For test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Marketing | Process by which companies create value for customers and build strong customer relationships to capture value from customers in return
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| Market offerings | Combination of products, services, information, or experiences offered to a market to satisfy a need or want
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| Marketing myopia | Focusing only on existing wants and losing sight of underlying consumer needs
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| Exchange | The act of obtaining a desired object from someone by offering something in return
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| Markets | Set of actual and potential buyers of a product
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| Marketing management | The art and science of choosing target markets and building profitable relationships with them
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| Market segmentation | Dividing the markets into segments of customers
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| Target marketing | Which segments to go after
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| Demarketing | Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it
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| value proposition | The set of benefits or values a company promises to deliver to customers to satisfy their needs
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| Production concept | The idea that consumers will favor products that are available or highly affordable
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| Product concept | The idea that consumers will favor products that offer the most quality, performance, and features. Organization should therefore devote its energy to making continuous product improvements.
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| Selling concept | The idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort
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| Marketing concept | The idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
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| Societal marketing concept | The idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests
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| marketing mix | The set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place
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| Integrated marketing program | Comprehensive plan that communicates and delivers the intended value to chosen customers.
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| Customer Relationship Management (CRM) | The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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| Customer perceived value | The difference between total customer value and total customer cost
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| Customer satisfaction | The extent to which a product’s perceived performance matches a buyer’s expectations
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| Partner relationship management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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| Supply chain | A channel that stretches from raw materials to components to final products to final buyers
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| Customer lifetime value | The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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| Share of customer | The portion of the customer’s purchasing that a company gets in its product categories
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| Customer equity | The total combined customer lifetime values of all of the company’s customers
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| Strategic planning | The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
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| Market-oriented mission statement | Defines the business in terms of satisfying basic customer needs
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| business portfolio | The collection of businesses and products that make up the company
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| Portfolio analysis | A major activity in strategic planning whereby management evaluates the products and businesses that make up the company
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| Strategic business unit (SBU) | A unit of the company that has a separate mission and objectives that can be planned separately from other company businesses
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| Product/market expansion grid | A tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
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| Market penetration | A growth strategy increasing sales to current market segments without changing the product
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| Market development | A growth strategy that identifies and develops new market segments for current products
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| Product development | A growth strategy that offers new or modified products to existing market segments
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| Diversification | A growth strategy for starting up or acquiring businesses outside the company’s current products and markets
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| Downsizing | The reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy
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| Value chain | A series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products
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| Value delivery network | Made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system
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| Market segmentation | The division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes
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| Market segment | A group of consumers who respond in a similar way to a given set of marketing efforts
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| Target marketing | The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
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| Market positioning | The arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer
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| Implementing | The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
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| Marketing Control | The measurement and evaluation of results and the taking of corrective action as needed
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| Return on marketing investment (marketing ROI) | The net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities.
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| marketing environment | Actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers
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| Microenvironment | actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
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| Demography | The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
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| Generation X | includes people born between 1965 and 1976
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| Millennials (gen Y or echo boomers) | include those born between 1977 and 2000
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| Generational marketing | Segmenting people by lifestyle of life state instead of age
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| Economic environment | consists of factors that affect consumer purchasing power and spending patterns
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| Natural environment | involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities
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| Political environment | consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
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| Cultural environment | consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors
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| Core beliefs and values | persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government
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| Secondary beliefs and values | more open to change and include people’s views of themselves, others, organizations, society, nature, and the universe
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| Marketing information system (MIS) | consists of people and procedures for: Assessing the information needs Developing needed information Helping decision makers use the information for customer
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| Internal databases | electronic collections of consumer and market information obtained from data sources within the company network
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| Marketing intelligence | is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace
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| Marketing research | is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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| Secondary data | consists of information that already exists somewhere, having been collected for another purpose
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| Primary data | consists of information gathered for the special research plan
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| Observational research | involves gathering primary data by observing relevant people, actions, and situations
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| Ethnographic research | involves sending trained observers to watch and interact with consumers in their natural environment
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| Survey research | is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior
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| Experimental research | is best for gathering causal information— cause-and-effect relationships
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| Sample | is a segment of the population selected for marketing research to represent the population as a whole
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| Customer Relationship Management (CRM) | consists of sophisticated software and analytical tools that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationships
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| Information distribution | involves entering information into databases and making it available in a time-useable manner
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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Created by:
murph25
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