Marketing Mid Term

Front 1

marketing

Back 1

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

Front 2

need

Back 2

needs are things both physysical and psychological that we must have to survive

Front 3

wants

Back 3

wants are things both physical and psycholocial that we would prefure to have, but is not nessicarily needed.

Front 4

market segments

Back 4

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Front 5

customer relationship management

Back 5

a compony-wide business strategy designed to optomize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.

Front 6

Marketing Intermediaries

Back 6

People and firms that help the company to promote sell and distribute its goods to find buyers.
Product Position: Marketing Mix look under positioning

Front 7

Marketing Research

Back 7

the process of planning, collecting, and analyzing data rekevant to a marketing decision

Front 8

Primary Data

Back 8

information collected for first time; is used for solving the particulatar problem under the investigation

Front 9

Secondary data

Back 9

data previousley collected for any other purpose than the one at hand.

Front 10

Buying Center

Back 10

all those persons in an organization who become involved in the purchase decision.

Front 11

cognitive dissonance

Back 11

inner tension that a consumer experiances after recognizing an an inconsistency between behavior and values of opinions.

Front 12

Derived Demand

Back 12

the demand for buisness products

Front 13

undifferentiated marketing

Back 13

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.

Front 14

Product position

Back 14

changing demographics on certain products to establish or reestablish "the look"

Front 15

Niche marketing

Back 15

to split your market into different segments.

Front 16

Marketing mix

Back 16

the combination of product offerings used to reach a target market for the organization. The marketing mix comprises the Product, Price, Promotion and distributio

Front 17

decline stage

Back 17

the rate os decline

Front 18

mature stage

Back 18

a period during which sales increase at a decreasing rate.

Front 19

opinion leaders

Back 19

those who influence others

Front 20

marketing environment

Back 20

Forces outside Marketing that affect Marketing managements ability to build and maintain sucessfull relationships with target markets.

Front 21

decline stage of the product life cycle

Back 21

a long-run drop in sales. the rate of decline is governed by how rapidly consumer taste changes or substitute products are adopted.

Front 22

price

Back 22

that which is given up in exchange to acquire a good or service

Front 23

mission statement

Back 23

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

Front 24

relationship marketing

Back 24

a strategy that entails forging long-term partnerships with customers.

Front 25

market position

Back 25

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.

Front 26

Value Analysis

Back 26

An approach to cost reduction in which componets are studied carefully to determine if they can be produced or redesigned to reduce cost.

Front 27

Market Intel

Back 27

Systematic collection and analysis of publically avaiable information about competitors and developments in the marketing enviornment.