Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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
|