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drexel busn101 part2

drexel busn101

QuestionAnswer
nature of marketing to create value by allowing people and organizations to obtain what they need and want
marketing a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services and ideas
exchange the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
functions of marketing buying, selling, transporting, storing, grading, financing, market research, risk taking
the marketing concept the idea that an organization should try to satisfy customer's needs through coordinated activities that allow it to achieve its own goals (profit)
marketing strategy a plan of action for developing pricing, distributing and promoting products that meet.
two major components of marketing strategy selecting a target market, developing the appropriate marketing mix
market a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services and ideas
target market a more specific group of consumers on whose needs and wants a company focuses its marketing effort
total market approach an approach whereby a firm tried to appeal to everyone and assumes that all buyers have similar needs
segmentation a strategy to divide the total market into groups of people who have relatively similar product needs
segment a collection of individuals, groups, or organizations who share one or more characteristics and have similar product needs and desires
niche market narrow market segment focus when efforts are on one small, well-defined segment that has a unique, specific set of needs
bases for segmenting markers demographic, geographic, psychographic, behavioristic
distribution making products available to consumers in the quantities and locations desired
promotion a persuasive prom of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services, and ideas.
market research a systematic, objective process of getting customer information to guide marketing decisions
marketing information system a framework for assessing information about customers from internal and external sources
primary data marketing information that is observed, recorded or collected directly from respondents
secondary data information that is compiled or outside an organization for some purpose other than changing the current situation
buying behavior the decision processes and actions of people who purchase and use products
psychological variables of buying behavior perception, motivation, learning, attitude, personality
social variables of buying behavior social roles, reference groups, social classes, culture
the marketing environment external forces that directly or indirectly influence the development of marketing strategies. ex. political, legal and regulatory, social, competitive, economic and technological
echo boomers the age group from late 80's to early 90's that were born in the generation that parents loved them, technology was booming and research needs to be done hands on by having them tell you what is up and coming
Test marketing A trial mini-launch of a product in limited areas that represent the potential market.
Important Aspects that should be checked with new ideas Consumer desires, the competition, technological advances, social trends, with political, economical, and environmental consideration.
Business Analysis A basic assessment of a product's compatibility in the marketplace and its potential profitability.
Commercialization Full introduction of a complete marketing strategy and the launch of the product for commercial success.
Consumer Products Products intended for household or family use.
Types of Consumer Products Convenience Products, Shopping Products, Specialty Products.
Business Products Products that are used directly or indirectly in the operation or manufacturing processes of businesses
Industrial services Business Product that includes financial, legal, marketing research, security, janitorial, and exterminating services.
Product Line group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations.
Product Mix all the products offered by an organization.
Product Life Cycle Introductory Stage, Growth Stage, Maturity Stage, Decline Stage
Branding Process of naming and identifying products
Trademark Brand that is registered with the US Patent and Trademark Office and is thus legally protected from use by any other firm
Manufacturing Brands Brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase.
Private Distributor Brands Brands, which may cost less than manufacturer, that are owned and controlled by a wholesaler or retailer
Generic Product Products with no brand name that often come in simple packages and carry only their generic name.
Packaging The external container that holds and describes the product.
Labeling the presentation of important info on a package.
Quality the degree to which a good, service, or idea meets the demands and requirements of customers.
Pricing Skimming Charging the highest possible price that buyers who want the product will pay
Penetration Price A low price designed to help a product enter the market and gain market share rapidly.
Psychological Pricing Encouraging purchases based on emotional rather than rational responses to the price
Discounts Temporary price reductions, often employed to boost sales
Marketing channel A group of organizations that moves products from their producer to customers; also called a channel of distribution
Retailers Intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products.
Wholesalers Intermediaries who buy from producers or from other wholesalers and sell to retailers
Supply Chain Management Creating long term partnerships among channel members
Intensive Distribution A form of market coverage whereby a product is made available in as many outlets as possible.
Selective Distribution A form of market coverage whereby a small number of all available outlets are used to expose products
Exclusive distribution The awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory
Physical Distribution All the activities necessary to move products from producers to customers- inventory control, transportation, warehousing, and materials handling
Transportation The shipment of products to buyers
Warehousing The design and operation of facilities to receive, store, and ship products
Materials Handling The physical handling and movement of products in warehousing and transportation
Personal Selling Direct, 2-way communication with buyers and potential buyers
Publicity Nonpersonal communication transmitted through the mass media but not paid for directly by the firm
Sales Promotion direct inducements offering added value or some other incentive for buyers to enter into an exchange
Push Strategy the use of promotion to create consumer demand for a product so the consumers exert pressure on marketing channel members to make it available.
Pull Strategy An attempt to motivate intermediaries to push the product down to their customers
Promotional Positioning The use of promotion to create and maintain an image of a product in buyers' minds
Finance The study of money--how it’s made, lost, and why
Money Anything generally accepted in exchange for goods and services
Money's function Payment for products & resources, Single standard for comparing values of products and resources, Retaining & accumulating wealth
Money's Characteristics Acceptability,Divisibility,Portability,Stability,Durability,Difficulty to counterfeit
Types of money Checking account,Savings account,Money market account,Certificate of deposit,Credit card,Debit card,Traveler’s check,Money order,Cashier’s check
Credit Cards Means of access to preapproved lines of credit granted by a bank of finance
Debit Card A card that looks like a credit card but works like a check;using it results in a direct, immediate, electronic payment from the cardholder's checking account to a merchant or third party
Federal Reserve Board An independent agency of the federal government established in 1913 to regulate the nation's banking & financial industry.
Banking Institutions Businesses whose objective is to earn money by managing, safeguarding, and lending money to others.
Federal Reserve Board Functions Control the money supply with monetary policy, regulate financial institutions, manage regional and national check-clearing procedures, supervise the federal deposit insurance of commercial banks in the Federal Reserve system
Buy/Sell Government Securities Increase/Decrease Money Supply & Economic Activities
Relax/Raise Credit Controls More/Less Purchases, INcreases/DEcreases economic activity
Raise/Lower Discount Rate Interest rates Increase/Decrease, causes Money Supply & Economic activities to DEcrease/INcrease
Increase/Decrease Reserve Requirements Banks make fewer/more loans, Money Supply & Economic activities DEcrease/INcrease
Major Banking Institutions Commercial banks, Savings and loan associations, Credit unions, Mutual savings banks
Insurance for Banks FDIC give money up $100,000. NCUA regulates and charters credit unions
Electronic Banking ETF-Electronic funds transfer,ATM-Automated teller machines,ACHs-Automated clearinghouses,Online banking
Gramm-Leach-Billey Bill Banks were allowed to offer insurance, brokerage, and investment banking services.
Current assets Cash,Investments,Accounts receivable,Inventory
Current liabilities Accounts payable,Accrued salaries,Accrued taxes,Short-term bank loans
Managing Cash Effectively managing the firm’s cash flow is crucial Ex.Transaction balances,Lockbox systems,Electronic funds transfer
Investing Idle Cash Marketable securities,US Treasury bills (T-bills), Commercial certificates of deposit (CDs),Commercial paper,International investments – the Eurodollar
Maximizing Accounts Receivable Each credit sale represents an account receivable-money owed to a business by credit customers
Optimizing Inventory The objective is to maximize inventory investment without production cutbacks because of materials shortfalls/lost sales due to insufficient finished goods inventories.
Accounts Payable Money an organization owes to suppliers for goods and services
Line of Credit An arrangement by which a bank agrees to lend a specified amount of money to an organization upon request
Secured Loans Loans backed by collateral that the bank can claim if the borrowers do not repay the debt
Unsecured Loans Loans backed only by the borrowers’ good reputation and previous credit rating
Prime Rate Interest rates commercial banks charge their best customers (usually large corporations) for short-term loans
Long-term (fixed) assets Plants,Offices,Equipment,Heavy machinery,Automobiles.
Capital budgeting Process of analyzing the needs of business and selecting the assets that will maximize its value.
Bonds Debt instruments that larger companies sell to raise long-term funds.
Indenture The bond contract specifying all terms of agreement between bondholder and the issuing organization
Unsecured Bonds Debentures, or bonds, that are not backed by specific collateral
Secured Bonds Bonds that are backed by specific collateral that must be forfeited in the event the issuing firm defaults
Serial Bonds A sequence of small bond issues of progressively longer maturity
Floating-rate Bonds Bonds with interest rates that change with current interest rates otherwise available in the economy
Junk Bonds Special type of high interest rate bond that carries higher inherent risks
Investment Banking The sale of stocks and bonds for corporations
The Securities Market Securities markets provide a mechanism for buying and selling securities
Measuring Market Performance Indexes,Averages,Bull market,Bear market
Created by: bja34
 

 



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