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Principles of Marketing
Test 1 (CH 1-7)
74
Marketing
Undergraduate 3
09/14/2011

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Cards

Term
Ch 1
What is Marketing?
Definition
The activity, set of institutions, and processes for creating, communicating, delicering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
Ch1
Marketing Management Philosophies
Definition
1) Production
2) Sales
3) Market
4) Societal Marketing
Term
Ch 1
The Marketing Concept
Definition
A simple and intuitively appealing philosophy that articulates a market orientation.
Term
Ch 1
Exchange
Definition
People giving up something in order to receive something they would rather have.
Term
Ch 1
Customer Value
Definition
The relationship between benefits and the sacrifice necessary to obtain those benefits.
Term
Ch 1
Customer Satisfaction
Definition
Customer's evaluation of a good or service in terms of whether it has met their needs and expectations.
Term
Ch 1
Relationship Marketing
Definition
A strategy that focuses on keeping and improving relationships with current customers.
Term
Ch 1
Empowerment
Definition
Delegation of authority to solve customers' problems quickly.
Term
Ch 2
Strategic Planning
Definition
The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
Term
Ch 2 Marketing Plan & Elements
Definition

A written document that acts as a guidebook of marketing activities for the marketing manager.

  1. Business Mission Statement
  2. Situation/SWOT Analysis
  3. Objectives
  4. Marketing Strategy
  • Target Market Strategy
      • Marketing Mix- Product, Distribution, Promotion, Price

5.  Implementation Evaluation Control

Term
Ch 2
Mission Statements
Definition
A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.
Term
Ch 2
Marketing Myopia
Definition
Defining a business in terms of goods and services rather than in terms of the benefits customers seek.
Term
Ch 2
SWOT
Definition
Strengths
Weaknesses
Opportunities
Threats
Term
Ch 2
Environmental Scanning
Definition
Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
Term
Ch 2
Competitive Advantage
Types
Definition
A set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
Cost Competitive Adv
Product Differentiation Comp Adv
Niche Comp Adv
Term
Ch 2
Sustainable Competitive Advantage
Definition
An advantage that cannot be copied by the competition.
Term
Ch 2
Strategic Alternatives
Definition
Market Penetration
Market Development
Product Development
Diversification
Term
Ch 2
Target Market Strategy
Definition
Market Opportunity Analysis
Term
Ch 2
Evaluation
Definition
Gauging the extent to which the marketing objectives have been achieved during the specified time period.
Term
Ch 2
Control
Definition
Provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines.
Term
Ch 3
Corporate Social Responsibility
Definition
A business's concern for the society's welfare.
Term
Ch 3
Sustainability
Definition
The idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
Term
Ch 3
Pyramid of Social Responsibility
Definition
A firm's economic performance supports the entire structure.
Philanthropic responsibilities
Ethical responsibilities
Legal responsibilities
Economic responsibilities
Term
Ch 3
Ethics
Definition
The moral principles or values that generally govern the conduct of an individual or a group.
Term
Ch 3
Morals
Definition
The rules people develop as a result of cultural values and norms.
Term
Ch 3
Morality of Business Ethics
Definition
Pre-conventional morality
Conventional morality
Post-conventional morality
Term
Ch 3
Code of Ethics
Definition
A guideline to help marketing managers and other employees make better decisions.
Term
Ch 4
Social Factors
Definition
Values, attitudes, and lifestyles.
Term
Ch 4
Demographic Factors
Definition
People's vital statistics such as age, race/ethnicity, and location.
Term
Ch 4
Generations
Definition
Tweens: age 8-12; view ads as "just advertisement" & notice product placements
Teens: always plugged in.
Y: 1979-1994 Millennials are inquisitive, opinionated, diverse, time managers, quick shoppers, want fulfillment, multitaskers, environmentally aware
X: 1965-1978; ages 30-40s, sending their kids to college
Baby Boomers: 1946-1964; service needs.
Term
Ch 4
Ethnic Markets
Definition
African Americans:
Asian Americans:
Hispanic Americans:
Term
Ch 4
Economic Factors
Definition
Term
Ch 4
Technological Factors
Definition
Term
Ch 4
Political and Legal Factors
Definition
Term
Ch 4
Competitive Factors
Definition
Term
Ch 5
Buyer for Export
Definition
An intermediary in the global market who assumes all ownership risks and sells globally for its own account.
Term
Ch 5
Contract Manufacturing
Definition
Private-label manufacturing by a foreign company.
Term
Ch 5
Countertrade
Definition
A form of trade in which all or part of the payment for goods/services is in the form of other goods/services.
Term
Ch 5
Exporting
Definition
Selling domestically produced products to buyers in other countries.
Term
Ch 5
Export Agent
Definition
Someone who acts like the manufacturer's agent for the exporter; the export agent lives in the foreign market.
Term
Ch 5
Export Broker
Definition
Someone who plays the traditional broker's role by bringing buyer and seller together.
Term
Ch 5
Global Marketing
Definition
Targets markets throughout the world.
Benefits- economic freedom, spurs competition
Term
Ch 5
Multinational firms
Definition
Heavily engaged in international trade, beyond exporting and importing.
Term
Ch 5
Global Market Standardization
Definition
Production of uniform products that can be sold the same way all over the world.
Term
Ch 5
Global Marketing Mix
Definition
Term
Ch 6
attitude
Definition
a learned tendency to respond consistently toward a given object.
Term
Ch 6
Belief
Definition
an organized pattern of knowledge that an individual holds as true about his or her world.
Term
Ch 6
Cognitive dissonance
Definition
inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
Term
Ch 6
Consumer Decision Making Process
Definition
Need Recognition
Information Search
Evaluation of Alternatives
Purchase
Post-Purchase Behavior
Term
Ch 5
Cultural, Social, Individual, & Psychological factors in determining consumer buying processes
Definition
Term
Ch 6
Culture
Definition
Term
Ch 6
Internal/External Info Search
Definition
Term
Ch 6
Marketing/Non-Marketing controlled info
Definition
Term
Ch 6
Evoked/Consideration Set
Definition
Term
Ch 6
Extensive & Limited Decision Making
Definition
Term
Ch 6
Involvement
Definition
Term
Ch 6
Learning
Definition
Term
Ch 6
Maslow's hierarchy of needs
Definition
Term
Ch 6
Membership Group
Primary & Secondary
Definition
Term
Ch 6
Motive
Definition
Term
Ch 6
Need Recognition
Definition
Term
Ch 6
Types of Decisions
Definition
Term
Ch 6
Reference Group
Aspirational & Non-Aspirational
Definition
Term
Ch 6
Opinion Leader
Definition
Term
Ch 6
Perception
Definition
Term
Ch 6
Selective Distortion, Exposure, & Retention
Definition
Term
Ch 6
Self-Concept
Definition
Term
Ch 6
Self-Image
Real & ideal
Definition
Term
Ch 6
Social Class
Definition
Term
Ch 6
Socialization Process
Definition
Term
Ch 6
Stimulus
Discrimination & Generalization
Definition
Term
Ch 6
Subculture
Definition
Term
Ch 6
Value
Definition
Term
Ch 6
Value
Definition
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