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 111 Exam 1
Chpt. 1,2,5,8,9,11,13,14,15
| Question | Answer |
|---|---|
| marketing | is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large |
| exchange | which is the trade of things of value between buyer and seller so that each is better off after the trade |
| market | (potential consumers make up) which is people with both the desire and the ability to buy a specific offering |
| target market | one or more specific groups of potential consumers toward which an organization directed its marketing program |
| marketing mix | the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem |
| environmental forces | (the uncontrollable) in a marketing decision those involving social, economic, technological, competitive, and regulatory forces |
| customer value | is 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 | (hallmark of developing and maintaining effective customer relationships) linking the organization to its individual customers, employees, suppliers, and other parties for their mutual long-term benefits |
| marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| marketing concept | (era started in 1950s in U.S) is 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 | focuses on efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value |
| 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 |
| customer experience | (foundation of CRM) which is the internal response that customers have to all aspects of an organization and its offering |
| societal marketing concept | the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
| ultimate consumers | are the people whether 80 years old or 8 months old who use the goods and services purchased for a household |
| organizational buyers | are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale |
| utility | (marketing creates) the benefits or customer value received by users of the product |
| profit | is the money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
| strategy | is an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals |
| corporate level | is where top management directs over all strategy for the entire organization |
| strategic business unite (SBU) | which is a subsidiary division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers |
| functional level | (each SBU has one, most specific/focused) where groups of specialists actually create value for the organization |
| cross functional teams | (senior management forms them) these consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals |
| core values | are the fundamental, passionate, and enduring principles that guide its conduct over time |
| mission | a statement of the organization's function in society, often identifying 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 | describes the clear, broad, underlying industry or market sector of an organization's offering |
| goals or objectives | are statements of an accomplishment of a task to be achieved often by a specified time |
| market share | is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself |
| marketing dashboard | is the visual computer display of the essential information related to achieving a marketing objective |
| marketing metric | (variables on marketing dashboard) which is a measure of the quantitative value or trend of a marketing activity or result |
| marketing plan | (ties together with marketing metrics and marketing dashboard) which is a road map for the marketing activities of a n organization for a specified future time period |
| competitive advantage | core competencies should be distinctive enough to provide this which is a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation |
| business portfolio analysis | to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments. |
| diversification analysis | is a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
| strategic marketing process | whereby an organization allocates its marketing mix resources to reach its target markets: divided into three phases, planning, implementation and evaluation |
| situation analysis | is 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 |
| market segmentation | which 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 | are those characteristics of a product that make it superior to competitive substitutes |
| marketing strategy | is 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 | are detailed day-to-day operational decisions essential to the overall success of marketing strategies |
| consumer behavior | the actions a person takes in purchasing and using products, including the mental and social processes that come before and after these actions |
| purchase decision process | the stages a buyer passes through in making choices about which products and services to buy: has five stages (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post-purchase behavior |
| evaluative criteria | which represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands |
| consideration set | the group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware in the product class |
| cognitive dissonance | this feeling of post-purchase psychological tension or anxiety (consumers applaud themselves to alleviate it) |
| involvement | the personal, social, and economic significance of the purchase to the consumer (used to skip stages of purchase decision process) |
| situational influences | have an impact on the purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states |
| motivation | is the energizing force that stimulates behavior to satisfy a need |
| personality | refers to a person's consistent behaviors or responses to recurring situations |
| self-concept | which is the way people see themselves and the way they believe others see them |
| perception | the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world |
| subliminal perception | means that you see or hear messages without being aware of them |
| perceived risk | represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences |
| learning | refers to those behaviors that result from (1) repeated experience and (2) reasoning |
| brand loyalty | which is a favorable attitude toward and consistent purchase of a single brand over time |
| attitude | is a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way (shaped by our values, and beliefs) |
| beliefs | are a consumer's subjective perception of how a product or brand performs on different attributes |
| lifestyle | is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. |
| opinion leaders | individuals who exert direct or indirect social influence over others, considered to be knowledgable about or users of particular products or services |
| word of mouth | influencing of people during conversations, the most powerful and authentic information source for consumers because it involves friends viewed as trustworthy |
| reference groups | are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards |
| consumer socialization | the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers |
| family life cycle | concept describes the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing decisions |
| social class | may be defined as the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped - occupation, source of income, and eduction determine this (upper, middle, lower) |
| subcultures | subgroups within the larger, or national, culture with unique values, ideas, and attitudes |
| marketing research | is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions |
| decision | is a conscious choice among two or more alternatives |
| measures of success | which are criteria or standards used in evaluating proposed solutions to the problem |
| contraints | in a decision are the restrictions placed on potential solutions to a problem |
| data | the facts an figures related to the problem are divided into two main parts secondary and primary |
| secondary data | are facts and figures that have already been recorded before the project at hand - divided into two parts internal and external |
| primary data | are facts and figures that are newly collected for the project - divided into observational, questionnaire, and other sources |
| observational data | the way marketing researchers collect facts and figures obtained by watching, either mechanically or in person, how people actually behave |
| questionnaire data | which are facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
| information technology | involves operating computer networks that can store and process data |
| data mining | is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions |
| sales forecasting | referes to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts |
| market segmentation | involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action |
| market segments | are relatively homogeneous groups of prospective buyers that result from the market segmentation process |
| product differentiation | a marketing strategy involving a firm using different marketing mix activities, such as product features and advertising to help consumers perceive the product as being different and better than competing products |
| Usage rate | is the quantity consumed or patronage - store visits - during a specific period |
| 80/20 rule | (usage rate) a concept that suggests 80% of a firm's sales are obtained from 20% of its customers |
| market product grid | is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization |
| product positioning | refers to the place a product occupies in consumers' minds on important attributes relative to competitive products |
| product repositioning | changing the place a product occupies in a consumer's mind relative to competitive products |
| perceptual map | a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands as well as its own product or brand |
| product life cycle | describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline |
| product class | refers to the entire product category or industry |
| product form | pertains to variations within the product class |
| product modification | involves altering a product's characteristic such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
| market modification | (strategy) a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
| trading up | involves adding value to the product (or line) through additional features or higher-quality materials |
| trading down | involves reducing the number of features, quality, or price |
| branding | in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors |
| brand name | is any word, device (design, sound, shape, or color) or combination of these used to distinguish a seller's goods or services |
| trade name | is a commercial, legal name under which a company does business |
| trademark | identifies that firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
| brand personality | a set of human characteristics associated with a brand name |
| brand equity | the added value a brand name gives to a product beyond the functional benefits provided |
| Brand licensing | is a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee |
| multiproduct branding | a company uses one name for all its products in a product class, sometimes called family branding or corporate branding when a company's trade name is used |
| multibranding | which involves giving each product a distinct name, useful strategy when each brand is intended for a different market segment |
| private branding | often called private labeling or reseller branding when it manufactures products but sells them under the brand name of a wholesaler or retailer |
| mixed branding | where a firm markets products under its own names and that of a reseller because the segment attracted to the reseller is different from its own market |
| packaging | component of a product refers to any container in which it is offered for sale and on which label information is conveyed |
| label | is an integral part of the package and typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients |
| warranty | which is a statement indicating the liability of the manufacturer for product deficiencies |
| price | is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service |
| barter | the practice of exchanging products and services for other products and services rather than for money |
| value pricing | the practice of simultaneously increasing product and service benefits while maintaining or decreasing price |
| profit equation | profit = total revenue - total cost = (unit price X quantity sold) - (fixed cost + variable cost) |
| pricing objective | involve specifying the role of price in an organization's marketing and strategic plans |
| pricing constraints | factors that limit the range of prices a firm may set |
| demand curve | is a graph relating the quantity sold and price, which shows the maximum number of nits that will be sold at a given price |
| demand factors | factors that determine consumers' willingness and ability to pay for products and services |
| total revenue | is the total money received from the sale of a product (TR=PXQ) |
| Average revenue | is the average amount of money received from selling one unit of a product, or simply the price of that unit (AR = TR/Q= P) |
| Marginal Revenue | is the change in total revenue that results from producing and marketing one additional unit of a product (MR = changeTR/changeQ = slope of TR curve) |
| price elasticity of demand | or the percentage change in quantity demanded relative to a percentage change in price |
| marginal analysis | means that as long as revenue received from the sale of an additional product (marginal revenue) is greater than the additional cost of producing and selling it (marginal cost) a firm will expand its output of that product |
| total cost | is the total expense incurred by a firm in producing and marketing a product. (TC = FC+VC) |
| fixed cost | is the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold |
| variable cost | is the sum of the expenses fo the firm that vary directly with the quantity of a product that is produced and sold |
| unit variable cost | is variable cost expressed on a per unit basis for a product (UVC = VC/Q) |
| Marginal cost | is the change in total cost that results from producing and marketing one additional unit of a product (MC = change TC/change Q) |
| Break even analysis | is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
| break even point (BEP) | is the quantity at which total revenue and total cost are equal. Profit comes from all units sold beyond the BEP (BEP = FC/P-UVC) |
| break even chart | a graphic presentation of the break even analysis |
| skimming pricing | setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product |
| penetration pricing | setting a low initial price on a new product to appeal immediately to the mass market |
| prestige pricing | involves setting a high price so that quality or status conscious consumers will be attracted to the product and buy it |
| price lining | often a firm that selling not just a single product but a line of products may price them at a number of different specific pricing points |
| odd-even pricing | which involves setting prices a few dollars or cents under an even number |
| target pricing | results in the manufacturer deliberately adjusting the composition and features of a product to achieve the price to consumers. works backwards from what consumers are willing to pay for product and deducting markups from retailers, wholesalers, etc |
| bundle pricing | the marketing of two or more products in a single package price |
| yield management | the charging of different prices to maximize revenue for a set amount of capacity at a given time |
| standard markup pricing | entails adding a fixed percentage to the cost of all items in a specific product class |
| cost plus pricing | involves summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price |
| experience curve pricing | is based on the learning effect which holds that the unit cost of many products and services declines by 10 percent to 30 percent each time a firm's experience at producing and selling them doubles |
| target profit pricing | a firm may set an annual target of a specific dollar volume of profit |
| target return on sales pricing | to set typical prices that will give them a profit that is a specified percentage say 1 percent of the sales volume |
| target return on investment pricing | large publicly owned corporations and many public utilities set annual return on investment targets and setting prices to achieve this target |
| customary pricing | for some products where tradition a standardized channel of distribution or other competitive factors dictate the price |
| above, at, or below market pricing | when difficult to select a specific market price marketing managers often have a subjective feel for the competitors' price and use that benchmark to choose their price |
| loss leader pricing | for a special promotion retail stores deliberately sell a product below its customary price to attract attention to it, to attract customers in hopes they wil buy other products as well with large mark-ups |
| one price policy | also called fixed pricing is setting one price for all buyers of a product or service |
| flexible price policy | (dynamic pricing) involves setting different prices for products and services depending on individual buyers and purchase situations |
| product line pricing | the setting of prices for all items in a product line, seeks to produce profit on the complete line not necessarily for each item |
| price war | involves successive price cutting by competitors to increase or maintain their unit sales or market share |
| quantity discounts | to encourage customers to buy larger quantities of a product, firms at all levels in the marketing channel by offering reductions in unit costs for a larger order |
| promotional allowances | undertaking certain advertising or selling activities to promote a product to receive a cash payment of extra amount of free goods |
| everyday low pricing | is the practice of replacing promotional allowances with lower manufacturing list prices, reduce average price to consumers while minimizing promotional allowances that cost manufacturers billions of dollars |
| FOB origin pricing | involves the seller's naming the location of this loading as the seller's factory or warehouse |
| uniform delivered pricing | method is used the price the seller quotes includes all transportation costs |
| basing point pricing | involves selecting one or more geographical locations (basing point) from which the list price for products plus freight expenses are charged to the buyer |
| price fixing | a conspiracy among firms to set prices for a product (illegal) |
| price discrimination | the practice of charging different prices to different buyers for goods of like grade and quality |
| predatory pricing | is the practice of charging a very low price for a product with the intent of driving competitors out of business, once competitors have been driven out the firms raises its prices |
| marketing channel | consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users |
| industrial distributor | performs a variety of marketing channel functions, including selling, stocking, delivering a full product assortment, and financing |
| electronic marketing channels | which employ the internet to make goods and services available for consumption or use by consumers or business buyers |
| direct marketing | allow consumers to buy products by interacting with various advertising media without a face to face meeting with a salesperson |
| multichannel marketing | is the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online |
| dual distribution | an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product |
| strategic channel alliances | whereby one firm's marketing channel is used to sell another firm's products |
| merchant wholesalers | are independently owned firms that take title to the merchandise they handle |
| manufacturer's agents | work for several producers and carry noncompetitive complementary merchandise in an exclusive territory |
| selling agents | represent a single producer and are responsible for the entire marketing function of that producer |
| brokers | are independent firms or individuals whose principal function is to bring buyers and sellers together to make sales |
| vertical marketing systems | are professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum impact |
| franchising | is a contractual arrangement between a parent company (a franchisor) and an individual or firm (a franchisee) that allows the franchisee to operate a certain type of business under an established name and according to specific rules |
| channel partnership | consists of agreements and procedures among channel members for ordering and physically distributing a producer's products through the channel to the ultimate consumer |
| intensive distribution | means that a firm tries to place its products and services in as many outlets as possible |
| exclusive distribution | is the extreme opposite of intensive distribution because only one retailer in a specified geographical area carries the firm's products |
| selective distribution | lies between these two extremes and means that a firm selects a few retailers in a specific geographical area to carry its products |
| channel conflict | arises when one channel member believes another channel member si engaged in behavior that prevents it from achieving its goals |
| disintermediation | conflict arises when a channel member bypasses another member and sells or buys products direct |
| channel captain | a channel member that coordinates, directs, and supports other channel members |
Created by:
mpm214