Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
73 Cards in this Set
- Front
- Back
|
Marketing is synonymous with "sales" and "advertising."
|
False
|
|
|
_____________ is managing profitable customer relationships.
|
Marketing
|
|
|
A point where products, services and ideas come together with a customer.
|
Point of Attraction
|
|
|
Marketing is all about meeting _____________.
|
needs
|
|
|
The difference between a customer's actual state and some ideal or desired state.
|
Need
|
|
|
A desire for a particular product used to satisfy needs.
|
Want
|
|
|
A _____________ is what a product or service delivers when it satisfies a need.
|
benefit
|
|
|
_____________ is all available buyers who share common needs satisfied by specific products and have resources, willingness to make an exchange (purchase).
|
Market
|
|
|
_____________ – where buyers and sellers come together
|
Marketplace
|
|
|
_____________ _____________ is the art and science of choosing target markets and building profitable relationships with them.
|
Marketing management
|
|
|
CRM =
|
Customer Relationship Management
|
|
|
____________ is the overall process of building and maintaining profitable customer relationships by delivering superior customer value (benefit) and satisfaction.
|
CRM (Customer Relationship Management)
|
|
|
CRM focuses on:
|
Attracting, retaining and growing customers.
|
|
|
Strategic Planning
|
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and the changing marketing opportunities.
|
|
|
Mission Statement
|
A statement of the organization's purpose - what it wants to accomplish in the larger environment.
|
|
|
Business Portfolio
|
The collection of businesses and products that make up the company.
|
|
|
Portfolio Analysis
|
The process by which management evaluates the products and businesses making up the company.
|
|
|
Growth-share Matrix
|
A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.
|
|
|
Product/market expansion grid
|
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
|
|
|
Market penetration
|
A strategy for company growth by increasing sales of current products to current market segments without changing the product.
|
|
|
Market development
|
A strategy for company growth by identifying and developing new market segments for current company products.
|
|
|
Product development
|
A strategy for company growth by offering modified or new products to current market segments.
|
|
|
Diversification
|
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.
|
|
|
Downsizing
|
Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
|
|
|
Value chain
|
The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
|
|
|
Value delivery network
|
The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.
|
|
|
Marketing strategy
|
The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships.
|
|
|
Market segmentation
|
Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs.
|
|
|
Market segment
|
A group of consumers who respond in a similar way to a given set of marketing efforts.
|
|
|
Market targeting
|
The process of evaluating each market segment's attactiveness and selecting one or more segments to enter.
|
|
|
Positioning
|
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
|
|
|
Differentiation
|
Actually differentiating the market offering to create superior customer value.
|
|
|
Marketing mix
|
The set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market.
|
|
|
SWOT analysis
|
An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).
|
|
|
Marketing implementation
|
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
|
|
|
Marketing control
|
The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
|
|
|
Marketing audit
|
A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance.
|
|
|
Return on marketing investment (or marketing ROI)
|
The net return from a marketing investment divided by the costs of the marketing investment.
|
|
|
Marketing environment
|
The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
|
|
|
Microenvironment
|
The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
|
|
|
Macroenvironment
|
The larger societal forces that affect the microenvironment - demographic economic, natural, technological, political, and cultural forces.
|
|
|
Marketing intermediaries
|
Firms that help the company to promote, sell, and distribute its goods to final buyers.
|
|
|
Public
|
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
|
|
|
Demography
|
The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics.
|
|
|
Baby boomers
|
The 78 million people born during the baby boom following World War II and lasting until 1964.
|
|
|
Generation X
|
The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.
|
|
|
Millennials (or Generation Y)
|
The 83 million children of the baby boomers, born between 1977 and 2000.
|
|
|
Economic environment
|
Factors that affect consumer buying power and spending patterns.
|
|
|
Engel's laws
|
Differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises.
|
|
|
Natural environment
|
Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
|
|
|
Technological environment
|
Forces that create new technologies, creating new product and market opportunities.
|
|
|
Political environment
|
Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
|
|
|
Cultural environment
|
Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors.
|
|
|
Customer insights
|
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
|
|
|
Marketing information system (MIS)
|
People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
|
|
|
Internal databases
|
Electronic collections of consumer and market information obtained from data sources within the company network.
|
|
|
Marketing intelligence
|
The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
|
|
|
Marketing research
|
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
|
|
|
Exploratory research
|
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
|
|
|
Descriptive research
|
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
|
|
|
Causal research
|
Marketing research to test hypotheses about cause-and-effect relationships.
|
|
|
Secondary data
|
Information that already exists somewhere, having been collected for another purpose.
|
|
|
Primary data
|
Information collected for the specific purpose at hand.
|
|
|
Commercial online databases
|
Computerized collections of information available from online commercial sources or via the Internet.
|
|
|
Observational research
|
Gathering primary data by observing relevant people, actions, and situations.
|
|
|
Ethnographic research
|
A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural habitat".
|
|
|
Survey research
|
Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
|
|
|
Experimental research
|
Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
|
|
|
Focus group interviewing
|
Personal interviewing that involves inviting six to ten people to gather for a few hours with trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues.
|
|
|
Online marketing research
|
Collecting primary data online through Internet surveys, online focus groups, Web-based experiments, or tracking consumers online behavior.
|
|
|
Online focus groups
|
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
|
|
|
Sample
|
A segment of the population selected for marketing research to represent the population as a whole.
|
|
|
Customer relationship management (CRM)
|
Managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.
|
