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Basic Marketing McCarthy 17e
MKT350 ch 1-6
94
Marketing
Undergraduate 4
02/14/2011

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Term
Production
Definition
Actually making the good or performing the service
Term
Customer satisfaction
Definition
The extent to which a firm fufills a consumers needs desires and expectations.
Term
Marketing
Definition
The performance of activities that seek to accompish an organization objective by anticipating customer or client needs and directing a flow of need satisying goods and service from a producer to customer or client.
Term
Pure subsistence economy
Definition
Each family unit produces everything it comsumes
Term
Macro marketing
Definition
A social process that directs an economies flow of goods and services from producers to consumers in a way that effectively marches supply and demand and accomplishes the objectives of society
Term
Micro marketing
Definition
Designing, creating, and manufacturing products, marketing strategies, and advertising campaigns for the benefit of very specific geographic, demographic, or psychographic segments of the consumer market. Micromarketing is a relatively new marketing trend created by the diversity of the consumer population and the difficulty in creating a single product that appeals to all the diverse groups in the population.
Term
Economies of scale
Definition
As a company produces larger numbers of a particular prodcut the cost of each unit of the product goes down
Term
Universal functions of marketing
Definition
Buying selling transporting storing standardizing and grading financing risk takin and market information
Term
Command economy
Definition
government officials decide what and how much is to be produced and distributed by whom to whom and why
Term
Market directed economy
Definition
The individual decisions of the many producers and consumers make the macro level decisions for the whole economy
Term
Evolution of marketing in US
Definition
Simple trade era, Production era, Sales era, Marketing department era, and Marketing company era
Term
Marketing concept
Definition
The idea that an organization should aim all its efforts at satisying its cusomers at a profit
Term
Production orientation
Definition
Making whatever producs are easy to produce and then trying to sell them
Term
Marketing orientation
Definition
Trying to carry out the marketing concept
Term
Customer value
Definition
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
Term
Micro macro dilemma
Definition
What is good for some producers and consumers may not be good for soiety as a whole
Term
Marketing management process
Definition
The process of planning meketing activities dierecting he implementation of the plans and controlling these plans
Term
Marketing strategy
Definition
Specifies a target market and a related marketing mix
Term
The 4 Ps of Marketing
Definition
price, product, promotion, place
Term
Marketing mix
Definition
the controllable variable that the company puts together to satisfy a target group
Term
Channel of distribution
Definition
any series of firms or individual who participate in the flow of products from producer to final user or consumer
Term
Personal selling/mass selling
Definition
Direct spken communication between sellers and potential customers usually in person but sometimes over the telephone or even via a video conference over the internet
Term
Advertising
Definition
Any paid form of nonpersonal presentation of ideas goods or services by an identified spnsor
Term
Publicity
Definition
Any unpaid form of nonpersoanl presentation of ideas goods or services
Term
Sales Promotion
Definition
Those promotion activities other than advertising publicity and personal selling that stimulate interest
Term
Marketing plan
Definition
A written statement of a marketing strategy and the time related details for carrying out the strategy
Term
Marketing program
Definition
Blends all of the firms marketing plans into one big plan
Term
Customer equity
Definition
The expected earning stram of a firms current and prospective customers of some period of time.
Term
Breakthrough opportunities
Definition
Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
Term
Competitive advantage
Definition
a firm has a marketing mix that the target markets sees as better than a competitors mix
Term
S.W.O.T. analysis
Definition
Identifies and lists the firms strenghts and weaknesses and its opportunities and threats
Term
Market penetration
Definition
Trying to increase sales of a firms present products in its present markets probably throug a more aggressive marketing mix
Term
Market development
Definition
Trying to increase sales by selling present products in new markets
Term
Product development
Definition
Offering new or omrpoved products for present markets
Term
Diversification
Definition
Moving into totally different lines of business perhaps entirely unfamiliar products markets or even elvels in producation marketing system
Term
Corporate objectives
Definition
specific, realistic and measurable goals which an organization plans to achieve within a given period of time.
Term
Monopoly
Definition
a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like
Term
Monopolistic competition
Definition
A market siuation that develops when a market has different producats and sellers who can feel they do have some competitions in this market
Term
Oligopoly
Definition
unknown
Term
Pure competition
Definition
A market situation that develops when a market has homogenous products many buyers and sellers who have full knowledge of the market and ease of entry for buyers and sellers (t shirt maker)
Term
The Consumer Product Safety Commission
Definition
unknown
Term
Mission statement
Definition
Sets out the organizaions basic purpose for being
Term
Competitor analysis
Definition
An organized approach fro evaluating the stranghts and weaknesses of current of potential competitors and makreting strategies
Term
Competitive rivals
Definition
A firms closest competitors
Term
Competitive barriers
Definition
The conditions that may make it difficult or even impossible for a firm to compete in a market
Term
Nationalism
Definition
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Term
Consumerism
Definition
a social movement intended to safeguard the rights of consumers.
Term
Competitive environment
Definition
The number and types of compeitiors the marketing manager must face and how they may behave
Term
Cultural and social environment
Definition
Affects how and hwy people live and behave as they do
Term
Economic environment
Definition
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Term
Strategic business unit (SBU)
Definition
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Term
Portfolio management
Definition
Treats alternative products divisions or strategic business units as thoughthey are stock
Term
GE strategic planning grid
Definition
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Term
Generic market
Definition
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Term
Product market
Definition
A markert with very similar needs and sellers offering various close substitue ways of stisfying those needs
Term
Market segmentation
Definition
Naming broad product markets and segmenting these broad procuts markets in order to select target markets and develop suitable marketing mixes
Term
Marketing segment
Definition
A relatively homogenous group of customer who will respond to a marketing mix in a similar way
Term
Behavior segmentation
Definition
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Term
Demographic segmentation
Definition
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Term
Single target market approach
Definition
Segmenting that market and picking one of the homogeous segments as the firms target market
Term
Multiple target market approach
Definition
Segmenting the market and choosing two or more segments then treating each as a seperarate target market needing a different marketing mix.
Term
Combined target market approach
Definition
Combining two or more submarkets into one larger target market as a basis for one strategy.
Term
Qualifying dimensions
Definition
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Term
Determining dimensions
Definition
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Term
Customer relationship management (CRM)
Definition
An approach where the seller fine tunes the marketing effor with information from a detailed customer database
Term
Positioning
Definition
An approach that refers to how customers think about proposed or present brands in a market
Term
Differentiating
Definition
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Term
7 Step approach to market segmentation
Definition
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Term
Gross domestic product (GDP)
Definition
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Term
Gross national income (GNI)
Definition
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Term
Metropolitan statistical area or MSA
Definition
An integrated economic and social unit with large popuilation nucleous
Term
Birthrate
Definition
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Term
Real income
Definition
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Term
Disposable income
Definition
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Term
Discretionary income
Definition
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Term
Economic buyers
Definition
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Term
Needs/wants/drive
Definition
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Term
Physiological/safety/social/personal needs (the pyramid)
Definition
look it up biological needs such as food drink water rest
Term
Selective exposure/perception/retention
Definition
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Term
Attitudes
Definition
A persons point of view toward something
Term
beliefs
Definition
A persons opinion towards someting
Term
Personality/lifestyle
Definition
look it up
Term
Steps in the learning process
Definition
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Term
Social Influences
Definition
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Term
Social class
Definition
A group of people who have approximately equal social position as viewed by others in society
Term
reference group
Definition
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Term
opinion leaders/culture
Definition
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Term
Psychological \Variables
Definition
Motivation, perception, learning, attitude, personality/lifestyle look it up
Term
Economic Needs
Definition
Economy of purchase, convenience, efficiency in use, dependability
Term
Purchase Situation
Definition
Purchase reason, time, and surroundings
Term
Extensive problem solving
Definition
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Term
Limited problem solving
Definition
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Term
Routinized response behavior
Definition
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Term
Dissonance
Definition
buyer remorse
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