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Marketing Test 1 Vocabulary List
Marketing Test 1 Vocabulary List
60
Marketing
Undergraduate 1
02/11/2015

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Term
business planning
Definition
An ongoing process of making decisions that guides the firm both in the short rem and the long term
Term
business plan
Definition
A plan that includes the decisions that guide the entire organization
Term
marketing plan
Definition
Describes the marketing environment and outlines the marketing objectives
Term
strategic planning
Definition
a managerial decision process that matches an organizations resources and capabilities to its market opportunities for long-term growth and survival
Term
strategic business units
Definition
Individual units within the firm that operate like separate businesses
Term
functional planning
Definition
A decision process that concentrates on developing detailed plans and tactics for the short term
Term
Operational planning
Definition
A decision process that focuses on developing day-to-day activity plans that match up with the functional plans
Term
Mission statement
Definition
A formal statement that describes the overall purpose of an organization
Term
situation analysis
Definition
An assessment of a firms internal and external environments
Term
Internal environment
Definition
the controllable elements inside an organization (people, facilities, etc)
Term
External environment
Definition
the uncontrollable elements outside an organization
Term
business portfolio
Definition
The group of different products or brands owned by a company
Term
portfolio analysis
Definition
A management tool for evaluating a firms business mix
Term
BCG growth market share matrix
Definition
A portfolio analysis tool that assesses the potential of successful products to generate profit
Term
stars
Definition
SBUs with products that have a dominant market share in high growth markets
Term
cash cows
Definition
SBUs with dominant market share in low growth markets
Term
question marks
Definition
SBUs with low market shares in fast growth markets
Term
dogs
Definition
SBUs with a small share of a slow growth market
Term
market development strategies
Definition
growth strategies that introduce existing products to new markets
Term
market penetration strategies
Definition
Seek to increase sales of existing products in existing markets
Term
product development strategies
Definition
growth strategies that focus on selling new products in existing markets
Term
diversification strategies
Definition
growth strategies that emphasizing new products in new markets
Term
return on marketing investment (ROMI)
Definition
Quantifying how much a marketing investment made an impact on the firms success
Term
action plans
Definition
Individual support plans for various marketing strategies within the marketing plan
Term
marketing environment
Definition
the actors and forces outside marketing that affect marketers abilities to build relationships with the customer
Term
microenvironment
Definition
Actors close to the company that affect it (suppliers, resellers, publics, etc)
Term
macro environment
Definition
the larger societal features that affect the marketing decisions (political, cultural, etc.)
Term
marketing intermediaries
Definition
firms that help the company to promote, sell, and distribute its goods to final buyers
Term
public
Definition
a group that has an actual or potential interest on an organizations ability to achieve its objectives
Term
demography
Definition
the study of human populations based on size, density, location, age, race, occupation, etc.
Term
baby boomers
Definition
-78 M
-WW2-1964
-Richest Generation
-Retirement targeted
Term
Generation X
Definition
-49 M
-1965-1974
-frugal
-most educated
Term
Millennials (Generation Y)
Definition
-83M
-Completely in touch with technology
-In debt
Term
natural environment
Definition
natural resources that are needed as inputs by marketers or that are affected by marketing activities
Term
customer insights
Definition
fresh understandings of the customers and the marketplace become the basis for creating relationships
Term
marketing information systems (MIS)
Definition
people and procedures dedicated to assessing information needs
Term
internal databases
Definition
electronic collections of consumer information obtained from data sources within the company network
Term
competitive marketing intelligence
Definition
the systematic collection and analysis of public information about consumers and competitors
Term
causal research
Definition
marketing research used to test hypothesis about cause and effect relationships
Term
secondary data
Definition
information that already exists somewhere and was collected for some other purpose
Term
primary data
Definition
information collected for the specific purpose at hand
Term
ethnographic research
Definition
a form of observational research that watches consumers in their natural environment
Term
customer relationship management (CRM)
Definition
Managing detailed information about individual customer touch points to maximize customer loyalty
Term
consumer behavior
Definition
the process involved when people select goods to satisfy their needs and desires
Term
involvement
Definition
the relative importance of perceived consequences of a pruchase
Term
perceived risk
Definition
the belief that the choice of a product will have negative consequences
Term
problem recognition
Definition
occurs when the customer sees a difference between his current state and a desired state
Term
information search
Definition
the consumer searches for info to make a decision
Term
behavioral targeting
Definition
marketers deliver ads for products a consumer is looking at online
Term
cognitive dissonance
Definition
the regret the consumer might feel after making a choice
Term
subliminal advertising
Definition
hidden messages in marketers ads
Term
interpretation
Definition
the process of assigning meaning to a stimulus
Term
hierarchy of needs
Definition
an approach that characterizes motives according to five levels of importance
Term
classical conditioning
Definition
a stimulus response is paired with another stimulus response
Term
operant conditioning
Definition
learning that occurs as a result of rewards or punishments
Term
Cognition vs. behavior
Definition
knowing vs. doing parts of attitude
Term
family life cycle
Definition
a means of characterizing consumers within the stage of the family that they are in
Term
AIOs
Definition
Measure of a consumers activities, interests, and opinions
Term
time poverty
Definition
consumers belief that they are always pressed for time
Term
reference group
Definition
an actual of imaginary group that has an effect on an individuals evaluations
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