributing goods and services more quickly than competitors. Term political-legal environment Definition component of marketing environment consisting of laws and imterpretations of laws that require firms to operate under competitive conditions and to protect consumer rights. Term economic environment Definition factors that influence consumer buying power and marketing startegies including stage of the business cycle, inflation, unemployment, income, and resource availablity. Term demarketing Definition process of reducing consumer demand for a good or service to level that the firm can supply Term technical environment Definition applications to marketing of knowledge based on discoveries in science, inventions, and innovations. Term social cultural environmant Definition componant of the marketing environment consisting of the reationship between the marketer and society and its culture. Term consumerism Definition social force within the environment designed at aid and protect the consumer by exerting legal, moral, and economic pressures on business and government. Term social responsibilty Definition marketing philosophies, policies, and procedures, and actions that have the enhancement of society's welfare as a primary objective. Term Green marketing Definition production, promotion, and reclamation of environmentally sensitive products.