Marketing 3650 Exam 1

Front 1

Marketing

Back 1

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers
in return.

Front 2

Market

Back 2

The set of all actual and potential buyers of a product or service.

Front 3

Marketing concept

Back 3

The marketing management philosophy that holds
that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Front 4

A(n) _____is the act of obtaining a desired object from someone by offering something in return.

Back 4

exchange

Front 5

Product

Back 5

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Front 6

Product adaptation

Back 6

Adapting a product to meet local conditions or
wants in foreign markets.

Front 7

Marketing mix

Back 7

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.

Front 8

Mission statement

Back 8

A statement of the organization’s purpose—what it
wants to accomplish in the larger environment.

Front 9

Perception

Back 9

The process by which people select, organize, and interpret
information to form a meaningful picture of the world.

Front 10

Needs

Back 10

States of felt deprivation.

Front 11

Target marketing

Back 11

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Front 12

Customer equity

Back 12

The total combined customer lifetime values of all of
the company’s customers.

Front 13

Customer lifetime value

Back 13

The value of the entire stream of purchases that
the customer would make over a lifetime of patronage.

Front 14

Customer relationship management (CRM)

Back 14

Managing detailed information
about individual customers and carefully managing customer
“touch points” in order to maximize customer loyalty.

Front 15

Cognitive dissonance

Back 15

Buyer discomfort caused by post-purchase conflict.

Front 16

Microenvironment

Back 16

The actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and public's.

Front 17

Macroenvironment

Back 17

The larger societal forces that affect the microenvironment—
demographic, economic, natural, technological, political, and
cultural forces.

Front 18

Market penetration

Back 18

A strategy for company growth by increasing sales of
current products to current market segments without changing the product.

Front 19

Market segment

Back 19

A group of consumers who respond in a similar way to
a given set of marketing efforts.

Front 20

Market segmentation

Back 20

Dividing a market into distinct groups with distinct
needs, characteristics, or behaviors who might require separate products or marketing mixes.

Front 21

Marketing concept

Back 21

The marketing management philosophy that holds
that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Front 22

Learning

Back 22

Changes in an individual’s behavior arising from experience

Front 23

Lifestyle

Back 23

A person’s pattern of living as expressed in his or her activities, interests, and opinions.

Front 24

Production concept

Back 24

The idea that consumers will favor products that are
available and highly affordable and that the organization should therefore
focus on improving production and distribution efficiency.

Front 25

Secondary data

Back 25

Information that already exists somewhere, having been collected for another purpose.

Front 26

Strategic planning

Back 26

The process of developing and maintaining a strategic
fit between the organization’s goals and capabilities and its changing
marketing opportunities. It involves defining a clear company mission, setting
supporting objectives, designing a sound business portfolio, and coordinating
functional strategies.

Front 27

Subculture

Back 27

A group of people with shared value systems based on common
life experiences and situations.

Front 28

Motive (drive)

Back 28

A need that is sufficiently pressing to direct the person to
seek satisfaction of the need.

Front 29

Horizontal marketing system

Back 29

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

Front 30

Adoption process

Back 30

The mental process through which an individual passes from first hearing about an innovation to final adoption.

Front 31

Culture

Back 31

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

Front 32

Marketing research

Back 32

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Front 33

Marketing information system (MIS)

Back 33

People, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and
accurate information to marketing decision makers.

Front 34

Descriptive research

Back 34

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.

Front 35

Competitive advantage

Back 35

An advantage over competitors gained by offering
consumers greater value, either through lower prices or by providing
more benefits that justify higher prices.

Front 36

Growth-share matrix

Back 36

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.

Front 37

Market positioning

Back 37

Arranging for a product to occupy a clear, distinctive,
and desirable place relative to competing products in the minds of target consumers.

Front 38

Market development

Back 38

A strategy for company growth by identifying and developing new market segments for current company products.

Front 39

Differentiated(segmented)marketing

Back 39

A market-coverage strategy in
which a firm decides to target several market segments and designs separate offers for each.

Front 40

Brand

Back 40

A name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors

Front 41

Product development

Back 41

A strategy for company growth by offering modified or new products to current market segments.

Developing the product concept into a physical
product in order to ensure that the product idea can be turned into a workable product.

Front 42

Product position

Back 42

The way the product is defined by consumers on
important attributes—the place the product occupies in consumers’ minds relative to competing products.