• 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
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/139

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

139 Cards in this Set

  • Front
  • Back
Marketing
The process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.
Strategic Planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.
Marketing Concept
A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.
Strategic Window
Temporary periods of optimal fit between the key requirements of a market and a firm’s capabilities.
Marketing Management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
Environmental Analysis
The process of assessing and interpreting the information gathered through environmental scanning.
Marketing Mix
Four marketing activities-product, pricing, distribution, and promotion-that a firm can control to meet the needs of customers within its target market.
Environmental Scanning
The process of collecting information about forces in the marketing environment.
Competitive Advantage
The result of a company’s matching a core competency to opportunities in the marketplace.
Marketing Ethics
Principles and standards that define acceptable marketing conduct as determined by various stakeholders.
Core Competencies
Things a firm does extremely well, which sometimes give it an advantage over its competition.
Social Responsibility
An organization’s obligation to maximize its positive impact and minimize its negative impact on society.
Market Opportunity
A combination of circumstances and timing that permits an organization to take action to reach a target market.
Electronic Commerce
Business exchanges conducted over the internet using telecommunications tools such as web pages, email, and instant/text messaging.
Marketing Strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.
Electronic Marketing
The strategic process of creating, distributing, promoting, and pricing products for targeted customers in the virtual environment of the internet.
Mission Statement
A long term view of what the organization wants to become.
International Marketing
Developing and performing marketing activities across national boundaries.
Customers
The purchasers of organizations’ products; the focal point of all marketing activities.
Sales Forecast
The amount of a product a company expects to sell during a specified period at a specified level of marketing activities.
Exchange
The provision of transfer of goods, services, or ideas in return for something of value.
Segmentation Variables
Characteristics of individuals, groups, or organizations used to divide a market into segments.
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships.
Target Market
A specific group of customers on whom an organization focuses its marketing efforts.
Attitudes
An individual’s enduring evaluation of feelings about, and behavioral tendencies toward an object or idea.
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Buying Behavior
The decision processes and acts of people involved in buying and using products.
Customer Relationship Management
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Consumer Market
Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits.
Cultural Relativism
The concept that morality varies from one culture to another and that business practices are therefore differentially defined as right or wrong by particular cultures.
Globalization
The development of marketing strategies that treat the entire world as a single entity.
Learning
Changes in an individual’s thought processes and behavior caused by information and experience.
Marketing Information Systems
A framework for the management and structuring of information gathered regularly from sources inside and outside on organization.
Motives
An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals.
Marketing Research
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
Perception
The process of selecting, organizing, and interpreting information inputs to produce meaning.
Social Influences
The forces other people exert on one’s buying behavior.
Business-to-Business Buying Behavior
The decision processes and acts of people involved in buying and using products.
Market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
Business-to-Business Markets
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations.
Globalization
The development of marketing strategies that treat the entire world as a single entity.
Learning
Changes in an individual’s thought processes and behavior caused by information and experience.
Marketing Information Systems
A framework for the management and structuring of information gathered regularly from sources inside and outside on organization.
Motives
An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals.
Marketing Research
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
Perception
The process of selecting, organizing, and interpreting information inputs to produce meaning.
Social Influences
The forces other people exert on one’s buying behavior.
Business-to-Business Buying Behavior
The decision processes and acts of people involved in buying and using products.
Market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
Business-to-Business Markets
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations.
Market Segmentation
The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.
Buying Center
The people within an organization, including users, influencers, buyers, deciders, and gatekeepers, who make business purchase decisions.
Convenience Products
Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
Product Mix
The total group of products that an organization makes available to customers.
BrandBrand
A name, term, design, symbol, or any other feature that identifies one marketer’s product as a distinct from those of other marketers.
Product Mix Depth
The average number of different product items offered in each product.
Brand Equity
The marketing and financial value associated with a brand’s strength in a market.
Product Mix Width
The number of product lines a company offers.
Brand Loyalty
A customers favorable attitude
Shopping Products
Items for which buyers are willing to expend considerable effort in planning and making purchases.
Brand Preference
The degree of brand loyalty in which a customer prefers one brand over competitive offerings.
Specialty Products
Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
Brand Recognition
A customers awareness that the brand exists and is an alternative purchase.
Trademark
A legal designation of exclusive use of a brand.
Family Branding
Branding all of a firm’s products with the same name.
Unsought Products
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying.
Individual Branding
A policy of naming each product differently.
Product Differentiation
Cheating and designing products so that customers perceive them as different from competing products.
Product Line Extension
Development of a product that is closely related to existing products in the line but meets different customer needs.
Product
A good, a service, or an idea.
Product Modification
Change in one or more characteristics of a product.
Product Life Cycle
The progression of a product through four stages: introduction, growth, maturity, and decline.
Product Positioning
Creating and maintaining a certain concept of a product in customers minds.
Product Line
A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
Service
An intangible result of the application of human and mechanical efforts to people or objects.
Breakeven Point
The point at which the costs of producing a product equal the revenue made from selling the product.
Differential Pricing
Charging different prices to different buyers for the same quality and quantity of product.
Demand Curve
A graph of the quantity of products expected to be sold at various prices if other factors remain constant.
Penetration Pricing
Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly.
External Reference Price
A comparison price provided by others.
Price Skimming
Charging the highest possible price that buyer’s who most desire the product will pay.
Internal Reference Price
A price developed in the buyer’s mind through experience with the product.
Pricing Objective
Goals that describe what a firm wants to achieve through pricing.
Price
Value exchanged for products in a marketing transaction.
Product-Line Pricing
Establishing and adjusting prices of multiple products within a product line.
Price Elasticity
A measure of the sensitivity of demand to changes in price.
Distribution
The decisions and activities that make products available to customers when and where they want to purchase them.
Atmospherics (Retail)
The physical elements in a store’s design that appeal to consumers’ emotions and encourage buying.
Exclusive Distribution
Using a single outlet in a fairly large geographic area to distribute a product.
Category Killers
A very large specialty store concentrating on a major product category and competing on the basis of low prices and product availability.
Intensive Distribution
Using all available outlets to distribute a product.
Category Management
A retail strategy of managing groups of similar, often substitutable products produced by different manufacturers.
Marketing Channel
A group of individuals and organizations directing the flow of products from producers to customers.
Direct Marketing
The use of telecommunications and non-personal media to introduce products to consumers, who then can purchase them via mail, telephone, or the Internet.
Marketing Intermediary
A middleman linking producers to other middlemen or ultimate consumers through contractual arrangements or through the purchase and resale of products.
Direct Selling
The marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace.
Selective Distribution
Using only some available outlets to distribute a product.
General Merchandise Retailers
A retail establishment that offers a variety of product lines that are stocked in considerable depth.
Supply Chain Management
Long-term partnerships among marketing-channel members that reduce inefficiencies, costs, and redundancies and develop innovative approaches to satisfy customers.
Retail Positioning
Identifying an underserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment.
Transportation
The movement of products from where they are made to intermediaries and end users.
Retailers
An organization that purchases products for the purpose of reselling them to ultimate consumers.
Utility – Place
Created by making products available when the locations where customers wish to purchase them.
Retailing
All transactions in which the buyer intends to consume the product through personal, family, or household use.
Utility – Possession
The customer has access to the product to use or to store for future use.
Scrambled Merchandising
The addition of unrelated products and product lines to an existing product mix, particularly fast-moving items that can be sold in volume.
Utility – Time
Having products available when the customer wants them.
Specialty Retailers
Stores that carry a narrow product mix with deep product lines.
Warehousing
The design and operation of facilities for storing and moving goods.
Wholesaling
Transactions in which products are bought for resale, for making other products, or for general business operations.
Channel Capacity (in promotions)
The limit on the volume of information a communication channel can handle effectively.
Publicity
A news story type of communication transmitted through a mass medium at no charge.
Integrated Marketing Communications
Coordination of promotional efforts for maximum informational and persuasive impact.
Contests
A promotion method used to motivate distributors, retailers, and sales personnel through recognition of outstanding achievements.
Primary demand
Demand for a product category rather than for a specific brand.
Cooperative Advertising
An arrangement in which a manufacturer agrees to pay a certain amount of a retailer’s media costs for advertising the manufacturer’s products
Promotion
Communication to build and maintain relationships by informing and persuading one or more audiences.
Coupons
Written price reductions used to encourage consumers to buy a specific product.
Promotion Mix
A combination of promotional methods used to promote a specific product.
Dealer Listings
An advertisement that promotes a product and identifies the names of participating retailers that sell the product.
Pull Policy
Promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel.
Demonstrations
A sales promotion method manufacturers use temporarily to encourage trial use and purchase of a product or to show how a product works.
Push Policy
Promoting a product only to the next institution down the marketing channel.
Personal (Professional) Selling
Paid personal communication that informs customers and persuades them to buy products.
Selective Demand (in promotions)
Demand for a specific brand.
Point-of-Purchase Displays
Signs, window displays, display racks, and similar means used to attract customers.
Word-of-Mouth Communications
Personal informal exchanges of communication that customers share with one another about products, brands, and companies.
Premiums
Items offered free or at a minimal cost as a bonus for purchasing a product.
Advertising
Paid non-personal communication about an organization and its products transmitted to a target audience through mass media.
Prospecting (in selling)
Developing a list of potential customers.
Advertising Appropriation
Advertising budget for a specified period.
Rebates
A sales promotion technique whereby a customer is sent a specific amount of money for purchasing a single product.
Advertising Campaign
Designing a series of advertisements and placing them in various advertising media to reach a particular target audience.
Sales Promotions
An activity and/or material meant to induce resellers or salespeople to sell a product or consumers to buy it.
Advertising Platform
Basic issues or selling points to be included in the advertising campaign.
Samples
A limited number of units chosen to represent the characteristics of the population.
Media Plan
Specifies media vehicles and schedule for running the advertisements.
Sweepstakes
A sales promotion in which entrants submit their names for inclusion in a drawing for prizes.
Public Relations
Communication efforts used to create and maintain favorable relations between an organization and its stakeholders.