Shared Flashcard Set

Details

Marketing
Chapters 1 & 2 QUIZ
46
Marketing
Undergraduate 1
09/01/2017

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
the activity, set of institutions and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Term
Core Aspects of Marketing..
Definition
- marketing helps create value
- satisfying customers needs and wants
- entails an exchange
- requires 4 p's
- can be performed by both individuals and organizations
- occurs in many settings
Term
4 P's of marketing
Definition
-product
-price
-promotion
-place
Term
Product...
Definition
-goods
-services
-Ideas
Term
Price...
Definition
everything a buyer gives up (money, time, energy) in exchange for the product
Term
Place.. Delivering the Value Proposition
Definition
Supply chain management, describes all activities necessary to get the product to the right customer when the wants it.
Where the product is found in the store.
Term
Promotion... Communicating Value
Definition
communication by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
Term
Ways marketing can be performed..
Definition
b2b= business to business
b2c= business to customers
c2c=customer to customer
Term
Various Stakeholders that Marketing Impacts
Definition
-Society
-Customers
-Employees
-Supply Chain
Term
Eras of marketing...
Definition
- Production
- Sales
-Marketing
- Value Based Marketing
Term
Ways Firms Become Value Driven?
Definition
-Sharing Information
-Balancing Benefits with Costs
-Building Relationships with Customers
-Connecting with Customers Using Social Media/Mobile Media
Term
4 macro strategies for customer value?
Definition
- Customer Excellence
- Operational Excellence
- Product Excellence
- Locational Excellence
Term
What is customer excellence?
Definition
achieved when a firm develops value based strategies
Term
What is operational excellence?
Definition
achieved sustainable competitive advantage through their efficient operations
Term
What is Product Excellence?
Definition
Providing products with high value, effective branding, and positioning
Term
What is competitive advantage?
Definition
advantage over completion that is not easily copied and can maintain for a long period of time
Term
What is a marketing plan?
Definition
written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm. Marketing objectives and strategy specified in terms of the 4 p's.
Term
3 phases of a Strategic Plan
Definition
-Planning
-Implementation
-Control
Term
5 steps in the marketing plan..
Definition
1. Business mission and objectives
2. Situation Analysis ( SWOT )
3. Identify Opportunties (segmentation, targeting, positioning)
4. Implement Marketing Mix (4 p's)
5. Evaluate Performance using marketing metrics
Term
What does a mission statement have?
Definition
- type of business
- needs to accomplish
-goals and objectives
Term
What is STP?
Definition
- segmentation
- targeting
- positioning
Term
Marketing Mix and Allocate Resources...
Definition
-product value creation
-price value capture
-place value delivery
-promotion value communication
Term
What is product and value creation
Definition
successful products and services are those that customers perceive as valuable enough to buy
Term
What is price and value capture?
Definition
price that allows customers to perceive good value for the product they receive
Term
What is place and Value dElivery?
Definition
product readily accessible for customers.
Term
Tips of Promotion and Value Communication
Definition
-TV
-radio
-magazine
-sales force
-new media
Term
4 types of relative market shares using marketing metrics
Definition
-star
-cash cow
-question mark
-dog
Term
Growth Strategies ...
Definition
- Marketing Penetration
- Market Development
-Product Development
-Diversification
Term
What is marketing Penetration?
Definition
Existing customers, in the current marketing mix
Term
What is Market Development?
Definition
Existing marketing mix, new customers
Term
Product Development...
Definition
a new product or service offered to the current target market.
Term
What is diversification?
Definition
a new product or service to a new market segment
Term
Integrated marketing communications ( IMC)
Definition
encompasses a variety of communication disciplines- advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media.
Term
market share
Definition
percentage of a market accounted for by a specific entity
Term
market growth rate
Definition
annual rate of growth of the specific market in which the product competes
Term
product lines
Definition
groups of associated items, such as those that consumers use together or think of as a part of a group or similar products
Term
relative market share
Definition
a measure of the products strength in a particular market, defined as the sakes of the focal product divided by the sales achieved by the largest firm in the industry
Term
Strategies business unit (SBU)
Definition
a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have different mission or objectives
Term
Cash cow
Definition
low growth markets but are high market shares.
Term
Question Marks
Definition
high growth markets, low market shares.
Term
dogs
Definition
low growth market, low market shares.
Term
relational orientation
Definition
a method of building a relationship with a customer based on philosophy that buyers and seller should develop a long term reltionship
Term
customer relationship management (CRM)
Definition
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm most valued customers.
Term
marketing strategy indentifies...
Definition
a firms target market, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage
Term
sustainable competitive advantage
Definition
something the firm can persistently do better than its competitors
Term
What does STP do
Definition
firms use these process to identify and evaluate opportunities for increasing sales and profits
Supporting users have an ad free experience!