Marketing

Front 1

organizational function and collection of processes designed to plan for, create, and deliver VALUE

Back 1

marketing

Front 2

a promise to deliver specific benefits associated with products or services to consumers

Back 2

brand

Front 3

the financial capacity to buy what one wants

Back 3

demand

Front 4

a necessity to meet an urgent requirement

Back 4

need

Front 5

the satisfaction received from owning or consuming a product or service

Back 5

utility

Front 6

the benefits that exceed the cost of products, services, or other items

Back 6

value

Front 7

a desire for something that is not essential

Back 7

want

Front 8

organizational philosophy dedicated to understanding and fulfilling consumer needs through creation of value

Back 8

marketing concept

Front 9

the projected sales revenue and profitability that a customer could provide

Back 9

customer lifetime value

Front 10

perceived value equation

Back 10

perceived benefits - perceived cost //////// price

Front 11

relationships created when business and consumers interact through a sales transaction

Back 11

customer relationship

Front 12

a business focus on efficient production and distribution with little emphasis on any marketing strategy

Back 12

production orientation

Front 13

a business focus on advertising and personal selling to create demand and move product inventory

Back 13

sales orientation

Front 14

a business focus on satisfying unmet consumer needs and wants

Back 14

consumer orientation

Front 15

a business focus on creating value-added relationships with suppliers and consumers

Back 15

relationship orientation

Front 16

things done to help buy products - activities that assist in the execution of exchange and physical functions

Back 16

facilitating functions

Front 17

moving A to B - promote and enable the transfer of ownership

Back 17

exchange functions

Front 18

how the product moves from A to B - distribution

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physical functions

Front 19

4 p's

Back 19

price, product, place, and promotion

Front 20

activities performed within organizations that create value for specific products

Back 20

marketing functions

Front 21

set of forces - some controllable some uncontrollable - that influence the ability of a business to create value and attract and serve customers

Back 21

marketing environment

Front 22

3 controllables

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people, process, physical environment

Front 23

uncontrollables

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legal systems and natural resources

Front 24

all activities that occur outside the organizational functions

Back 24

external environment

Front 25

implementation of marketing practices directed outside the business to create value

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external marketing

Front 26

implementation of marketing practices directed inside

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internal marketing

Front 27

societal forces that are essentially uncontrollable

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macroenvironment

Front 28

forces close to a company yet outside its internal environment that influence the ability of a business to serve its customers

Back 28

microenvironment

Front 29

factors that relate to the nature, quantity, and potential actions of competitors

Back 29

competitive environment

Front 30

characteristics of human population used to identify markets

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demographics

Front 31

factors that influence consumer purchase ability and buying behavior

Back 31

economic environment

Front 32

average consumer earnings used to approximate national earnings

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income levels

Front 33

an increase in the price of a collection of goods that represent an overall economy

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inflation

Front 34

factors that provide rules and penatlties for violations designed to protect society and consumers

Back 34

legal environment

Front 35

factors that relate marketing to the needs and wants of society and culture

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social and cultural environment

Front 36

unemployment levels

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# of unemployed divided by aggregate labor force

Front 37

factors that select national leadership, create laws, and provied a process for discourse on a wide range of issues

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political environment

Front 38

factors that influence marketing, based on scientific actions and innovation

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technological environment

Front 39

the end-users of the product

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consumer markets

Front 40

products that directly fulfill the desires of consumers and are not intended to assist int he manufacture of other products

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consumer products

Front 41

when a consumer purchases a product or service at a price less than the utility of the product or service

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consumer surplus

Front 42

individuals and organizations that are potential or actual buyers of goods that are used in the production of other products

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business markets

Front 43

the sales of products and services from one business to another

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business-to-business

Front 44

the major classiciations of business buying situations

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buyclasses

Front 45

the collection of individuals that perform specific roles in the procurement process

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buying center

Front 46

the demand for a product or service that results from the demad for another product of service

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derived demand

Front 47

NAICS

Back 47

north American industrial classification system

Front 48

SKU

Back 48

stock keeping unit

Front 49

difference between consumer markets and business markets

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businesses buy in bulk

Front 50

having a central market -

Back 50

REDUCES COST

Front 51

the unique purchase of product / service

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New task

Front 52

button down shirt in a different color

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modified rebuy

Front 53

buying the same things

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straight rebuy

Front 54

the difference between the benefits of a customer receives and the total cost from acquiring and disposing of a product

Back 54

customer perceived value

Front 55

the purpose for seeking a product

Back 55

functional use

Front 56

zone on a value map where customers' perceived benefits equal customer perceived cost

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fair value zone

Front 57

a graphical representation of the ratio between customer benefits and perceived cost of a product

Back 57

value map

Front 58

degree to which a product meets a customers expectations

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satisfaction

Front 59

the present value of all profits expected to be earned from a customer over the lifetime of their relationship with a company

Back 59

customer lifetime value

Front 60

the degree to which a customer will select a particular brand when a purchase from that product is being considered

Back 60

customer loyalty

Front 61

# of time periods the customer returns before they stop buying

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customer life

Front 62

# of customers who return

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customer retention

Front 63

the show at the beginning of a relationship; fancy date, diamond ring

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acquisition cost

Front 64

the process of developing and enhancing long-term relationships with profitable customers

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relationship marketing

Front 65

activites that are used to establish, develop , and maintain customer sales

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customer relationship management

Front 66

the statistical analysis of large databases seeking to discover hidden pieces of information

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data mining

Front 67

community, nation, or group that shares common traditions, institutions activites

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society

Front 68

total dollar value of goods and services within the year

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GDP

Front 69

groups of private individuals that monitor the behavior of marketers or governments

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nongovermental organizations

Front 70

shared values of a particular society

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culture

Front 71

when a consumer refuses to do business with a company or nation in order to signal their disapproval

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boycotts

Front 72

the organized efforts on part of consumer groups to improve rights and power of buyers in relation to sellers

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consumerism

Front 73

acheieving finaancial objectives while promoting the long-term well being of the eath

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environmental sustainability

Front 74

an organized movement of citizens, businesses and government agencies to protect and improve our living environment

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environmentalism

Front 75

marketing efforts to produce more environmentally responsible products and services

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green marketing

Front 76

goods grown naturally

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organic foods

Front 77

rules of conduct or action prescribed by an authority

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law

Front 78

rules or orders by an official agency with authority that carries the force of law

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regulations

Front 79

extravagent statements made in advertising that have no substantiation or reasonable basis in truth

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exaggerated claims

Front 80

claims of product superiority that cannot be proven as true or false

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puffery

Front 81

concern for how a persons actions might affect the interest of others

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social responsibility

Front 82

a philosophy that encourages decision makers to take into account the social consequences of their business actions

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corporate social responsibility

Front 83

a system of moral principles and values

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ethics

Front 84

rules for evaluating marketing decisions and actions based on marketer's duties or obligations to society

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marketing ethics

Front 85

assertion that marketing techniques may be employed for more than selling things and making a profit

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social marketing concept

Front 86

term used to describe practices that combine economic growth with careful stewardship of our natural resources and the environment

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sustainability

Front 87

getting compensation

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the right to redress

Front 88

prohibits monopolies

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sherman antitrust act

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payments extracted under duress

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extortion

Front 90

voluntary offered payment by someone seeking unlawful advantage

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bribery

Front 91

exchange based on traditional economic exchanges; obligation of reciprocity between actors

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gift

Front 92

concept of consistency of actions; honesty, truthfulness

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integrity

Front 93

mutual exchange or a return in kind or of like value

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reciprocity