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86 Cards in this Set
- Front
- Back
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MARKETING MIX
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A combination of the product itself, the price of the product, the promotional activities that introduce it, and the place where it is made available, that together create a desired response among a set of predefined consumers.
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4 P’s
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Product, Price, Promotion, and Place
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PRODUCT |
A tangible good, service, idea,or some combination of these that satisfies consumer or business customer needsthrough the exchange process; a bundle of attributes including features,functions, benefits, and uses. |
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PLACE
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The availability of the product to the customer at the desired time and location.
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PROMOTION
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The coordination of a marketer’scommunication efforts to influence attitudes or behavior.
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PRICE
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The assignment of value, or theamount the consumer must exchange to receive the offering.
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EXCHANGE
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The process by which sometransfer of value occurs between a buyer and a seller.
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NEED
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The recognition of any differencebetween a consumer’s actual state and some ideal or desired state.
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WANT
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Thedesire to satisfy needs in specific ways that are culturally and sociallyinfluenced.
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BENEFIT
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The outcome sought by a customer that motivatesbuying behavior that satisfies a need or want.
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DEMAND
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Customers’ desires for products coupled with theresources needed to obtain them.
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UTILITY
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Theusefulness or benefit that consumers receive from a product.
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STAKEHOLDERS
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Buyers,sellers, or investors in a company; community residents; and even citizens ofthe nations where goods and services are made or sold-in other words, anyperson or organization that has a “stake” in the outcome.
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TRIPLE BOTTOM LINE
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A business orientation that looksat financial profits, the community in which the organization operates, andcreating sustainable business practices.
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SOCIETAL MARKETING CONCEPT
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A management philosophy thatmarketers must satisfy customers’ needs in ways that also benefit society andalso deliver profit to the firm.
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SUSTAINABILITY
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A product design focus that seeksto create products that meet present consumer needs without compromising the abilityof future generations to meet their needs.
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GREEN MARKETING
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A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers.
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ROI (Return on Investment)
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The direct financial impact of a firm’s expenditure of a resource, such as time or money.
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VALUE PROPOSITION
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A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.
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LIFETIME VALUE OF A CUSTOMER
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The potential profit a single customer’s purchase of a firm’s product generates over the customer’s lifetime.
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DISTINCTIVE COMPETENCY
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A superior capability of a firm in comparison to its direct competitors.
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CROWD SOURCING
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A practice where firms outsource marketing activities (such as selecting an ad) to a community of users.
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SHRINKAGE
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Losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise.
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MARKETING PLAN
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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.
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MARKET SEGMENT
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A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
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TARGET MARKET
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The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
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MARKET POSITION
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The way in which the target market perceives the product in comparison to competitors’ brands
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COUNTERTRADE
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A type of trade in which goods are paid for with other items instead of with cash.
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PROTECTIONISM
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A policy adopted by a government to give domestic companies an advantage.
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IMPORT QUOTAS
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Limitations set by a government on the amount of a product allowed to enter or leave a country.
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EMBARGO
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A quota completely prohibiting specifiedgoods from entering or leaving a country.
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TARIFF
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Taxes on imported goods.
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LDC (Least Developed Country)
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A country at the lowest stage of economic development.
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BOP (Bottom of the Pyramid)
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The collective name for the group of consumers throughout the world who live on less than $2 a day.
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DEVELOPED COUNTRIES
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A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services.
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GROUP OF 8 (G8)
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An informal forum of the eight most economically developed countries that meet annually to discuss major economic and political issues facing the international community
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DEMOGRAPHICS
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Statistics that measure observable aspects of a population including size, age gender, ethnic group, income, education, occupation, and family structure.
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PATENT
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A legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time.
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NATIONALIZATION
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When a domestic government reimburses a foreign company (often not for the full value) for its assets after taking it over.
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EXPROPRIATION
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When a domestic government seizesa foreign company’s assets without any reimbursement.
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CULTURAL VALUES
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A society’s deeply held beliefs about right and wrong ways to live.
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SOCIAL NORMS
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Specific rules dictating what is right or wrong, acceptable or unacceptable.
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LICENSING AGREEMENTS
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An agreement in which one firm gives another firm the right to produce and market it product in a specific country or region in return for royalties
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FRANCHISING
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A form of licensing involving the right to adapt and entire system of doing business.
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JOINT VENTURES
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A strategic alliance in which a new entity owned by two or more firms allows the partners to pool their resources for common good.
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BACKWARD INVENTION
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Product strategy in which a firm develops a less advanced product to serve the needs of people living in countries without electricity or other elements of a developed infrastructure.
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DUMPING
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A company tries to get a toehold in a foreign market by pricing its products lower than it offers them at home.
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BUSINESS ETHICS
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Basic values that guide a firm’s behavior.
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CODE OF ETHICS
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Written standards of behavior to which everyone in the organization must subscribe.
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FAIR TRADE
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Companies that pledge to pay a fair price to producers in developing countries, to ensure that the workers who produce the goods receive a fair wage, and to ensure that the manufacturers rely where possible on environmentally sustainable production practices.
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INTERNAL ENVIRONMENT
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The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization.
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EXTERNAL ENVIRONMENT
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The uncontrollable elementsoutside an organization that may affect its performance either positively ornegatively.
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SWOT ANALYSIS
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An analysis of an organization’s strengths and weaknesses and the opportunities and threats in its external environment.
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BUSINESS PORTFOLIO
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The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
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BCG GROWTH-MARKET SHARE MATRIX:
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A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products.
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STARS
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SBU’s with products that have a dominant market share in high-growth markets.
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CASH COWS
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SBU’s with a dominant market share in a low-growth potential market
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QUESTION MARKS
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SBU’s with low market shares in fast-growth markets
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DOGS
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SBU’s with a small share of a slow-growth market. They are businesses that offer specialized products in limited markets that are not likely to grow quickly.
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MARKET PENETRATION STRATEGY
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Growth strategies designed to increase sales of existing products to current customers, non-users, and users of competitive brands in served markets
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MARKET DEVELOPMENT STRATEGY
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Growth strategies that introduce existing products to new markets.
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PRODUCT DEVELOPMENT STRATEGY
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Growth strategies that focus on selling new products in existing markets.
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DIVERSIFICATION STRATEGY
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Growth strategies that emphasize both new products and new markets.
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SYNDICATED RESEARCH
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Research by firms that collect data on a regular basis and sell the reports to multiple firms.
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CUSTOM RESEARCH
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Research conducted for a single firm to provide specific information its managers need.
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DATA
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Raw,unorganized facts that need to be processed.
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INFORMATION
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Interpreted data
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PRIMARY DATA
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Data from research conducted to help make a specific decision.
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SECONDARY DATA
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Data that have been collected for some purpose other than the problem at hand.
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FOCUS GROUP
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A product-oriented discussion among a small group of consumers led by a trained moderator.
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CASE STUDY
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A comprehensive examination of a particular firm or organization.
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ETHNOGRAPHY
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An approach to research based on observations of people in their own homes or communities.
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DESCRIPTIVE RESEARCH
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A tool that probes more systematically into the problem and bases it conclusions on large numbers of observations.
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CROSS-SECTIONAL DESIGN
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A type of descriptive technique that involves the systematic collection of quantitative information.
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LONGITUDINAL DESIGN
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A technique that tracks the responses of the same sample of respondents over time.
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CAUSAL RESEARCH
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A technique that attempts to understand cause-and-effect relationships.
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EXPERIMENTS
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A technique that tests predicted relationships among variables in a controlled environment.
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PREDICTIVE TECHNOLOGY
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Analysis techniques that use shopping patterns of large numbers of people to determine which products are likely to be purchased if others are.
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BOUNCE RATE
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A marketing metric for analyzing website traffic. It represents the percentage of visitors who enter the site (typically at the home page) and “bounce” (leave the site) rather than continue viewing other pages within the same overall site.
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VALIDITY
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The extent to which research actually measures what is intended to measure.
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RELIABILITY
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The extent to which research measurementtechniques are free of errors.
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REPRESENTATIVENESS
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The extent to which consumers in a study are similar to a larger group in which the organization has an interest.
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SAMPLING:
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The process of selecting respondents for a study
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PROBABILITY SAMPLE
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A sample in which each member of the population has some known chance of being included.
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NON-PROBABILITY SAMPLE
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A sample in which personal judgment is used to select respondents.
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CONVENIENCE SAMPLE
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A nonprobability sample composed of individuals who just happen to be available when and where the data re being collected
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