Marketing Exam 1

Front 1

an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Back 1

Marketing

Front 2

Buyers, sellers, investors in a company, community residents, and even citizens of the nations where the goods and services are made or sold, in other words any person or organization that has a stake in the outcome

Back 2

stakeholders

Front 3

the ultimate user of a good or service

Back 3

consumer

Front 4

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long term profitability

Back 4

marketing concept

Front 5

the recognition of any difference between a consumer actual state and some ideal or desired state

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need

Front 6

the desire to satisfy needs in a specific ways that are culturally and socially influenced

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want

Front 7

the outcome sought by a customer that motivates buying behavior, that satisfies a need or a want

Back 7

benefit

Front 8

customers desire for products coupled with the resources to obtain them

Back 8

demand

Front 9

all the customers and potential custimers who share a common need that can be satifyied by a specific product who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange

Back 9

market

Front 10

any location or medium used to conduct and exchange

Back 10

marketplace

Front 11

the usefulness or benefit consumers receive from a product

Back 11

utility

Front 12

the process by which some transfer of value occurs between a buyer and a seller

Back 12

exchange

Front 13

a management philosophy that emphasizes the most efficient ways to produce and distribute products

Back 13

production orientation

Front 14

a managerial view of marketing as a sales function or way to move products out of warehouses to reduce inventory

Back 14

selling orientation

Front 15

a management philosophy that focuses on ways to satisfy customers needs and wants

Back 15

consumer orientation

Front 16

a management effort to involve all employees from the assembly line onward in continuous product quality improvement

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total quality management (tqm)

Front 17

a management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the customer plus the firms employees shareholders and communities

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New era orientation

Front 18

philosophy that sees marketing as a process of building long term relationships with customers to keep them satisfied and coming back. takes preference and behavior in mind to satisfy a customers unique need and want

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customer relationship management

Front 19

a management philosophy that marketers must satisfy customers need in ways that also benefit society, and also are profitable to the firm

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social marketing

Front 20

a product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs

Back 20

sustainability

Front 21

the direct financial impact of a firms expenditure of resource such as time or money

Back 21

return of investment

Front 22

the goods purchased by individual consumers for personal or family use

Back 22

consumer goods

Front 23

the marketing of those goods and services that business and organizational customers need to produce other goods and services for resale or to support their operations

Back 23

business to business marketing

Front 24

goods brought to the individuals or organizations for further processing or for use in doing business

Back 24

industrial goods

Front 25

the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts

Back 25

target market

Front 26

the benefits a customer receives from buying a good or a service

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value

Front 27

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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value proposition

Front 28

the ability of a firm to outperform the competition thereby providing customers with a benefit the competition cant

Back 28

competitive advantage

Front 29

a document that describes the marketing enviornment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

Back 29

marketing plan

Front 30

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

Back 30

market segment

Front 31

the way in which the target market perceives the product in composition to competitors brands differences

Back 31

market position

Front 32

all possible customers in a market regardless of the in their specific needs or wants

Back 32

market segment

Front 33

a sombination of the product itself, the price of the proguct, the place where it is made available and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers

Back 33

marketing mix

Front 34

the assignment of value, or the amount the consumer must exchange to receive the offering

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price

Front 35

the coordination of a marketers marketing communications efforts to influence attitudes or behavior the coordination of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas

Back 35

promotion

Front 36

the availability of the product to the customer at the desired time and location

Back 36

place

Front 37

an ongoing process of making decisions that guide the firm both in the short term and for the long haul

Back 37

business planning

Front 38

a managerial desicion process that matches an organizations resources and capabilities to its market opportunities for long term growth and survival

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strategic planing

Front 39

a decision process that concentrates on developing detailed plans for strategies and tactics for the short term that support an organizations long term strategic plan

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functional planing

Front 40

a decision process that focuses on developing detailed plans for day to day activities that carry out an organizations functional plans

Back 40

operational planning

Front 41

individual units within the firmn that operate like separate businesses with each having its own mission, business objectives, resources, managers, and competitors

Back 41

strategic business units (sbu's)

Front 42

a formal statement in an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

Back 42

mission statement

Front 43

an assessment of a firms internal and external environments

Back 43

situation analysis

Front 44

the controllable elements inside an org, including its people, its facilities, and how it does the things that influence the operations or the organization

Back 44

internal environment

Front 45

the uncontrollable elements outside an organization that may affect its performance either positively or negatively

Back 45

external environment

Front 46

a group of different products or brands owned by an organization and characterized by different income generating growth capabilities

Back 46

business portfolio

Front 47

a management tool for evaluating a firms business mix and assessing the potential of an organizations strategic business units

Back 47

portfolio analysis

Front 48

SBU's with products that have a dominant market share in high growth markets

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stars

Front 49

SBU's with a dominant share in a low growth potential market

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cash cows

Front 50

SBU's with low market shares in fast growth markets

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question marks

Front 51

SBU's with a small share or slow growth market, they are businesses that offer specialized products in limited markets that are not likely to grow quickly

Back 51

dogs

Front 52

growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets

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market penetration strategies

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growth strategies that introduce existing products to new markets

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market development strategies

Front 54

growth strategies that focus on selling new products in served markets

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product development strategies

Front 55

growth strategies that emphasize both new products and new markets

Back 55

diversification strategies

Front 56

individual support plans included in a marketing plan that provide the guideance for implementation and control of the varios marketing strategies within the plan, sometimes called marketing program

Back 56

action plans

Front 57

plans that focus on the day to day execution of the marketing plan, operational plans include detailed directions for the specific activities to be carried out, who will be responsible for them, and time lines for accomplishing the tasks

Back 57

operational plans

Front 58

rules of conduct for an organization

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business ethics

Front 59

when someone voluntarily offers payment to get an illegal advantage

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bribery

Front 60

written standards of behavior to which everyone in the org must subscribe

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code of ethics

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a social movement that atempts to protect consumers from harmful business practices

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consumerism

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the rights of consumers to be protected by the federal gov

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consumer bill of rights

Front 63

claims made in advertising of product superiority that cannot be proven true or untrue

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puffery

Front 64

a fee paid by a manufacturer to a retailer in exchange for agreeing to place products on the retailers shelves

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slotting allowance