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Midterm Flashcards
N/A
44
Marketing
Undergraduate 1
02/01/2012

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
The process by which companies create value for customers and build strong relationships in order to capture value from customers in return
Term
5 Steps in the Marketing Process
Definition
1.) Understanding the marketplace
2.) Designing a customer-driven marketing srategy
3. Preparing an integrated marketing plan and program
4. Building customer relationships
5. Capturing value from customers
Term
Goal of Marketing
Definition
Satisfying customer needs and building profitable, value-laden exchange relationships with customers
Term
Target Marketing
Definition
The process of evaluating each market segment's attractiveness and selecting on or more segments to enter
Term
1st Step in Strategic Planning
Definition
Defining a company's overall purpose and mission
Term
Cash Cow
Definition
Low-growth, high-share businesses or products
Term
Question Marks
Definition
Low-share business units in high-growth markets
Term
Dogs
Definition
Low-growth, low-share businesses and products
Term
Stars
Definition
High-growth, high-share businesses or products
Term
3 Steps of Strategy
Definition
1.) Defining the company mission
2.) Setting company objectives and goals
3.) Designing the business portfolio
Term
SWOT Analysis
Definition
An overall evaluation of a company's strengths (S), weaknesses (W), opportunities (O), and threats (T)
Term
Consumer Market
Definition
All the individuals and households that buy or acquire goods and services for personal consumption
Term
The Green Movement
Definition
Developing strategies and practices that support environmental sustainability (an effort to create a world economy that the planet can support indefinitely)
Term
Marketing Research
Definition
Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Term
Role of Marketing Rearch
Definition
1.) Gives marketers insight into customer motivation, puchase behavior, and satisfaction
2.) Assess market potential and market share
3.) Measure effectiveness of pricing, product, distribution, and promotion activities
Term
Exploratory Research
Definition
Marketing research to gather preliminary information that will help define problems and suggest hypotheses
Term
Maslow's Hierarchy of Needs
Definition
A concept that human needs are arranged in a certain order: Physiological needs, safety needs, social needs, esteem needs, and self-actualization needs
Term
5 Steps of the Consumer Buying Process
Definition
1.) Need recognition
2.) Info search
3.) Evaluation of alternatives
4.) Purchase decision
5.) Postpurchase behavior
Term
Adoption Process
Definition
The mental process through which an individual passes from first hearing about an innovation to final adoption
Term
5 Steps in the New Product Adoption Process
Definition
1.) Awareness
2.) Interest
3.) Evaluation
4.) Trial
5.) Adoption
Term
Buying Center
Definition
All the individuals and units that play a role in the purchase decision-making process in a business
Term
8 Steps in the Business Buying Process
Definition
1.) Problem recognition
2.) General need description
3.) Product specification
4.) Supplier research
5.) Proposal solicitation
6.) Supplier selection
7.) Order-route specification
8.) Performance review
Term
Demographic Segmentation
Definition
Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
Term
Product Life Cycle
Definition
The course of a product's salesand profits over it's lifetime
Term
Company's choice in decline of life cycle
Definition
1.) Maintain
2.) Harvest
3.) Drop
Term
Brand
Definition
A name, term, sign, symbol, design or combination of these intended to indentify the goods or services of one seller or group and differentiate them from those competitors.
Term
Stages of Product Life Cycle
Definition
1.) Product Development
2.) Introduction
3.) Growth
4.) Maturity
5.) Decline
Term
Stages of Product Development
Definition
1.) Idea generation
2.) Idea Screening
3.) Concept development/testing
4.) Marketing strategy development
5.) Business analysis
6.) Product development
7.) Test marketing
8.) Commercialization/roll-out
Term
Successful new products depend on...
Definition
1.) Customer research
2.) Good design
3.) Adequete price
4.) Low competition
5.) Secure distribution
Term
Two ways a company can obtain new products
Definition
1.) Acquisition
2.) New product development
Term
Service Intangibility
Definition
A major characteristic of services - cannot be seen, felt, heard, or smelled before they are bought
Term
Product Features
Definition
Features are a competitve tool for differentiating the company's product from competitor's products.
Term
Millenials
Definition
(Generation Y) The 83 million children of the baby boomers, born between 1977 and 2000
Term
Product Position
Definition
The way the product is defined by consumers on important attributes- the place the product occupies in the consumers' minds relative to competing products.
Term
Competitive Marketing Intelligence
Definition
The systematic collection and analysis of publicly-available information about consumers, competitors and developments in the marketing environment
Term
Competitive Advantage
Definition
An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
Term
Behavioral Targeting
Definition
Refers to the range of technologies and techniques used by online website publishers and advertisers which allows them to increase their effctiveness of their campaigns by capturing data generate by website and landing page visitors
Term
Social Marketing
Definition
The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society
Term
Demographic Environment
Definition
The demographic factors of the market in which an organization operates, and which are used to segment the target population for effective marketing.
Term
Marketing Concept Philosophy
Definition
The marketing management philosophy that holds that acheiving organizational goals depends on knowing the needs and wants of target markets in delivering the desired satisfaction better than competitors do
Term
Consumer perceived value
Definition
The consumer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Term
Brand Differentiation
Definition
through it brands can be seen as having better features, performance, style or design in their products, service, people and image.
Term
What makes a segment attractive?
Definition
An attractive market segment is one that offers solid current or long-term profit potential for your business.
Term
Business Market
Definition
Deals with far fewer but far larger buyers than the consumer market; many have an inelastic demand; have more fluctuating demand
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