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mkt 300 1
test one
94
Marketing
Undergraduate 1
02/16/2011

Additional Marketing Flashcards

 


 

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Term
Marketing
Definition
the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
Term
Exchange
Definition
people giving up something to receive something they would rather have
Term
customer value
Definition
the relationship between the benefits and the sacrifice necessary to obtain those benefits
Term
Marketing Management Philosophies PRODUCTION
Definition
focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
Term
Marketing Management Philosophies SALES
Definition
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Term
Marketing Management Philosophies MARKETING
Definition
the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.
Term
Marketing Management Philosophies SOCIETAL
Definition
the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals and society’s long-term best interests.
Term
WHY STUDY MARKETING?
Definition
Role in society, vital to business survival, affects your everyday life
Term
Marketing strategy
Definition
the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
Term
relationship marketing
Definition
a strategy that focuses on keeping and improving relationships with current customers.
Term
Marketing Mix
Definition
a unique blend of product, place, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market
Term
target market
Definition
a defined group most likely to buy a firm's product
Term
Strategic Planning
Definition
the managerial process of creating and maintain a fit between the
organization’s objectives and resources and the evolving market opportunities.
Term
levels of organizations CORPORATE LEVEL
Definition
senior management directs overall strategy.
Ex: General Motors CEO or a President of a University
Term
Strategic Business Unit(SBU)
Definition
a distinct mission and specific target market; control over its resources; its own competitors; plans independent of other strategic business units Ex: Cadillac
Term
Functional Level
Definition
level at which groups of specialists create value for the organization.
Term
Marketing Plan
Definition
a written document that acts as a guidebook of marketing activities for the marketing manager.
Term
mission statements
Definition
a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.
Term
marketing objectives
Definition
a statement of what is to be accomplished through marketing activities.
Types-profit, sales, market share, quality, customer satisfaction, employee welfare, social responsibility.
Term
Criteria for Marketing Objectives
Definition
Realistic- has to be believable and in reach
Measurable- have to be able to count what happens.
Time specific; consistent with and indicting the priorities of the organization.
Term
Situation analysis (SWOT)
Definition
the firm should identify its internal strengths (S) and weaknesses (W) and also examine external opportunities (O) and threats (T).
Term
competitive advantage
Definition
a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
Term
internal situation analysis
Definition
focus on organizational resources such as production cost, marketing skills, financial resources, company or brand image etc.
Term
external situation analysis
Definition
must analyze aspects of the marketing environment.
Term
types of competitive advantages
Definition
Cost- being the low-cost competitor in and industry while maintaining satisfactory profit margins,
Product/Service- the provision of something that is unique and valuable to buyers beyond simply offering a lower price than competitors.
Niche- the advantage achieved when a firm seeks to target and effectively serve a small segment of the market.
Term
Sustainable Competitive Advantage
Definition
an advantage that cannot be copied by the competition.
Term
Market penetration(Strategic Alternatives)
Definition
a marketing strategy that tries to increase market share among existing customers
Term
Product Development(Strategic Alternatives)
Definition
a marketing strategy that entails the creation of new products for present markets
Term
Market Development(Strategic Alternatives)
Definition
a marketing strategy that entails attracting new customers to existing products
Term
Diversification(Strategic Alternatives)
Definition
a strategy of increasing sales by introducing new products into new markets
Term
portfolio matrix
Definition
a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Term
star
Definition
a business unit that is a fast-growing market leader
Term
problem child
Definition
a business unit that shows rapid growth but poor profit margins
Term
cash cow
Definition
a business unit that generates more cash than it needs to maintain its market share
Term
dog
Definition
a business unit that has low growth potential and a small market share.
Term
marketing mix
Definition
a unique blend of product, place, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market.
-Price, Product, Promotion, Place (distribution)
Term
ethics
Definition
the moral principles or values that generally govern the conduct of an individual or a group
Term
laws
Definition
the values and standards enforceable by the courts
Term
code of ethics
Definition
a guideline to help marketing managers and other employees make better decisions.
Term
ethical guidelines
Definition
code of ethics given to employees by the manager
Term
moral idealism
Definition
Individual rights and responsibilities are universal regardless of outcome
Term
utilitarianism
Definition
is the idea that the moral worth of an action is determined solely by its usefulness in maximizing utility and minimizing negative utility.
Term
Corporate social responsibility
Definition
a business’s concern for society’s welfare
Term
sustainability
Definition
the idea that socially responsible companies will out-perform their peers by focusing on the world’s social problems and viewing them as opportunities to build profits and help the world at the same time
Term
green marketing
Definition
the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment
Term
marketing environment
Definition
uncontrollable, always changing
Term
environmental scanning
Definition
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
Term
tweens
Definition
8-14
Term
generation X
Definition
1965-1978
Term
baby boomers
Definition
1946-1964
Term
generation Y
Definition
1979-1994
Term
Metropolitan statistical Area
Definition
urban area of 50 thousand or more with a high degree of social and economic integration (Kentucky and Ohio)
Term
economic forces
Definition
purchasing power, inflation, recession
Competitive Forces
Term
pure competition
Definition
every company has a similar product
Term
monopolistic
Definition
compete on sustainable basis
Term
oligopoly
Definition
few companies control the market
Term
pure monopoly
Definition
only 1 firm sells the product
Term
rewards of global marketing
Definition
expands economic freedom, spurs competition, and raises the productivity and living standards of people in countries that open themselves to the global market place. For less developed countries it reduces poverty, encourages democratization, and promotes higher labor.
Term
multinational firms
Definition
Have assets committed to Operations in a Foreign Country
-Multiple target markets-foreign countries.
Term
environmental factors
Definition
Culture
Economic and Technology Development
Infrastructure
agreements and organizations
demographics
natural resources
Term
competitive advantage of nations
Definition
What nation’s know best; achieved through innovation
Term
licensing
Definition
the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
Term
contract manufacturing
Definition
private-label manufacturing by a foreign company
Term
joint venture
Definition
when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
Term
direct foreign investment
Definition
active ownership of a foreign company or of overseas manufacturing or marketing facilities
Term
exchange rate
Definition
the price of one country’s currency in terms of another country’s currency
Term
customer behavior
Definition
processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
-How consumers make Purchase decision
-How consumers use and dispose of products
Term
customer decision process
Definition
need recognize
information search
alternative evaluation
purchase decision
post-purchase behavior
Term
types of decision making
Definition
Influenced by level of involvement
Routine = low involvement
Limited = moderate involvement
Extensive = high involvement
Term
situational influences on consumer decision making
Definition
The Purchase task, Gift, Rituals
Social Surroundings
Physical Surroundings
Temporal Effects
Antecedent States
Term
culture (cultural influence on consumer decision making)
Definition
the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next
Term
value (cultural influence on consumer decision making)
Definition
the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct
Term
subculture (cultural influence on consumer decision making)
Definition
a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group
Term
social class (cultural influence on consumer decision making)
Definition
group of people considered nearly equal in status or community esteem
Social Influences
Term
social influences
Definition
Reference Group
Opinion Leaders
Family members
Term
reference group
Definition
a group in society that influences an individual’s purchasing behavior
Term
individual influence on customer decision making
Definition
Demographics
Family life cycle
Term
psychological influences
Definition
Personality, self-concept, lifestyles, perception, motive, learning, beliefs and attitudes
Term
self-concept-
Definition
how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self evaluation
Term
business marketing
Definition
the marketing of goods and services to individuals and organizations for purposes other than personal consumption
Term
stickiness
Definition
a measure of a web site’s effectiveness calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit
Term
Relationship Marketing/Strategic Alliance
Definition
a cooperative agreement between business firms
Term
Categories of Buyers
Definition
Producers/Other Business
Resellers
Government
Institutions
Term
North American Industry Classification System (NAICS)
Definition
common industry classification system
useful for segmenting and targeting markets
data useful for forecasting sales
Term
derived demand
Definition
the demand for business products
Term
inelastic demand
Definition
an increase or decrease in price will not affect the demand
Term
joint demand
Definition
the demand for two or more items used together in a final product
Term
fluctuating demand
Definition
the demand for business products tends to be less stable than the demand for consumer products
Term
reciprocity
Definition
a practice where business purchases choose to buy from their own customers
Term
type of business products
Definition
equipment, parts, and supplies, Material and Services
Term
Buying center
Definition
all those people in an organization who become involved in the purchase decision
Term
buying criteria
Definition
quality, service, and price of product
Term
modified rebuy
Definition
purchaser wants change in the original good or service
Term
Straight rebuy
Definition
purchaser reorders the same goods or services without looking for new information
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