Marketing Exam 1

Front 1

Marketing

Back 1

The performance of activities that seem to accomplish an organizations objectives by anticipating customer or client needs.

Hint 1

The performance of activities

Front 2

Innovation

Back 2

The development and spread of new ideas, goods and services. This fosters competition for consumers' money.

Hint 2

This fosters competition for consumers' money.

Front 3

Customer Satisfaction

Back 3

The extent to which a firm fulfills a customer's needs, desires, and expectations.

Front 4

Macro-Marketing

Back 4

A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand.

Front 5

Intermediary

Back 5

Someone who specializes in a trade rather than production - which plays a role in the exchange process.

Front 6

Economic System

Back 6

The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society.

Front 7

Market-Directed Economy

Back 7

The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.

Front 8

Marketing Company Era

Back 8

Is a time when in addition to short-range marketing planning, marketing people develop long-range plans -- sometimes five or more years ahead and the whole company effort is guided by the marketing concept.

Front 9

Marketing Concept

Back 9

An organization that aims all its efforts at satisfying it's customers at a profit.

Front 10

Customer Value

Back 10

The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.

Hint 10

The difference between the benefits a customer sees

Front 11

Marketing Management Process

Back 11

The process of (1) planning marketing activities (2) directing the implementation of plans and (3) controlling these plans.

Front 12

Strategic (management) Planning

Back 12

The managerial process of developing and maintaining a match between an organizations resources and it's marketing opportunities.

Front 13

Marketing Strategy

Back 13

Specifies a target market and a related marketing mix. It is a big picture of what a firm will do in some market.

Front 14

Target Market

Back 14

A fairly similar group of customers to whom a company wishes to appeal.

Hint 14

fairly similar group of customers (think appeal)

Front 15

Marketing Mix

Back 15

The controllable variables the company puts together to satisfy this target group.

Front 16

Mass Marketing

Back 16

Vaguely aims at "everyone" with the same marketing mix.

Hint 16

assumes that everyone is the same and it considers everyone to be a potential customer.

Front 17

Customer Service

Back 17

A personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.

Hint 17

to resolve a problem with a purchase

Front 18

Marketing Plan

Back 18

A written statement of a marketing strategy and the time-related details for carrying out the strategy.

Front 19

Customer Lifetime Value

Back 19

Total stream of purchases that a customer could contribute to the company over the length of the relationship.

Hint 19

Total stream of purchases

Front 20

Customer Equity

Back 20

The expected earnings stream of a firm's current and prospective customers over some period of time.

Front 21

Breakthrough Opportunities

Back 21

Freedoms that help innovators develop hard to copy market strategies that will be very profitable for a long time.

Hint 21

Freedoms that help innovators develop

Front 22

Competitive Advantage

Back 22

A firm has a marketing mix that the target market sees as better than a competitor's mix.

Front 23

Competitive Environment

Back 23

This affects the number and types of competitors the marketing manager faces and how they may behave.

Front 24

Competitor Matrix

Back 24

an organization table that compares the strengths and weaknesses of a company with those of its competitive rivals.

Front 25

Economic Environment

Back 25

This refers to macroeconomic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending.

Front 26

Nationalism

Back 26

An emphasis on a country's interests before everything else that affect how macro-marketing systems work.

Front 27

North America Free Trade Agreement (NAFTA)

Back 27

Lays out a plan to reshape the rules of trade among the united States, Canada, and Mexico.

Hint 27

Reshapes the Rules

Front 28

Cultural Social Environment

Back 28

affects how and why people live and behave as they do, which affects customer buying behavior and eventually the economic, political, and legal environments.

Hint 28

Sacred Cow (India)

Front 29

Gross Domestic Product (GDP)

Back 29

The total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.

Front 30

Baby Boomers

Back 30

those born between 1946 and 1964, reached an age of 64 in 2011.

Front 31

Generation Y (Millennials)

Back 31

Refers to those born from 1978 to 1994.

Front 32

Sustainability

Back 32

the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs.

Front 33

Market

Back 33

A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services which are ways of satisfying those needs.

Front 34

Market Segmentation

Back 34

(1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Front 35

Combined Market Approach

Back 35

Combining two or more submarkets into one larger target market as a basis for one strategy.

Front 36

Combiners

Back 36

Increasing the size of their target markets by combining two or more segments.

Front 37

Segmenters

Back 37

This aims at one or more homogenous segments and tries to develop a different marketing mix for each segment.

Hint 37

This aims at one or more homogenous segments

Front 38

Clustering Techniques

Back 38

Tries to find similar patterns within sets of data.

Front 39

Customer Relationship Management (CRM)

Back 39

The seller fine-tunes the marketing effort with information from a detailed customer database.

Front 40

Positioning

Back 40

Refers to how customers think about proposed or present brands in a market.

Hint 40

Getting people to think about your product

Front 41

Economic Buyers

Back 41

People who know all the facts and logically compare choices to get the greatest satisfaction from spending their time and money.

Hint 41

the greatest satisfaction from spending their time and money.

Front 42

Discretionary Income

Back 42

What is left of income after paying taxes and paying for necessities

Front 43

physiological Needs

Back 43

Concerns with biological needs (food, liquid, rest, and sex).

Front 44

Perception

Back 44

How we gather and interpret information from the world around us.

Front 45

Selective Perception

Back 45

Screening out or modifying ideas, messages, and information that conflicts with previously learned attitudes and beliefs.

Front 46

Cues

Back 46

Products, signs, ads, and other stimuli in the environment that an individual chooses for in a specific response.

Front 47

Attitudes

Back 47

A person's point of view toward something. The "something" may be a product, an advertisement, a salesperson, a form or an idea.

Front 48

Psychographics

Back 48

is the analysis of a person's day to day pattern of living as expressed in that person's Activities, Intrests, and Opinions (AIO).

Hint 48

Activities, Intrests, and Opinions (AIO).

Front 49

Adoption Process

Back 49

The steps individuals go through on the way to accepting or rejecting a new idea.

Hint 49

The steps individuals go through

Front 50

Awareness

Interests

Evaluation

Trial

Decision

Confirmation

Back 50

Adoption Process

Front 51

Controllable Variables

Back 51

Aspects of a phenomenon or situation that can be directly influenced or controlled.

Hint 51

Aspects of a phenomenon