Term
| The Marketing Mix Variables |
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Definition
Product
Place
Promotion
Price |
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Term
| What are Environmental Factors? |
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Definition
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Term
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Definition
| Defined group most likely to buy a firm's product |
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Term
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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 |
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Term
| Customer Relationship Marketing |
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Definition
| A strategy that focuses on keeping and improving relationships with customers |
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Term
| What are the Different Levels in Organizations (SBU) |
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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) |
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Term
| The Steps in Strategic Marketing Process |
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Definition
Business Mission Statement
SWOT Analysis
Objectives
Marketing Strategy
Implementation Evaluation Control |
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Term
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Definition
Identifying internal strengths (S)
weaknesses (W) and also examining external opporunities (O) and threats (T) |
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Term
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Definition
| Boston Consulting Group (Star, Cash Cow, Question Mark, Dog |
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Term
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Definition
| The moral principles or values that generally govern the conduct of an individual or a group |
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Term
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Definition
| A guideline to help marketing managers and other employees make better decisions |
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Term
| Concepts of Social Responsibility |
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Definition
Corporate Ethically
Philanthropy
Environmental (Green)
Social Activism (Community Involvement) |
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Term
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Definition
| Process of continually acquiring information on events occuring outside the organization to identify and identify potential trends |
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Term
| Difference between Incomes - Gross/Disposable/Discretionary |
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Definition
Gross: Money before taxes
Net income: Money after neccesities
Disposable: Money after net income
Discretionary: Money leftover for anything else |
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Term
| Compentition and how it affects business |
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Definition
Pure Competition
Monopolistic
Oligopoly
Monopoly |
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Term
| Stages of entering the global marketplace |
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Definition
Exporting
Licesing and contract manufacturing (Franchising)
Joint Venture
Direct Investment
(Low Risk/Reward to High Risk/Reward) |
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Term
| Standardization Vs. Adaptation |
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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) |
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Term
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Definition
| Price in ones currency in terms of another country's currency |
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Term
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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 |
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Term
| Purchase decision process and steps |
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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 |
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Term
| Different variations of involvement and problem solving |
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Definition
High involvement purchases require: extensive and informative promotion to target market
Low involvement purchases require: in store promotion, package design, coupon
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Term
| What role does perception play in the decision process |
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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 |
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Term
| What are some sociocultural influences on Consumer Behavior |
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Definition
| Values, language, myths, customs, rituals, laws |
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Term
| What are the different categories of business buyers |
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Definition
| Producers, resellers, governments, institutions |
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Term
| Differences in organizational and consumer purchasing |
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Definition
| Business Market: organizational, larger, fewer customers Consumer Market: individual, smaller, many customers |
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Term
| What are some ways for orgaizations to have relationships |
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Definition
Strategic alliance (partnership): a cooperative agreement between business firms
*You scratch our backs, we will scratch your backs |
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Term
| What is a Buying Center and who is part of it |
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Definition
| All those people in an organization who become involved in the purchase decision |
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Term
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Definition
| A situation requiring the purchase of a product for the first time |
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Term
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Definition
| A situation in which the purchaser wants some change in the original good or service |
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Term
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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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