Marketing Final

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1. Environmental forces

Back 1

consist of the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces

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2. A target market

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consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.

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3. The marketing mix

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consists of the marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem.

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4. A marketing concept

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is the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals

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5. A product

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is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

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6. What’s needed for marketing to occur

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1) Two or more parties with unsatisfied needs 2)desire and ability to satisfy needs 3) a way to communicated 4) something to exchange

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7. The strategic marketing process

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is the approach whereby an organization allocates its marketing mix resources to reach its target markets.

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8. A situation analysis

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involves taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external factors and trends affecting it.

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9. A SWOT analysis

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is an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

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10. A strategic business unit (SBU)

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is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.

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11. Market share

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is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

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12. Market segmentation

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involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.

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13. Environmental scanning

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is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

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14. Baby boomers

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consist of the generation of children born between 1946 and 1964.

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15. Generation Y

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includes the 72 million Americans born between 1977 and 1994. Also called echo~boom or baby boomlet.

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16. Generation X

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includes the 15 percent of the population born between 1965 and 1976. Also called baby bust.

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17. Multicultural marketing

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consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

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18. Demographics

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describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

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19. Technology

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consists of the inventions or innovations from applied science or engineering research.

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20. Types of Competition

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1) pure competition 2) monopolistic competition 3) oligopoly 4) monopoly

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21. Societal responsibility

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is the idea that organizations are part of a larger society and are accountable to that society for their actions.

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22. Ethical / Legal framework for Marketing (P. 92 – 93)

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23. Moral idealism

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is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

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24. Utilitarianism

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is a personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior.

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25. Sustainable development

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consists of conducting business in a way that protects the natural environment while making economic progress.

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26. Social responsibility

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is the idea that organizations are part of a larger society and are accountable to that society for their actions.

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27. Green marketing

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consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products.

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28. Cause marketing

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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.

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29. The purchase decision process

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consists of the five stages a buyer passes through in making choices about which products and services to buy: 1) problem recognition, 2) information search, 3) alternative evaluation, 4) purchase decision, and 5) postpurchase behavior.

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30. Evaluative criteria

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are the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands.

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31. A consideration set

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is the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware.

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32. Cognitive dissonance

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is the feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives.

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33. Consumer behavior

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consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions.

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34. Brand loyalty

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is a favorable attitude toward and consistent purchase of a single brand over time.

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35. Derived demand

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is the demand for industrial products and services that is driven by, or derived from, the demand for consumer products and services.

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36. Business marketing

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involves the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others.

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37. Protectionism

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is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas.

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38. A global marketing strategy

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involves transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ.

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39. Cross-cultural analysis

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involves the study of similarities and differences among consumers in two or more nations or societies.

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40. Values

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are a society’s personally or socially preferable modes of conduct or states of existence that tend to persist over time.

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41. Customs

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are what is considered normal and expected about the way people do things in a specific country.

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42. Consumer ethnocentrism

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is the tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.

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43. Bottom of the pyramid

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is the largest, but poorest, socio-economic group in the world.

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44. Marketing research

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is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

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45. Data

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are the facts and figures related to the problem that are divided into two main parts: secondary data and primary data.

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46. Market segmentation

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involves aggregating prospective buyers into groups that 1) have common needs and 2) will respond similarly to a marketing action.

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47. Product differentiation

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is a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.

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48. Mass Customization

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has been facilitated by internet ordering, flexible manufacturing and marketing processes which enabled companies to bring customers tailored products and services

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49. When and how to segment markets (P. 226 – 227)

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50. Product positioning

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is the place an offering occupies in a consumer’s mind on important attributes relative to competitive products.

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51. Product repositioning

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involves changing the place an offering occupies in a consumer’s mind relative to competitive products.

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52. A product life cycle

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describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.

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53. Brand equity

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is the added value a brand name gives to a product beyond the functional benefits provided.

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54. Services

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are the intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.

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55. The four I’s of services

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consists of the four unique elements to services: 1) intangibility 2) inconsistency 3)inseparability 4) inventory.

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56. Off-peak pricing

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involves charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service.

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57. Capacity management

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integrates the service component of the marketing mix with efforts to influence consumer demand

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58. Idle production capacity

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occurs when the service provider is available but there is no demand for the service.

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59. The service continuum

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consists of the range of offerings companies bring to the market, from the tangible to the intangible or product-dominant to service-dominant offerings.

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60. A demand curve

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is a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price.

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61. A break-even point (BEP)

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is the quantity at which total revenue and total cost are equal.

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62. Skimming pricing

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involves setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product.

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63. Penetration pricing

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involves setting a low initial price on a new product to appeal immediately to the mass market

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64. Cost-plus pricing

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involves summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.

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65. Multichannel marketing

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involves the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.

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66. Disintermediation

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involves channel conflict that arises when a channel member bypasses another member and sells or buys products direct.

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67. Logistics

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consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.

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68. A supply chain

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consists of a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users.

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69. Customer service

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is the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.

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70. Retailing

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consists of all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use.

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71. Multichannel retailers

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are retailers that utilize and integrate a combination of traditional store formats and non-store formats such as catalogs, television home shopping, and online retailing.

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72. The promotional mix

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is the combination of one or more communication tools used to: (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product

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73. Integrated marketing communications (IMC)

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is the concept of designing marketing communications programs that coordinate all promotional activities—advertising, personal selling, sales promotion, public relations, and direct marketing—to provide a consistent message across all audiences.

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74. A pull strategy

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involves directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.

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75. Advertising

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is any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor.

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76. Relationship selling

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is the practice of building ties to customers based on a salesperson’s attention and commitment to customer needs over time.

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77. Partnership selling

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is the practice whereby buyers and sellers combine their expertise and resources to create customized solutions, commit to joint planning, and share customer, competitive, and company information for their mutual benefit, and ultimately the customer. Also called enterprise selling.

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78. Adaptive selling

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is a need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information.

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79. Porter’s source of competitive advantage (P. 590)

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80. Variety of Marketing Plans (P. 589)

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81. Synergy analysis

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seeks growth opportunities by finding the optimum balance between marketing efficiencies versus R&D-manufacturing efficiencies.

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82. Diversification Analysis (P.38)

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83. Interactive marketing

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is the two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.

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84. A choiceboard

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is an interactive, Internet-enabled system that allows individual customers to design their own products and services by answering a few questions and choosing from a menu of product or service attributes (or components), prices, and delivery options.

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85. Collaborative filtering

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is a process that automatically groups people with similar buying intentions, preferences, and behaviors and predicts future purchases.

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86. Permission marketing

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is the solicitation of a consumer’s consent (called “opt-in”) to receive e-mail and advertising based on personal data supplied by the consumer.

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87. Viral marketing

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is an Internet-enabled promotional strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking websites, and blogs.

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88. Dynamic pricing

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is the practice of changing prices for products and services in real time in response to supply and demand conditions.

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89. A cost leadership strategy

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is one of Porter’s generic business strategies that focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments.

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90. A differentiation strategy

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is one of Porter’s generic business strategies that requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments.

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91. A cost focus strategy

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is one of Porter’s generic business strategies that involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments

Front 92

92. Differentiation focus strategy

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is one of Porter’s generic business strategies that requires products to have significant points of difference to target one or only a few market segments.

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93. Diversification analysis

Back 93

is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.