Shared Flashcard Set

Details

MKTG - Test #1
MTKG 3001 Test #1 - CSOM - Prof Lipe
103
Marketing
Undergraduate 2
01/31/2012

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
The activity for creating and delivering offerings that benefit the organization, its stakeholders and society.
Term
Exchange
Definition
The trade of things of value between buyer and seller so that each is better off
Term
Market
Definition
People with both the desire and the ability to buy a specific offering.
Term
Need
Definition
Occurs when a person feels deprived of basic necessities such as food, clothing and shelter
Term
Want
Definition
A need that is shaped by a person's knowledge, culture and personality.
Term
Target Market
Definition
One or more specific groups of potential consumers toward which and organization directs its marketing program.
Term
Product
Definition
A good, service or idea to satisfy the consumer's needs
Term
Price
Definition
What is exchanged for the product
Term
Promotion
Definition
A means of communication between the seller and buyer
Term
Place
Definition
A means of getting the product to the consumer
Term
Marketing Mix
Definition
The controllable factors -- product, price, promotion, and place -- that the marketing manager can use to solve a marketing problem
Term
Environmental Forces
Definition
The uncontrollable social, economic, technological, competitive and regulatory forces that affect the results of a marketing decision
Term
Customer Value
Definition
Buyer's benefits, including quality, convenience, on-time delivery and before- and after-sale service at a specific price.
Term
Relationship Marketing
Definition
Linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefit
Term
Marketing Program
Definition
A plan that integrates the marketing mix to provide a good, service or idea to prospective buyers
Term
Production Era
Definition
First marketing era - up to 1920s - Goods were scarce and buyers were willing to accept virtually any goods and make due with them
Term
Sales Era
Definition
1920s - 1960s - Manufacters could produce more goods than buyers could consume. Competition grew. Firms hired salespeople to find new buyers.
Term
Marketing Concept
Definition

The idea that an organization should strive to satisgy the needs of consumers while also trying to achieve the organization's goals. 

 

 

Era beginning in the 1960s

Term
Market Orientation
Definition

Focusing organizational efforts to collect and use information about customers' needs to create customer value.

 

1. continusouly collecting info about customers

2. sharing this info across departments

3. using it to create customer value

Term
Customer Relationship Era
Definition
Present day - firms seek continously to satisfy the high expectations of customers
Term
Customer Relationship Management
Definition
The process of identifying prospective buyers, understanding them and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
Term
Customer experience
Definition
the internal response that customers have to all aspects of an organization and its offerings
Term
Societal Marketing Concept
Definition
The view that organizations should satisfy the needs of consumers in a way that also provides for society's well being
Term
Social Entrepreneurship
Definition
Innovative activities that help solve the practical needs of society
Term
Ultimate Consumers
Definition
The people who use the goods and services purchased for a household
Term
Organizational Buyers
Definition
Manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own use of for resale
Term
Utility
Definition
The benefits or customer value recieved by users of the product
Term
Form Utility
Definition
The production of the good or service
Term
Place utility
Definition
Having the offering available where consumers need it
Term
Time Utility
Definition
Having the offering available when the consumer needs it
Term
Posession Utility
Definition
making an item easy to purchase though the provision of credit cards or financial arrangements
Term
Profit
Definition
The reward to a business firm for the risk it undertakes in marketing its offerings
Term
Strategy
Definition
An organization's long-term course of action that delivers a unique customer experience while achieving its goals
Term
Strategic Business Unit (SBU)
Definition
A subsidiary, division or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Term
Core Values
Definition
The fundemental passionate and enduring principles that guide an organization
Term
Mission
Definition
A statement or vision of an organization's function in society
Term
Organizational Culture
Definition
The set of values, ideas, attitudes and behavioral norms that is learned and shared among the members of an organization
Term
Business
Definition
The underlying industry or market sector of an organization's offering
Term
Business model
Definition
The strategies an organization develops to provide value to the customers it serves
Term
Goals (objectives)
Definition
Targets of performance to be achieved, often by a specific time.
Term
Seven types of Goals
Definition

1. Profit

2. Sales (dollars or units)

3. Market Share

4. Quality

5. Customer Satisfaction

6. Employee Welfare

7. Social responsibilty

Term
Market Share
Definition
Ratio of a firm's sales to the total sales of all the firms in the industry
Term
Marketing Dahsboard
Definition
The visual computer display of essential marketing information
Term
Marketing Metric
Definition
A measure of the calue or trend of a marketing activity or result
Term
Marketing Plan
Definition
A road map for the marketing activites of an organization for a specified future time period
Term
Core Competencies
Definition
Special capabilities - the skills, technologies and resources that distinguish it from other organizations and provide customer value
Term
Competitive Advantage
Definition
a unique strength relative to competitors that provides superior returns, ogent based on quality, time, cost or innovation
Term
Business portfolio analysis
Definition
A technique that managers use to quantify performance measures and growth targets of their firms' strategic business units
Term
Cash Cow
Definition
SBUs that generate a large amount of cash, far more than they can invest profitably themselves. They have dominant shares of slow-growth markets and provide cash to cover the org's overhead
Term
Stars
Definition
SBU with a high share of high-growth markets that may need extra cash to finance their own rapid growth in the future. 
Term
Question Marks
Definition
SBUs with a low share of high-growth markets. Require large injections of cash to maintain market share. Dilemma is to pick which to invest in, which to phase out.
Term
Dogs
Definition
SBUs with low shares of slow-growth markets. Generate enough to sustain themselves, but do not hold much promise
Term
Diversification Analysis
Definition
A technique a firm uses to search for growth opportunites from among current and new products and markets.
Term
Market Penetration
Definition
Strategy to increase sales of current products in current markets
Term
Market development
Definition
Strategy used to sell current products to new markets
Term
Product Development
Definition
Strategy of selling new products to current markets
Term
Diversifivation
Definition
Strategy of developing new products and selling them to new markets
Term
Strategic Marketing Process
Definition

An approach whereby an organization allocates its marketing mix resources to reach its target markets

 

Phase 1: Planning Phase

Phase 2: Implementation Phase

Phase 3: Evaluation Phase

Term
Planning Phase (steps)
Definition

1. SWOT Analysis

2. Market Product- Focus and Goal Setting

3.Marketing Program

Term
SWOT Analysis
Definition

An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunites and threats

 

-Build on a strength

- Correct a Weakness

-Exploit an Opportunity

-Avoid a disaster-laden threat

Term
Market Segmentation
Definition
The sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action
Term
Points of Difference
Definition
Those characteristics of a product that make it superios to competitive substitutes
Term
Marketing Strategy
Definition
The means by which a marketing goal is to be achieved
Term
Marketing Tactics
Definition
Detailed day-to-day operational decisions essential to the overall success of marketing strategies
Term
Evaluation Phase (steps)
Definition

1. Compare the results of the marketing program with the goals written to identify deviations

2. act on these deviations - correct/exploit

Term
Environmental Scanning
Definition
The process of acquiring information on events outside the organization to identigy and interpret potential trends
Term
social forces
Definition
The demographic characteristics of the population and its values
Term
demographics
Definition
Description of a popiulation according to characteristics such as age, gender, ethnicity, income and occupation
Term
Baby Boomers
Definition
The generation of children born between 1946 and 1964
Term
Generation X
Definition
People born between 1965 and 1976
Term
Generation Y
Definition
The 72 million americans born 1977 and 1994
Term
Metropolitan Statistical Area
Definition
Area of 50,000 or more people with high degree of social and economic integration
Term
Micropolitan Area
Definition
between 10,000 and 50,000 people and a high degree of social and economic integration
Term
Multicultural Marketing
Definition
Marketing programs that reflect unique aspects of different races
Term
Culture
Definition
The set of values, ideas and attitudes that is learned and shared among members of the same group
Term

Economy

Definition
Pertains to the income and resources that affect the cost of running a business or household
Term
Gross income
Definition
the total amount of money made in one year by a person, household, or family unit
Term
Disposable Income
Definition
The money a consumer has left after paying taxes to use for necesities such as food, housing, clothing and transportation
Term
Discretionary Income
Definition
the money that remains after paying for taxes and necessities
Term
Technology
Definition
inventions from applied science or engineering research
Term
marketspace
Definition
An information and communication based electronic exchange environment occupied by digitized offerings
Term
Competition
Definition
Alternative firms that could provide a product to satisfy a specific market's needs
Term
Pure competition
Definition
mant sellers with similar products
Term
Monopolisitic competition
Definition
many sellers with substitutable products in a price range
Term
oligopoly
Definition
few companies conrol the majority of industry sales
Term
Monopoly
Definition
only one firm sells a product
Term
Regulation
Definition
Restrictions that state and federal laws place on business
Term
Consumerism
Definition
A movement started to increase the influence, power and rights of consumers in dealing with institutions
Term
Self-Regulation
Definition
An alternative to government control, whereby an industry attempts to police itself
Term
Ethics
Definition
The moral principles and calues that govern the actions and decisions of an individual or group
Term
Laws
Definition
society's standards and values that are enforceable in the courts
Term
Consumer Bill of Rights
Definition
Codified the ethics of exchange between buyers and sellers, including rightrs to safety, to be informed, to choose and to be heard
Term
economic espionage
Definition
the clandestine collection of trade secrets or proprietary information about a company's competitors
Term
Code of Ethics
Definition
A formal statement of ethical principles and rules of conduct
Term
Moral Idealism
Definition
A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
Term
Utilitarianism
Definition
A personal moral philosophy that focuses on the "greatest good for the greatest number"
Term
Socail Responsibility
Definition
The idea that organizations are part of a larger society and are accountable to that society for their actions
Term
Stakeholder Responsibility
Definition
focuses on the obligations an org has to those who can affect achievement of its objectives - consumers, employees, suppliers and distributors
Term
Societal Responsibility
Definition
obligations an org has to 1. the preservation of the ecological environment and 2. to the general public
Term
green marketing
Definition
marketing efforts to produce, promote and reclaim environmentally sensitive products
Term
Cause Marketing
Definition
Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products
Term
Social Audit
Definition

A systematic assesment of a firm's objectives, strategies and perfomance in the doman of social responsibility.

 

Five steps: page 88

Term
Sustainable development
Definition
involves conducting business in a way that protects the natural environment while making economic progress
Supporting users have an ad free experience!