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27 Cards in this Set

  • Front
  • Back
marketing
an organizational function and a set of processes for creating, communicating, and delivering calue to a customer and for managing customer relationships in ways that benifit that organization and its stakeholders
need
needs are things both physysical and psychological that we must have to survive
wants
wants are things both physical and psycholocial that we would prefure to have, but is not nessicarily needed.
market segments
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
customer relationship management
a compony-wide business strategy designed to optomize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Marketing Intermediaries
People and firms that help the company to promote sell and distribute its goods to find buyers.
Product Position: Marketing Mix look under positioning
Marketing Research
the process of planning, collecting, and analyzing data rekevant to a marketing decision
Primary Data
information collected for first time; is used for solving the particulatar problem under the investigation
Secondary data
data previousley collected for any other purpose than the one at hand.
Buying Center
all those persons in an organization who become involved in the purchase decision.
cognitive dissonance
inner tension that a consumer experiances after recognizing an an inconsistency between behavior and values of opinions.
Derived Demand
the demand for buisness products
undifferentiated marketing
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.
Product position
changing demographics on certain products to establish or reestablish "the look"
Niche marketing
to split your market into different segments.
Marketing mix
the combination of product offerings used to reach a target market for the organization. The marketing mix comprises the Product, Price, Promotion and distributio
decline stage
the rate os decline
mature stage
a period during which sales increase at a decreasing rate.
opinion leaders
those who influence others
marketing environment
Forces outside Marketing that affect Marketing managements ability to build and maintain sucessfull relationships with target markets.
decline stage of the product life cycle
a long-run drop in sales. the rate of decline is governed by how rapidly consumer taste changes or substitute products are adopted.
price
that which is given up in exchange to acquire a good or service
mission statement
a statement of the firm's business based on carefull analysis of benefits sought by present and potential customers and analysis of exsisting and anticipated environmental conditions
relationship marketing
a strategy that entails forging long-term partnerships with customers.
market position
involves the activities of selecting and describing one or more target markets and devolping and maintaining a market mix that will produce mutually satisfying exchanges with target market.
Value Analysis
An approach to cost reduction in which componets are studied carefully to determine if they can be produced or redesigned to reduce cost.
Market Intel
Systematic collection and analysis of publically avaiable information about competitors and developments in the marketing enviornment.