Ch. 1-3
Quiz yourself by thinking what should be in
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on it to display the answer.
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| The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large | Marketing
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| The focal point of all marketing activities | Customers
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| A specific group of customers on whom an organization focuses its marketing efforts | Target Market
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| Four marketing activities -- product, pricing, distribution, and promotion -- that a firm can control to meet the needs of customers within its target market | Marketing Mix
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| The four marketing activites in the Marketing Mix | 1. product2. pricing3. distribution4. promotion
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| A good, service, or idea | Product
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| relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices | Price Variable
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| relates to activities used to inform individuals or groups about the organization and its products | Promotion variable
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| The provision or transfer of goods, services, or ideas in return for something of value | exchanges
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| Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes | stakeholders
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| The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix | marketing environment
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| A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals | marketing concept
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| an organizationwide commitment to researching and responding to customer needs | marketing orientation
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| establishing long-term, mutually satisfying buyer-seller relationships | relationship marketing
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| using information about customers to create marketing strategies that develop and sustain desireable customer relationships | Customer relationship management (CRM)
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| a customer's subjective assessment of benefits relative to costs in determining the worth of a product | value= benefits - costs
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| the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently | marketing management
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| marketing concept emerged when? | United States during the 1950's
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| how much of each buyer's dollar goes to marketing | about 1/2
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| systematic process of assessing opportunities and resources, determining market objectives, developing a marketing startegy, and preparing for implementation and control | planning (part of marketing management)
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| involves developing the marketing unit's internal structure | Organizing (part of marketing management)
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| how to implement marketing plans | coordinate marketing activities, motivate marketing personnel, and communicate effectively within the unit
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| what to do before developing a marketing mix | collect in-depth, up-to-date information about customer needs
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| the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan | strategic planning
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| a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market | marketing strategy
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| a written document that specifies the activities to be performed to implement and control an organization's marketing activities | marketing plan
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| things a firm does extremely well, which sometimes gives it an advantage | core competencies
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| a combination of circumstances and timing that permits an organization to take action to reach a target market | market opportunity
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| temporary periods of optimal fit between the key requirements of a market and a firm's capabilities | strategic windows
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| the result of a company's matching a core competancy to opportunities in the marketplace | competitive advantage
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| a tool that marketers use to assess an organization's strengths, weaknesses, opportunities, and threats | SWOT analysis
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| a long-term view of what the organization wants to become | mission statement
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| a statement of what is to be accomplished through marketing activities | marketing objective
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| a strategy that determines the means for using resources in the various functional areas to reach the organization's goals | corporate strategy
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| a division, product line, or other profit center within a parent company | strategic business unit (SBU)
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| a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products | market
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| the percentage of a market that actually buys a specific product from a particular company | market share
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| a strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining market strategy | market-growth/market-share matrix
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| an advantage that the competition cannot copy | sustainable competitive advantage
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| the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program | marketing planning
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| the process of putting marketing strategies into action | marketing implementation
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| the strategy the company decides on during the planning phase | intended strategy
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| the strategy that actually takes place | realized strategy
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| individuals who patronize a business | external customers
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| a company's employees | internal customers
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| coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers | internal marketing
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| a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality | total quality management (TQM)
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| comparing the quality of the firm's goods, services, or processes with that of the best performing competitors | benchmarking
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| giving customer-contact employees authority and responsibility to make marketing decisions on their own | empowerment
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| a structure in which top management delegates little authority to levels below it | centralized organization
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| a structure in which decision making authority is delegated as far down the chain of command as possible | decentralized organization
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| establishing performance standards and trying to match actual performance to those standards | marketing control process
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| an expected level of performance | performance standard
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| the process of collecting information about forces in the marketing environment | environmental scanning
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| the process of assessing and interpreting the information gathered through environmental scanning | environmental analysis
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| other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area | competition
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| firms that market products with similar features and benefits to the same customers at similar prices | brand competitors
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| firms that compete in the same product class but market products with different features, benefits, and prices | product competitors
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| firms that provide very different products that solve the same problem or satisfy the same basic customer need | generic competitors
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| firms that compete for the limited financial resources of the same customers | total budget competitors
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| a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply | monopoly
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| a competitive structure in which a few sellers control the supply of a large proportion of a product | oligopoly
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| a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product | monopolistic competition
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| a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply | pure competition
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| resources, such as money, goods, and services, which can be traded in an exchange | buying power
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| after-tax income | disposable income
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| disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter | discretionary income
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| an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces | willingness to spend
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| a pattern of economic fluctuations that has four stages: Prosperity, recession, depression, and recovery | business cycle
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| an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling | Federal Trade Commission (FTC)
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| a local, nongovernmental regulatory agency, supported by the local businesses, that helps settle problems between customers and specific business firms | better business bureau
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| a self-regulatory unit that considers challenges to issues raised by the national advertising division (an arm of the better business bureaus) about an advertisement | national advertising review board (NARB)
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| the application of knowledge and tools to solve problems and perform tasks more efficiently | technology
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| the influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles | sociocultural forces
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| an organization's obligation to maximize its positive impact and minimize its negative impact on society | social responsibility
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| the adoption of a strategic focus for fufilling the economic, legal, ethhical, and philanthropic social responsabilities expected by stakeholders | marketing citizenship
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| principles and standards that define acceptable marketing conduct as determined by various stakeholders | marketing ethics
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| an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical | ethical issue
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| the practice of linking products to a particular social cause on an ongoing or short-term basis | cause-related marketing
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| the synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits | strategic philanthrophy
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| the specific developement, pricing, promotion, and distribution of products that do not harm the natural environment | green marketing
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| organized efforts by individuals, groups, and organizations to protect consumers' rights | consumerism
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| formalized rules and standards that describe what the company expects of its employees | codes of conduct
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| an overall plan for obtaining the information needed to adress a research problem or issue | research design
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| an informed guess or assumption about a certain problem or set of circumstances | hypothesis
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| research conducted to gather more information about a problem or to make a tentative hypothesis more specific | exploratory research
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| research designed to verify insights through objective procedures and to help marketers in making decisions | conclusive research
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| research conducted to clarify the characteristics of certain phenomena and thus solve a particular problem | descriptive research
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| research that allows marketers to make casual inferences about relationships | experimental research
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| a condition existing when a research technique produces almost identical results in repeated trials | reliability
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| a condition existing when a research method measures what it is supposed to measure | validity
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| data observed and recorded or collected directly from respondents | primary data
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| data compiled both inside and outside the organization for some purpose other than the current investigation | secondary data
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| all the elements, units, or individuals of interest to researchers for a specific study | population
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| a limited number of units chosen to represent the characteristics of a population | sample
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| the process of selecting representative units from a total population | sampling
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| a sampling technique in which every element in the population being studied has a known chance of being selected for study | probability sampling
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| a type of probability sampling in which all units in a population have an equal chance of appearing in a sample | random sampling
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| a type of probability sampling in which the population is divided into groups according to a common attribute, and a random sample is then chosen within each group | stratified sampling
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| a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen | nonprobability sampling
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| a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group | quota sampling
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| a research method in which respondents answer a questionnaire sent through the mail | mail survey
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| a research method in which respondents' answers to a questionnairre are recorded by interviewers on the phone | telephone survey
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| a research method in which respondents answer a questionnaire via e-mail or on a website | online survey
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| a research method in which participants respond to survey questions face to face | personal-interview survey
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| a personal interview that takes place in the respondent's home | in-home (door to door) interview
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| a research method involving observation of a group interaction when members are exposed to an idea or a concept | focus-group interview
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| small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of marketing strategy | customer advisory boards
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| an interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys | telephone depth interview
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| a research method that involves interviewing a percentage of persons passing by "intercept" points in a mall | shopping-mall intercept interviews
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| analysis of what is typical or what deviates from the average | statistical interpretation
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| a framework for the management and structuring of information gathered regularly from sources inside and outside an organization | marketing information system (MIS)
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| information provided by a single marketing research firm | single-source data
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| customized computer software that aids marketing managers in decision making | marketing decision support system (MDSS)
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Created by:
wale43
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