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127 Cards in this Set

  • Front
  • Back

Marketing

the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationship with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

Customers

the purchasers of organizations products; the focal point of all marketing activities.

Target Market

a specific group of customers now home an organization focuses it marketing efforts.

Marketing Mix

four marketing activities that a firm can control to meet the needs of customers within its target market.


-Product


-Pricing


-Distribution


-Promotion

Product

a good or service, or an idea.

Value

a customers subjective assessment of benefits relative to costs in determining the worth of a product.

Exchanges

the provision or transfer of goods, services, or ideas in return for something of value.


Stakeholders

constituents who have a stake or claim in some aspect of the company’s products, operations, markets, industry, and outcomes.

Marketing Environment

the competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect then marketing mix.

Market Concept

a managerial philosophy that an organization should try to satisfy customers needs through a coordinated set of activities that also allows the organization to achieve its goals.

Market Orientation

an organization wide commitment to researching and responding to customer needs.

Customer Relationship Management (CRM)

using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

Relationship Marketing

establishing long term mutually satisfying buyer seller relationships.

Green Marketing

a strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting, and enhancing the natural environment.

Environmental Scanning

he process of collecting information about forces in the marketing environment.

Environment analysis

the process of assessing and interpreting the information gathered through environmental scanning.

Competition

other firms that market products that are similar to or can be substituted for a firms products in the same geographic area.

Brand Competitors

firms that market products with similar features and benefits to the same customers at similar prices.

Product Competitors

firms that compete in the same product class but market products with different features, benefits, and prices.

Total Budget Competitors

firms that compete for the limited financial resources of the same customers.

Monopoly

a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply.

Oligopoly

a competitive structure in which a few sellers control the supply of a large proportion of a product.

Monopolistic Competition

a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.

Pure Competition

a market structure characterized by an extremely large number of sellers. none strong enough to significantly influence price or supply.

Buying Power

resources, such as money, goods, and services that can be traded in an exchange.

Disposable Income

after tax income.

Discretionary Income

disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter.

Willingness to Spend

an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces.

Business Cycle

a pattern of economic fluctuations that has 4 stages: Prosperity, recession, depression and recovery.

Federal Trade Commission (FTC)

an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling.

Better Business Bureau

a local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms.

National Advertising Review Board (NARB)

a self regulatory unit that considers challenges to issues raised by the National Advertising Division about an advertisement.

Technology

the application knowledge and tools to solve problems and preform tasks more efficiently.

Sociocultural Forces

he influences in a society and its culture that change peoples attitudes, beliefs, norms, customs, and lifestyles.

Social Responsibility

an organizations obligation to maximize its positive impact and minimize negative impact of society.

Marketing Citizenship

the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders.

Ethical Issue

an identifiable problem, situation, or opportunity requiring a choice among several actions that must be ethical or unethical.

Cause Related Marketing

the practice of linking products to a particular social cause on an ongoing or short term basis.

Strategic Philanthropy Approach

the synergistic use of organizational core competencies and resources to address key stakeholders interests and achieve both organizational and social benefits.

Consumerism

organized efforts by individuals, groups, and organizations to protect consumers rights.

Codes of Conduct

formalized rules and standards that describe what the company expects of its employees.

Consumer Market

Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profit.

Business Market

individuals or groups that purchase a specific kind of product for resale, direct use in producing other products or use in general daily operations.

Undifferentiated Targeting Strategy

A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.

Homogeneous Market

A market in which a large proportion of customers have a similar needs for a product.

Heterogeneous Market

A market made up of individuals or organizations with diverse needs for products in a specific product class.

Market Segmentation

he process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

Market Segment

Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs.

Concentrated Targeting Strategy

A market segmentation strategy in which an organization targets a single market segment using one marketing mix.

Differentiated Targeting Strategy

A strategy in which an organization target 2 or more segments by developing a market mix for each segment.

Segmentation Variables

Characteristics of individuals, groups or organizations used to divide a market into segments.

Market Density

The number of potential customers within a unit of land area.

Geodemographic Segmentation

A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information.

Micromarketing

An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets.

Benefit Segmentation

The division of a market according to benefits that consumers want from the product.

Market Potential

the total amount of a product that customers will purchase within a specified period at a specific level of industry wide marketing activity.

Company Sales Potential

The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.


Breakdown Approach: Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it.

Buildup Approach

Measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered.

Sales Forecast

the amount of a product a company expects to sell during a specific level of marketing activities.

Executive Judgment

A sales forecasting method based on the intuiting of one or more executives.

Customer forecasting Survey

A survey of customers regarding the types and quantities of products they intend to buy during a specific period.

Sales Force Forecasting Survey

A survey of a firm’s sales force regarding anticipated sales in their territories for a specified period.

Expert Forecasting Survey

Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors.

Delphi Technique

A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts.

Time Series Analysis

A forecasting method that uses historical sales data to discover patterns in the firm’s sales over time and generally involves trend, cycle, seasonal, and random factor analyses.

Trend Analysis

an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales.

Cycle Analysis

An analysis of sales figures for a 3 to 5 year period to ascertain whether sales fluctuate in a consistent, periodic manner.

Seasonal Analysis

An analysis of daily, weekly, or monthly sales figures to evaluate the degree in which seasonal factors influence sales.

Random Factor Analysis

An analysis attempting to attribute erratic sales variations to random, nonrecurrent events.

Regression Analysis

A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income.

Market Test

Making a product available to buyers in one or more test areas and measuring purchasers and consumer responses to marketing efforts.

Buying behavior

the decision processes and actions of people involved in buying and using products.

Consumer buying behavior

the decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes.

Consume buying decisions

a five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation.

Internal search

an information search in which buyers search their memories for information about products that might solve their problem.

External search

an information search in which buyers seek information from sources other than their memories.

Consideration set

a group of brands within a product category that a buyer views as alternatives for possible purchase.

Evaluative criteria

objective and subjective product characteristics that are important to a buyer.

Cognitive dissonance

a buyers doubts shortly after a purchase about whether the decision was right one.

Level of involvement

an individual’s degree of interest in a product and the importance of the product for the person.

Routinized response behavior

a consumer problem solving process used when buying frequently purchased, low cost items that require very little search and decision effort.

Limited decision making

a consumer problem solving process used when purchasing products occasionally or needing information about unfamiliar brand in a familiar product category.


Extended decision making

a consumer problem solving process employed when purchasing unfamiliar, expensive, or infrequently bought products.

Impulse buying

an unplanned buying behavior resulting from a powerful urge to buy something immediately.

Situational influences

influences that result from circumstances, time, and location that affect the consumer buying decision process.

Psychological influences

factors that in part determine people’s general behavior, thus influencing their behavior as consumers.

Perception

the process of selecting, organizing, and interpreting information inputs to produce meaning.

Information inputs

sensations received through sight, taste, hearing, smell, and touch.

Selective exposure

he process by which some inputs are selected to reach awareness and others are not.

Selective distortion

an individual’s changing of twisting of information that is inconsistent with personal feelings or beliefs.


Selective Retention

remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not.

Motive

an internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals.

Maslow’s hierarchy of needs

the five levels of needs that humans seek to satisfy, from most to least important.

Patronage motives

motives that influence where a person purchases products on a regular basis.

Learning

changes in an individual’s thought processes and behavior caused by information and experience.

Attitude

an individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea.

Attitude scale

a means of measuring consumer attitudes by gauging the intensity of individual’s reactions to adjectives, phrases, or sentences about an object.

Personality

a set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior in a certain situations.

lifestyle

an individuals pattern of living expressed through activities, interests, and opinions.

Social influences

the forces other people exert on one’s buying behavior.

Roles

actions and activities that a person in a particular position is supposed to preform based on expectations of the individual and surrounding persons.

Consumer socialization

the process through which a person acquires the knowledge and skills to function as a consumer.

Reference group

a group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members.

Opinion leader

a member of an informal group who provides information about a specific topic to other group members.

Social class

an open group of individuals with similar social rank.

Culture

the accumulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations.

Subculture

a group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture.

Consumer misbehavior

behavior that violates generally accepted norms of a particular society.

Producer markets

individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations.

Reseller markets

intermediaries that buy finished goods and resell them for a profit.

Government markets

federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies.

Institutional markets

organizations with charitable, educational, community, nor other nonbusiness goals.

Reciprocity

an arrangement unique to business marketing in which two organizations agree to buy from each other.

Concerns of business customers

business customers are concerned about several major factors, including costs, acquiring the right product that works effectively , and customer service.

New task purchase

an organizations initial purchase of an item to be used to preform a new job or solve a new problem.

Straight re buy purchase

a routine purchase of the same products under approximately the same terms of sale by a business buyer.

Modified re buy purchase

a new task purchase that is changed on subsequent orders or when the requirements of a straight re buy purchase are modified.

Derived demand

demand for business products that stems from demand for consumer products.


Inelastic demand

demand that is not significantly altered by a price increase or decrease.

Joint demand

demand involving the use of two or more items in combination to produce a product.

Business buying behavior

the purchase behavior of producers, government units, institutions, and resellers.

Buyer center

the people within an organization who make business purchase decisions.

Value analysis

an evaluation of each component of a potential purchase.

Vendor analysis

a formal, systematic evaluation of current and potential vendors.

Multiple sourcing

an organizations decisions to use several suppliers.

Sole sourcing

an organization’s decisions to use only one supplier.

North American industry classification system

an industry that generates comparable statistics among the United States, Canada, and Mexico.