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139 Cards in this Set

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Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Needs
States of felt deprivation.
Wants
The form human needs take as shaped by culture and individual personality.
Demands
Human wants that are backed by buying power.
Marketing offer
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Exchange
The act of obtaining a desired object from someone by offering something in return.
Market
The set of actual and potential buyers of a product or service.
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
Demarketing
Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift it.
Production concept
The idea that consumers will favor products that are available and highly affordable.
Product concept
The idea that consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling concept
The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
Marketing concept
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.
Societal marketing concept
A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long run interests.
Customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer perceived value
The difference between total customer value and total customer cost.
Customer satisfaction
The extent to which a product's perceived performance matches a buyer's expectations.
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Customer lifetime value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Share of customer
The portion of the customer's purchasing that a company gets in its product categories.
Customer equity
The total combined customer lifetime values of all the company's customers.
Internet
A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository.
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 making up the company.
Porfolio analyis
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.
Cash cow SBU
Low-growth, high-share businesses or products. These established and successful SBUs produce a lot of cash that the company uses to pay its bills and to support other SBUs.
Star SBU
High-growth, high-share businesses or products. They often need heavy investment to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows.
Question mark SBU
Low-share business units in high-growth markets. They require a lot of cash to hold their share let alone increase it. Management has to think hard about which question marks it should try to build into stars and which should be phased out.
Dog SBU
Low-growth, low-share businesses and products. They may generate enough cash to maintain themselves but do not promise to be large sources of cash.
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 increasiong sales of current products to cureent makret segments without changing the product.
Market development
A strategy for company growth by identifying and developing new market segments for current company products.
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 or 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 product.
Value-delivery network
The network made up of the company, suppliers, distributers, 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 achieve its marketing objectives.
Marketing segmentation
Dividing into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes.
Marketing segment
A group of consumers who respond in a similar way to a given set of marketing efforts.
Target marketing
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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.
The 4Ps
Product
Price
Place
Promotion
The 4Cs
Customer solution
Customer cost
Convenience
Communication
Four marketing management functions
-Analysis
-Planning
-Implementation
-Control
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 to recommend a plan of action to improve the company's marketing performance.
Return on marketing
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--thecompany, 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; they include resellers, physical distribution firms, marketing service agencies, and financial intermediaries.
Public
Any group that has an actual or potential interest or impact on an organization's ability to achieve its objectives.
Demography
The study of human populations 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 WWII and lasting until the early 1960s.
Generation X
The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.
Generation Y
The 72 million children of baby boomers, born between 1977 and 1994.
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
Marketing information system
People, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
Internal databases
Electronic collections of information obtained from data sources within the company.
Marketing intelligence
The systematic collection and analysis of publicly available information about 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 wil hlep 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.
Online databases
Computerized collections of information available from online commercial sources or via the internet.
Observational research
The gathering of primary data by observing relevant people, actions and situations.
Survey research
The gathering of primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior.
Single-source data systems
Electronic monitoring systems that link consumers' exposure to television advertising and promotion (measured using television meters) with what they buy in stores (measured using using store checkout scanners).
Experimental research
Teh gathering of 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 6 to 10 people to gather for a few hours with a 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 through internet surveys and online focus groups.
Sample
A segment of the population selected for marketing research to represent the population as a whole.
Simple random sample
Every member of the population has a known and equal chance of selection.
Stratified random sample
The population is divided into mutually exclusive groups (such as age groups), and random samples are drawn from each group.
Cluster (area) sample
The population is divided into mutually exclusive groups (such as blocks) and the researcher draws a samle of the groups to interview.
Convenience sample
Te researcher selects the easiest poopulation members from which to obtain information.
Judgement sample
The researcher uses his or her judgement to select population members who are good prospects for accurate information.
Quota sample
The researcher finds and interviews a prescribed number of people in each of several categories.
Customer relationship management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Consumer buying behavior
The buying behavior of final consumers--individuals and households who buy goods and services for personal consumption.
Consumer market
All the individuals and households who buy or acquire goods and services for personal consumption.
Culture
The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions.
Subculture
A group of people with shared value systems based on common life experiences and situations.
Social classes
Relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors.
Group
Two or more people who interact to accomplish individual or mutual goals.
Opinion leader
Person within a reference group who, because of special skills, knowledge, personality or other characteristics, exerts influence on others.
Personality
The unique psychological characteristics that lead to relatively consistent and lasting responses to one's own environment.
Motive (drive)
A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
Perception
The process by which people select, organize and interpret information to form a meaningful picture of the world.
Learning
Changes in an individual's behavior arising from experience.
Belief
A descriptive thought that a person holds about something.
Attitude
A person's consistenly favorable or unfavorable evaluations, feelings and tendencies toward an object or idea.
Complex buying behavior
Consumer buing behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
Dissonance-reducing buying behavior
Consumer buying behavior in situations characterized by high involvement but few perceived differences between brands.
Habitual buying behavior
Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences.
Variety-seeking buying behavior
Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.
Need recognition
the first stage of the buyer decision process, in which the consumer recognizes a problem or need.
Information search
The stage of the buyer decision process in which the consumer is aroused to search for for more information; the consumer may simply have heightened attention or may go into active information search.
Alternative evaluation
The stage of the buyer process in which the consumer uses information to evaluate alternative brands in the choice set.
Purchase decision
The buyer's decision about what brand to purchase.
Postpurchase behavior
The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction.
Cognitive dissonance
Buyer disconfort caused by postpurchase conflict.
New product
A good, service or idea that is perceived by some potential customers as new.
Adoption process
The mental process through which an individual passes from first hearing about an innovation to final adoption.
Business buyer behavior
the buying behavior of the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at profit.
Business buying process
The decision process by which business buyers determine which products and services their organizations need to purchase, and then find, evaluate and choose among alternative suppliers and brands.
Derived demand
Business demand that ultimately comes from the demand for consumer goods.
Supplier development
Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials that they will use in making their own products or resell to others.
Straight rebuy
A business buying situation in which the buyer routinely reorders something without any modifications.
Modified rebuy
A business buying situation in which the buyer wants to modify product specifications, prices, terms or suppliers.
New task
A business buying situation in which the buyer purchases a product or service for the first time.
Systems selling
Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
Buying center
All the individuals and units that participate in the buying-decision process.
users
Members of the buying organization who will actually use the purchased product or service.
Influencers
People in an orgainzation's buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives.
Buyers
The people who make an actual purchase.
Deciders
People in the organization's buying center who have formal or informal power to select or approve the final suppliers.
Gatekeepers
People in the organization's buying center who control the flow in information to others.
Problem recognition
The first stage of the busienss buying process in which someone recognizes a problem or need that can be met by acquring a good or a service.
General need description
The stage in the business buying process in which the company describes the general characteristics and quantity of a needed item.
Product specification
The stage of the business buying process in which the buying organization decides on and specifies the best tehnical product characteristics for a needed item.
Value analysis
An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized or made by less costly methods of production.
Supplier search
The stage of the business buying process in which the buyer tries to find the best vendors.
Proposal solicitation
The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals.
Supplier selection
The stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers.
Order-routine specification
The stage of the business buying process in which the buyer writes the final order with the chose supplier(s).
Performance review
The stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify or drop the arrangement.
Institutional market
Schools, hospitals, nursing homes, prisnons and other institutions that provide goods and services to people in their care.
Government market
Governmental units--federal, state and local--that purchase or rent goods and services for carrying out the main functions of government.