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MKTG 305 Exam 1
Chapter 1-6
138
Marketing
Undergraduate 3
09/18/2012

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Term
marketing plan
Definition
specifies the marketing activities for a specific period of time
Term
market place
Definition
groups of people who are pertinent to an organization for certain reasons
Term
necessary conditions for exchange
Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party
Term
product
Definition
creating value
anything that can be offered in an exchange
Term
price
Definition
capturing value
everything a buyer gives up in exchange for the product
Term
place
Definition
delivering the value proposition
Term
promotion
Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response
Term
types of marketing
Definition
business-to-business
business-to-consumer
consumer-to-consumer
Term
employment marketing
Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking
Term
value-driven companies
Definition
share information across organization
balance customer's benefits and costs
build relationships with customers
Term
CRM
Definition
customer relationship management
identify and build loyalty among valued customers
Term
customer satisfaction
Definition
feeling that a product met or exceeded customer's expectations
Term
marketing plan
Definition
specifies the marketing activities for a specific period of time
Term
market place
Definition
groups of people who are pertinent to an organization for certain reasons
Term
necessary conditions for exchange
Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party
Term
product
Definition
creating value
anything that can be offered in an exchange
Term
price
Definition
capturing value
everything a buyer gives up in exchange for the product
Term
place
Definition
delivering the value proposition
Term
promotion
Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response
Term
types of marketing
Definition
business-to-business
business-to-consumer
consumer-to-consumer
Term
employment marketing
Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking
Term
value-driven companies
Definition
share information across organization
balance customer's benefits and costs
build relationships with customers
Term
CRM
Definition
customer relationship management
identify and build loyalty among valued customers
Term
customer satisfaction
Definition
feeling that a product met or exceeded customer's expectations
Term
marketing plan
Definition
specifies the marketing activities for a specific period of time
Term
market place
Definition
groups of people who are pertinent to an organization for certain reasons
Term
necessary conditions for exchange
Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party
Term
product
Definition
creating value
anything that can be offered in an exchange
Term
price
Definition
capturing value
everything a buyer gives up in exchange for the product
Term
place
Definition
delivering the value proposition
Term
promotion
Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response
Term
types of marketing
Definition
business-to-business
business-to-consumer
consumer-to-consumer
Term
employment marketing
Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking
Term
value-driven companies
Definition
share information across organization
balance customer's benefits and costs
build relationships with customers
Term
CRM
Definition
customer relationship management
identify and build loyalty among valued customers
Term
customer satisfaction
Definition
feeling that a product met or exceeded customer's expectations
Term
value-based marketing
Definition
must understand what customers view as the key benefits and how to improve them
Term
why is marketing important?
Definition
expands firm's global presence
pervasive across supply chain
enriches society
Term
challenges of marketing
Definition
growing fragmentation
proliferation of products and technologies
multiplication of messages
new distribution channels
increasing costs
demand for better return
Term
a marketing strategy identifies...
Definition
a firm's target market
a related marketing mix
basis on which the firm plans to build a sustainable competitive advantage
Term
4 strategies for building competitive advantage
Definition
customer excellence
operational excellence
product excellence
locational excellence
Term
customer excellence
Definition
strong brand
unique merchandise
clear and precise positioning
retaining customers
customer service
Term
operational excellence
Definition
efficient operations
supply chain management
knowledgeable and skilled employees
Term
product excellence
Definition
high perceived value
Term
locational excellence
Definition
physical location
store atmosphere
Term
phases in developing a marketing plan
Definition
planning phase
implementation phase
control phase
Term
steps in developing a marketing plan
Definition
defining mission statement
situation analysis
identify opportunities
apply 4 Ps
performance evaluation
Term
business mission
Definition
what are our competencies, abilities, our strengths
Term
competitive advantage
Definition
what you do better than competition
Term
organizational objectives should be...
Definition
specific, measurable, attainable, reasonable, time specific
Term
STP
Definition
segmentation
targeting
positioning
Term
market segment
Definition
consumers who respond consistently
groups of customers with different needs, wants, characteristics
Term
target marketing
Definition
evaluating attractiveness of various segments and deciding which to pursue as a market
Term
market positioning
Definition
defining 4 Ps so target market has a clear, distinct and desirable understanding of what product does
Term
metric
Definition
measuring system that quantifies trend, dynamic or characteristic
Term
market share
Definition
percent of market accounted for by a specific entity
Term
market penetration
Definition
current products, current customers
Term
market development
Definition
current products, new customers
Term
product development
Definition
new products, current customers
Term
diversification
Definition
new products, new customers
Term
consumerism
Definition
organized actions of groups of consumers seeking to increase their influence on business practices
Term
business ethics
Definition
moral or ethical dilemmas that arise in a business setting
Term
ethical climate
Definition
having a set of values that guides decision making and behavior
Term
causes of unethical behavior
Definition
environment with diminished ethics
pressure from boss/peers
unsure with unclear outcomes
lack of training
self-interest
misguided loyalty
lack of consequences
Term
code of ethics
Definition
statement of responsibilities for honest and proper conduct
Term
corporate social responsibility
Definition
voluntary actions taken by a company to address the social, ethical, and environmental impact of its business operations and the concerns of its stakeholders
Term
inputs that a firm needs to understand and appreciate
Definition
consumer
company
cause/issue
Term
social action
Definition
business people helping to solve some of society's problems
Term
framework for ethical decision making
Definition
identify issues
gather information & identify stakeholders
brainstorm and evaluate alternatives
choose a course of action
Term
examples of unethical marketing
Definition
deceptive or unfair practices
offensive marketing materials
objectionable marketing practices
dangerous/non-performing products
Term
components of the immediate environment
Definition
company capabilities
competitors
corporate partners
Term
company capabilities
Definition
satisfying customer needs that match their core competencies
competitive advantage
Term
competitors
Definition
how many? how big? how interdependent is the industry? what is your competition doing? how do customers perceive your brands v. other brands?
Term
corporate partners
Definition
parties that work with focal firm
Term
macro environmental factors
Definition
culture
demographics
social trends
technological advances
economic situation
political environment
Term
culture
Definition
shared meanings, beliefs, morals, values and customs of a group of people
Term
demographics
Definition
generational cohorts
income
education
gender
ethnicity
Term
generational cohort
Definition
a group of people of the same generation and have similar purchase behaviors based on experience
Term
social trends
Definition
price sensitivity
health and wellness concerns
greener consumers
privacy concerns
time-poor society
Term
technological advances
Definition
improving products, services, access
Term
economic situation
Definition
monitor home country and abroad because it affects how consumers buy/spend
Term
political/regulatory environment
Definition
government enacts laws based on industries
Term
customer satisfaction
Definition
understanding needs and wants of customers
how to assist the consumer in decision-making
Term
consumer behavior
Definition
the processes a consumer uses to make purchase decisions as well as to use and dispose of purchased goods/services
Term
consumer market
Definition
buy for personal, family, household
make decisions as individuals
use personal and discretionary income
Term
business market
Definition
use in operations, production, resale
purchase decisions in groups
base decisions on derived demand
Term
consumer decision making process
Definition
need recognition
informational search
evaluation of alternatives
purchase decision
post-purchase
Term
need recognition
Definition
an imbalance between present status and preferred status
Term
informational search
Definition
search for information about various options that exist to satisfy taht need
Term
internal search for information
Definition
recall information from memory
Term
external search for information
Definition
look somewhere else for information
Term
internal locus of control
Definition
we control the outcomes
Term
external locus of control
Definition
fate controls all outcomes
Term
universal set of alternatives
Definition
all options that exist
Term
retrieval set of alternatives
Definition
options that we remember easily
Term
evoked set of alternatives
Definition
options that we will actually consider buying
Term
determinant attributes
Definition
so important to the buyer so that different brands have perceived differences in attributes
Term
compensatory decision rule
Definition
good characteristics compensate for bad
Term
non-compensatory decision rule
Definition
choose a product on the basis of one characteristic regardless of all other attributes
Term
decision heuristics
Definition
mental shortcuts to narrow down
ex: price, brand, presentation
Term
purchase decision
Definition
place and method of purchase
Term
post-purchase
Definition
entails actual rather than potential customers
Term
cognitive dissonance
Definition
internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior
should i have bought this product?
Term
customer loyalty
Definition
satisfied customers become loyal, purchase again, and spread positive word-of-mouth
Term
ways to ensure/improve satisfaction
Definition
build realistic expectations
demonstrate correct product use
money back guarantees and warranties
customer feedback
Term
psychological factors influencing consumer decisions
Definition
motives
attitude
perception
learning
lifestyle
Term
social factors influencing consumer decisions
Definition
family
reference groups
culture
Term
reference group
Definition
one or more people who we use as a basis for comparison
Term
situational factors influencing consumer decisions
Definition
purchase situation
shopping situation
temporal state (state of mind)
Term
involvement in decisions depends on
Definition
consumer's degree of interest or concern
Term
impulse buying
Definition
buying because it's there
you see it so you want it
Term
habitual decision making
Definition
little conscious effort involved
buy what you always buy
Term
business products
Definition
used to manufacture other products
aid the normal operations of an organization
acquired for resale without change in form
Term
B2B markets
Definition
manufacturers
resellers
institutions
government
Term
manufacturers or producers
Definition
buy raw material and make into new product
product changes form
Term
resellers - wholesale and distributors
Definition
product doesn't change form, just arrangement
Term
institutions
Definition
hospitals, schools, museums, etc.
buy in bulk because it is cheaper
Term
government
Definition
largest buyer!
Term
NAICS
Definition
north american industry classification system
Term
derived demand
Definition
demand for business products results from demand for consumer products
Term
inelastic demand
Definition
a change in price will not significantly affect the demand for product
Term
joint demand
Definition
multiple items are used together in final product so demand for one item affects all
Term
B2B buying process
Definition
need recognition
product specifications
RFP process
proposal analysis, vendor negotiation and selection
order specification
vendor/product performance assessment
Term
product specifications
Definition
used by suppliers to develop proposals
can be done collaboratively with suppliers
Term
proposal analysis, vender negotiation and selection
Definition
often vendors are negotiating against each other
considerations other than price play a role
Term
considerations in selecting vendor
Definition
product availability
customer service
good price level and terms
prompt delivery
consisten quality
seller reliability
Term
value analysis
Definition
review of the qualities of the product for the price
Term
vendor analysis
Definition
review of the services of the vendor
Term
new buy
Definition
most extensive
new vendor and new products
Term
straight rebuy
Definition
buying same products from same vendor
Term
modified rebuy
Definition
buying slightly different products from same vendor
Term
actors in the buying center
Definition
initiator
influencer
decider
buyer
user
gatekeeper
Term
initiator
Definition
expresses the need or interest
Term
influencer
Definition
influence decision/timing/need
Term
decider
Definition
evaluates all alternatives and decides
Term
buyer
Definition
handles paperwork of buying
Term
user
Definition
benefits from product/service
Term
gatekeeper
Definition
controls access to information
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