Marketing

Front 1

______ is all about attracting new customers and retaining and growing current customers

Back 1

Marketing

Front 2

marketing is all about meeting _____

Back 2

needs

Front 3

Consumers buy _________, not products or features

Back 3

benefits

Front 4

"People don't buy a 1/4" drill bit...they but a 1/4" hole" example of - ______

Back 4

benefit

Front 5

_____ is the act of obtaining a desired object from someone by offering something in return

Back 5

exchange

Front 6

The ______ ____ aim is to find, attract, keep and grow target customers by creating superior customer value

Back 6

Marketing Manager's

Front 7

______, ________, and _______ superior customer value is key to marketing

Back 7

creating, delivering, and communicating

Front 8

human wants that are backed by buying power

Back 8

demands

Front 9

some combination of products, services, information, or experiences offered to a market to satisfy a need or want (products, services, persons, places, organizations, information, ideas)

Back 9

market offering

Front 10

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

Back 10

Marketing myopia

Front 11

The set of all actual and potential buyers of a product or service

Back 11

Market

Front 12

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

Back 12

Marketing management

Front 13

Idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency

Back 13

Production Concept

Front 14

the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

Back 14

Societal marketing concept

Front 15

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Back 15

Customer Relationship Management

Front 16

marketing messages, ads, and other brand exchanges created by consumers themselves - both invited and uninvited

Back 16

consumer-generated marketing

Front 17

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Back 17

partner relationship management

Front 18

the portion of the customer's purchasing that a company gets in its product categories (ex. Amazon)

Back 18

Share of Customer

Front 19

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

Back 19

strategic planning

Front 20

the collection of businesses and products that make up the company

Back 20

business portfolio

Front 21

process by which management evaluates the products and businesses making up the company

Back 21

portfolio analysis

Front 22

____ are high growth, high share businesses or products. Often need heavy investment to finance their rapid growth.

Back 22

Stars

Front 23

______ are low growth, high share businesses or products. They produce a lot of cash that the company uses to pay its bills. Needs less investments

Back 23

Cash Cow

Front 24

________ are low share business units in high growth markets. Require a lot of cash to hold their share.

Back 24

Question Marks

Front 25

____ are low growth, low share businesses and products. May generate enough cash to maintain themselves but don't promise to be large sources of cash.

Back 25

dogs

Front 26

Strategy for company growth by increasing sales of current products to current market segments without changing the product

Back 26

Market Penetration

Front 27

Strategy for company growth by identifying and developing new market segments for current company products

Back 27

Market Development

Front 28

Strategy for company growth by offering modified or new products to current market segments

Back 28

product development

Front 29

a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets

Back 29

Diversification

Front 30

reducing the busienss portfolio by eliminating products of business units that are not profitable or no longer fit the company's overall strategy

Back 30

Downsizing

Front 31

Most companies enter a new market serving a _____ segment

Back 31

single

Front 32

arranging for a product to occupy a clear, distinctive, and desireable place relative to competing products in the minds of target consumers

Back 32

positioning

Front 33

Variety, quality, design, features, brand names, packaing, services

Back 33

Product

Front 34

channels, coverage, assortments, locations, inventory, transportation

Back 34

place

Front 35

advertising, personal selling, sales, public relations

Back 35

promotion

Front 36

strengths and weaknesses are ______

Back 36

internal

Front 37

opportunities and threats are _____

Back 37

external

Front 38

process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives

Back 38

marketing implementation

Front 39

process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved

Back 39

marketing control

Front 40

measures the profits generated by investments (net return from marketing investment/costs of marketing investment)

Back 40

ROI

Front 41

4 Steps of Marketing Strategy

Back 41

1) define company's mission
2) set objectives and goals
3) Design a business portfolio
4) Develop functional plans

Front 42

_____ ________ should be market oriented, realistic, specific, motivating, and consistent with the market environment

Back 42

Company Mission

Front 43

Based upon companys goals and objectives, headquarters design a_____ _____

Back 43

business portfolio

Front 44

_____ _____ should best fit its strengths and weaknesses to opportunities in the environment

Back 44

Business Portfolio

Front 45

Marketers must practice partner relationship management, and work closeys with partners in other company departments to form an effective ____ _____ that serves the customer

Back 45

value chain

Front 46

Companies must be good at _________ - turning marketing strategies into marketing actions

Back 46

implementations

Front 47

Much of the responsibility for implementation goes to the company's _______ _____

Back 47

marketing department