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184 Cards in this Set

  • Front
  • Back
Marketing
creating communicating and delivering value to customers
Utility
ability of goods or service to satisfy wants
Form Utility
satisfy wants bu converting inputs into finished form
Time Utility
satisfy wants at a specific time
Place Utility
satisfy wants at a convenient place
ownership utility
satisfy wants by smoothly transferring ownership of goods from buyer to seller.
marketing concept
customer satisfaction now/future the central focus of the organization.
Customer relationship management
acquiring maintaining and growing profitable customer relationships by delivering unmatched value
value
customer perception that a product has a better relationship than competitors between costs and benefits.
customer satisfaction
when customers perceive that a good or service delivers value above and beyond their expectations.
customer loyalty
when customers buy a product from the same supplier again again.
marketing plan.
formal doc that defines market objectives and specific strategies for achieving objectives.
market segmentation
dividing potential customers into groups of similar people or segments.
target market
the group of people who are most likely to buy a specific product.
consumer marketers.
marketers who direct their efforts toward people who are buying products for personal consumption.
What is the role of the customer in marketing
place the customer front and center with a focus on customer relationship management.
customer relationship management
acquiring maintaining and growing profitable customer relationships by consistently delivering unmatched value.
What are the elements of marketing strategy
determine target audience.
chose the right target with market segmentation.
determine best marketing mix
monitor each marketing environment
business marketers
direct their efforts toward people who are buying products to use either directly or indirectly to produce other products.
demographic segmentation
dividing the market into smaller groups based on measurable characteristics about people such as age ethnicity and gender.
geographic segmentation
dividing the market into smaller groups based on where the consumer lives
psychographic segmentation
dividing market based on attitudes interests values and lifestyles
behavioral segmentation
dividing market based on how people behave towards various products.
marketing mix
the blend of marketing strategies for product price distribution and promotion.
environmental scanning
the process of continually collecting information from the external marketing environment.
market share
the percentage of a market controlled by a given marketeer.
consumer behavior
description of how people act when they are buying, using and discarding goods and services for their own personal consumption ....reasons behind peoples actions
cognitive dissonance.
consumer discomfort with a purchase decision. typically for a higher priced item.
business buyer behavior
describes how people act when they are buying
marketing research
the process of gathering, interpreting and applying information to uncove marketing opportunities and challenges and to make better marketing decisions
observation research
research that does nto require the researcher to interact with the research subject
survey research
marketing research that requires the researcher to interact ith the research subject
primary data
new data that marketers compile for a specific research project
secondary data
existing data that marketers gather or purchase for a research project
green marketing
the development and promotion of products with ecological benefits
mass customization
the creation of products tailored for individual consumers on a mass basis
What are the key elements of marketing research
gathering, interpteting applying information to uncover opportunigies and challenges.
product
anythinig that an orgainization offers to satisfy consumer needs and wants, including both goods and services
pure goods
products that do not include service
marketing research
the process of gathering, interpreting and applying information to uncove marketing opportunities and challenges and to make better marketing decisions
observation research
research that does nto require the researcher to interact with the research subject
survey research
marketing research that requires the researcher to interact ith the research subject
primary data
new data that marketers compile for a specific research project
secondary data
existing data that marketers gather or purchase for a research project
green marketing
the development and promotion of products with ecological benefits
mass customization
the creation of products tailored for individual consumers on a mass basis
What are the key elements of marketing research
gathering, interpteting applying information to uncover opportunigies and challenges.
product
anythinig that an orgainization offers to satisfy consumer needs and wants, including both goods and services
pure goods
products that do not include service
pure services
products that do not include andy goods
core benefit
the basic benefit component of any product that consumers buy to satisfy their needs
actual product
the physical good or the delivered service that provides the core benefit of any product
augmented product
the additional goods and services included with a product to harpen its competitive edge
consumer products
products purchased for personal use or consumption
business products
products to use either directly or indirectly in the production of other products
convienience products
inexpensive goods and services that consumers buy frequency with limited consideration an analysis
shopping products
moderate expensive products that consumers buy less frequencly after learning about their freatures and benefits through the shoing process
specialty products
expensive products that seldom purchase. most people perceive specialty products as so important that they are unwilling to accept substitutes
pure services
products that do not include andy goods
core benefit
the basic benefit component of any product that consumers buy to satisfy their needs
actual product
the physical good or the delivered service that provides the core benefit of any product
augmented product
the additional goods and services included with a product to harpen its competitive edge
consumer products
products purchased for personal use or consumption
business products
products to use either directly or indirectly in the production of other products
convienience products
inexpensive goods and services that consumers buy frequency with limited consideration an analysis
shopping products
moderate expensive products that consumers buy less frequencly after learning about their freatures and benefits through the shoing process
specialty products
expensive products that seldom purchase. most people perceive specialty products as so important that they are unwilling to accept substitutes
unsought products
goods and services that hold little interest for consumers.
installations
large capital purchases designed for a long productive life
accessory equipment
smaller movable capital purchases designed for a shorter productive life than installations
maintenance repair and operating products. MROs
small ticket items that businesses consume on an ongoing basis but dont incorporate into the final product
raw materials
farm and natural products used in producing other products
component parts and processed materials
finished or partially finished products used in producing other products
business services
services that business purchase to facilitate operations
product differentiation
the attributes that make a good or service different from ot better than other products that compete to meet the same or similar customer needs
quality level
how well a product performs its core functions
product consistency
how reliavly a product delivers its promised level of quality
product features
the specific characteristics of a product
installations
large capital purchases designed for a long productive life
accessory equipment
smaller movable capital purchases designed for a shorter productive life than installations
maintenance repair and operating products. MROs
small ticket items that businesses consume on an ongoing basis but dont incorporate into the final product
raw materials
farm and natural products used in producing other products
component parts and processed materials
finished or partially finished products used in producing other products
business services
services that business purchase to facilitate operations
product differentiation
the attributes that make a good or service different from ot better than other products that compete to meet the same or similar customer needs
quality level
how well a product performs its core functions
product consistency
how reliavly a product delivers its promised level of quality
product features
the specific characteristics of a product
customer benefit
the advantage that a customer gains from specific product features
product line
a group of products that are closely related to each other weather in terms of how they work of the e customers they serve
product mix
the total number of product lines and individual items old by a single firm
canibalization
when a producer offers a new product that takes sales away from its existing products
brand
a companys identity name symbol design reputation and image
brand equity
overall value of a brand to an organization
line extensions
similar products offered tunder the same brand name
brand extension
a new product in a new category introduced under and existing brand name
licensing
purchasing a right to use and other brand name or symbol
cobranding
when brands join forces to market the same product
national brands
brands that the producer owns and markets
store brands
brands that he retailer both produces and distributes also called private label brands
discontinuous innovation
brand new products that radically change how people live
dynamically continuous innovation
existing products with marked changes and significant new product benefits
continuous innovation
existing products with slight modifications
diffusion
the spread of new products throughout market after they are introduced
product life cycle
a pattern of sales and profits that typically changes over time.
distribution strategy
a plan for delivering the right product to the right person at the right place and time
channel of distribution
he network of organizations and processes that links producerrs to onsumers
physical distribution
the actual physical movement of products along the distribution pathway
direct channel
a distribution process that links the producer and consumer
channel intermediaries
distribution organizations informally called middlemen that facilitate the movement of products from the producer to the consumer
utility
value or usefulness that a good or a service offers
retailers
distributors that sell products directly to the ultimate user
wholesalers
distributors that buy products from producers and sell them to other businesses or non final users such as hospitals nonprofits and the government
independent wholesaling businesses
independent distributors that buy products from a range of different businesses and sell those products to a range of different customers
merchant wholesalers
independent distribiturs who take legal possesiton
agents brokers
dist. who do not take title of the goods they distribute
multi channel retailing
providing multiple distribution channels for customers to buy a product.
wheel of retailing
suggest that retail firms and retail categories become more upscale as they go throught their life cycles.
supply chain
all organizations processes and activitys involved in the flow of goods from their raw materials to their final consumers
supply chain managment (SCM)
planning and coordinating the movement of products alon g the supply chain from the raw materials to the final consumers
logistics
a subset of supply chain management that focuses largely on the tactics involved in moving products along the supply chain
modes of transportation
the various transportation options for moving products throught the supply chain
penetration pricing
aims to capture as much of the market as possible through rock bottom prices
Every Day Low Pricing
long term discount pricing designed to achieve profitability though high sales volume
high low pricing
a pricing strategy designed to drive traffic to retail stores by special sales on a limited number of products and higher everyday prices on others
loss leader pricing
closely related to high low
pricing a handful of items temporarily below cost to drive traffic
skimming pricing
aims to maximize profit by offering new products at premium price
breakeven analysis
determining the number of units a firm must sell to cover all costs
profit margin
gap between the cost and the price of an item on a per product basis
odd pricing
the practice of ending prices in numbers below even dollar amounts
promotion
marketing communication designed to influence consumer purchase decisions through information persuasion and reminders
integrated marketing communication
the coordination of marketing messages through every promotional vehicle to communicate a unified impression about a product
positioning statement
a breaif statement that articulates how the marketer would like the tarket market to envision a product
promotional channels
specific marketing communication vehicles
product placement
the paid integration of branded products into movies television and other media
advergaming
a relatively new promotional channel that involves integrating branded products and advertising into interactive games
buzz marketing
the active stimulation of word of mough via unconventional and often low cost tactics
guerrilla marketing
buzz marketing
sponsorship
a deep association between a marketer and a partner which involves promotion of the sponsor in exchange for payment or goods
advertising
paid non personal communication designed to influence a target audience with regard to a product service organization or idea
sales promotion
marketing activities designed to stimulate immediate sales activity through specific short term programs aimed at either consumers or distributors
consumer promotion
marketing activities designed to generate immediate consumer sales using tools such as premiums promotional products samples coupons rebates and displays
trade promotion
marketing activities designed to stimulate wholesalers and retailers to push specific products more aggressively over the short term.
Public Relations (PR)
the ongoing effort to create positive-relationships with all of all of a firm s different public's
publicity
unpaid stories in the medial that influence perceptions about a company or its products
personal selling
the person to person presentation of products to potential buyers
missionary selling
promoting goodwill for a company by providing information and assistance to customers
consultative selling
uses active listening to offer practical solutions to customer problems
team selling
a sales approach that includes a group of specialists from key functional areas of a company
push strategy
a marketing approach that involves motivating distributors to heavily promote or push a product to the final consumers usually though heavy trade promotion and personal selling
pull strategy
a marketing approach that involves creating demand from the ultimate consumers so that they pull your products through the distribution channels by actively seeking them
Four Major Purchase Decisions that Influence consumers are.
4
What are three distribution strategies
intensive selective exclusive
what are the things that go into operations management
a
describe factors managers consider when choosing a location.
b
operations management
activities involved in creating goods an services and distributing then to customers
efficiency
producing output or achieving a goal at the lowest cost
effectiveness
using resources to create teh greatest value
process
a set of activities or steps that combine inputs in order to create a desire output
flow shop process
a production process that uses specialized machinery and equipment to produce a large quantity of a specific good very efficiently
assembly line
a production process in which the product moves from one station to another in a fixed sequence with the machinery and workers at each station performing specialized tasks
job shop process
a production process designed to produce goods or services in relatively small batches using general purpose machinery and equipment
inventory
stocks of finished items work in process parts materials or other resources held by an organization
immediate predecessors
activities in a project that must be completed before some other specified activity can begin
Gantt chart
a chart that can be used to track the progress of activities involved in completing a project
critical path method CPM
a project management tool that illustrates the relationships among all teh activites involved in completing a project in a network and enables managers to identigy the activities most likely to crate delays in the completion of the overall project
critical path
the sequence of activities in a project that is expected to take the longest to complete
automation
replacing human operation and control of machinery and equipment with some form of programmed control
robot
a reprogrammable machine that is capable of manipulating materials tools parts and specialized devices in order to perform a variety of tasks
computer aided design CAD
drawing and drafting doftware that enables users to create and edit blueprints and design drawings quickly and easily
computer aided engineering CAE
software that enables user to test analyze and optimize their designs
computer aided manufacturing CAM
software that takes the electronic design for a product and creates the programmed instructions that robots must follow to produce that product efficiently
Computer Integrated manufacturing
automate all steps involved in design testing and producing
vertical integration
the performance of functions in a supply chain internally rather than having them performed elsewhere
outsourcing
arranging for other organizations to perform supply chain functions that were previously performed internally
enterprise resource planning
software based approach to integrate an organizations systems in order to improve communication and coordination among all departments and operating units
total quality management TQM
an approach to quality improvement that calls for everyone within an organization to taker responsibility for improving quality and emphasizes the need for a long term commitment
polka-yolks
simple methods incorporated into a production process designed to eliminate errors
six sigma
approach to quality improvement characterized by ambitious quality goals extensive training, and a long term commitment to quality
baldrige national quality program
est 1987 to encourage American firms to focus on quality improvement
ISO 9000
A set of generic standards for quality management systems established by the International Organization for Standardization
Lean Production
An approach to production that emphasizes the elimination of waste in all aspects of production processes
Value Stream Mapping
A tool used in lean production to show the flows of materials and information from the beginning to the end of a production process; used to identify where waste occurs within a production system
Just In Time JIT Production
a production system that emphasizes the production of goods to meet current demand thus minimizing the need to hold inventories of finished goods and work in process at each stage of the supply chain