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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Exchange |
Two or more parties with something of value to one another, a desire and ability to give up that something to another party, and a way to communicate with each other. |
- must be _____ or more - mutual _______ to one another |
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(AMA 2007) Marketing |
The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. |
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Value |
Customers perception of all the benefits of a product or service weighed against all the costs of acquiring and consuming it. |
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Marketing Mix |
Product, Price, place, promotion: Combining these four elements into a marketing program to facilitate the potential for exchange with consumers in the marketplace. |
- Four "P"s |
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Integrated marketing communications |
Coordinating various promo elements and other marketing activities that communicate with a firm's customers |
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Promotion |
The coordination of all seller-initiated efforts to set up channels of information and persuasion in order to sell goods and services or promote an idea. |
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The Promotional Mix |
6 elements used to accomplish an organizations communication objectives: 1) advertising 2) direct marketing 3) digital/internet marketing 4) sales promotion 5) publicity/PR 6) personal selling |
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Advertising |
Any paid form of nonpersonal communication about an organization, product, service, or idea by an identified sponsor. |
Promotional mix |
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Direct marketing |
Organizations communicate directly with target customers to generate a response and/or a transaction. One goal = sales! Measured = calls-per-hour, website orders |
Promo mix |
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Sales Promotion |
Provide extra value or incentives to the sales force, the distributors, or the ultimate consumer and can stimulate immediate sales. |
- get rid of inventory - borrows from future sales |
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Publicity/public relations |
Nonpersonal communications regarding an organization or product that is not directly paid for or run under identified sponsorship |
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Personal Selling |
Person to person communication in which a seller attempts to assist and or persuade prospective buyers to purchase the company's product or service. - most expensive - best way to get feedback |
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Marketing plan |
Written document that describes the overall marketing strategy and programs developed for an organization or brand. |
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Internal analysis |
Assess the relevant areas involving the product/service offering and the firm itself |
Planning phase of marketing plan |
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Internal analysis |
Assess the relevant areas involving the product/service offering and the firm itself |
Planning phase of marketing plan |
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External analysis |
Focuses on factors such as characteristics of the firm's customers, market segments, positioning strategies, and competitors |
Planning phase of marketing plan |
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Marketing objectives |
What is to be accomplished by the overall marketing program |
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Marketing objectives |
What is to be accomplished by the overall marketing program |
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Communication objectives |
What the firm seeks to accomplish with its *promotional* program |
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