Shared Flashcard Set

Details

Intro to Marketing
N/A
66
Marketing
Undergraduate 2
12/11/2012

Additional Marketing Flashcards

 


 

Cards

Term
Empowerment
Definition
The delegations of authority to serve customer problems quickly.
Term
Relationship Marketing
Definition
A strategy that focuses on keeping and improving relationships with current customers.
Term
Customer Satisfaction
Definition
Customers evaluation of a good or a service whether it has met their needs or expectations.
Term
Exchange
Definition
2 or more people giving up something, in order to recieve something they'd rather have.
Term
Marketing
Definition
The activity, the set of institutions process for, creating, communicating, delivering, exchanging, offerings, that have value for customers, clients, partner, and society at large.
Term
Marketing Plan
Definition
A written document that acts as a guidebook
Term
Military Marketing
Definition
All sides are on the same page.
Term
What is the first desired outcome of marketing?
Definition
The exchange
Term
What is primarily directed at your customer?
Definition
The Focal Point
Term
Who is the best at team work?
Definition
Walt Disney
Term
All organizations must have what?
Definition
A back-up Plan
Term
How many people are in the U.S.?
Definition
310 Million
Term
What are 3 ways to expand marketing shares?
Definition

attract new customers

throw a bone, or give bonuses

retain current customers

Term
What does the AMA describe marketing as?
Definition
A 2 way street
Term
Marketing can not occur unless there is an exchange
Definition
False
Term
Exchange only involves money
Definition
False
Term
With exchange you need money and barter
Definition
True
Term
Marketing not only focuses on benefits to customers, but long term, mutually, rewarding relationships.
Definition
True
Term
Marketing is too important to be left only to the marketing department
Definition
True
Term
The customer is always right
Definition
False
Term
What do you have to have in order for there to be marketing?
Definition
Communication & People
Term
Marketing Objective
Definition
A statement of what is to be accomplished through marketing activities
Term
Market Segments
Definition
A group of buyers with common needs
Term
What are the 4 P's of the Marketing Mix?
Definition

Product

Place

Promotion

Pricing

Term
Product
Definition
Both favorable and unfavorable that 2 or more people recieve. It has a packaged warranty, after sale service, and a brand name.
Term
A product can be ?
Definition
Any tangible goods. An idea, hairdryer, or medical care
Term
Place
Definition
Concerned with making products when and where customers want them
Term
Promotion
Definition
Advertising, Public Relations, Sales Promotion, and Samples
Term
Price
Definition
What a buyer must give up to obtain the product 
Term
Consumer Product
Definition
Satisfies the individuals personal wants
Term
Convenience Product
Definition
Inexpensive with little shopping efforts
Term
Shopping Product
Definition
Found in fewer stores and more expensive
Term
Specialty Product
Definition
Consumers search extensively 
Term
Unsaught Product
Definition
Unknown to potential buyer, company must go directly to them
Term
Marketing Myopia
Definition
Mission statements become too narrow
Term
SWOT Analysis
Definition

Strength

Weakness

Opportunity

Threats

Term
Environmental Scanning
Definition
The interpretation of collecting and analyzing for strategical purposes
Term
Target Market
Definition
Group of people or organization in which a company implements a marketing mix, intended to meet the needs of that group, resulting in mutual satisfying exchanges
Term
Homogenous
Definition
Lowest price brands
Term
Heterogenious
Definition
Furniture, Clothing
Term
Product Depth
Definition
Number of products in the product line
Term
Product Width
Definition
The number of product lines an organization offers
Term
Product Line
Definition
One particular item
Term
Product Life Cycle
Definition
A concept that provides a way to trace the stages of the products acceptance from its introduction to the decline
Term
What is in the Product life cycle?
Definition

Introduction

Growth

Maturity

Decline

Term
Public Relations
Definition
Marketing function that evaluates public attitudes, identifies areas within the organization, the public may be interested in, and executes a program of action, and to earn public understanding and acceptance
Term
Advertising/ Sales Promotion
Definition
Any form of impersonal paid communication, in which a sponsor is identified
Term
A traditional form of advertising is___
Definition
Newspapers, magazines, tv's, books, and billboards
Term
Sales Promotion
Definition
Consist of all marketing, except personal selling
Term
# 1 Promotion in marketing is ___
Definition
Food/Liquor/soda/beverage
Term
Retail
Definition
All the activities relating to the sale of goods and services to the ultimate consumer, for personal, non-business use
Term
20% of people are working in ___
Definition
Retail
Term
Retail establishments can be classified 4 ways:
Definition

according to ownership

level of service

product assortment

price

Term
Independent Ownership
Definition
Owned by 1 person or partnership and no operated by large retail institution
Term
Chain Store
Definition
Part of a group of the same stores owned by and opperated by single opperation. Many tasks are handled by the home office for the entire chain. The office buys all the products
Term
Franchise
Definition
Owned and operated by individuals but licensed by a franchisor
Term
Department Store
Definition
Housing several departments under one roof. Carries a wide variety of goods
Term
Buyers
Definition
a department head who not only selects merchandise, but may also be responsible for promotion and personnel
Term
Specialty Store
Definition
A retail store specializing in a specific type of merchandise
Term
Supermarket 
Definition
Large, departmentalized, self service. Retailers that specialize in food and sometimes non food items. One stop service.
Term
Scranbled merchandising
Definition
Tendency to offer a wide variety of non traditional goods and services under one roof
Term
Drug Store
Definition
a retail store that stocks pharmacy related products, and help products, as its main job
Term
Convenient Store
Definition
Minature supermarket carrying only a limited line of convenient products. prices are always higher.
Term
Bread is an example of Consumer Product
Definition
true
Term
50% of your sale goes to marketing
Definition
True
Term
The Marketing Mix is always built around customers
Definition
True
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