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 (See a need, fill a need) |
| Exchange | The trade of things of value between a buyer and a seller so that each is better off after the trade |
| Environmental Forces | The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces |
| Market | Consists of people with both the desire and the ability to buy a specific offering |
| Target Market | Consists of one or more specific groups of potential consumers toward which an organization directs its marketing program |
| Marketing Mix | Consists of controllable factors - product, price, promotion, and place that can be used by the marketing manager to solve a marketing problem |
| What are the 4 P's of Marketing? | Product, Price, Place, Promotion |
| Product | Good, Service, or Idea |
| Price | Something to exchange |
| Promotion | Communication between buyer and seller |
| Place | Get the product to the consumer (How to get the product where it was made to where it is sold) |
| 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 the specific price |
| Relationship Marketing | Links the organization to its individual customers, employees, suppliers, and the 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 |
| Marketing Segment | Relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action |
| Customer Relationship Management (CRM) | the process of 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 Consumers | Consists of the people who use the products and services purchased for a household. Ex: Consumers, buyers, or customers |
| Organizational Buyers | Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale |
| What are organizations? | Legal entities that consist of people who share a common mission |
| What are the Three Different Types of Business? | Profit, Non-Profit, and Government Agencies |
| 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 |
| Industry | A group of companies with similar offerings |
| Strategy | An organizations long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Levels of Corporate | Board of Directors, Corporate Levels (CMO), Strategic Business Unit Level, Functional Level (Departments; Group of Specialists) |
| Organizational Foundation | (why) core values, mission, organizational culture, organizational purpose |
| Organizational Direction | (What) Business, Goals: Long and Short term |
| Organizational Strategies | (How) By level: Corporate, Functional, By Product: Good, Service, Idea |
| 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 | Statement of the organization's function in society that often identifies its customers, markets, products, and technologies. |
| Vision | A company's long-term aspiration and the impact it aims to achieve in the future |
| Organizational Culture | Consists of the set of values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization |
| Business | Describes the clear, broad, underlying industry, or market sector of an organization's offering |
| Goals or Objectives | The statements of an accomplishment of a task to be achieved, often by a specific time |
| Guided Assumptions for the Strategic Marketing Process are: | - Customers are Different - Customers Change - Competitors Change and React - Organizational resources are limited |
| 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 marketing actions of an organization for a specified future time period, such as one year to five years |
| Marketing Dashboard | The visual computer 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 | An approach whereby an organization allocates its marketing mix resources to reach its target markets |
| Phases of strategic marketing process | Planning, Implementation, and Evaluation |
| Planning Phase | 1. Conduct a SWOT analysis 2. Develop a market-product focus, customer value proposition, and goals 3. Design a Marketing Program |
| Implementation Phase | 1. Obtaining Resources 2. Designing the Market Organization 3. Defining precise tasks, responsibilities, and deadlines 4. Executing the Marketing program designed in the planning phase |
| Evaluation Phase | 1. Compare the results of the marketing program with the goals in the written plans to identify the presence and cause of problems using the marketing metrics 2. Act on the problems, exploiting positive problems and correcting the negatives |
| Situation Analysis | Involves taking stock of where the firm or product has been recently, where it is now, and where it is heading in terms of the organization's marketing plans and the external forces and trends affecting it |
| SWOT Analysis | An acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats |
| Marketing Strategy | A marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it |
| Marketing Tactic | Detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
| Market Segmentation | Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. |
| Points of Difference | Characteristics of a product that make it superior to competitive substitutes |
| What does a Gantt Chart include? | - The task - The people (CMO, CFO, MR) responsible for completing the task - The date to finish the task - What is to be delivered |
| Environmental Scanning | The 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 |
| Demographics | Describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Who will have the largest population in 2050? | India |
| Who is on a decline in population? | China and Asia |
| What population is becoming larger, older, and more diverse? | U.S. |
| Will the term "minority" become obsolete True or False? | True |
| Baby Boomers | 1946 to 1964 (retiring age) |
| Generation X (1965 to 1980) | 1965 to 1980 |
| Generation Y (Millennials) | 1983 to 1996 |
| Millennials | Expect companies to embrace social change, corporate social responsibility, and environmental stewardship |
| Generation Z | 1997 to 2010 (More independent, everyone is their own person) |
| Culture | Consists of values, ideas, and attitudes that are learned and shared among the members of a group |
| Multicultural Marketing | Consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
| Economy | Pertains to the income, expenditures, and resources that affect the costs of running businesses |
| Inflation | Production costs and price increase |
| Recession | Period of declining economic activity. |
| Gross Income | The total amount of money made in one year by a person |
| Disposable Income | Money a consumer has left after paying taxes for necessities such as food, housing, clothing, and transportation |
| Discretionary Income | Money remains after paying for taxes and necessities (travel money) |
| Technology | Consists of the inventions or innovations from applied science or engineering research |
| Electronic Commerce (E commerce) | Any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services |
| Internet of Things (IoT) | 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 - through virtual communities and social networks |
| Competition | Consists of the alternative firms that could provide a product to satisfy a specific market's needs |
| Types of Competition | Pure Competition, Monopolistic Competition, Oligopoly, Pure Monopoly |
| Pure Competition | Many sellers with similar products (commodities) |
| Monopolistic Competition | Many sellers with substitutable products in a price range (coffee, tea) |
| Oligopoly | Few sellers control majority of sales (T-Mobile, AT&T) |
| Pure Monopoly | Only one seller (Utilities) |
| Barriers of Entry | Consists of business practices or conditions that make it difficult for new firms to enter the market |
| Regulation | Consists of the restrictions state and federal laws place on business with regard to the conduct of its activities |
| Self-Regulation | An alternative to government control, whereby an industry attempts to police itself |
| Big Data | Extremely large data sets that require massive 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 |
| Ethics | The moral principles and values that govern the actions and decisions of an individual or group |
| Laws | Society values and standards that are enforceable in the courts |
| Consumer Bill of Rights | The right to safety, 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 |
| Whistleblowers | Employees who report unethical or illegal actions of their employers |
| What are the American Market Association General Norms? | - Marketers must do no harm - Marketers must foster trust in the marketing system - Marketers must embrace, communicate, and practice fundamental ethical values |
| What are the American Market Association Ethical Values? | Honesty, Responsibility, Fairness, Respect, Openness, Citizenship |
| Moral Idealism | A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome (Ex: 3M's Scotchgard stopped production due to harmful chemicals) |
| Utilitarianism | Focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior (Ex: Nestle's Gerber Good Start infant formula kept producing, stating nothing is effective 100 percent of the time) |
| Social Responsibility | The idea that organizations are part of a large society and are accountable to that society for their actions |
| Profit Responsibility | Maximize profits for stockholders |
| Stakeholder Responsibility | Obligations to those who can affect achievement of company objectives |
| Societal Responsibilities | Obligations to the environment and public |
| 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 | 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 | Consists of a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility |
| Sustainable Development | Involves conducting business in a way that protects the natural environment while making economic progress |
| Ways to measure goals | Market share, customer satisfaction, and quality |
| Consumer Behavior | The actions we take to purchase and use products and services, including the mental and social processes that come before and after these actions |
| Purchase Decision Process | Consists of 5 stages a buyer passes through in making choices about which products and services to buy: 1. problem recognition 2. information search 3. Alternative evaluation 4. Purchase Decision 5. Post purchase behavior |
| Stages of the Purchase Decision Process | 1. Problem: Perceiving a need 2. Information: Seeking a value 3. Alternative: Assessing value and other options 4. Purchase: Buying value 5. Post purchase: Realizing Value (satisfaction) |
| Involvement | The personal, social, and economic significance of the purchase to the consumer |
| Situational Influences that affect purchase decisions | Purchase task: the reason behind the decision Social Surroundings: includes other people Physical Surroundings: Decor, music, crowds Temporal Effects: Time of day and time available Antecedent states: Consumer's mood, circumstances, money |
| Consumer Touchpoints | Marketers' product, service, or brand points of contact with a consumer from start to finish in the purchase decision process |
| Consumer Journey Map | A visual representation of all the touchpoints a consumer comes into contact with before, during, and after a purchase |
| Perceived Risk | The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative outcomes |
| Brand Loyalty | A favorable attitude toward and consistent purchase of a single brand over time |
| Lifestyle | How people spend their time and resources |
| Opinion Leaders | Individuals who exert direct or indirect social influence over others |
| Word of Mouth | Influence of people during conversations |
| Family Life Cycle | The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
| Subculture | Subgroups with the larger, or national, culture with unique values, ideas, and attitudes |
| Public Source is... | Consumer Reports |
| Cognitive Dissonance | The discomfort that arises when a consumer's beliefs, attitudes, or actions conflict with new information or experiences. |
Created by:
user-2025452
Popular Marketing sets