Shared Flashcard Set

Details

Marketing
Test 1
30
Business
Undergraduate 4
10/04/2012

Additional Business Flashcards

 


 

Cards

Term
The Marketing Mix Variables
Definition

Product

Place

Promotion

Price

Term
What are Environmental Factors?
Definition
Term
Target Market
Definition
Defined group most likely to buy a firm's product
Term
Market 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 a product; it is synonymous with the marketing company
Term
Customer Relationship Marketing
Definition
A strategy that focuses on keeping and improving relationships with customers
Term
What are the Different Levels in Organizations (SBU)
Definition
Strategic Business unit: a subgroup of a single business or collection of related businesses within the larger corporation (Ex: kraft; breakfast, desserts, pet food, beverages)
Term
The Steps in Strategic Marketing Process
Definition
Business Mission Statement
SWOT Analysis
Objectives
Marketing Strategy
Implementation Evaluation Control
Term
SWOT Analysis
Definition

Identifying internal strengths (S)

weaknesses (W) and also examining external opporunities (O) and threats (T)

Term
BCG Matrix
Definition
Boston Consulting Group (Star, Cash Cow, Question Mark, Dog
Term
Ethics
Definition
The moral principles or values that generally govern the conduct of an individual or a group
Term
Code of Ethics
Definition
A guideline to help marketing managers and other employees make better decisions
Term
Concepts of Social Responsibility
Definition
Corporate Ethically
Philanthropy
Environmental (Green)
Social Activism (Community Involvement)
Term
Environmental Scanning
Definition
Process of continually acquiring information on events occuring outside the organization to identify and identify potential trends
Term
Difference between Incomes - Gross/Disposable/Discretionary
Definition

Gross: Money before taxes

Net income: Money after neccesities

Disposable: Money after net income

Discretionary: Money leftover for anything else

Term
Compentition and how it affects business
Definition
Pure Competition
Monopolistic
Oligopoly
Monopoly
Term
Stages of entering the global marketplace
Definition

Exporting

Licesing and contract manufacturing (Franchising)

Joint Venture

Direct Investment

 

(Low Risk/Reward to High Risk/Reward)

Term
Standardization Vs. Adaptation
Definition
Production of uniform products that can be sold the same way all over the world
vs.
Production of not uniform products that can be sold differently all around the world (change/variety)
Term
Exchange Rates
Definition
Price in ones currency in terms of another country's currency
Term
Dumping
Definition

The sales of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter

 

Explain more

Term
Purchase decision process and steps
Definition

Routine response behavior, limited decision making, extensive decision making

(Less involvement to More involvement)

 

1. Need recognition

2. Information search

3. Evolution of alternatives

4. Purchase

5. Post purchase behavior

The process when consumers buy goods and services

Term
Different variations of involvement and problem solving
Definition

High involvement purchases require: extensive and informative promotion to target market

Low involvement purchases require: in store promotion, package design, coupon

 

 

Term
What role does perception play in the decision process
Definition

Selective exposure: consumer notices certain stimuli and ignores others

Selective distortion: consumer changes or distorts information that conflicts with feelings or beliefs

Selective retention: consumer remembers only that information that supports personal beliefs

Term
What are some sociocultural influences on Consumer Behavior
Definition
Values, language, myths, customs, rituals, laws
Term
What are the different categories of business buyers
Definition
Producers, resellers, governments, institutions
Term
Differences in organizational and consumer purchasing
Definition
Business Market: organizational, larger, fewer customers Consumer Market: individual, smaller, many customers
Term
What are some ways for orgaizations to have relationships
Definition
Strategic alliance (partnership): a cooperative agreement between business firms
*You scratch our backs, we will scratch your backs
Term
What is a Buying Center and who is part of it
Definition
All those people in an organization who become involved in the purchase decision
Term
New Buy
Definition
A situation requiring the purchase of a product for the first time
Term
Modified Rebuy
Definition
A situation in which the purchaser wants some change in the original good or service
Term
Straight Rebuy
Definition
A situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers
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