Mark

Front 1

Marketing Myopia

Back 1

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Front 2

Marketing Management

Back 2

The art and science of choosing target markets and building profitable relationships with them

Front 3

Production Concept

Back 3

The idea that consumers will favor products that are available and highly affordable. Therefore, the organization should focus on improving production and distribution efficiency.

Front 4

Product Concept

Back 4

Consumers will favor products that offer the most quality, performance and features. Therefore, the organization should devote it's energy to making continuous product improvements

Front 5

Selling Concept

Back 5

Consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort.

Front 6

Consumer-generated Marketing

Back 6

Brand exchanges created by customers themselves-both invited and uninvited-by which customers are playing an increasing role in shaping their own brand experiences and those of other consumers.

Front 7

Customer Lifetime Value

Back 7

The value of the entire stream of purchases a consumer makes over a lifetime of patronage.

Front 8

Share of Customer

Back 8

Portion of the customer's purchasing that a company gets in it's product categories

Front 9

​Marketing, more than any other business​ function, deals with​ ___________.

Back 9

Customers

Front 10

The first step of the marketing process involves companies working to​ ____________.

Back 10

Gain a better understanding of consumers

Front 11

​_______ are the form human needs take as they are shaped by culture and individual personality.

Back 11

Wants

Front 12

​A(n) ________ is the set of actual and potential buyers of a product or service.

Back 12

Market

Front 13

The​ ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Back 13

Marketing Concept

Front 14

​Customer-driven marketing usually works well when a clear need exists and when customers​ _________________.

Back 14

Know what they want

Front 15

The aim of​ _____________ is to produce high customer equity​, the total combined customer lifetime values of all of the​ company's customers

Back 15

Customer Relationship Management

Front 16

​______________, which depends on the​ product's perceived performance relative to a​ buyer's expectations, is an important factor in creating customer value and building​ long-term market relationships.

Back 16

Customer Satisfaction

Front 17

Social sharing is best described as​ __________.

Back 17

getting people to talk with others and pass along their positive brand experiences

Front 18

Strategic Planning

Back 18

Process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Front 19

Mission Statement

Back 19

A statement of the organization's purpose-what it wants to accomplish in the larger environment

Front 20

Portfolio Analysis

Back 20

Process by which management evaluates the products and businesses that make up a company

Front 21

Growth-share Matrix

Back 21

Portfolio planning method that evaluates a company's SBUs in terms of market growth rate and relative market share

Relative -horizontal axis measure of company strength

Front 22

Product/Market Expansion Grid

Back 22

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, desertification.

Front 23

Market Penetration

Back 23

Company growth by increasing sales of current products to current market segments without changing the product

Front 24

Marketing P's

Back 24

Product, price, place, promotion

Front 25

Market Segment

Back 25

A group of consumers who respond in a similar way to a given set of marketing efforts

Front 26

Market Targeting

Back 26

Process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 27

Actors close to the firm that affect its ability to serve its​ customers, such as​ suppliers, marketing​ intermediaries, and​ competitors, are all components of a​ company's ________.

Back 27

Microenvironment

Front 28

Significant change in the age structure of a population is one example of the impact of the​ firm's ________.

Back 28

Macroenvironment

Front 29

Following the Great​ Recession, U.S. consumers have now adopted a​ back-to-basics sensibility in their lifestyles and spending patterns that will likely persist for years to come. Marketers in all​ industries, in​ turn, are looking for ways to offer​ today's more financially frugal buyers greater​ value, an approach known as​ ________.

Back 29

value marketing

Front 30

Companies such as​ P&G, Walmart, and Levi Strauss have recognized the growing​ ________ in the U.S. population by targeting specially designed​ products, ads, and promotions to appeal to one or more​ ethnic, racial, or​ lifestyle-based groups.

Back 30

Diversity

Front 31

To exercise their social responsibility and build more positive​ images, many companies are now linking themselves to worthwhile charitable organizations and social​ issues, a practice known as​ ________.

Back 31

Cause related marketing

Front 32

Companies that view the marketing environment as an uncontrollable element are more likely to take​ a(n) ________ approach toward environmental change.

Back 32

Reactive

Front 33

Public

Back 33

Any group that has actual or potential interest in or impact on a org's ability to achieve its objs

Front 34

Baby Boomers

Back 34

After world war 2 until 1964

Front 35

Generation X

Back 35

1965-1976

Front 36

Millenials

Back 36

1977-2000

Front 37

Generation Z

Back 37

After 2000

Front 38

Natural Environment

Back 38

Physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

Front 39

​Today, many marketing managers are overloaded and sometimes overwhelmed by the amount of market information available to them.​ ________ is the general term that refers to the problems and opportunities that emerge from organizations attempting to make sense of the large complex datasets that have been amassed from a variety of sources.

Back 39

Big Data

Front 40

Companies like​ Coca-Cola and Geico have formed​ ________, typically led by a senior marketing executive and made up of experts from across the​ organization, whose purpose is to collect and analyze customer and market information from a wide variety of sources in order to identify and act upon new market opportunities.

Back 40

Customer insights teams

Front 41

A​ ________ consists of people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

Back 41

Marketing Information System

Front 42

​________ is the systematic​ monitoring, collection, and analysis of publicly available information about​ consumers, competitors, and developments in the marketplace.

Back 42

Competitive Marketing Intelligence

Front 43

The first stage of the marketing research​ process, which involves​ ________, is often the most difficult step in the research process.

Back 43

Defining research problem and setting research objs

Front 44

Coors insight teams interact anonymously with bar​ patrons, supermarket​ shoppers, restaurant​ diners, and convenience store clerks to gain authentic insights into how middle American consumers​ buy, drink,​ dine, and socialize around Coors and competing brands. This is an example of​ ________ research.

Back 44

Ethnographic

Front 45

​ ________ integrates everything that a​ company's sales,​ service, and marketing teams know about individual​ customers, providing a​360-degree view of the customer relationship.

Back 45

CRM

Front 46

Many firms securely share relevant​ sales, inventory, product​ development, and marketing information with suppliers and other external partners via its​ ________.

Back 46

Extranet

Front 47

Target recently made some of its customers very uneasy when it used its buying histories to figure out that it had a baby on the​ way, including accurate estimates of child gender and due date. This incident triggered an avalanche of public concern relating to​________.

Back 47

Consumer Privacy

Front 48

Increasing consumer privacy concerns have become a major problem for the marketing research industry. Companies face the challenge of unearthing​ valuable, but potentially sensitive consumer​ data, while also maintaining consumer trust. At the same​ time, consumers wrestle with the​ trade-offs between​ ________ and privacy.

Back 48

Personalization

Front 49

Internal Databases

Back 49

Collections of consumer and market information obtained from data sources within the company's network

Front 50

Exploratory Research

Back 50

Research to gather preliminary information that will help define problems and suggest hypotheses

Front 51

Descriptive Research

Back 51

Better describes marketing problems,situations, or markets such as the market potential for a product or the demographics and attitudes of consumers

Front 52

Causal Research

Back 52

Test hypotheses about cause and effect relationships

Front 53

Secondary Data

Back 53

Information that already exists somewhere

Front 54

Primary Data

Back 54

Collected for a specific purpose