Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/60

Click to flip

60 Cards in this Set

  • Front
  • Back
marketing
organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders
exchange process
activity in which two or more parties give something of value to each other to satisfy perceived needs
utility
want-satisfying power of a good or service
marketing concept
company-wide consumer orientation to promote long-run success
customer satisfaction
ability of a good or service to meet or exceed a buyer's needs and expectations
person marketing
efforts designed to attract the attention, interest, and preference of a target market towards a person.
place marketing
the attempt to attract people to a particular area
organizational marketing
influences consumers to accept the goals of, receive the services of, or contribute in some way to an organization.
marketing strategy
the two step process in which a firm analyzes potential target markets and chooses among them. then create a marketing mix to satisfy the chosen market's needs.
consumer products (B2C)
goods or services, such as dvds, shampoo, etc that are purchased by end users
business products (B2B)
goods and services purchased to be used in the production of other goods for resale.
target market
group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences
marketing mix
blending the four elements of marketing strategy - product, distribution, promotion, and pricing
consumer behavior
actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions
product
a bundle of physical, service, and symbolic attributes designed to satisfy buyer's want
convenience products
products the customer seeks to purchase frequently, quickly, and with little effort (vending machines, etc.)
shopping products
products usually purchased only after customer has compared other products in competing stores
specialty products
products the customer is willing to make a special effort to obtain
Frequency marketing
frequent buyer and user programs, such as cash rebates, merchandise, and other premiums
Co-marketing
two businesses market each others products
Co-branding
when two or more businesses link their names to a single product
product line
A company's product line is a group of related products marked by physical similarities or intended for a similar market
Product mix
A product mix is the assort-
ment of product lines and individual goods and services that a firm offers to
consumers and business users
Product life cycle
Once a product is on the market,it usually goes
through a series of four stages known as the product
life cycle: introduction,growth,maturity,and decline.
Brand
A brand is a name,term,
sign,symbol,design,or some combination thereof used to identify the products of one firm
and to differentiate them from competitive offerings.
Distribution
distribution focuses on moving goods and services from producer to
wholesaler to retailer to buyers.
Retailer
Retailers can range from specialty stores to factory out-
lets and everything in between,and they must choose
appropriate customer service,pricing,and location strategies in order to succeed.
Brand name
A brand name is that part of the brand consisting of words or letters included in a name
used to identify and distinguish the firms offerings from those of competitors.
Trademark
A trademark is a brand that has been given legal protection.
Manufacturer’s brand
a brand offered and promoted by a manufacturer
Private brand
A private (or
store) brand identifies a product that is not linked to the manufacturer but instead carries a
wholesaler's or retailer's label
Distribution strategy
distribution strategy, deals with the marketing activities and institutions involved in getting the right good or service to the firm's customers.
Intensive distribution
Intensive distribution involves placing a firm's products in nearly every available outlet.
selective distribution
Selective distribution is a market-coverage strategy in which a manufacturer selects only
a limited number of retailers to distribute its product lines.
exclusive distribution
Exclusive distribution, at the other end of the continuum from intensive distribution,limits
market coverage in a specific geographical region.
Promotion
Promotion is the function
of informing,persuading,and
influencing a purchase decision.
promotion mix
advertising,sales promotion,
personal selling,and public
relations.
Objectives of promotional strategy
provide information, stabilize sales, increase sales, accentuate product value, differentiate product from others like it
Personal selling
Personal selling is
the most basic form of promotion:a direct person-to-person promotional presentation to a
potential buyer.
Advertising
Advertising refers to paid nonpersonal communication usually targeted at large numbers of potential buyers
Sales promotion
Sales promotion consists of forms of promotion such as coupons,
product samples,and rebates that support advertising and personal selling.
Public relations
Public relations refers to an organizationÕs communications with its various public audi-
ences,such as customers,vendors,news media,employees,stockholders,the government,and
the general public
Publicity
stimulation
of demand for a good,
service, place, idea,
person, or organiza-
tion by disseminating
news or obtaining favor-
able unpaid media
presentations.
Price
the exchange
value of a good or service
Cost-based pricing
adding a percentage
(markup) to the base
cost of a product to
cover overhead costs
and generate profits.
Positioning
the concept where marketers attempt to establish
their products in the minds of customers
Guerrilla marketing
Guerrilla marketing is innovative,low-cost marketing efforts designed to get consumers'
attention in unusual ways.
Product advertising
Product advertising consists of messages designed to sell a particular
good or service.
Cause advertising
promotes a specific viewpoint on a public issue as a
way to influence public opinion and the legislative process about issues
such as literacy,hunger and poverty,and alternative energy sources.
Sponsorship
Sponsorship involves providing funds for a sporting
or cultural event in exchange for a direct association with the event.
Specialty advertising
This type of sales promotion involves the gift of useful
merchandise carrying the name,logo,or slogan of a profit-seeking business or a not-for-profit
organization.
Push and pull strategy
A pushing strategy relies on personal selling to market an item to wholesalers and retailers in a company's distribution channels. A pulling strategy attempts to promote a product by generating consumer demand for it,
primarily through advertising and sales promotion appeals.
Profitability objectives
We want profits to increase by 10 percent a year through 2015.Ž
Volume objectives
bases pricing decisions on market share,the percentage of a
market controlled by a certain company or product.
Prestige pricing
Prestige pric-
ing establishes a relatively high price to develop and maintain an image of quality and
exclusiveness.
Skimming pricing
A skimming pric-
ing strategy sets an intentionally high
price relative to the prices of competing
products.
Penetration pricing
sets a low price as a major
marketing weapon
Everyday low pricing
a strat-
egy devoted to maintaining continuous low prices rather than relying on short-term price-cutting
tactics such as cents-off coupons,rebates,and special sales
Competitive pricing
They
try to reduce the emphasis on price competition by matching other firmsÕprices
and concentrating their own marketing efforts on the product,distribution,and
promotional elements of the marketing mix
Odd/even pricing
odd pricing is commonly
used because many retailers believe that consumers favor uneven amounts or
amounts that sound less than they really are:ItÕs easier to justify a purchase of
$299 than one of $300.