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 exam 1
terms
| Question | Answer |
|---|---|
| Activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large | Marketing |
| Trade of things of value between buyer and seller so each is better off after | Exchange |
| 2+ parties with unsatisfied needs, desire and ability on their part to have needs satisfied, a way for parties to communicate, something to exchange | 4 factors for marketing to occur |
| Good, service, or idea to satisfy consumer's needs. | Product |
| What is exchanged for the product. | Price |
| People with both the desire and ability to buy a specific offering. | Market |
| One or more specific group/consumers that an organization is directly marketing to. | Target market |
| Product, price, promotion, place | 4 P's (marketing mix) |
| Unique combination of benefits received by targeted buyers including quality, convenience, on-time delivery, before and after sale service at specific price. | Customer value |
| Links the organization to its individual customers, employees, suppliers, and other partners for mutual long-term benefit. | Relationship marketing |
| Plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. | Marketing program |
| Relatively homogeneous groups of prospective buyers who 1) have common needs and 2) respond similarly to marketing actions | Market segments |
| Process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so buyers will choose and advocate them. | Customer Relationship Management (CRM) |
| View that organizations should satisfy the needs of customers in a way that provides societal well-being. | Societal Marketing Concept |
| People who use product and services purchased. | Ultimate consumers |
| Retailers, nonprofits, agencies, etc. that buy product for own use or resale. | Organizational buyers |
| Legal entity that consists of people who share a common mission. | Organization/Corporation |
| Money left after a for-profit organization subtracts its total expenses from its total revenue and reward for risk it undertakes in marketing offerings. | Profit |
| Organizations long-term course of action designed to deliver unique customer experience and achieve goals. | Strategy |
| Purpose, core values, mission/vision, culture. | organizational foundation (the why) |
| Business, goals, long-term, short-term. | Organizational direction (the what) |
| By level: Corp, SBU, Functional; by product: good, service, idea. | Organizations strategies (the how) |
| Fundamental, passionate, and enduring principles that guide its conduct over time. | Core values |
| Statement of the organizations function in society. | Mission/vision |
| values, ideas, attitudes, and norms of behavior that are learned and shared among members of an organization. | Organizational culture |
| Statements of an accomplishment of an task to be achieved, often by specific time. | Goals/objectives |
| Ratio of sales revenue of the firm to total sales revenue of all firms in the industry, including self. | Market share |
| Road map for the marketing actions of an organization for a specific future time period, ex 1-5 years | Market plan |
| Visual display of the essential information related to achieving the marketing objective. | Marketing dashboard |
| Measure of quantitative value or trend of a marketing action or result. | Marketing metric |
| Allocation of organization's marketing mix resources to reach its target markets and achieve a competitive advantage. | Strategic Marketing Process |
| Means of communication between seller and buyer. | Promotion |
| Means of getting the product to the consumer. | Place |
| Planning phase, marketing plan phase, results phase | Marketing phases |
| Step one of the planning phase in the marketing phases | Situation analysis |
| Second step of the planning phase in the marketing phases. | Market-product focus, customer value proposition, goal setting |
| Third step of planning phase in marketing phases. | Marketing program |
| What is the one step in the marketing plan phase in the marketing phases? | Implementation phase |
| What is the one step in the results phase in marketing phases? | Evaluation phase |
| What are the guiding principles of the strategic marketing process? | Customers are different, customers change, competition reacts/changes, and organizational resources are limited |
| Acronym describing organization's appraisal of its internal strengths and weaknesses, and external opportunities and threats. | SWOT analysis |
| Aggregating prospective buyers into groups segments that have 1) common needs and 2) will respond similar | Marketing segmentation |
| Characteristics of product that will make it superior to competitive substitutes. | Points of difference |
| Marketing goal is to be achieved, characterized by a specific target market and marketing program to be reached. | Marketing strategy |
| Detailed, day to day operational marketing actions for each element of marketing mix that contributes to overall success of marketing strategies. | Marketing tactics |
| Used to figure out project management, what needs done, who is going to do it all, and how long. | Gantt chart |
| Process of continually acquiring information on events occurring outside of the organization to identify and interpret potential trends. | Environmental scanning |
| Demographic characteristics of the population and its culture. | Social force |
| Describing a population according to selected characteristics like age, gender, income | Demographics |
| Generation of 76 million kids born between 1946-1964 | Baby boomers |
| 55 million people born between the years 1965-1980 (baby bust) | Generation X |
| 62 million people born between the years 1981-1996 (echoboom) | Generation Y |
| Post-millennial generation, consumers born between 1997-2010 | Gen Z |
| Marketing approaches that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diverse races and ethnic groups. | Multicultural marketing |
| Set of values, attitudes, and ideas learned and shared among members of a group. | Culture |
| Pertains to income, expenditures, and resources that affect the cost of running a business and household. (anything with $$) | Economy |
| Allows exchange of goods from sellers anywhere to buyers anywhere at anytime at lower costs | Marketspace |
| Total amount of money made in one year by a person, family unit, or household "money income" | Gross income |
| Money consumer has left after paying taxes used for necessities such as food, housing, and clothing. | Disposable income |
| Money remaining after paying taxes and necessities, used for luxury items | Discretionary income |
| Methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes. | Technology |
| Activities that use the electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. | E-commerce |
| Network of products embedded with connectivity-enabled products. | Internet of Things |
| Digital technology that facilitate the creation and sharing of user generated content through virtual communities and social networks. | Social media |
| Simulation or approximation of human intelligence in machines. | Artificial Intelligence |
| Extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and decision making in marketing. | Big data |
| Study of data to to evaluate performances of marketing activities in numerical terms; metrics | Marketing analytics |
| Alternative firms that could provide a product to satisfy a specific market's needs. | Competition |
| Business practices or conditions that make it difficult for new firms to enter the market. | Barriers to Entry |
| Many sellers with similar products ex: wheat, grains | Pure competition |
| Sellers compete with substitutional products within a price range ex: coffee rises too much, switch to tea | Monopolistic Competition |
| Few companies control majority of industry sales ex: T-mobile, Nex-Tech | Oligopoly |
| Only one firm sells product ex: Electricity | Pure monopoly |
| Increase of overall price in good/service | Inflation |
| Periods of declining economic activity | Recession |
| Restrictions state and federal laws place on a business with regard to conduct of its activities | Regulations |
| Alt. to government control whereby an industry tried to police itself. | Self-regulation |
| Social, economic, technological, competitive, regulatory | 5 environmental forces |
| Demographic characteristics of population and its culture | Social force |
| income, expenditures, and resources | Economic force |
| methods, systems, and devices | technologic force |
| alt. firms that could provide product to satisfy | competitive force |
| restrictions laws place with regard to conduct of activity | regulatory force |
| Which countries with have the largest population in 2025? | India |
| Millennials expect companies to embrace social changes, being corps. social responsibility | True |
| What is the U.S becoming? | Larger, older, more diverse |
| Moral principles and values that governs the actions and decisions of an individual or group. serve as guideline | Ethics |
| Society's values and standards that are enforced in the courts | Laws |
| Rights to safety, being informed, to choose, and to be heard | Consumer Bill of Rights |
| Clandestine collection of trade secrets or proprietary information about company's competitors. | Economic Espionage |
| unethical conduct by a person untrusted with position of authority to acquire personal gain. | Corruption |
| Formal statement of ethical principles and rules of conduct | Code of ethics |
| Employees who report unethical or illegal actions of their employees. | Whistleblowers |
| Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome - black or white, no grey area. | moral idealism |
| Personal moral philosophy that focuses on the greatest good for the greatest number by accessing costs and benefits. | utilitarianism |
| Idea that organizations are part of a larger society and accountable to that society for their actions. | Social responsibility |
| Profit responsibility, Stakeholder responsibility, societal responsibility | 3 concepts of social responsibility |
| Recognition of the need for organizations to improve the state of people, planet, profit simultaneously. | Triple bottom line |
| Effort to meet today's economic, environmental, and social without compromising the opportunity for future generations to meet their own. | Sustainable marketing |
| Marketing efforts to produce, promote, and reclaim environmentally sensitive products. | Green marketing |
| Occurs when charitable contributions of a firm are tied directly to the customers revenues produced through promotion of product | Cause marketing |
| Systematic assessment of a firm's objectives, strats, and performance in terms of social responsibility. | Social Audit |
| Conducting business in a way that protects the natural environment while making economic progress | Sustainable development |
| Actions a person takes in purchasing and using products/services including mental/social processes that come before and after actions | Consumer behaviors |
| Problem recognition, Info search, Alternative evaluation, purchasing decisions, post purchase behavior | Purchasing decision process |
| Personal, social, and economic significance of the purchase to the consumer. | Involvement |
| Nature of purchase task, social surrounding, physical surrounding, temporal effects, antecedent | 5 situational influences |
| Reason behind engaging in decision | nature of the purchase task |
| people present when purchase decision made | social surrounding |
| may alter how decisions made | physical surrounding |
| time of day/available affects what is ordered | temporal effects |
| mood. circumstances, cash influences behavior | antecedent states |
| Marketer's product, service, or brand points of contact with a consumer from start to finish in the purchase decision process | Consumer touchpoints |
| anxiety felt because consumer cannot anticipate outcomes of purchase, believes there may be negative consequences | Perceived risk |
| Post purchase physiological tension/anxiety | Cognitive dissonance |
| Favorable attitudes toward consistent purchase of a specific brand overtime | brand loyalty |
| Individuals who exert direct or indirect social influences over others | Opinion leaders |
| Influencing of people during converstion | Word of mouth |
| Percentage of promoter (1-10) | NSP |
| Distinct phases that a family progresses through from formation to retirement | Family life cycle |
| subgroups within a larger, or national cultures with unique values, ideas, and attitudes | subcultures |
Created by:
ogcraw