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Quiz 1
Chapter 1,2,3
62
Marketing
Undergraduate 2
09/19/2012

Additional Marketing Flashcards

 


 

Cards

Term
marketing
Definition
social and managerial process that helps indiduals and groups obtain what they need and want through creating, offering and exchanging products of calue with others.
Term
consumer needs
Definition
when a person feel deprived of basic necessities such as food, clothing, and shelter
Term
consumer want
Definition
a need that is shaped by a persons knowledge, culture, and personality
Term
market
Definition
people with both the desire and the ability to buy a specific offering
Term
target market
Definition
one or more specific groups of potential customers toward which and organization directs its marketing program
Term
marketing program components
Definition
Product, price,promotion, place
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 communicating between the buyer and seller
Term
place
Definition
a means of getting the product to the consumer
Term
customer value proposition
Definition
a cluster of benefits that an organization promises customers to satisfy their needs
Term
enviromental forces
Definition
social, technolgical,economic, competative ,and regulatory forces that a company cannot control
Term
marketing concept
Definition
came about in the 50's and says that an organization should strive to satisfy the needs of consumers while trying to achieve the organizations goals
Term
marketing orientation
Definition
when an organizationfocuses its efforts on continuously collecting informationabout consumers needs, sharing those needs across departments, and using it to create customer value
Term
customer relationship management
Definition
prevelant beggining in the 1980's, and is the process oof identifying prospective buyers, understanding them intimately, and developing long term perceptions of the organization and is offerings so buyers will choose them in the marketplace
Term
customer experience
Definition
internal response that customers have to all aspects of an organization and its offerings, both direct and indirect with the company
Term
societal marketing concepts
Definition
the view that organizations should satisfy the needs of consumers in a way that provides for societys well-being
Term
ultimate consumers
Definition
those who use the products bought for a househodl
Term
organizational buyers
Definition
those manufacturers, wholesalers, retailers and govt that buy products for their own use or resale
Term
production concept (through 1920's)
Definition
companies want to make as much as possible cheaply, quality questionable
Term
selling concept (till 50's)
Definition
companies focus on hard sell to consumers and sells what i makes as opposed to making what it can maybe sell, salespeople introduced
Term
Evironmental scanning
Definition
process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Term
social forces
Definition
demographic shifts, cultural changes
Term
economic forces
Definition
macro-econ conditions, consumer income
Term
technological
Definition
easy as tits
Term
competative forces
Definition
alternative forms of competition, small businesses
Term
regulatory forces
Definition
laws protecting competition, laws affecting marketing mix actions, self regulation
Term
demographic
Definition
describing a population according to selected characteristics like age, gender , ethnicity, income, and occupation
Term
baby boomer
Definition
born 1946-1964, 
Term
Gen X
Definition
born 1965-1976
Term
Gen Y
Definition
Born 1977-1994
Term
multicultural marketing
Definition
programs which are combinations of the marketing mix that reflects the attitudes, ancestry, communication preferences and lifestyles of different races
Term
value consciousness
Definition
the concern for obtaining the best quality, features, and performance of a product or service for a given price
Term
gross income
Definition
total money made in one year
Term
disposable income
Definition
money a consumer has after taxes, used for necessities like food, housing, clothing, an transportation
Term
discretionary income
Definition
the money that remains after paying for taxes and necessities
Term
regulation
Definition
restrictions state and federal laws place on business with regards to the conduct of its activities
Term
consumerism
Definition
the cause of regulatory laws, movement to increase the influence, power, and rights of consumers in dealing with  institutions
Term
organization
Definition
legal entity consisting of people who share the same mission
Term
business firm
Definition
privately owned organization that serves its customers in order to make a profit
Term
nonprofit
Definition
serves its customers but does not have have profit as an organizational goal
Term
strategy
Definition
an organizations's long term course of action designed to deliver a unique customer experience while achieving its goals
Term
corporate level
Definition
where top management directs over-all strategy for the entire organization
Term
Strategic business unit (SBU)
Definition
a subsidary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Term
functional level
Definition
where groups of specialists actually create value for the organization
Term
organizational foundation
Definition
companies reason for being
Term
core values 
Definition
fundamental, passionate, and enduring principles that guide its conduct over time
Term
mission
Definition
a statement of th organizations function in osciety that often identifies its customers, markets, products, and technologies
Term
organizational culture
Definition
the set of values, ideas, attitudes, and norms of behavior that is learned and shared among members of the organization
Term
competative advantage
Definition
a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
Term
business portfolio analysis
Definition
technique that managers use to qualify performance measures and growth targets to analyze SBUs
Term
cash cow
Definition
high market share, slow growth
Term
star
Definition
high market share, high growth
Term
dog
Definition
low market share, low growth
Term
question mark
Definition
low market share of high growth market
Term
diversification analysis
Definition
technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products
Term
market penetration
Definition
increase sales of current product in current markets
Term
market development
Definition
sell current produts to new markets
Term
product development
Definition
sell new products to current markets
Term
diversification
Definition
sell new products to new markets
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