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Marketing Test 1
marketing terms
78
Marketing
Undergraduate 2
02/07/2011
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Term
Marketing (Term):
 Definition
The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange with customers in an DYNAMIC environment.
Term
Good Marketing does what thing?
 Definition
Focuses on the CUSTOMER'S wants and needs.
Term
You ___ or you ____.
 Definition
You GROW or you DIE.
Term
What are the 2 forms of markets?
 Definition
Individuals and Organizations.
(Individuals are the purchasers of organizations' products.)
Term
All businesses are consumers, but not all consumers are businesses. T/F?
 Definition
TRUE
Term
Target Market (Term):
 Definition
A specific group of customers on whom an organization focuses its marketing efforts.
Term
3 types of products
 Definition
Goods (Tangible)
Serve (Non-Tangible)
Idea (Alter Behavior)
Term
Price does what 3 things?
 Definition
-Most flexible element of marketing mix
-Variable that customers most frequently consider when purchasing
Term
Which # in price is most important?
 Definition
FIRST #
Term
4 P's
 Definition
- Product
- Price
- Place
- Promotion
Term
Promotion (Term):
 Definition
The activities that organizations use to inform customers about themselves and their products.
Term
Place (Term):
 Definition
Where you choose to sell your product.
Term
Products must do what?
 Definition
Products must be at the right place and time to satisfy customers' wants and needs.
Term
2 extremes of product placement?
 Definition
Saturation
Exclusive Distribution
(Most products fall somewhere inbetween)
Term
Every purchase is about ____.
 Definition
VALUE
Term
Marketing Exchanges do what?
 Definition
- Involve marketers & customers
- Provide transfer of goods, services, ideas for something of value
- Must have 2 or more parties & both must have something of value that the other wants.
Term
We ___ for what we ____ , and ____ is very ________ .
 Definition
We pay for what we value, and value is extremely subjective.
Term
Value (Term):
 Definition
The subjective assessment of benefits relative to costs to determine a product's worth.
Term
Marketing Concept
 Definition
- Organization tries to satisfy customers' needs and wants thru a coordinated set of activities.
- At the same time, activities should allow orgs to achieve its own goals including profitability.
Term
Relationship Marketing does what 3 things?
 Definition
- Lifeline of most businesses
- Returning customer is far more profitable than new customer
- 80% of profits come from 20% of your customers
Term
Business Planning does what 3 things?
 Definition
- Top down process
- Driven by the numbers
- Goes from least specific to very specific
Term
Strategic Planning (Term):
 Definition
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives & a marketing plan.
Term
SWOT Analysis means:
 Definition
- Strengths )_ Internal
- Weaknesses )
- Opportunities )_ External
- Threats )
Term
Levels of Strategic Planning:
 Definition
Mission Statement -> Corporate Strategy -> Business Unit Strategy -> Marketing Strategy -> Marketing Plan
Term
Marketing Mix Elements:
 Definition
4 P's -
Product, Price, Place, Promotion
Term
Mission Statement (Term):
 Definition
A statement that gives a long-term view of what the organization wants to become.
- Who are our customers?
- What's our core competency?
Term
Competitive Advantage (Term):
 Definition
The meeting of a Marketplace Opportunity and a firm's Core Competency.
Term
_______ ________ + ________ ________ =

_________ __________ .
 Definition
Marketplace Opportunity + Core Competency = Competitive Advantage
Term
Organizations that do not have a clear-cut _________ __________ fail.
 Definition
Competitive Advantage
Term
Corporate Strategy (Term):
 Definition
A strategy that determines the means for utilizing resources to reach organization's goals.
Term
Corporate Strategy does what 3 things?
 Definition
- Determines the means for utilizing resources among an org's functional areas
- Determines org's competitive advantage
- Should coordinate various business units and activities w/in the org.
Term
BGC stands for:
 Definition
Boston Consulting Group
Term
BGC Matrix 4 components:
 Definition
Star, Question Mark, Cash Cow, Dog
Term
Star (Term):
 Definition
The "sexy" product, #1 in growing market
Term
Question Mark (Term):
 Definition
Has potential in growing market
Term
Cash Cow (Term):
 Definition
Stable demand, #1 product in stable/declining market
Term
Dog (Term):
 Definition
Common product in stable market
Term
Strategic Planning Step 1:
 Definition
Establish Marketing Strategy which id's Target Market + develops marketing for that product
2.)
Term
Strategic Planning Step 2:
 Definition
Select Appropriate Growth Strategy
Term
Appropriate Growth Strategy (4 types):
 Definition
Market Penetration
-Current product, current market
Market Development
-Current product, different market
Product Development
-New product, current market
Diversification
- New product, different market
Term
Strategic Planning Step 3:
 Definition
Firm distributes resources among 4P's to best satisfy target market
NOT ALL EQUAL
Term
Strategic Planning Step 4:
 Definition
Devise Marketing Plan which specifies the activities that will be preformed to implement org's marketing activities
VERY SPECIFIC
Term
Marketing always boils down to what?
 Definition
Marketing always boils down to the money.
Term
Successful Marketing Plans should do what 2 things?
 Definition
- Convince audience that product will be successful/profitable <- # 1 objective
- answer how profit will be made, if its a viable idea, who the target market is, do the numbers make sense
Term
Target Market 2 basic categories:
 Definition
Consumers (B2C)
Businesses (B2B)
Term
Consumer (Term):
 Definition
Purchasers or households who intend to consume or benefit from the purchased product and dont buy products to make a profit.
Term
Businesses (Term):
 Definition
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in daily operations.
Term
Market (Term):
 Definition
Group of people who have a need for products in a product class and have the ability to purchase such products.
Term
Target Market Selection Process (5 steps):
 Definition
1.) Identify Appropriate Strategy
2.) Determine Segmentation Variables
3.) Develop Market Segmentation Profiles
4.) Evaluate Relevant Market Segments
5.) Select Specific Target Markets
Term
1.) Identify Appropriate Strategy (3 types):
 Definition
- Undifferentiated
(one product, whole market)
- Concentrated
(one product, portion of market)
- Differentiated
(Diff products, diff markets)
Term
Consumer Target Markets (4 types):
 Definition
- Demographic
- Geographic
- Psychographic
- Behavoristic
Term
Demographic (Term):
 Definition
Age, gender, occupation
Term
Geographic (Term):
 Definition
Climate, culture, MARKET DENSITY, city size, pop level, topography
Term
Psychographic (Term):
 Definition
Personality, motives, lifestyles, psychologic profiles
Term
Behavioristic (Term):
 Definition
"The Heavy User" , price sensitivity
Term
2.) Business Segmentation Determination
(3 types):
 Definition
Geographic, type of organization, size
Term
3.) Develop Market Segment Profiles (Term):
 Definition
- Explains what potential customers have in common and how theyre diff from other market segments
- Helps determine attractiveness of diff profiles, helps focus marketers' efforts when eval diff market segments.
Term
4.) Evaluate Market Segements (Term):
 Definition
- Quantitative analysis
- Sales estimates (market potential)
- Competitive analysis
Term
5.) Select Target Markets (Term):
 Definition
- Who will it be?
- Resources available to satisfy target market's needs?
Term
Product Positioning (Term):
 Definition
Decisions & Activities intended to create and maintain a certain concept of a firm's product in the customer's mind.
Term
Successful marketers have _____ _________.
 Definition
CLEAR POSITIONING. (i.e. Color)
Term
Sales Forecast (Term):
 Definition
The amount of product a company expects to sell during a specific period at a specified level of marketing activities.
Term
Executive Judgement (Term):
 Definition
A sales forecasting method based on the intuition of one or more executives.
Term
Sales & Forecasts do what?
 Definition
ANTICIPATE DEMAND
Term
Delphi Technique (Term):
 Definition
A process where experts create initial forecasts, submit them to company for averaging, then refine forecasts.
Term
Regression Analysis (Term):
 Definition
Predicting sales by finding a relationship between past sales and one or more independent variables(i.e. income).
Term
Consumer Behavior (Term):
 Definition
The what, where, when, why, & how of consumers' purchases.
Term
All purchases are stimulated by a ______ .
 Definition
PROBLEM
Term
Purchases occur because:
 Definition
Customer's desired state =/= actual state
Term
3 types of purchases:
 Definition
1.) Routinized Response Behavior
-low ticket, low risk, high conf
2.) Limited Problem Solving
- med ticket, less freq, low conf
3.) Extended Problem Solving
-high ticket, risky, low conf
-Determined by "Level of Involvement"
Term
3 types of purchases:
 Definition
1.) Routinized Response Behavior
-low ticket, low risk, high conf
2.) Limited Problem Solving
- med ticket, less freq, low conf
3.) Extended Problem Solving
-high ticket, risky, low conf
-Determined by "Level of Involvement"
Term
Consumer Buying Process (5 steps):
 Definition
1.) Problem Recognition
2.) Info Search
3.) Evaluate Alternatives
4.) Purchase
5.) Post-Purchase Evaluation
Term
Buying Decision Influences (4 types):
 Definition
- Economic
- Situational
- Psychological
- Social
Term
Economics (of Buying Decision) (Term):
 Definition
- How much discretionary income is available?
- How much does it cost to BUY it? To OWN it?
Term
Situational Influences:
 Definition
- Time & Location (vacation effect)
- Physical & Social surroundings
- Time of day/week/month/year
- Mood/Circumstances
Term
Psychological Influences:
 Definition
*- PERCEPTION
- Motives
- Learning
*- PERSONALITY
- Lifestyles
Term
Social Influences:
 Definition
Family, roles, reference groups, social class, culture
Term
Sub-Culture Percentages:
Hispanic?
African-American?
Asian?
 Definition
Hispanic = 15%
Black = 14%
Asian = 5%
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