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38 Cards in this Set

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A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased.
Value proposition
Recognition by the company that the price consumers are prepared to pay for its product will depend on the benefits received and not just on the physical product itself.
Value-added
Properties of products that set them apart from competitors’ products by providing unique customer benefits.
Differential benefit
The recognition of any difference between a consumer’s actual state and some ideal or cherished state.
Need
The desire to satisfy needs in specific ways that are culturally and socially influenced.
Want
The benefit a customer receives from buying a product or service.
Value (Customer)
Evaluating what benefit a company provides and how it stacks up to competition.
Value (Business)
A group or groups that a firm selects to turn into customers as a result of segmentation and targeting.
Target markets
The design, implementation and control of marketing activity intended to promote social causes or ideas within a target group in a society.
Social marketing
Dividing the total market into different segments on the basis of customer characteristics, slecting one or more segments, and developing products to meed the needs of those specific segments
Target marketing
The direct financial impact of a firm's expenditure of a resource such as time or money.
Return on investment
A group or groups that a firm selects to turn into customers as a result of segmentation and targeting.
Target markets
A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to customers that creates a desired response amongst a set of predefined customers.
Marketing mix
Factors in the economy, such as inflation, unemployment, interest rates, etc., that influence the buying decisions of consumers and organizations.
Economic environment
That part of the company's external environment which consists of other firms vying for patronage of the same market.
Competitive environment
That part of the firm's external environment in which changes in technology affect the firm's marketing effort; the changing technological environment may pose threats or present opportunities.
Technological environment
That part of the firm's external marketing environment in which social or cultural changes (that is, changes to the value system of a society) act to affect the firm's marketing effort; the changing sociocultural environment may pose threats or present opportunities.
Sociocultural environment
A formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources.
Mission statement
Matching an organization's resources and capabilities to its market opportunities for long-term growth and survival.
Strategy
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
Marketing plan
Specific, measurable outcomes or results that an organization plans to achieve in a given period.
Objectives
A set idea aimed to influence how a particular market segment perceives a good or service in comparison to the competition.
Positioning strategy
The particular strategies, style, systems, environment and shared values within an organization which contribute to its individuality.
Corporate culture
A company's plans to achieve its objective to grow in volume and turnover.
Motivations for growth
Marketing the same or very similar products to world markets with essentially the same promotion; also commonly referred to as International Marketing.
Global marketing
Enduring moral beliefs shared by members of a society and contributing to its culture.
Values
The basic beliefs and values cherished by a society as a whole and handed down from one generation to the next.
Culture
Standards or moral principles.
Ethics
A sample in which each member of the population has some known chance of being included.
Probability sample
A sample in which personal judgment is used in selecting respondents.
Nonprobability sample
The process of collecting, analyzing, and interpreting data about the customers, competitors and the business environment in order to improve marketing effectiveness.
Market research
Data from research conducted to help make a specific desicion.
Primary research
Data that has been collected for some purpose other than the problem at hand.
Secondary research
A technique that marketers use to generate insights for future, more rigorous studies.
Exploratory Reseach
A tool that probes more systematically into the problem and bases its conclusions on large numbers of observations.
Descriptive research
A technique that attempts to understand cause-and-effect relationships.
Causal research
The extent to which research actually measures what it was intended to measure.
Validity
The extent to which research measurement techniques are free from errors.
Reliability