Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

51 Cards in this Set

  • Front
  • Back
performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or cleint
pur subsistence economy
when each family unit produces everything it consumes; no need for exhange of G7S.
macro marketing
social process that directs an economy's flow of g&s from producers to consuemrs in a way that effectively matches suply and demand
marketing concept
organization aims all efforts to satisfying cutomser at a profit
production orientation
making whatever products are easy to prodcue and then trying to sell them
mkareting orientaiton
trying to carry out the marketinc concept.
customer value
difference b/t benefits a customer sees from a market offering and costs of obtinain those benefits
trying to get new customers by taking them away from a competitior is mor costly than
retaining current customers by really satisfying their needs
micro-macro dilemma
what is "good" for some firms and consumers may not be good for society as a whole
social responsibility
firm's obligation to improve its positive feffects on society and reduce its negative effects
4 P's
product, place, price, promotion
channel of distribution
any series of firms (or individuals) that participate in the flow of products from producer to fina user or consumer.
personal selling
invovles direct spoken communication b/t sellers and potential customers
mass selling
communicating w/ large numbers of cutomser at the same time
any paid form of nonpersonal presentation of ideas, goods, or services by an identifiied sponsor
any unpaid form of nonpersonal presentation of ideas, g, or s
sales promtion
promiton activities other than advertising-stimulate interest, trial, or purchase
marketing plan
written stmt of marketing strategy and time-related details for carrying out strategy; 1. what marketing mix offered (target market and how long) 2. what company resources will be needed at what rate 3. what results are expecred (sales and proftis perhaps monthly or quarterly, customer satisfaction;
marketin gprogram
blends all of firm's marketing plans into one "big" plan
marketing is..
performace of activities that seek to accomplish an organization's objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from prudcer to customer or client
effective marketing startegy plnaning matches opportunities to
the firm's resrouces and its objectives (what top mgmt wants to do)
breakthrough opporutnities
opportunities htat hlelp innovators develop hard-to-copy marketing strategies that will be very profitable for a very long time
competitives advantage
firm has a marketing mix that the target market sees as better than a competitior's mix
marketin mix is distinct from and better than what is available from a competitor
SWOT Analysis
identifies an dlists the firm's strenths, weaknesses, opportunities, threats-->to focus on a strategy that takes advanatge of s and w, avoid w and t
market penetration
trying to increase sales of a firm's present products in its present marketers-more aggressive--> camping gear at NASCAR
market development
tyring to increase sales by selling present products in new markets (golf carts)
product development
offering new or improved products for present markets (green ketchup)
moving into totlaly differnet lines of business (mcdonalds open up hotels)
group of potentail customers with similar needs who are willing to exchange somethign of value w/ sellers offering various g&S
generic market
market with broadly similar needs-seelers offering various, often diverse ways of satisfying those needs.
market w/ very similar needs and sellers offering various close substitute ways of satisfying those needs
direct market enviornement
includes customers, compny, compettiors-- 4C's
external market enviornement
ecomoinc(interest rates, inflation, exchange rates),

technological(new products, processes) ,

political/legal(laws, regulatios, nationalism, gov't legislation),

cultural/socail enviornement(how and why people live and behave as they do) .. PEST
competitor analysis
organized approach for evaluating the strenghts and weaknesses of current/potential competitiors' marketin gstrategies.
social mvmt that seeks to increase the rights and powers of consumers
psychographics or lifestyle analysis
the analysis of a person's day-to-day patern of living as expressed in that person's Activities, Interets, and Opinoins-sometimes referred to as AIOs. ---->assumes that marketrs can plan more effective strategies if they know more about thier target markets
extensive problem solving
put alot of effort into deciding how to satisfy need
limited problem solving
willing to put some effort into deciding the best way to satisfy a need
routinized response behavior
when they regularly select a particular way of satisfying a need when it cocurs
low-invovlement purchases
purhchases that have little importance or relevance for the customer--buying a box of salt
tension caused by uncertainty about the rightness of a decision
an aggregate of individuals and/or organizations that have needs in a product class and have the ability, willingness and authority to purchase these prodcuts
consumer market
buyers who intedn to beneftif rom or consume the purchased product w/o intnetion to make profit
consumer buying behavior
decision processes and acts of ultitmate consumers invovled in buying and using product
busines makret
buyers who inted to buy the product of the purpose of resale, produce othe rgoods, or provide other services.
consumer buying decision process
problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation
internal serach
buyers frisst search their memories for products that might solve their problems
external serach
buyers seek information from outside srouces if they cannot retrieve enough info from memory for a decision
factors influencing buying decision process
demographic (gender age, education)

psychographic (lifestyle, itnersts, opinions, etc.)

social(role and family influence, reference group/opinoin leader)

VALS (value and life style)
developed by SRI Consulting-psychographic system which links demographics and purchase apttersns with pscyhological traits, value and lifestyle