Home > Flashcards > Marketing > MKTU201 Midterm Review

Details Title: MKTU201 Midterm Review Description: review of chaps 1-7, 16, WOW Total Flash Cards: 53 Created: 02/27/2007 09:39:07	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 Marketing Definition the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Term Needs Definition states of felt deprivation an American needs food but wants a bigmac Term wants Definition the form human needs take as shaped by culture an individual personality Term demands Definition human wants that are backed by buying power Term products Definition a physical market offering that satisfies a need or want Term services Definition activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Term 5 step model for marketing process Definition 1. understand the marketplace and customer needs and wants 2. design a customer-driven marketing strategy 3. construct a marketing program that delivers superior value 4. build profitable relationships and create customer delight 5. capture value from the customer to create profits and customer quality Term Customer Value Definition value gained from owning a product and costs of obtaining the product is customer value Term customer satisfaction Definition products precieved performance in delivering value relative to buyer's expectations is customer satisfaction Term relationship marketing Definition delvers logn term value to customer, thereby securing satisfaction and retention of patronage over time Term CRM Definition the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Term customer satisfaction Definition the extent to which a products perceived performance matches a buyers expectations Term Customer Relationship Groups (4) Definition Butterflies, true friends, strangers, barnacles Term butterflies Definition good fit w/ offerings and needs - high profit potential Term true friends Definition good fit with offerings and need - highest profit potential - long term projected loyalty Term strangers Definition little fit with offerings and needs - lowest profit potential Term barnacles Definition limited fit with offerings and needs - low profit potential Term 5 step mkting process Definition 1. needs, wants, demands 2. customer driven mkting strategy 3. crating customer value/4 P's 4. exchanges, delighting customers 5. Satisfaction and customer realtionship = company profits Term Strategic Planning Definition the precess of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities Term Steps in strategic planning Definition 1. defining the company mission 2. setting company objectives and goals 3. designing the business portfolio 4. planning marketing and other functional strategies. Term mission statement Definition a statement of the organizations purpose - what it wants to accomplish in the larger environment Term good characteristics of a mission statement Definition market oriented, realistic, specific, fit market environment, distinctive competencies, motivating Term BCG growth-share matrix Definition 1. Star: high growth and share, high profit potential, ma need heavy investment to grow 2. cash cow: low growth, high share established, successfull sbu's, produce cash 3. ?: high growth, low share. build into stars or phase out. require cash to hold market shares 4. Dogs: low growth/share, low profit potential. Term marketing growth strategies Definition 1. market penetration: existing products, existing markets 2. market development: existing product, new market 3. product development: new products, existing markets 4. diversification: new products, new markets Term market segmentation Definition the precess of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products or marketing programs. Term 4 P's + 1 P Definition product price place promotion position Term 4 C's Definition customer solution customer cost convenience communication Term target marketing Definition involves evaluating each market segment's attractiveness and selecting on ore more segments to enter. target those segments that can sustain profitability. Term market positioning Definition arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. begins with differentiating te company's marketing offer so it gives consumers more value. Term SWOT analysis Definition finding opportunities. avoiding threats. understanding strengths. analyzing weaknesses. Term strength Definition internal, positive Term opporutnities Definition external, positive Term weaknesses Definition internal, negative Term weaknesses Definition internal, negative Term threat Definition external, negative Term return on marketing Definition the net return from a marketing investment divided by the costs of the marketing investment Term product Definition variety, quality, design, features, brand name, packaging, services Term promotion Definition advertising, personal selling, sales promotion, PR Term price Definition list price, discounts, allowances, payment period, credit terms Term place Definition channels, coverage, assortments, locations, inventory, transportation, logistics Term Marketing environment Definition the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. Term microenvirnment Definition the actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors, and publics Term macro environment Definition the larger societal forces that affect the micro environment - demographic, economic, natural, technological, political, and cultural forces. Term demography Definition the study of human populations in therms of size, density, location, age, gender, race, occupation, and other statistics. Term baby boomers Definition 78 million ppl born after WWII lasting 1946-1964 Term generation x Definition the 49 million ppl born btwn 1965 and 1976 Term generation y Definition the 72 million childern of the babyboomers born btwn 1977 and 1994 Term peoples views of themselves Definition people use products, brands, and services as a means of self expression, and they buy prd/serv that match their views of themselves Term peoples views of others Definition trend suggests a greater demand for social support products and services that improve direct communication btwn ppl, such as health clubs and family vacations Term peoples views of organizations Definition ppl carry different views,. by and large ppl r willing to work for major organizations and expect them, in turn, to carry out society's work Term ppls views on society Definition ppls orientation to their society influences their consumption patterns and attitudes toward the marketplace. Term ppls views of nature Definition attitudes vary. mastery over nature through technology. short term trend: natural organic lifestyle. Term ppls views of the universe Definition moving away from materialism, dog eat dog ambition to seek more permanent values -- family, community, earth, faith, and more certain grasp of right and wrong.