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55 Cards in this Set
- Front
- Back
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Marketing
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the activity, set of institution, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society, at large
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Exchange
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People giving up something to receive something they would rather have
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Profit
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is the reward to a business firm for the risk it undertakes in offering a product sale. It is also the money left over after a firms total expenses are subtracted from total sales
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Strategy
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an organizations long-term course of action designed to deliver a unique customer experience while achieving its goals
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Goals
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are the statements of an accomplishment of a task to be achieved, often by a specific time.
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Mission
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a statement of the organizations functions in society, often identifying its customers markets, products, and technologies. The term is often used interchangeably with vision
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Core Values
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the fundamental, passionate, and enduring principles of an organization that guide its conduct over time
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Organizational Culture
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consist of the set of values ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
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Business
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the clear, broad, underlying industry or market sector of an organization’s offering
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Customer Satisfaction
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the feeling that a product met or exceeded the consumers expectations
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Intertype Competitions
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compete among many dissimilar types
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Situation Analysis
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involves taking stock from where the firm or product has been recently where it is now, and where it is headed in terms of the organization’s plans and the external factors and trends affecting it
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SWOT analysis
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acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
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Stategic Margeting Process
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process where an organization allocates its marketing mix resources to reach its target markets. This process is divided into three phases: Planning, Implementation, and Evaluation
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Diversification Analysis
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tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products
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Marketing Mix
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4 elements (product, price, place, promotion) that are used by the marketing managers to produce a cohesive marketing program
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Inflationary Economy
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cost to produce and buy products and services escalates as price increases
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Recession
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time of slow economic activity. Businesses decrease production, unemployment rises, and many consumers have less money to spend
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Gross Income
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total amount of money made in 1 year by a person, household, or family unit. Referred to as “money income” at the census bureau
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Disposable Income
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money a consumer has left after paying taxes to use for necessities such as food housing, clothing, and transportation
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Discretionary Income
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money that remains after paying for taxes and necessities. Is usually used for Luxury Items
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Ethics
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more principles and values that govern the actions and decisions of an individual group. Serve as guidelines on how to act and when faced with moral dilemmas
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Laws
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Society’s values and standards that are enforceable in courts
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Culture
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set of values, ideas, and attitudes that are learned and shared among group members
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Business Culture
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Comprises the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conducts in business dealings
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Caveat Empto
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let the buyer beware – the pervasive American business culture before 1960
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Consumer Bill of Rights
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developed by president Kennedy in 1962, refers to customers rights, 1. To safety 2. To be informed 3. To choose 4. To be heard
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Economic Espionage
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Cladestine collection of trade secrets or proprietary information about a companies competitors
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Code of Ethics
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formal statement of ethical principles and rules of conduct for a company
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Corporate Culture
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set of values, ideas, and attitudes that is learned and stored among the members of an organization
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Profit Responsibility
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companies have a simple duty to maximize profits for their owners or stockholders
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Stakeholder Responsibility
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– focuses on the obligations of an organization has to those who can affect achievement of its objectives. These constituencies include consumers, employees, suppliers, and distributors
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Societal Responsibility
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refers to obligations that organization’s have 1. The preservation of the ecological environment 2. The general public, growing interest in green marketing, cause marketing, social audits, and sustainable development reflect the societal responsibility concept. Emphasis on triple bottom line.
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Triple Bottom Line
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reorganization of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable long term growth
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Green Marketing
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marketing efforts to produce, promote and reclaim environmentally sensitive products
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Cause Marketing
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Charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
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Social Audit
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A systematic assessment of a firms objectives strategies, and performances in terms of social responsibility
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Sustainable Development
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conducting business in a way that protects natural environment while making economic progress
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Consumer Behavior
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actions a person takes in partaking and using products and services, including the social and mental processes that come before and after these actions
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Problem Recognition
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perceiving a difference between a persons ideal and actual situations big enough to trigger a decision
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Information Search
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after recognizing the problem a consumer begins to search for information. This includes both an internal and external search related to the possible purchase.
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Alternative Evaluation
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information stage clarifies the problem by 1. Suggesting criteria to use for the purchase 2. Yielding brand names that might meet the criteria 3. Developing consumer value perceptions
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Purchase Decisions
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after looking at alternative, ready to make purchase
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Post-Purchase Evaluation
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after buying consumer compares it with his expectation and is either satisfied or dissatisfied
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Cognitive Dissonance
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feeling of post purchase psychological tension or anxiety
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Evaluative Criteria
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the objective attributes of a brand (such as display) and the subjective (prestige) you use to compare products
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Consideration Set
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group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware in the product class
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Purchase Task
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reason for engaging in the decision, such if purchase is for gift or personal use
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Social Surroundings
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other people present when a purchase decision is made
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Physical Surroundings
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things such as décor, music, and crowding in retail stores that may alter how purchase decisions are made
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Temporal Effect
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issues such as time of day or the amount of time available that may influence purchase decision
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Antecedent States
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pre-existing conditions which include the consumers mood or amount of cash on hand that can influence purchase behavior and choice
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Moral Idealism
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do the right thing all the time
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Utilitarianism
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if it benefits the greater good benefit > cost
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Demographics
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• Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
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