Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Exam 1
MKTG 250
| Term | Definition |
|---|---|
| target market | one or more specific groups of potential consumers towards which an organization directs its marketing program |
| marketing mix | controllable factors - 4 p's - that can be used by the marketing manager to solve a marketing problem |
| environmental forces | uncontrollable forces that affect a marketing decision |
| customer value | unique combo of benefits received by targeted buyer that includes quality, convenience, on time delivery, and both before sale and after sale service at a specific place |
| marketing | activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| exchange | trade of thing of value between buyer and seller so that each is better off after the trade |
| market | trade of thing of value between buyer and seller so that each is better off after the trade |
| relationship marketing | link the organization to its individual customers, employees, supplier, and other partners for their mutual long-term benefit |
| marketing program | plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| market segments | relatively homogeneous group of prospective buyers |
| customer relationship management (CRM) | process of identifying buyers, understanding them, developing long term perceptions of the organization and its offerings so buyers will always choose them and become advocates |
| societal marketing concept | views that organizations should satisfy needs of consumers in a way that provides for society's well being |
| ultimate consumers | people use products and services purchased for their household |
| organizational consumers | buy products and services for own use or resale |
| profit | the money left over after total expenses |
| strategy | organizations long-term course of action designed to deliver a unique customer experience while achieving its goals |
| organizational purpose | why an organization exists, what problem it wishes to solve, and what it means to everyone it touches |
| core values | fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| mission or vision | statement that identifies its customers, markets, products, and technology |
| organizational culture | values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization |
| business | clear, broad, underlying industry or market sector of an organization offering |
| goals or objectives | accomplishment of a task to be achieved |
| marketing plan | road map for the marketing actions of an organization for a specified future time period |
| market share | ratio for sales revenue of the firm to the total sales revenue of all firms in the industry, including itself |
| marketing dashboard | visual display of the essential information related to achieving a market objective, snapshot of now |
| marketing metric | a measure of the quantitative value of trend of a marketing action or result |
| strategic marketing process | organization allocates its marketing mix resources to reach its target markets |
| situation analysis | taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of organizational marketing plans and external forces and trends affecting it |
| SWOT analysis | organizations internal strengths and weaknesses, external opportunities and threats |
| market segmentation | buyer into groups that have common needs and will respond similar to marketing action |
| points of difference | characteristics of a product that make it superior to competitive substitudes |
| marketing strategy | specific target market and a marketing program to reach it |
| marketing tactics | day to day actions for each element of the marketing mix that contribute to overall success of marketing strategics |
| environmental scanning | process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| social forces | demographic characteristics of the population and its culture |
| demographic | population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| baby bloomers | 1946-1964 |
| Gen X | 1965-1980 |
| Gen Y or Millennials | 1981-1996 |
| Gen Z | 1997-2010 |
| multicultural marketing | marketing approaches that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diverse races and ethnic group |
| culture | set of values, ideas, and attitudes that are learned and shared among members of a group |
| economy | pertain to income, expenditures, and resources that affect the cost of running a business and household |
| gross income | total money made in one year within person, family, or household |
| disposable income | money consumer has left after paying taxes |
| discretionary income | money after paying for taxes and necessities |
| technology | consists of the innovation or inventions from applied science |
| electronic commerce (e-commerce) | activities use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services |
| internet of things (IOT) | network of products embedded with connectivity - enabled electronics |
| social media | consist of digital technology that facilitate the creation and sharing of user generated context through virtual communities and social networks |
| AI | simulation or approximation of human intelligence in machines |
| big data | extremely large data that require massive data storage warehouse and sophisticated data analysis to identify patterns, trends, and associations for decision making in marketing |
| marketing analytics | study of data to evaluate the performance of marketing activities in numerical terms, also called metrics |
| competition | alternative firms that could provide a product to satisfy a specific market needs |
| pure competition | seller have similar product |
| monopolistic competition | sellers compete with substitutable products within price range |
| oligopoly | common industry structure, few companies control majority of industry sales |
| pure monopoly | only one firm sells the product |
| barriers to entry | business practices or conditions that make it difficult for new firms to enter market |
| regulation | restriction state and federal laws place on a business with regard to the conduct of its activities |
| self-regulation | alternative to government control whereby an industry attempts to police itself |
| ethics | moral principles and values that govern the actions and decisions of an individual or group of people |
| laws | society's values and standards that are enforced in courts |
| consumer bill of rights | outline presented by JFK in 1962 that codified the ethics of exchange between buyers and sellers, including rights of safety, to be informed, to choose, and to be heard |
| economic espionage | clandestine collection of trade or proprietary information about a company competitor |
| slotting allowance | company buying shelf space for thier product |
| code of ethics | formal statement of ethical principles and rules of conduct |
| whistle-blowers | employees who report unethical or illegal actions of their employers |
| moral idealism | considers certain individual rights and duties as universal, regardless of the outcome |
| utilitarianism | focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior |
| social responsibility | idea that organizations are a part of a larger society and are accountable to that society for their actions |
| triple-bottom line | recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they achieve something sustainable, long term growth |
| sustainabe marketing | effort to meet today's economic, environmental, and social needs without compromising the opportunity for future generation to meet theirs |
| green marketing | efforts to produce, promote, and reclaim environmentally sensitive products |
| cause marketing | when charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products |
| social audit | systematical assessment of a firm's objectives, strategies, and performance in terms of social responsibility |
| sustainable development | conducting business in a way that protects the natural environment while making economic progress |
Created by:
ljbudde