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quiz 1
quiz 1
35
Marketing
Undergraduate 3
02/12/2009

Additional Marketing Flashcards

 


 

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Term
Marketing
Definition
creating and managing profitable customer relations. attracting new customers, keeping old customers happy
Term
Needs
Definition
a state of deprivation including physical, social, individual needs
Term
Wants
Definition
Form that a human need takes, as shaped by culture and individual personality.
Term
Marketing Offer
Definition
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Term
Marketing Myopia
Definition
Occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
Focus on the “wants” and lose sight of the “needs”
Term
Market
Definition
A set of potential buyers for a specific product, service, etc.
Term
Marketing Management
Definition
The art and science of choosing target markets and building profitable relationships with them.
Term
Value Proposition
Definition
The set of benefits or values a company promises to deliver to consumers to satisfy their needs
Term
Marketing Management Philosophies (5)
Definition
Production Concept
Product Concept
Selling Concept
Marketing Concept
Societal Marketing Concept,
Term
4 P's of Marketing
Definition
Product
Price
Place
Promotion
Term
Customer Satisfaction
Definition
perceived performance relative to buyer's expectations
Term
Customer Lifetime Value
Definition
The entire stream of purchases that the customer would make over a lifetime of patronage.
Term
Customer Equity
Definition
The combined discounted customer lifetime values of all the company’s current and potential customers.
Term
Strategic Framework
Definition
Evaluate competitive environment
Select target markets
Develop sustainable value proposition
Term
Tactical Framework
Definition
Decisions considering marketing mix variables (4Ps)
Term
G-STIC
Definition
Goal->Strategy->Tactics->Implementation->Control
Term
5 C Framework
Definition
Context, Collaborators, Competition, Company, Customer. Used to understand the marketplace
Term
3-V Marketing Value Framwork
Definition
Customer Value, Company Value, Collaborator Value. Used to optimize the value of an offering to key parties
Term
STP Framework
Definition
Segmentation-Targeting-Positioning.
Term
SWOT Framework
Definition
Strengths Weaknesses (internal) Opportunities Threats (external)
Term
Marketing Environment
Definition
Consists of actors and forces outside of the organization that affect management’s ability to build and maintain relationships with target customers.
Term
Demographics
Definition
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Term
Demographic Environment
Definition
The changing age structure of the U.S. population is the single most important demographic trend.
Term
Generation X
Definition
Defined by shared experiences:
Increased parental divorce rates and more employed mothers made Generation X the first of the latchkey kids.
Term
Natural Environment
Definition
Involves natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Term
Technological Environment
Definition
Changes rapidly, creating new markets and opportunities and/or danger of products becoming obsolete.
Challenge is to make practical, affordable new products.
Safety regulations result in higher research costs and longer time between product conceptualization and introduction
Term
Political Environment
Definition
Includes laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
Term
Cultural Environment
Definition
Core beliefs and values are passed on from parents to children and are reinforced by schools, churches, business, and government.
Secondary beliefs and values are more open to change.
Marketers may be able to change secondary beliefs, but NOT core beliefs.
Term
Strategic Planning
Definition
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Term
Value Delivery Network
Definition
Components include:
Company’s value chain
Each department is a link.
Distributors
Suppliers
Customers
Improved performance in delivery value to customers is the goal.
Term
Segmentation
Definition
Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

Two main functions:
Optimize Effectiveness
Customized offering for each segment
Optimize Cost Efficiency
Identify irrelevant differences
Deliver same offering to customers in segment
Term
Three Types of Marketing
Definition
Mass Marketing, Segment Based, One to One
Term
Segmentation Criterion
Definition
Customers in the same segment should react in a similar fashion to the offering, while customers in different segments should vary in their response
Segments should be mutually exclusive and collectively exhaustive
Term
Value vs. Profile Based Segmentation
Definition
Value-Based Segmentation
Group customers according to needs and the benefits they seek from the offering
Functional, Monetary, Psychological
Profile-Based Segmentation
Grouped more on observable characteristics
Demographic Profile
Geographic Profile
Psychographic Profile
Behavioral Profile
Term
Strategic Targeting
Definition
Simply picking which segments to serve & which to ignore
Three criteria
Segment attractiveness
Segment compatibility
Competitive Advantage
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