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MKTG 321 Test 1

Ch. 1-3

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