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Marketing Unit 1
UNIT 1 TEST REVIEW FOR TEST 9/20 !!!
| Question | Answer |
|---|---|
| Marketing | The activity, set of instructions, and processing for cresting, 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 |
| Target Market | One or more SPECIFIC groups of potential consumers toward which an organization directs its marketing program |
| 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 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 |
| Societal Marketing Concept | The view that organizations should satisfy the needs of consumers in a way that provides for society’s WELL-BEING |
| Industry | A group of companies with SIMILAR offerings |
| Strategy | An organization’s LONG-TERM course of action designed to deliver a unique customer experience while achieving its goals |
| Organizational Purpose | Why an organization EXISTS, what problems it wants so 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 guides it’s conduct over time |
| Mission | A STATEMENT of the organization’s function in society that often identifies its customers, markets, products, and technologies |
| Organizational Culture | The set of values, ideas, attitudes, and norms of behavior that is 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 | The statements of an ACCOMPLISHMENT of a task to be achieved, often by a specific time |
| Key Performance Indicators (KPI’s) | How effectively goals are ACHIEVED |
| 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 | The ROAD MAP for the marketing actions of an organization |
| 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 |
| 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 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 Segmentation | Aggregating prospective buyers into groups, or SEGMENTS that have common needs and will respond similarly to a marketing action |
| Customer Value Proposition | The cluster of BENEFITS that an organization promises customers to satisfy their needs |
| Point of Difference | Those characteristics of a product that make it SUPERIOR to competitive substitutes |
| Gantt Chart | A GRAPH of a program schedule |
| 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 Tactics | The detailed, DAY-TO-DAY operational marketing actions for each element of the marketing mix that contributes 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 | Describes a population according to selected CHARACTERISTICS such as age, gender, ethnicity, income, and occupation |
| Multicultural Marketing | Consists of combinations of the marketing mix that reflect the UNIQUE attitudes, ancestry, communication preferences, and lifestyles of different races |
| Culture | A set of values, ideas, and attitudes that are LEARNED and shared by members of a group |
| Value of Consciousness | The concern for obtaining the best QUALITY, features, and performance of a product or service for a given price |
| Economy | Pertains to the INCOME, expenditures, resources that affect costs of running business and households |
| Macroeconomics | Performance of the ECONOMY (Ex: GDP, inflation, deflation) |
| Inflation | Product cost and prices INCREASE |
| Recession | Periods of DECLINING economic activity |
| Gross Domestic Product (GPD) | The TOTAL MARKET VALUE of all final goods and services produced within a country during a specific period the total market value of all final goods and services produced within a country during a specific period |
| Disposeable Income | The money a consumer has left after paying TAXES to use for necessities such as food, housing, clothing, and transportation |
| 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 |
| Discretionary Income | The money that REMAINS after paying for taxes and necessities |
| Technology | Consists of the INVENTIONS or innovations from applied science of engineering research |
| Electric Commerce | Any activity that uses ELECTRONIC communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce |
| Internet of Things (IoT) | The network of products embedded with CONNECTIVITY-enabled electronics |
| Social Media | Consist of 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 | The 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 | Consists of the ALTERNATIVE firms that could provide a product to satisfy a specific market’s needs |
| Barriers to 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 |
| Laws | Society’s values and standards that are ENFORCEABLE in the courts |
| Ethics | The MORAL principles and values that govern the actions and decisions of an individual or group |
| Caveat Emptor | The legal concept of “let the BUYER BEWARE” that was pervasive in the American business culture before the 1960s |
| Consumer Bill of Rights (1962) | A law 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 |
| Corporate Culture | Values, ideas, and attitudes SHARED among an organization |
| 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 | Consists of 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 | 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 |
| Greenwashing | When companies make a MISLEADING claim about environmental benefits of product |
| Market | Consists of people with both the DESIRE and the ABILITY to buy a specific offering |
| Marketing Mix | Consists of the CONTROLLABLE factors- product, price, promotion, and place- that can be used by the marketing manager to solve a marketing problem |
| Marketing Concept | The idea that an organization should (1) strive to SATISFY the needs of consumers (2) while also trying to ACHIEVE the organization's goals |
| Market Orientation | When an organization focuses its efforts on (1) continuously collecting INFORMATION about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value |
| Customer Experience | The INTERNAL response that customers have to all aspects of an organization and its offering |
| 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 | Consist of the people who use the products and services purchased for a HOUSEHOLD. Also called 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 |
| Utility | Consists of the BENEFITS or customer value received by users of the product |
| Business Portfolio Analysis | A technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBU’s) as though they were a collection of separate INVESTMENTS |
| Diversification Analysis | A technique that helps a firm search for GROWTH opportunities from among current and new markets as well as current and new products |
| Strategic Marketing Process | An approach whereby an organization ALLOCATES its marketing mix resources to reach its target markets |
| Baby Boomers | Includes the generation of 76 million children born between 1946 and 1964 |
| Generation X | Includes the 55 million people born between 1965 AND 1980. Also called the baby bust |
| Generation Y | Includes the 62 million Americans born between 1983 AND 1996. Also called the echo-boom |
| Generation Z | Refers to the POST-MILLENIAL generation, which includes consumers born between 1997-2010 |
| Culture | Consists of the set of values, ideas, and attitudes that are LEARNED and shared among the members of a group |
| Consumerism | A grassroots movement started in the 1960s to increase the influence, power, and RIGHTS of consumers in dealing with institutions |
| Consumer Behavior | Consists of the ACTIONS a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions |
| Purchase Decision Process | Consists of the FIVE 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, and (5) post-purchase behavior |
| Involvement | The personal, social, and economic SIGNIFICANCE of the purchase to the consumer |
| Consumer Touchpoints | A marketer’s 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 |
| Motivation | The ENERGIZING force that stimulates behavior to satisfy a need |
| Personality | A person’s CONSISTENT behaviors or responses to recurring situations |
| Perception | The process by which an individual selects, organizes, and INTERPRETS information to create a meaningful picture of the world |
| Perceived Risk | The ANXIETY felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences |
| Learning | Consists of those behaviors that result from (1) REPEATED experience and (2) reasoning |
| Brand Loyalty | A favorable attitude toward and consistent purchase of a SINGLE BRAND over time |
| Attitude | A learned PREDISPOSITION to respond to an object or class of objects in a consistently favorable or unfavorable way |
| Beliefs | A consumer’s SUBJECTIVE perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people. |
| Opinion Leaders | Are individuals who exert direct or indirect social INFLUENCE over others |
| Word of Mouth | The influencing of people during conversations |
| Reference Groups | People to whom an individual looks as a basis for SELF-APPRAISAL or as a source of personal standards |
| Brand Community | A specialized group of consumers with a structured set of RELATIONSHIPS involving a particular brand, fellow customers of that brand, and the product in use |
| Family Life Cycle | Consists of the distinct PHASES that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
| Social Class | The relatively permanent, HOMOGENOUS divisions in a society into which people sharing similar values, interests, and behavior can be grouped |
| Subcultures | The SUBGROUPS within the larger, or national, culture with unique values, ideas, and attitudes |
Created by:
lola.dumler