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Marketing 400
Test 1
58
Marketing
Undergraduate 3
09/23/2009

Additional Marketing Flashcards

 


 

Cards

Term
Definition of Marketing
Definition
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
Products
Definition
Goods, Services, Ideas
Term
Marketing accounts for what % of a Buyer's Dollar?
Definition
50%
Term
Marketing Concept
Definition
Satisfying consumer needs
Term
Exchange Concept
Definition
Trade of things of value between buyer/seller so that each is better off

Backbone of marketing
Term
Factors that influence marketing activity
Definition
- Organization itself
- Society
- Environmental Forces

*These cannot be changed*
Term
Environmental Forces
Definition
-Social
-Economic
-Technology
-Competitive
-Regulatory
Term
Most New Products..
Definition
Fail
Term
Marketing Challenge
Definition
Focus on consumer benefit
Learn from the past
Term
Needs vs. Wants
Definition
-Market Consists of people with both the desire and ability to buy a specific product
-Some people outside of a market still are consumers
Term
Marketing Orientation
Definition
A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product
Term
Strategic Planning
Definition
Process of creating/maintaining a fit with the objectives and resources evolving market opportunities
Term
Planning
Definition
process of anticipating future events determining strategies to achieve organizational objectives in the future
Term
Marketing Planning
Definition
Designing activities relating to marketing objectives and the changing marketing environment
Term
Market Plan
Definition
A written document that acts as a guide book of marketing activities for the marketing manager
Term
Mission Statement
Definition
A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated envirmental conditions
Term
Marketing Myopia
Definition
Defining a business in terms of goods and services rather than in terms of the benefits that customers seek
Term
Strategic Business Unit (SBU)
Definition
A subgroup of a single business or collection of related businesses within the larger organization
Term
Environmental Scanning
Definition
Collection and interpretation of information about forces, events, and relationships in the external enviroment that may affect the future of the organization
Term
Competitive Advantage
Definition
the set of unique feature of a company and its products that are percieved by the target market as significant and superior to the competition
Term
Cost Competitive Advantage
Definition
Being the low-cost competitor in an industry while maintaining satisfactory profit margins
Term
Production Orientation
Definition
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
Term
Marketing Concept
Definition
The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
Term
Social Marketing Orientation
Definition
The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long term best interests
Term
Experience Curves
Definition
Curves that show costs declining at a predictable rate as experience with a product increases
Term
Product/Service differentiation Competitive Advantage
Definition
The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitors.
Term
Niche Competitive Advantage
Definition
The advantage achieved when a firm seeks to target and effectively serve a small segment of the market
Term
Sustainable Competitive advantage
Definition
an advantage that cannot be copied by the competition
Term
Market Penetration
Definition
A marketing strategy that tries to increase market share among existing customers
Term
Market Development
Definition
Attracting new customers to existing products.
Term
Product Development
Definition
The creation of new product for current customers.
Term
Diversification
Definition
increasing sales by introducing new products
Term
Portfolio matrix
Definition
a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Term
Cash Cow
Definition
In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain market share
Term
Star
Definition
In the portfolio matrix, a business unit that is a fast growing market leader
Term
Problem child (Question Mark)
Definition
A business unit that shows rapid growth but poor profit margins
Term
Dog
Definition
In the portfolio matrix, a business unit that has low growth potential and a small market share
Term
Marketing Strategy
Definition
The activities of selecting and describing one or more target markets and devoloping and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
Term
Market Opportunity Analysis
Definition
The description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments
Term
Marketing Mix
Definition
A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
Term
Four P's
Definition
Product, Place, Promotion, Price, which together make up the marketing mix
Term
Corporate Social Responsibility
Definition
Business's concern for society's welfare
Term
Target Market
Definition
A defined group most likely to buy a firm's product
Term
Environmental Management
Definition
When a company implements strategies that attempt to shape the external environment within which it operates
Term
Component Lifestyles
Definition
The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single traditional lifestyle.
Term
Demography
Definition
Study of people vital statistics
Term
Purchasing Power
Definition
A comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas.
Term
Inflation
Definition
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Term
Recession
Definition
A period of economic activity characterized by negative growth which reduces demand for goods and services.
Term
2 factors of buying
Definition
- Terms of sale, factors that make you buy something
- Product availability
Term
Wealth
Definition
Past income + resources
Term
Buying Power
Definition
Disposable Income
Term
Competitive Forces
Definition
Monopoly, Oligopoly, Monopolistic, Pure Competition
Term
Monopoly
Definition
One Competitor
Term
Oligopoly
Definition
Few Competitor
Term
Monopolistic Competition
Definition
Many Competitors
Term
Pure Competition
Definition
Unlimited Competition
Term
Types Of Competition
Definition
Brand, Product, Generic, Total Budget
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