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BUS M 341 Exam 1 terms
terms- CH 1, 2, 5, 8, 9
105
Marketing
Undergraduate 3
02/15/2011

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Term
want-satisfying power of a good / service
Definition
utility
Term
organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organization and its stakeholders
Definition
marketing
Term
activity in which two or more parties give something of value to each other to satisfy perceived needs
Definition
exchange process
Term
business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying of achieving long-run success
Definition
consumer orientation
Term
companywide consumer orientation with the objective of achieving long-run success
Definition
marketing concept
Term
development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit
Definition
relationship marketing
Term
management's failure to recognize the scope of its business
Definition
marketing myopia
Term
marketing efforts designed to cultivate the attention and preference of a target market toward a person
Definition
person marketing
Term
marketing efforts designed to attract visitors to a particular area; improve consumer images of a city, state, or nation; and or attract new business
Definition
place marketing
Term
identification and marketing of a social issue, cause, or idea to selected target markets
Definition
cause marketing
Term
marketing of sporting, cultural, and charitable activities to selected target markets
Definition
event marketing
Term
marketing efforts of mutual-benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services, or contribute to them in some way
Definition
organization marketing
Term
partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market
Definition
strategic alliance
Term
process of anticipating future events and conditions and of determining the best way to achieve organizational objectives
Definition
planning
Term
implementing planning activities devoted to achieving marketing objectives
Definition
marketing planning
Term
process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives
Definition
strategic planning
Term
planning that guides the implementation of activities specified in the strategic plan
Definition
tactical planning
Term
essential purpose that differentiates one company from others
Definition
mission
Term
model developed by strategy expert michael porter that identifies five competitive forces that influence planning strategies
Definition
Porter's Five Forces
Term
theory advocating that the company first to offer a product in a marketplace will be th long-term market winner
Definition
first mover strategy
Term
theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the market place
Definition
second mover strategy
Term
review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats
Definition
SWOT analysis
Term
limited periods when key requirements of a market and a firm's particular competencies best fit together
Definition
strategic window
Term
blending of the four strategy elements--product, pricing, promotion, distribution--to fit the needs and preferences of a specific target market
Definition
marketing mix
Term
key business units within diversified firms
Definition
strategic business unit (SBU)
Term
process through which buyers make purchase decision
Definition
consumer behavior
Term
values, beliefs, preferences, and tastes handed down from one generation to the next
Definition
culture
Term
people or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, values, and conduct, such as spouse, family, friends, or celebrities
Definition
reference group
Term
trendsetters who purchase new products before others in a group and then influence others in their purchases
Definition
opinion leaders
Term
imbalance between a consumer's actual and desired states
Definition
need
Term
inner state that directs a person toward the goal of satisfying a need
Definition
motive
Term
meaning that a person attributes to incoming stimuli gathered through the five sense
Definition
perception
Term
person's enduring favorable or unfavorable evaluations, emotions, or action tendencies toward some object/ideas
Definition
attitudes
Term
knowledge or skill acquired as a result of experience, which changes consumer behavior
Definition
learning
Term
person's multifaceted picture of himself or herself
Definition
self-concept
Term
number of alternatives a consumer actually considers in making a purchase decision
Definition
evoked set
Term
features a consumer considers in choosing among alternatives
Definition
evaluative criteria
Term
imbalance among knowledge, beliefs, and attitudes that occurs after an action or decision, such as a purchase
Definition
cognitive dissonance
Term
process of collecting and using information for marketing decision making
Definition
marketing research
Term
process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary source
Definition
exploratory research
Term
previously published information
Definition
secondary data
Term
information collected for a specific investigation
Definition
primary data
Term
process of selecting survey respondents or research participants
Definition
sampling
Term
sample that gives every member of the population a chance of being selected
Definition
probability sample
Term
sample that involves personal judgement somewhere in the selection process
Definition
non probability sample
Term
observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on a n understanding of social and cultural characteristics; ethnography
Definition
interpretative research
Term
simultaneous personal interview of a small group of individuals that relies on group discussion about a certain topic
Definition
focus group
Term
marketing information system component that links a decision maker with relevant databases and analysis tools
Definition
marketing decision support system (MDSS)
Term
group of people with sufficient purchasing power, authority, and willingness to buy
Definition
market
Term
group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and services
Definition
target market
Term
goods and services purchased for use either directly or indirectly in the production of other goods and services for resale
Definition
business products
Term
division of the total market into smaller, relatively homogeneous groups
Definition
market segmentation
Term
division of an overall market into homogeneous groups based on their location
Definition
geographic segmentation
Term
division of overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family life cycle; socioeconomic segmentation
Definition
demographic segmentation
Term
division of a population into groups having similar attitudes, values, and lifestyle
Definition
psychographic segmentation
Term
division of a population into groups having similar attitudes, values, and lifestyle
Definition
psychographic segmentation
Term
division of population into homogeneous groups based on their relationships to a product
Definition
product-related segmentation
Term
strategy that focuses on producing a single product and marketing it to all customers; mass marketing
Definition
undifferentiated marketing
Term
strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments
Definition
differentiated marketing
Term
focusing marketing efforts on satisfying a single market segment; niche marketing
Definition
concentrated marketing
Term
targeting potential customers at very narrow, basic levels such as by zip code, specific occupation, of lifestyle--possibly even individuals themselves
Definition
micromarketing
Term
placing a product at a certain point or location within a market in the minds of prospective buyers
Definition
positioning
Term
changing the position it holds in the minds of prospective buyers relative to the positions of competing products
Definition
reposition
Term
it provides a valuable tool in helping managers position products by graphically illustrating consumers' perceptions of competing products within an industry
Definition
positioning map
Term
it holds that a big percentage of product's revenues (80%) comes from a relatively small, loyal percentage of total customers (20%)
Definition
80/20 principle
Term
the largest segment, value professional and material goals more than the other groups
Definition
strivers
Term
the largest segment, value professional and material goals more than the other groups
Definition
strivers
Term
the segment that values duty and tradition
Definition
devouts
Term
the segment that emphasizes social issues and societal well-being
Definition
altruists
Term
the segment that values family and personal relationships
Definition
intimates
Term
the segment that focuses on personal enjoyment and pleasurable experiences
Definition
fun seekers
Term
the segment that focuses on personal enjoyment and pleasurable experiences
Definition
fun seekers
Term
the smallest segment, seeks education, technology and knowledge
Definition
creatives
Term
the tendency of members of a generation to be influenced and bound together by significant events occurring during their key formative years
Definition
cohort effect
Term
the process of searching through computerized data files to detect patterns
Definition
data mining
Term
the total group of people the researcher wants to study
Definition
population/universe
Term
researchers select a sample of subgroups from which they draw respondents
Definition
cluster sample
Term
nonprobability sample selected from among readily available respondents
Definition
convenience sample (accidental sample)
Term
randomly selected subsamples of different groups are represented in the total sample
Definition
stratified sample
Term
every member of the relevant universe has an equal opportunity of selection
Definition
simple random sample
Term
a tentative explanation for some specific event
Definition
hypothesis
Term
an organization that regularly provides a standardized set of data to all customers
Definition
syndicated service
Term
an organization that contracts with clients to conduct complete marketing research projects
Definition
full-service research supplier
Term
a marketing research firm that specializes in a limited number of activities
Definition
limited-service research supplier
Term
the process of applying a series of rewards and reinforcements to permit ore complex behavior to evolve
Definition
shaping
Term
any strong stimulus that impels action
Definition
drive
Term
any object in the environment that determines the nature of the consumer's response to a drive
Definition
cue
Term
an individual's reaction to a set of cues and drives
Definition
response
Term
the reduction in drive that results from a proper response
Definition
reinforcement
Term
the subconscious receipt of incoming information
Definition
subliminal perception
Term
the mental filtering process through which all inputs must pass
Definition
perceptual screen
Term
the relative position of any individual member in a group
Definition
status
Term
this defines behavior that members of a group expect of individuals who hold specific positions within that group
Definition
roles
Term
the degree to which newcomers have adapted to US culture
Definition
acculturation
Term
groups with their own distinct modes of behavior
Definition
subcultures
Term
this represents units with high market shares in high-growth markets
Definition
stars
Term
this command high market shares in low-growth markets
Definition
cash cow
Term
this achieves low market shares in high-growth markets
Definition
question marks
Term
this manage only low market shares in low-growth markets
Definition
dogs
Term
the percentage of a market that a firm currently controls
Definition
market share
Term
goals, in its complete mission statement
Definition
objectives
Term
an overall, companywide program for selecting a particular target market and then satisfying consumers in that market through a careful blending of the elements of the marketing mix
Definition
marketing strategy
Term
it involves marketing philosophies, policies, procedures, and actions whose primary objective is to enhance society
Definition
social responsibility
Term
being replaced by a different, longer-term approach that emphasizes building relationships with one customer at a time
Definition
transaction-based marketing
Term
the revenues and intangible benefits that customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer
Definition
lifetime value of a customer
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