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
Marketing 250 Exam 1
| Term | Definition |
|---|---|
| Marketing | The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
| Exchange | The trade of things of value between a buyer and a seller so that each is better off after the trade. |
| Market | People with both the desire and ability to buy a specific offering. |
| Target Market | A specific group of potential customers toward which an organization directs its marketing program. |
| Environmental Forces | The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces that affect Marketing as well. |
| Customer Value | The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
| Relationship Marketing | Links the organization to its individual customers, employees, suppliers, and other partners for their MUTUAL LONG-TERM BENEFIT. |
| Marketing Program | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
| Market Segments | The relatively homogeneous groups of prospective buyers who (1) have common needs and (2) will respond similarly to a marketing action. |
| Customer Relationship Management (CRM) | Identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase. |
| Societal Marketing Concept | The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. |
| Product | A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. |
| Ultimate Consumer | The people who use the products and services purchased for a household. Also called consumers, buyers, or customers. |
| Organizational Buyer | Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. |
| Profit | The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings. |
| Strategy | An organization’s LONG-TERM COURSE OF ACTION designed to deliver a unique customer experience while achieving its goals. |
| Organizational Purpose | Describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work. |
| Core Values | The fundamental, passionate, and enduring principles of an organization that guide its conduct over time. |
| Mission | A STATEMENT of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision. |
| Organizational Culture | The values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization. |
| Business | The clear, broad, UNDERLYING INDUSTRY or market sector of an organization’s offering. |
| Goals or Objectives | Statements of an accomplishment of a task to be achieved, often by a specific time. |
| Market Share | The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
| Marketing Plan | A ROAD MAP for the marketing actions of an organization for a specified future time period, such as one year or five years. |
| Marketing Dashboard | The visual display of the essential information related to achieving a marketing objective. |
| Marketing Metric | A measure of the quantitative value or trend of a marketing action or result. |
| Strategic Marketing Process | The approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| Situation Analysis | The approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| SWOT Analysis | An acronym describing an organization’s appraisal of its internal STRENGTHS and WEAKNESSES and its external OPPORTUNITES and THREATS. |
| Marketing Strategy | The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. |
| Marketing Tactic | The detailed DAY-TO-DAY operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies. |
| Environmental Scanning | The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| Social Forces | The demographic characteristics of the population and its culture |
| Demographics | Describing a population according to selected characteristics such as AGE, GENDER, ETHNICITY, INCOME, and OCCUPATION. |
| Baby Boomers | Includes the generation of 76 million children born between 1946 and 1964. |
| Generation Y- Millennials | Includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom. |
| Generation X | Includes the 55 million people born between 1965 and 1980. Also called the baby bust. |
| Generation Z | The post-millennial generation, which includes consumers born between 1997 and 2010. |
| Multicultural Marketing | Marketing approaches that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diverse races and ethnic groups. |
| Culture | The set of values, ideas, and attitudes that are learned and shared among the members of a group. |
| Economy | Pertains to the income, expenditures, and resources that affect the cost of running a business and household. |
| GDP | Gross Domestic Product |
| Gross Income | The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau. |
| Disposable Income | The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation. (Less than Discretionary Income) |
| Discretionary Income | The money that remains after paying for taxes and necessities. |
| Technology | The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes. |
| Electronic Commerce | The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce. |
| Internet Of Things | The network of products embedded with connectivity-enabled electronics. |
| Social Media | Digital technologies that facilitate the creation and sharing of user-generated content—text, photos, video, and animation (games)—through virtual communities and SOCIAL NETWORKS. |
| Artificial Intelligence | The simulation or approximation of HUMAN INTELLIGENCE IN MACHINES. |
| Big Data | EXTREMELY LARGE DATA SETS that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision-making in marketing. |
| Marketing Analytics | The study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics. |
| Competition | The alternative firms that could provide a product to satisfy a specific market’s needs. |
| Barriers To Entry | Business practices or conditions that make it difficult for new firms to enter the market. |
| Regulation | Restrictions state and federal laws place on a business with regard to the conduct of its activities. |
| Self-regulation | An alternative to government control whereby an industry attempts to police itself. |
| Factors Required For Marketing To Occur | 1. 2 or more parties 2. A desire and ability on both parts to have their needs satisfied 3. A way for parties to communicate 4. Something to exchange |
| 4 P's Of Marketing | Product, Price, Promotion, Place |
| 3 Types Of Business/Corporate Levels | Corporate, Strategic Business Unit Level, Functional Level |
| Ethics | The moral principles and values that govern the actions and decisions of an individual or group. |
| Laws | Society’s values and standards that are enforceable in the courts. |
| Consumer Bill of Rights | An outline presented by President John F. Kennedy in 1962 that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard. |
| Economic Espionage | The clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Code of Ethics | A formal statement of ethical principles and rules of conduct. |
| Whistle-Blowers | Employees who report unethical or illegal actions of their employers. |
| Moral Idealism | A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. |
| Utilitarianism | A personal moral philosophy that focuses on “the greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior. |
| Social Responsibility | The idea that organizations are part of a larger society and are accountable to that society for their actions. |
| Triple Bottom Line | The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth. |
| Sustainable Marketing | The effort to meet today’s (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs. |
| Green Marketing | Marketing efforts to produce, promote, and reclaim environmentally sensitive products. |
| Cause Marketing | Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. |
| Social Audit | A systematic 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:
user-2022651