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62 Cards in this Set

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marketing
satisfying customer needs; managing profitable customer relationships
market
people with the desire and ability to buy something
target market
the part of the market you're targeting
customer relationship management
process of building and maintaining long term relationships with customers
customer perceived value
cost vs. benefits
customer lifetime value
entire stream of purchases that the customer would make in a lifetime of patronage
share of customer
share a company gets of customers purchasing in their product categories
production era
customers want products as long as they are available and affordable; focus on production efficiency
product era
focus on product; product improvement; problem was product myopia which is focus on product producing
product myopia
focus of production; short-sightedness; not focused on customer need/wants
sales era
companies could produce more than buyers could consumer; consumers need promotions; companies need more sales people and new markets
marketing concept era
determining wants/needs of target market and deliver satisfaction better than competitors
market orientation era
marketing concept plus customer relationship; long term focus; aka customer era
societal marketing era
concerned about well-being of society and environment
wants
the form that a need takes; is shaped by a person's knowledge, culture, and personality
needs
occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
demands
wants backed up by buying power
marketing mix (4Ps)
product, price, promotion, and place; controllable factors
product
a good, service, or idea to satisfy the customer's needs
price
what is exchanged for the product
promotion
a means of communication between the buyer and seller
place
a means of getting the product into the customer's hands
market share
the percentage or proportion of the total available market or market segment that is being serviced by a company
competencies
an organizations special capabilities, including skills, resources, and technology that distinguish it from other organizations
competitive advantage
a unique strength relative to competitors, often based on quality, time, cost, or innovation
boston consulting group's growth-share matrix
strategic business units market share and marketing growth rate
cash cows
generate large amount of cash, far more than they can invest in their own product line; have dominant share of slow-growth market
stars
high share of high growth markets that may need extra cash to finance their own rapid growth in the future
question marks
low share of high-growth markets; require large injections of cash just to maintain their market share
dogs
low share of low-growth markets; may generate enough cash to sustain themselves
product/market expansion grid
market development, market penetration, product developement, product diversification
swot analysis
internal strengths and weaknesses; external opportunities and threats
corporate level
top management directs overall strategy for the entire organization
business unit level
business unit managers set the direction for their products and markets
functional level
groups of specialists actually create value for the organization
goals/objective
convert the mission into targeted levels of performance to be acheived often by a specific time
types of goals business can pursue
profit, market share, sales, quality, customer satisfaction, employee welfare, social responsibility
mission statement
statement of organizations scope, often identifying its customers, markets, products, technology, and values; inspirational and focus
marketing strategy
means by which a marketing goal is acheived, usually characterized by a specified target market and marketing program
marketing tactics
day-to-day operational decisions essential to overall success of marketing strategies
value marketing/value consciousness
concern for obtaining the best quality, features, and performance of a product or service for a given price
electronic commerce
any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distibution, and payment of goods and serives
intranet
an internet/web-based network used within the boundaries of an organization
regulation
consists of restrictions state and federal laws place on business with regard to the conduct of activities
consumerism
grassroots movement started in 1960s to increase the influence, power, and rights of consumers dealing with institutions
self regulation
an industry attempts to police itself
baby boomers
generation of children born between 1946 and 1964; receptive to anything that makes them feel younger
generation x
includes the 15% of the population born between 1965 and 1976; are self-reliant, entrepreneurial, supportive of racial and ethnic diversity and better educated
generation y
includes 72 million americans born between 1977 and 1994; exerts influence on music, sports, computers, and cell phones; views wireless communication as a lifeline
marketing environment
marketing environment surrounds and impacts upon the organization. There are three key perspectives on the marketing environment, namely the 'macro-environment,' the 'micro-environment' and the 'internal environment'.
environmental scanning
process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends; important for future trends and consumers
barriers to entry
business practices or conditions that make it difficult for new firms to enter the market; expenditures, product identity, distribution access or switching costs
competition
alternative firms that could provide a product to satisfy a particular market's needs
pure competition
all companies have similar product
monopolistic competition
many sellers compete with their products on substitutable basis
oligopoly
occurs when a few companies control the majority of industry sales
gross income
the total amount of money made in one year by a person, household or family unit
disposable income
the money a consumer has left after paying taxes to use for food, shelter, and clothing and transportation; used for household "necessities" aka lotion, soap, toothpaste
discretionary income
the money that remains after pay for taxes and necessities; used for luxury items
technology
environmental force refering to inventions or innovations for applied science or engineering research
market segments
relatively homogeneous groups of prospective buyers that result from the market segmentation process
product differentiation
firm's using different marketing mix activities to help consumers perceive the product as being different and better than competing products