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Marketing Principles
Chapters 1-5
75
Business
Undergraduate 1
02/18/2013

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Term
The Marketing Management Framework
Definition
Customer 4 Ps, Marketing mix/ controllable variables--> external/uncontrollable variables--> global environment
Term
What are key marketing strategies?
Definition
differentiation(product/service) and segmentation (target market)
Term
positioning is a subset of what?
Definition
differentiation
Term
marketing is a process that involves what?
Definition
planning, implementing, directing, and controlling activities.
Term
what is marketing?
Definition
satisfying customers at a profit. important to take all stakeholders into consideration.
Term
what is the primary role of marketing?
Definition
to create value
Term
what is value?
Definition
the ratio of benefits to cost
Term
what does marketing facilitate?
Definition
exchange between buyers and sellers
Term
who delivers value in the exchange process?
Definition
intermediearies/ collaborators
Term
what is the value proposition?
Definition
the benefits bundle a customer receieves from purchasing a good/service
Term
how does marketers deliver value?
Definition
through a superior, sustainable, competitive advantage. the difference has to be relevant to the customer.
Term
what is the promimse to the customer?
Definition
the value proposition/benefit (aka branding)
Term
marketing transactions create what?through what 4 characteristics?
Definition
utility (usefulness):
form, place, time, possession
Term
the evolution of marketing.
name the 4 eras in order.
Definition
production era- homogenous market perception
sales era- emphasis on selling
marketing/relationship era (consumer orientation)
TQM- continuous product qualit improvement
CRM- systematically track customer's preferences/behaviors over time; customer retention key.
Term
what is at the forefront of manufacturing and marketing today?
Definition
sustainability and environmental stewardship.. (3 Rs: reduce, reuse, recycle)
Term
Types of Marketing
name the 5 types
Definition
Consumer B2c
B2B
C2C
not-for-profit
idea/place/people
Term
Chapter 2 Begins
strategic planning involves matching company resources with market opportunities. These opportunities are called :
Definition
Strategic windows
Term
strategic plans are are short term or long term?
Definition
long term (3-5 years).
Term
components of the plan include:
Definition
a mission statement
defining the business you're in/ the business you should be in
a swot analysis
identification of customers served
capabilities and resources
business portfolio
SBUs
BCG matrix
Grows Strategies
Market Penetration
Market development
product development
diversification
Term
what is a mission statement
Definition
a broad definition of corporate goals
Term
what is a swot analysis?
Definition
strengths and weaknesses (internal
opportunities and threats (external)
Term
what are SBUs?
Definition
profit centers that compete for company resources linked to organizational structure
Term
what is market penetration?
Definition
existing products, existing markets
Term
what is market development?
Definition
existing products, new markets
Term
what is product development?
Definition
new products, existing markets
Term
what is diversification?
Definition
new products, new markets
Term
what are important considerations?
Definition
corporate culture and code of ethics
Term
what is a marketing plan?
Definition
a written statement of marketing strategy and the action steps and time-related details necessary to carry out the plan (not set in stone).
Term
what are the elemtns of a marketing plan?
Definition
an executive summary
a situation analysis
marketing objectives/goals (what is to be accomplished)
marketing strategies and tactics
implementation plan
control metrics
exhibits
Term
what are marketing objectives?
Definition
objectives need to be specific, measurable, attainable and time-related. they should also be sustainable and stated in numerical terms.
Term
what are control metrics?
Definition
measure success of proposed actions important to establish benchmarks and measure performance against goals
Term
ch 3: who said the world is flat?
Definition
friedman
Term
what does friedman suggest?
Definition
posits that technology has created a level playing field; national borders not as prevalent
Term
local v foreign markets
Definition
differences in resources, customs, culture, laws, customer preferences.etc.
Term
world trade
Definition
flow of goods and services among nations; currency exchange rates, domestic/competitive v. comparative advantage
international,regional and country regulations- GATT
Term
what is the WTO
Definition
World TRade Organization- represents 153 nations that account for over 97% of world trade; protectionism/import quotas, tariffs
Term
the marketing environment
define economic environment
Definition
important concepts/considerations include GDP, GNP, per-capita income, government, developed/developing/least developed countries, global economic stability/instability, political environment, technological advancements, supply and demand, standard of living, purchasing power/discretionary income and exchange rate
Term
define competitive environment
Definition
important considerations include the competitive structure of an industry, types of competition (perfect v imperfect/ substitutes and barriers to entry
Term
define technological environment
Definition
represents the investment in a nation's future various technologies have spawned and impacted numerous inudstries including medical, manunfacturing, distribution, education
Term
political/legal environment
Definition
local, state, national, and global laws impact businesses; U.S. laws differ from other nations
Term
socio-cultural:
Definition
includes characteristics of a society such as culture, values, beliefs, customs, demographics, social norms, and idiosyncracies/ innuendos; ethical issues emerge because business is conducted differently across borders
Term
ecological
Definition
encompasses green marketing, sustainability and the 3 Rs
Term
global:
Definition
important considerations include cultural differences (individualism v collectivism, standardization v localization, degree of involvement, exporting contractual agreements
Term
marketing research ch 4
define marketing research
Definition
systematic and objective process of generating information to aid in making marketing decisions
Term
Marketing information system (MIS)
Definition
included 3 components: data, hardware/software, information derived from reports
Term
marketing decision support system (MDSS)
Definition
analysis and interactive software that facilitates data mining
Term
what is data mining?
Definition
analysts sift through data to uncover patterns
Term
why conduct research?
Definition
reduce uncertainty in decision making
gather information/ systematic inquiry
to be proactive/uncover opportunities
essential to repeatedly strive for quality and customer satisfaction
necessary for retaining existing customer base
need to continually monitor external environment
Term
steps in the marketing research process
Definition
1. define the problem
2. create the research design
3. choose the research method
4. design the sample
5. collect the data
6. analyze/interpret the data
7. generate a research report
Term
profound impact of the internet on marketing research. how much does it comprise of?
Definition
comprises about 50% of all market research revenue in the U.S.
Term
what are the 7 impacts of the internet on marketing research?
Definition
1. speed (gathering intelligence, responding to customer needs and market shifts/ opportunities)
2. Facilitates follow-up studies and longitudinal research
3. substaintially reduced costs
4. collect and anaylze data simultaneously
5. instantaneous access to libraries/archives/various printed materials
6. ability to solicit and respond to RFPs quickly
7. ability to use online conferencing to discuss status of ongoing MR projects, anaylzze statistics, etc
8. ability to deliver oral presentations in a virtual environment
9. target previously hard-to-reach demographics
10. personalization
11. higher response rates.
Term
ch 5 consumer behavior
what is consumer behavior/
Definition
the process of selecting, buying, using and disposing of goods, ideas, and or experiences to satisfy needs, wants, and desires. goald is to understand why people buy what they do.
Term
what are consumers influenced by?
Definition
internal and situational and social factors
Term
what are characteristics of internal factors?
Definition
psychological, motivational, personality traits
Term
what are characteristics of situational factors?
Definition
purchase situation, physical surroundings, poverty of time
Term
what are charcateristics of social factors?
Definition
family, culture, peers
Term
situational and social factors are what influences?
Definition
external influences
Term
what is the consumer decision making process?
Definition
problem recognition--> information search --> evaluation of alternatives --> product choice --> postpurchase evaluation
Term
what is important to reduce in the postpurchase evaluation of the consumer decision making process?
Definition
cognitive dissonance
Term
extended v. habitual problem solving
what are the important criteria?
Definition
level of involvement, perceived risk, information processsing, learning model, needed marketing actions
Term
What are heuristics?
Definition
(mental rules of thumb) guide the consumer decision process. brand loyalty and country-of-origin are two key heuristics
Term
internal influences
what are the internal influences?
Definition
Perception, exposure, attention, motivation, learning, attidues, personality
Term
what is perception?>
Definition
gathering and interpretating of information, sensory receptors
Term
what are the sub-sections of perception?
Definition
Exposure, attention, interpretation
Term
what is exposure?
Definition
ability of sensory receptors to register stimuli
Term
what is attention?
Definition
use of stimuli/cues to facilitate mental processing
Term
what is interpretation?
Definition
prior associations, experience, and assumptions influence decision process
Term
what is motivation?
Definition
driving force which propels a person to act, maslow's hierarchy
Term
learning
Definition
result of past experience; intentional and non-intentional
Term
attitudes
Definition
point of view about a person, object, or issue; tend to be enduring
Term
personality
Definition
traits, self-concept, values, lifestyle, age, pyschographics
Term
situational influences
Definition
sensory marketing
Term
physical environment
Definition
surroundings influence moods/behaviors through experiences and contribute to brand image
Term
poverty of time
Definition
components lifestyles
Term
social influences consists of
Definition
culture: rituals, values, subcultures
family
consumerism, environmentalism
social class
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