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105 Cards in this Set

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Advertising;
Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
Break-through Opportunities;
Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
Buying Function;
Looking for and evaluating goods and services.
Channel of Distribution;
Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.
Clustering Techniques;
Approaches used to try to find similar patterns within sets of data.
Combined Target Market Approach;
Combining two or more submarkets into one larger garget market as a basis for one strategy.
Combiners;
Firms that try to increase the size of their target markets by combining two or more segments.
Competitive Advantage;
A firm has a marketing mix that the target market sees as better than a competitor’s mix.
Competitive Barriers;
The conditions that may make it difficult, or even impossible, for a firm to compete in a market.
Competitive Environment;
The number and types of competitors the marketing manager must face, and how they may behave.
Competitive Rivals;
A firm’s closet competitors.
Competitor Analysis;
An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.
Consumerism;
A social movement that seeks to increase the rights and powers of consumers.
Cultural and Social Environment;
Affects how and why people live and behave as they do.
Customer Relationship Management (CRM);
An approach where the seller fine-tunes the marketing effort with information from a detailed customer database.
Customer Value;
The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
Determining Dimensions;
The dimensions that actually affect the customer’s purchase of a specific product or brand in a product-market.
Differentiation;
The marketing mix is distinct from and better than what’s available from a competitor.
Diversification;
Moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even level in the production-marketing system.
E-Commerce;
Exchanges between individuals or organizations-and activities that facilitate those exchanges-based on applications of information technology.
Economic and Technological Environment;
Affects the way firms, and the whole economy, use resources.
Economic System;
The way and economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
Economies of Scale;
As a company produces larger numbers of a particular product, the cost for each of these products goes down.
Facilitators;
Firms that provide one or more of the marketing functions other than buying or selling.
Financing;
Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
Generic Market;
A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs.
Implementation;
Putting marketing plans into operation
Innovation;
The development and spread of new ideas, goods, and services.
Intermediary (or middleman);
Someone who specializes in trade rather than production, sometimes called a middleman.
Internet;
A system for linking computers around the world.
Macro-Marketing;
A social process that directs an economy’s flow of goods and services from producers to consumers in a way That effectively matches supply and demand and accomplishes the objectives of society.
Market;
A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs.
Market Development;
Trying to increase sales by selling present products in new markets.
Market Information Function;
The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
Market Penetration;
Trying to increase sales of a firm’s present products in its present markets-probably through a more aggressive marketing mix.
Market Segment;
A relatively homogeneous group of customers who will respond to a marketing mix in a similar way.
Market Segmentation;
A two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
Market-Directed Economic System;
The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
Marketing Company Era;
A time when, in addition to short-run marketing planning, marketing people develop long-range plans-sometimes five or more years ahead-and the whole company effort is guided by the marketing concept.
Marketing Concept;
The idea that an organization should aim all its efforts at satisfying its customers-at a profit.
Marketing Department Era;
A time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
Marketing Ethics;
The moral standards that guide marketing decisions and actions.
Marketing Management Process;
The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
Marketing Mix;
The controllable variables that the company puts together to satisfy a target group.
Marketing Orientation;
Trying to carry out the marketing concept.
Marketing Plan;
A written statement of a marketing strategy and the time-related detail for carrying out the strategy.
Marketing Program;
Blends all of the firm’s marketing plans into one big plan.
Marketing Strategy;
Specifies a target market and a related marketing mix.
Mass Marketing;
The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.
Mass Selling;
Communicating with large numbers of potential customers at the same time.
Micro-Macro Dilemma;
What is good for some producers and consumers may not be good for society as a whole.
Micro-Marketing;
The performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
Mission Statement;
Sets out the organization’s basic purpose for being.
Multiple Target Market Approach;
Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix.
Nationalism;
An emphasis on a country’s interests before everything else.
North American Free Trade Agreement (NAFTA);
Lays out a plan to reshape the rules of trade among the U.S., Canada, and Mexico.
Operational Decisions;
Short-run decisions to help implement strategies.
Personal Selling;
Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet.
Place Utility;
Having the product available where the customer wants it.
Planned Economic System;
Government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why.
Portfolio Management;
Treats alternative products, divisions, or strategic business units (SBUs) as though they are stock investments to be bought and sold using financial criteria.
Positioning;
An approach that refers to how customers think about proposed or present brands in a market.
Possession Utility;
Obtaining a good or service and having then right to use or consume it.
Product Development;
Offering new or improved products for present markets.
Production Era;
A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market.
Production Orientation;
Making whatever products are easy to produce and then trying to sell them.
Product-Market;
A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs.
Publicity;
Any unpaid form of nonpersonal presentation of ideas, goods, or services.
Pure Subsistence Economy;
Each family unit produces everything it consumes.
Qualifying Dimensions;
The dimensions that are relevant to including a customer type in a product-market.
Risk Taking;
Bearing the uncertainties that are part of the marketing process.
S.W.O.T. Analysis;
Identifies and lists the firm’s strengths and weaknesses and its opportunities and threats.
Sales Era;
A time when a company emphasizes selling because of increased competition.
Sales Promotion;
Those promotion activities-other than advertising, publicity, and personal selling-that stimulate interest, trial, or purchase by final customers or others in the channel.
Segmenters;
Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
Segmenting;
An aggregating process that clusters people with similar needs into a market segment.
Selling Function;
Promoting the product.
Simple Trade Era;
A time when families traded or sold their surplus output to local middlemen who resold these goods to other consumers or distant middlemen.
Single Target Market Approach;
Segmenting the market and picking one of the homogeneous segments as the firm’s target market.
Social Responsibility;
A firm’s obligation to improve its positive effects on society and reduce its negative effects.
Standardization and Grading;
Sorting products according to size and quality.
Storing Function;
Holding goods until customers need them.
Strategic (Management) Planning;
The managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
Strategic Business Unit (SBU);
An organizational unit (within a larger company) that focuses its effort on some product-markets and is treated as a separate profit center.
Target Market;
A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
Target Marketing;
A marketing mix is tailored to fit some specific target customers.
Technology;
The application of science to convert an economy’s resources to output.
Transporting Function;
The movement of goods from one place to another.
Universal Functions of Marketing;
Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information.
Form Utility;
Provided when someone produces someone tangible.
Utility (Customer Satisfaction);
Value that comes from satisfying human needs.
Task Utility;
Provided when someone performs a service.
Time Utility;
Value added to a product when it is made available when the customer wants to buy it. Example; ATMs, 24-hour stores, 1-hour photo
Marketing Mix;
Four P’s
Product;
Concerned with developing the right “product for the target market.
Place/Distribution;
Concerned with all the decisions involved in getting the “right” product to the target market’s Place.
Market;
A group of potential customers with similar needs who are willing (and able) to purchase a product to satisfy those needs.
Attractive Opportunities;
Effective marketing strategy planning matches opportunities to the firm’s resources (what it can do) and its objectives (what top management wants to do).
Sustainable Competitive Advantage;
No other firm can copy what is done in the long run.
Marketing Penetration;
Trying to increase sales of a firm’s present products in its present markets.
Three Groups of Consumers;
Current Users- get them to buy more.
Market Development;
Trying to increase sales by selling present products in new markets. Geographic expansion, new uses.
Dimensions Used to Segment;
1. All Potential Dimensions
Consumer Ideal Points;
Exact combination of attributes wanted by a group of consumers.
PEST;
Political, Economic, Social/Cultural, Technological