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36 Cards in this Set

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The process of planning and executing the conception, distribution, promotion, and pricing of ideas, goods, services, organizations, and events to create and maintain relationships that satisfy individual and organizational objectives
Marketing
When two or more parties benefit from trading things of value
Exchange Process
The want satisfying power of a good or service
Utility
Is created by making a good or service available when a customer wants to purchase it
Time Utility
Is created by making a rpoduct available in a location convienent for customers
Place Utility
Refers to an orderly transfer of goods and services from the seller to the buyer.
Ownership utility
A companywide consumer orientation to promote lone run sucess
Marketing Concept
The result of a good or service metting or exceeding the buyers needs and expectations
Customer Service
When a company exceeds value expectations by adding features, lowering prices, enhancing customer service, or making other imrpovements that increase customer satisfaction. As long as customers believe they have recieved value they are liekly to remain satisfiesd with the company and continue thier relationship.
Value-Added
Type of non-traditional marketing where efforts are designed to attract the attention, interst and preference of a target market toward a person
Person Marketing
Type of non-traditional marketing that attepts to attract people to a particular area, such as a city, state, or nation.
Place Marketing
Type of non-traditional marketing where there is marketing or sponsering for short term events such as athletic competitions, and cultural and charitable performances. It often forges partnerships bewteen non for profit and profit seeking organizations
Event Marketing
Type of non-traditonal marketing that promotesd a cause or social issue, such as the prevention of child abuse, antilittering efforts, and antismoking campaigns.
Cause Marketing
Type of non-tradtional marketing that influences consumers to accept the goals of, recive the services of, or contribute in some way to an organization.
Organization Marketing
Often known as B2C products, they are goods and services
Consumer products
Known as B2B products, they are goods and services purchased to be used, with directly or indirectly, in the production of other goods for resale.
Busines Products
Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy thier specific needs and preferences
Target Market
The belnding of the four elements of marketing startegy (product, distribution, pormotion and proce) to satisfy chosen cusotmer segments
Marketing Mix
The collection and use of information to support marketing decision making
Marketing Research
Computer search of massive amounts of customer data to detct patterns and relationships
Data Mining
The are sophisticated customer databases that allow managers to combine data from sveral different organizational functions (data mining uses them)
Data Wharehouses
The process of dividing a total market into several relatively homogenous groups
Market Segmentation
Dividing a market into homogenous groups on the basis of population locations: the oldest segmentation method
Geographical Segmentation
Distinguishes markets on the basis of various demographic or socioeconomic charcteristics: the most common method
Demographic segmentation
Divides consumer market into groups with similar psychological charcteristics, values, lifestyles. Based on the sum of a persons needs, preferences, motives, attitudes, social habits, and cultural background
Psychographic Segmentation
It is where marketers divide a consumer market into groups based on buyers relationships to the good or service. Based on the benefits sought, usage rates and brand loyalty levels.
Product-Related Segmentation
Focuses on the precise way a B2B purchaser will use a product. This method helps small and mid size companies to target specific end-user markets rather than competing directly with large firms for wider customer groups
End-use segmentation
Series of decision processes by individual customers who buy products for thier own use and organizational buyers who purachse business products to be used directly or indirectly in the sale of other items
Buyer Behavior
The actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions
Consumer Behavior
Characterized by buyer and seller exchanges with limited communication and little or no ongoing relationships bwteen the parties. The goal is to negociate hard with suppliers to secure the least expensive raw materials and components, then build products and find customers to buy them at prices high enough to cover costs and still earn profits. It is the most tradtional type that businesses have used.
Transaction Marketing
Developing and maintaining long-term, cost effective exchange relationships with individual customers, suppliers, emplyees, and other partners for mutual benefit
Relationship Marketing
The revenues and intangiable benefits (referrals and customer feedback) from the customer over the life of the relationship, minus the amoutn the company must spend to aquire and serve that customer
Lifetime value of a customer
Firms try to build and protect customer relationships by including frequent buyer and frequent user programs. They are programs that reward purchasers with cash, rebates, merchandise, or other premuinums.
Frequency Marketing
A toolf for building emotional links with customers. It is an effort sponsored by an organization that solicits involvement by individuals who share cusotmer intersts and activites
Affinity Programs
Where 2 businesses jpintly market each others products
Co-marketing
When 2 or more businesses team up to closely link thier names for a single product
Co-branding