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Marketing Exam 1
priciples of marketing chapters 1-7, abernethy, Auburn University
42
Marketing
Undergraduate 1
05/27/2009

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Term
micro-macro dilemma
Definition
what is good for some firms and consumers may not be good for society as whole
Term
marketing concept
Definition
the concept of an organization aiming all its efforts at satisfying its customers at a profit
Term
Abernethy theory on social responsibilty
Definition
social responsibilty is not the responsibility of a firm. a business should follow the law and make a profit
Term
customer value
Definition
the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
Term
marketing plan
Definition
a written statement of a marketing strategy and the time related details for carrying out the strategy
Term
four p's of a marketing mix
Definition
product, place, promotion, price
Term
profit
Definition
= total revenue - total cost
Term
total revenue
Definition
= price X quantity sold
Term
total costs
Definition
= fixed costs + variable costs
Term
differentiation
Definition
means that the marketing mix is distinct from and better than what is available from a competitor
Term
3 ways a firm increases prices
Definition
1)sell more units at the same price
2) lower costs while maintaining price and quantity sold
3)meet target market needs better than competitors and successfully charge a higher price
Term
generic market
Definition
a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs
Term
product-market
Definition
a market with very similar needs and sellers offering various close substitute ways of satisfying those needs
Term
dissaggregating
Definition
a practical approach that tries to narrow down the marketing focus to product-market areas where the firm is more likely to have a competitive advantage or even to find breakthrough oppurtunities
Term
segmenting
Definition
an aggregating process clustering people with similar needs into a market segment
Term
qualifying dimensions
Definition
those relevant to including a customer type in a product market
Term
determining dimensions
Definition
those that actually affect the customer's purchase of a specific product or brand in a product market
Term
clustering techniques
Definition
techniques that are used to try to find similar patterns within sets of data in order to cluster customers into homogeneous segments
Term
technology
Definition
the application of science to convert an economy's resources to output
Term
Sherman Act
Definition
(1980) protects against monopoly or conspiracy in restraint of trade; product, place, price
Term
Clayton Act
Definition
(1914) protects against limiting competition; product, place, price
Term
Federal Trade Commision Act
Definition
(1914) protects against unfair methods of competition; place, promotion, price
Term
Robinson-Patman Act
Definition
(1936) protects against things that limit competition; place, promotion, price
Term
Wheeler-Lea Amendment
Definition
(1938) unfair or deceptive practices; product, promotion, price
Term
Antimerger Act
Definition
(1950) lessens competition; product, place
Term
Magnuson-Moss
Definition
(1975) unreasonable practices; product
Term
cultural and social environment
Definition
affects how and why people live and behave as they do, which affects customer buying behavior and eventually the economic, political, and legal environment
Term
wealth (net worth)
Definition
= total assets(not income) - total liabilities
Term
5 examples of economic needs
Definition
1)economy of purchase or use 2)convenience 3)effeciency in operation or use 4)dependabilty in use 5) improvement of earnings
Term
needs
Definition
the basic forces that motivate a person to do something
Term
drive
Definition
a strong stimulus that encourages action to reduce a need
Term
physiological needs
Definition
biological needs-food, drink, rest, and sex
Term
safety needs
Definition
protection and physical well-being - health, food, medicine, and excercise
Term
social needs
Definition
love, friendship, status, and esteem - things that involve a persons interaction with others
Term
personal needs
Definition
an individual's need for personal satisfaction, unrelated to what others think or do
Term
expectation
Definition
an outcome or event that a person anticipates or looks forward to
Term
problem recognition
Definition
consumer becomes aware of a discrepancy between their existing and their desired state of affairs
Term
information search
Definition
gathering info in order to determine the alternative means to solve a problem
Term
purchasing managers
Definition
buying specialists for their employers
Term
new-task buying
Definition
occurs when an organization has a new need and the customer wants a great deal of info
Term
4 basic methods of organizational buying
Definition
1)insoection 2)sampling 3)description 4)negotiated contracts
Term
4 resellers buying criteria
Definition
1)will product sell 2)at what price (profit margin) can it be sold for 3)how many can be sold 4) how fast will they sell
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