Marketing

Front 1

Importance of marketing

Back 1

Marketing is the distinguishing, unique function of the business. It produces results.

Front 2

Production Orientation

Back 2

To sell more product, make more.
Products sell themselves.

Front 3

Sales Orientation

Back 3

If we hire more salespeople, we'll make more money. Salespeople sell products.

Front 4

Marketing Concept

Back 4

Idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals.

Front 5

Marketing Orientation

Back 5

Focusing efforts on continuously collecting information about customers' needs and competitors' capabilities, sharing this information across departments, and using the information to create consumer value.

Front 6

Marketing's First Task

Back 6

Discover and satisfy consumers' needs

Front 7

Marketing's Second Task

Back 7

Spread message as cost-effectively as possible

Front 8

Target Market

Back 8

One or more specific groups of potential consumers toward which an organization directs its marketing program

Front 9

Purchase Decision Process

Back 9

1. problem recognition 2. information search 3. alternative evaluation 4. purchase decision 5. postpurchase behavior

Front 10

Cognitive Dissonance

Back 10

feeling of post-purchase psychological tension or anxiety

Front 11

Perceived Risk

Back 11

the anxieties felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

Front 12

Marketing's Third Task

Back 12

getting into consumers' evoked set

Front 13

Central Persuasion

Back 13

explanations/arguments; high involvement

Front 14

Peripheral Persuasion

Back 14

low involvement; pretty pictures, nice smells, beautiful people, etc.

Front 15

High Involvement decisions

Back 15

item to be purchased 1. is expensive 2. can have serious personal consequences 3. could reflect on social image. Extensive information search, consider many things

Front 16

Low-involvement decisions

Back 16

habits already formed, random purchasing

Front 17

Trigger Feature

Back 17

Makes you think product is good

Front 18

Psychographics

Back 18

target differently to different groups of people/market segments

Front 19

VALS

Back 19

explains and predicts consumer response

Front 20

PRIZM

Back 20

paints a picture of each zip code; flesh on bare bones of demographics; very targetable

Front 21

Primary Data

Back 21

facts and figures newly collected for the project

Front 22

Secondary Data

Back 22

facts and figures that have already been recorded before the project at hand

Front 23

Internal Secondary Data

Back 23

Data which came from inside the organization; ex. detailed sales breakdowns

Front 24

External Secondary Data

Back 24

Published data from outside the organization

Front 25

Focus Groups

Back 25

informal sessions of present, or prospective customers in which a moderator asks their opinions of the firm's and its competitors' products, how they use these products, and special needs they have that these products don't address.

Front 26

Marketing Drivers

Back 26

independent variables of interest

Front 27

Data Mining

Back 27

extraction of hidden predictive information from large databases

Front 28

Value ratio

Back 28

perceived benefits/price

Front 29

value-pricing

Back 29

the practice of simultaneously increasing product and service benefits while maintaining or decreasing price

Front 30

Profit equation

Back 30

profit=total revenue-total cost

Front 31

skimming pricing

Back 31

setting the highest initial price that customers really desiring the product are willing to pay, then lowering the price to attract more price-sensitive customers.

Front 32

penetration pricing

Back 32

setting a low initial price on a new product to appeal immediately to the mass market; opposite of skimming

Front 33

3 types of social responsibility

Back 33

profit responsibility, stakeholder responsibility, and societal responsibility

Front 34

Profit responsibility

Back 34

holds that companies have a simple duty: to maximize profits for their owners or stockholders

Front 35

Stakeholder responsibility

Back 35

focuses on the obligations an organization has to those who can affect achievement of its objectives, including consumers, employees, suppliers, and distributors.

Front 36

Societal responsibility

Back 36

refers to obligations that organizations have to the preservation of the ecological environment and to the general public

Front 37

4 Ps of Marketing

Back 37

Product, Price, Promotion, Place

Front 38

Extended Problem Solving

Back 38

each of the 5 stages of purchase decision process are used; considerable time and effort, evaluating alternatives

Front 39

Limited Problem Solving

Back 39

seek some information, rely on friend

Front 40

Routine Problem Solving

Back 40

spend little effort; low-involvement; low-priced, frequently purchased products

Front 41

Pricing Equation

Back 41

Final Price= List price - incentives + allowances + extra fees

Front 42

Prestige Pricing

Back 42

setting a high price so that quality- or status- conscious consumers are attracted.

Front 43

Price Lining

Back 43

selling a line of products at different specific pricing points

Front 44

Odd-even pricing

Back 44

setting prices a few dollars or cents under an even number

Front 45

Target pricing

Back 45

deliberately adjusting the composition and features of a product to achieve the target price to consumers

Front 46

Bundle Pricing

Back 46

marketing of two or more products in a single package price

Front 47

Yield Management Pricing

Back 47

charging of different prices to maximize revenue for a set amount of capacity at any given time

Front 48

Target Return-on-Sales pricing

Back 48

target return on sales= target profit/ total revenue

Front 49

loss-leader pricing

Back 49

sell products at lower price to attract more customers to the store to buy other products