Marketing Test 1

Front 1

marketing research

Back 1

provides accurate, up to date, relevant info and should be conducted in an ethical manner.

Front 2

Intranet

Back 2

internal corporate communications network that links company depts, employees, and databases

Front 3

external database

Back 3

can be used to collect a variety of info from different sources..Used by non competing businesses and gov databases...

Front 4

data mining

Back 4

sophisticated analysis techniques to take advantage of the massive amt of transaction info now available

Front 5

Primary Research

Back 5

Exploratory, descriptive, and casual research

Front 6

Secondary Research

Back 6

Already been collected...internal and external sourcces

Front 7

Qualitative Research

Back 7

Exploratory research techniques generate insights for future, more rigourous studies...typically involves in depth consumer probing..takes many forms: i.e. focus groups, case studies, and ethnography

Front 8

Quantitative Research

Back 8

Descriptive research studies: Prob systematically into the problem. Base conclusions on large numbers of observations. Typically expresses results in quantitative terms. SAME People over and over.

Front 9

marketing

Back 9

the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.

Front 10

marketing concept

Back 10

identifying and satisfying consumer needs to ensure long - term profitability

Front 11

Needs, wants, and benefits

Back 11

Needs - can be physical/psychological
Benefits - outcome sought by consumer that satisfies need or want and motivates buying behavior
Want - desire to satisfy needs in specific ways

Front 12

market place

Back 12

takes many forms: mall, ebay auction, ecommerce website

Front 13

utility

Back 13

sum of the benefits we recieve from using a product/service..form utility..place utility..time utility...possession utility

Front 14

Marketing and Exchange Relationship

Back 14

An exchange occurs when something is obtained for soemthing else in return, like cash for goods or services

Front 15

evolution of marketing

Back 15

Production era..sales era...relationship era...triple bottom line era..

Front 16

marketing mix

Back 16

Product : Include product desgin, packaging, branding, support services, and product variations and features
Pricing: setting prices for final consumers, wholesalers, and retailers based on costs, demand or competitor's prices
Promotion: advertising, sales promotion, public relations, direct marketing, and personal selling
Distribution (place): How, when, and where the product is available to targeted customers

Front 17

Value (from customer)

Back 17

ratio of costs (price) to benefits (utilities)

Front 18

Value (seller's)

Back 18

Marketing WITH customers..It is more expensive to attract new customers than to retain current ones..

Front 19

Value Chain

Back 19

Make marketing value decisons. 2. understand consumers value needs. 3. create the value proposition. 4. communicate the value propositon. 5. deliver the value propositon.

Front 20

Business Planning

Back 20

ongoing process of making decisions that guides the firm both in the short term and for the long term

Front 21

Business Ethics

Back 21

basic values that guide a firms behavior

Front 22

Code of ethics

Back 22

written standards of behavior to which everyone in the organization must subscribe

Front 23

SWOT analysis

Back 23

An analysis of an organizations (S) strengths and (W) weaknesses and the (O) opportunities and (T) threats in the external environment

Front 24

Situational analysis (on test)**

Back 24

an assessment of a firm's internal and external environments

Front 25

SBU objectives

Back 25

what the firm hopes to accomplish with MID - range business plan.

Front 26

Mission Statements

Back 26

Example of mission statement MADD: "to stop drunk driving, suppport the victims of this violent crime, and prevent underage drinking."

Front 27

Standardization VS Localization

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Standardization: offer the SAME products in all markets.

Localization: Offer a CUSTOMIZED marketing mix for each country

Front 28

World Trade

Back 28

flow of goods and services among different countries..value of all exports and imports of world's nations

Front 29

Countertrade

Back 29

type of trade in which goods are paid for wtih other items instead of with cash..
i.e. barter is a common form of countertrade

Front 30

Gross Domestic Product (GDP):

Back 30

total dollar value of goods/services a country produces within its borders in a yr.

Front 31

Gross National Product (GNP):

Back 31

value of all goods and services produced by a country's CITIZENS OR ORGANIZATIONS

Front 32

Economic Infrastructure:

Back 32

Quality of country's distribution, financial, and communications systems

Front 33

Least Developed Country (LDC):

Back 33

Economic base is often agricultural

Front 34

Developing Countries

Back 34

Economy shifts emphasis from agricultural to industry

Front 35

Developed Countries:

Back 35

offer wide range of opportunities for international markets

Front 36

Technology:

Back 36

provides firms with important competitive advantages

*Profoundly affects marketing activities
*Can transform industries

Front 37

Patent:

Back 37

Legal document giving inventors exclusive rights to produce/sell a particular invention in that country

Front 38

Standarization:

Back 38

Offer the same products in all markets

Front 39

Sociocultural Envirnment

Back 39

demographics. cultural values. social norms and customs. language. ethnocentrism.

Front 40

Observation

Back 40

data collection method where teh researcher records consumers' behavior, often without their knowledge