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Exam 1
Chapters 1, 3, 4, and 5
83
Marketing
Undergraduate 2
09/26/2013

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Cards

Term
Marketing
Definition
Creating value for the customers to capture value from the customer
Term
Marketing Concept
Definition
Looking at what the customers need first
Term
Sales Concept
Definition
Focus on existing products, sell and promote, profit through sales
Term
Production Concept
Definition
Consumers favor products that are available and affordable
Term
Product Concept
Definition
Consumers will favor products that offer quality
Term
Marketing Myopia
Definition
Focusing on what's right in front of you
Term
Societal Marketing Concept
Definition
Society, Consumers, Company
Term
Product
Definition
What customer needs and wants
Term
Price
Definition
How much will product be
Term
Place
Definition
How will we get product to customer
Term
Promotion
Definition
How will we communicate product to the customer
Term
Consumer Touch Points
Definition
Any point where a marketer can come in contact with a consumer
Term
Customer-Managed Relationships
Definition
Customers interact with company to shape relationship with brand
Term
Customer Equity
Definition
The total combined customer lifetime values of all of the company's customers
Term
Consumer Generated Marketing
Definition
Brand exchanges created by consumers themselves
Term
Strangers
Definition
Not Loyal, Not Profitable
Term
Butterflies
Definition
Not Loyal, Profitable
Term
Barnacles
Definition
Loyal, Not Profitable
Term
True Friends
Definition
Loyal, Profitable
Term
The Company
Definition
All departments must think consumer
Term
Suppliers
Definition
Provides resources needed for production and innovation
Term
Marketing Intermediaries
Definition
Help company promote, sell, and provide products to end-users
Term
Customers
Definition
Consumer, Gov., Business buyers, international markets, resellers
Term
Competitors
Definition
Microenvironment (5th)
Term
Law of color
Definition
Brand should use a color that is opposite of its major competitors
Term
Competitive advantage
Definition
offering greater customer value by having lower prices or more benefits
Term
Publics
Definition
Financial, gov., local, internal, media
Term
Baby Boomers
Definition
Affluent, staying active
Term
Generation X
Definition
Cares about the environment
Term
Generation Y
Definition
Technology oriented
Term
Value Marketing
Definition
ways to offer consumers more financially frugal items with greater value
Term
Treasure Hunter Tradeoffs
Definition
Purchasing something that is probably out of your price range
Term
Engle's Law
Definition
Percentage of income allocated for food purchases decreases as income rises
Term
Augmented Reality
Definition
An environment with elements augmented by technology
Term
Fair Packaging and Labeling Act
Definition
What, Who, How much law
Term
Federal Food and Drug Act
Definition
Forbids the sale of false labeled foods and drugs
Term
Truth in Advertising
Definition
Exaggerations are okay in advertising
Term
Sherman Anti-Trust Act
Definition
Price fixing and predatory pricing
Term
Robinson-Patman Act
Definition
Price discrimination
Term
Hypertasking
Definition
Multi-tasking in over-drive
Term
Duty and Fun
Definition
Having fun but responsibly
Term
Adventurers
Definition
Doing what other's won't
Term
Cocooning
Definition
Peple spending more time at home
Term
Internal Database
Definition
Electronic collections of consumer and market info obtained from data sources within company's network
Term
Marketing Intelligence
Definition
Collecting public information about consumers
Term
Marketing Research
Definition
Define, Collect, Analyze, Report
Term
Exploratory Research
Definition
Gathers preliminary info that will help define problems and suggest hypothesis
Term
Descriptive Research
Definition
Describes things
Term
Causal Research
Definition
Cause-and-effect
Term
Primary Data
Definition
Information collected for specific purpose at hand
Term
Secondary Data
Definition
Info that already exists somewhere
Term
Observational Research
Definition
Observing relevant people and situations
Term
Ethnographic
Definition
Observe people in natural environment
Term
Mechanical Research
Definition
People meters, scanners, eye cameras
Term
Survey Research
Definition
Asking questions about knowledge and buying behavior
Term
Experimental Research
Definition
Selecting group, giving different treatment, controlling factors, check differences
Term
Simple Random
Definition
Every member has equal chance of selection
Term
Convenience
Definition
Researcher selects easiest population to get info
Term
Judgment
Definition
Researcher uses judgment to choose good prospects for accurate info
Term
Quota
Definition
Researcher interview prescribed number of people in several categories
Term
In-Person Method
Definition
Interviewer Bias, Costly, Flexible
Term
Mail Method
Definition
No Bias, Low Response, Cheap
Term
Phone Method
Definition
Interviewer Bias, Costly, Low Response
Term
Online Method
Definition
Low cost, Flexible
Term
Culture
Definition
The most basic cause of person's wants and behaviors
Term
Subculture
Definition
Culture of group of people who share value systems based on life experiences
Term
Social Class
Definition
Society's divisions whose members share similar values, interests, and behaviors
Term
Aspirational Reference Group
Definition
Groups that person wants to associate with
Term
Disassociative Reference Group
Definition
Groups that person does not want to be identified with
Term
Innovators
Definition
Successful with High Self-Esteem
Term
Survivors
Definition
Narrowly focused people
Term
Ideals
Definition
Thinkers and Believers
Term
Achievements
Definition
Achievers and Strivers
Term
Self-expression
Definition
Expereincers and Makers
Term
Selective Distortion
Definition
Interpreting things the way we want them to be interpreted
Term
Selective Retention
Definition
Remembering things we want to remember
Term
Moderate Incongruity
Definition
Shouldn't be too hard or too easy to understand
Term
Physiological
Definition
Hunger and Thirst
Term
Safety
Definition
Security and Protection
Term
Social
Definition
Belonging and Love
Term
Esteem
Definition
Self-recognition and status
Term
Self-Actualization
Definition
self-development and realization
Term
Cognitive Dissonance
Definition
Uneasiness from not buying the alternative
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