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REDO MARKETING
n/a
86
Marketing
Undergraduate 2
02/12/2013

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
process by which companies create value for customers & build strong customer relationship
Term
Needs
Definition
states of felt deprivation
Term
Wants
Definition
the form human needs take as they are shaped by culture & individual personality
Term
Demands
Definition
human wants that are backed up by buying power
Term
Market offerings
Definition
some combo of products, services, info, or experiences, offered to a market to satisfy want or need
Term
Marketing Myopia
Definition
the mistake of paying more attention to the specific products they offer than to benefits & experiences produced by products
Term
Exchange
Definition
the act of obtaining a desired object from someone
Term
Market
Definition
set of all actual & potential buyers of a product or service
Term
Modern Marketing System –
Definition
suppliers--> company/competitors--> marketing intermediaries--> consumers
Term
Marketing Management
Definition
the art & science of choosing target markets and building profitable relationships w/ them
Term
Market Segmentation
Definition
dividing the market into segments of customers
Term
Target Marketing
Definition
selecting which segments it will go after
Term
Production Concept
Definition
the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
Term
Product Concept
Definition
idea that consumers will favor products that offer the most quality, performance, & features here for that organization should devote its energy to making continuous improvements
Term
Value Proposition
Definition
the set of benefits or values that a product or service promises
Term
Selling Concept
Definition
the idea that consumers will not buy enough of a firms product unless it undertakes a large-scale selling promotion effort
Term
Marketing concept
Definition
basically achieving organizational goals depend on the needs and wants of target markets & delivering satisfaction better than competitors do
Term
Societal Marketing Concept
Definition
the idea that a company's marketing decisions should consider consumers & society's long run interests
Term
Marketing Mix
Definition
the set of tools to implement a marketing strategy --> 4 p's
Term
product
Definition
to deliver on its value a firm must create a need satisfying market offering
Term
price
Definition
must decide how much it will charge
Term
place
Definition
how it will make it available to target consumers
Term
promotion
Definition
must communicate w/ target costumers about product
Term
Customer Relationship Management
Definition
the overall process of delivering and maintaining profitable customer relationships by satisfaction
Term
Customer Perceived Value
Definition
the customers evaluation of the difference between all the benefits & all the costs of a product compared to competing offers
Term
Customer Satisfaction
Definition
a products performance matches a buyers expectations
Term
Customer-managed Relationships
Definition
relationships where customers using technology interact with companies to shape their own relationships with brands
Term
Consumer-generated Marketing
Definition
brand exchanges created by the costumers themselves--> shape their own experience and others
Term
Partner Relationship Management
Definition
working closely with partners in other company departments & outside company to bring greater value to costumers
Term
Supply Chain
Definition
longer channel, stretching from raw materials to components--> to final products that are carried to final buyers
Term
Customer Lifetime Value
Definition
the value of purchases a single customer makes over a lifetime
Term
Share of Customer
Definition
portion of a customers purchasing which a company get in its product categories
Term
Customer Equity
Definition
total combined customer lifetime value of all the company's customers
Term
Strategic Planning
Definition
process of developing & maintaining a strategic fit between the organizations goals & capabilities
Term
Mission Statement
Definition
statement of the organizations purpose
Term
Business Portfolio
Definition
collection of business & products that make up the company
Term
Portfolio Analysis
Definition
process by which management evaluates the products & businesses that make up the company
Term
Growth
Definition
share mix Boston Consulting Group Approach
Term
Cash Cows
Definition
low growth, high share business or products, established and successful SBUs, need less investment and hold their market share, product a low of cash that company uses to pay bills
Term
Stars
Definition
high-growth, high-share business products. Often need heavy investments to finance their growth
Term
Question Marks
Definition
low-share business units in high-growth markets, requires a lot of cash to hold their share
Term
Dogs –
Definition
low-growth, low-share businesses & products, may generate enough cash to maintain themselves but do not promise to be large sources of cash
Term
Problems w. Boston Method
Definition
can be difficult, time consuming, focus on present not the future of the business
Term
Product Market Expansion Grid
Definition
portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development or diversification
Term
Market Penetration
Definition
company growth by increasing sales of current products to current market segments w/ out changes
Term
Market development
Definition
company growth by developing new market segments for current company products
Term
Product Development
Definition
company growth by offering modified or new products to current market segments
Term
Diversification
Definition
company growth through starting up or acquiring businesses outside of the company's current products and markets
Term
Value Chain
Definition
the series of internal departments that carry out value-creating activities such as design, market, deliver, & support of a firms products
Term
Value Delivery Network
Definition
network made up of the company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system
Term
Marketing Strategy
Definition
marketing logic by which the company hopes to create customer value and achieve profitable customer relationship
Term
Positioning
Definition
arranging for a product to occupy a clear, distinctive, and desirable market
Term
SWOT Analysis
Definition
evaluates a company's strengths, weakness, opportunities, & threats
Term
Strengths
Definition
internal capabilities that help the company reach its objective
Term
Weaknesses
Definition
internal limitations that interfere w/ the company's ability to achieve its objectives
Term
Opportunities
Definition
external factors that the company may be able to use to its advantage
Term
Threats
Definition
current & emerging external factors that challenge the company's performance
Term
Marketing Implementation
Definition
process that turns marketing plans into marketing actions
Term
Marketing Control
Definition
measuring and evaluating the results of marketing strategies, plans, and taking actions to ensure that objectives are achieved
Term
Return on Marketing Investment (ROI)
Definition
the net return from a marketing investment divided by the costs of the marketing investment
Term
Marketing Environment
Definition
the actors and forces outside marketing that affect marketing managements ability to build & maintain successful relationships with customers
Term
Microenvironment
Definition
actors close to the company that affect its ability to serve its customers ex. Company, suppliers, competitors, publics
Term
Macro environment
Definition
larger societal forces that affect the company ex. Demographic, natural, economic, political forces
Term
Demography
Definition
human populations in terms of size, location, density, age, gender, race, etc.
Term
Baby Boomers
Definition
78 million people born during WW2 until 1964
Term
Generation X
Definition
the 45 million people b/t 1965-1976
Term
Millennial
Definition
83 million children of the baby boomers b/t 1977-2000
Term
Economic Environment
Definition
economic factors that affect consumer purchasing power
Term
Natural Environment
Definition
natural resources that are needed as inputs by marketers that affect marketing activities
Term
Environmental Sustainability
Definition
developing strategies & practices that create a world economy that is green
Term
Technological Environment
Definition
forces that create new technologies creating new opportunities
Term
Political Environment
Definition
laws, gov't agencies, & pressure groups that influence and limite various organizations & individuals in a given society
Term
Cultural Environment
Definition
institutions and other forces that affect society's basica values, perceptions, preferences, and behaviors
Term
Customer Insights
Definition
fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value
Term
Marketing Information Systems (MIS)
Definition
people and procedures for assessing information & helping decision makers to use the information to generate and validate actionable customer and marketing insights
Term
Marketing Research
Definition
systematic design, collection, anaylsis, and reporting of data relevant to a specific marketing situation facing an organization
Term
Exploratory Research
Definition
marketing research to gather preliminary info that will help define problems and suggest hypotheses
Term
Descriptive Research
Definition
marketing research to better describe marketin problems, situations such as attitudes of customers
Term
Causal Research
Definition
marketing research to test hypotheses about cause and effect relationships
Term
Secondary Data
Definition
info that already exists somewhere else that was collected for another purpose
Term
Primary Data
Definition
information collected for the specific purpse at hand
Term
Observational Research
Definition
gathering data by observing peoples actions and behavoirs
Term
Ethnographic Data
Definition
observational research that involves sending trained observers to watch consumers in their natural enviorment
Term
Survey Research
Definition
gathering data by asking people questions
Term
Experimental Research
Definition
gathering data by selecting matched groups of subjects, giving them different treatments, controlling related factors
Term
Focus Group Interviewing
Definition
personal interviewing that involves inviting 6-10 people to gather for a few hours
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