Marketing Test 1

Front 1

organizational strategy

Back 1

legal entity of common mission. motivates them to develop offerings that create value

Front 2

business firm

Back 2

privately owned, serves customers in order to earn profit

Front 3

profit

Back 3

money left over after all expenses

Front 4

nonprofit org

Back 4

nongovt org serves it customers but doesnt have profit as organizational goal

Front 5

corporate level

Back 5

top management directs overall strategy for entire org

Front 6

functional level

Back 6

groups of specialists create value for the org

Front 7

cross functional teams

Back 7

small number of people from different depts who are mutually accountable to accomplish goals

Front 8

core values

Back 8

fundamental principles that guide its conduct over time

Front 9

mission

Back 9

statement of the orgs function in society

Front 10

organizational culture

Back 10

set of values, ideas, attitudes, and norms of behavior that is learned and shared among others of an org

Front 11

business

Back 11

describes the clear, broad, underlying industry or market sector of an organizations offering

Front 12

sales

Back 12

if profits are acceptable the firm may elect to inc or maintain sales even though profits may not be maximized

Front 13

market share

Back 13

ratio of sales revenue of the firm to the total sales revenue of all firms in the industry

Front 14

social responsibility

Back 14

firms may seek to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits

Front 15

marketing dashboard

Back 15

visual comp display of essential info relating to achieving goal

Front 16

marketing

Back 16

measure of the quantitative value or trend of a marketing activity or result

Front 17

marketing plan

Back 17

road map for the marketing activities of an org for a specific future time period

Front 18

competitive advantage

Back 18

unique strength relative to competitors that provides superior returns often based on quality, time, cost, or innovation

Front 19

business portfolio advantage

Back 19

to quantify performance measures and growth targets to analyze its clients strategic business units (SBU's) as though they were a collection of separate investments

Front 20

cash cow

Back 20

SBU's that generate large amounts of cash, far more than they can invest profitably in themselves

Front 21

stars

Back 21

SBU's with a high share of high growth markets that may need extra cash to finance their own rapid future growth

Front 22

question marks

Back 22

SBU's with a low share of high growth markets. they require large injections of cash just to maintain their market share, much less increase it

Front 23

dogs

Back 23

SBU's with low shares of slow growth markets. although they generate enough cash to sustain themselves, they dont hold promise of becoming real winners for org

Front 24

diversification analysis

Back 24

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

Front 25

market penetration

Back 25

marketing strategy to increase sales of current products in current markets

Front 26

market development

Back 26

marketing strategy to sell current products to new markets

Front 27

product development

Back 27

marketing strategy to sell new products to current markets

Front 28

diversification

Back 28

marketing strategy of developing new products and selling them in new markets

Front 29

strategic marketing process

Back 29

org allocates its marketing mix (the 4 P's) resources to reach its target markets

Front 30

STEP 1 of strategic marketing process
situation SWOT analysis

Back 30

taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the org marketing plans and the external forces and trends affecting it

Front 31

SWOT

Back 31

Strengths Weaknesses external Opportunities & Threats

Front 32

STEP 2 of strategic marketing process
market segmentation

Back 32

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

Front 33

STEP 3 of strategic marketing process
marketing program

Back 33

the planning phase on the "how" involves developing the 4 P's

Front 34

marketing strategy

Back 34

means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

Front 35

marketing tactics

Back 35

detailed day to day operational decisions essential to the overall success of marketing strategies

Front 36

customer relationship management

Back 36

process of identifying prospective buyers, understanding them intimately, and developing favorable longterm perceptions of the org and its offerings so buyers will choose them in the marketplace

Front 37

environmental forces

Back 37

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

Front 38

exchange

Back 38

trade of things that value between the buyer and seller so that each is better off after trade

Front 39

market orientation

Back 39

org that focuses its efforts on 1) continuously collecting information about customers needs 2) sharing this information across depts 3) using it to create customer value

Front 40

marketing concept

Back 40

idea that org should 1) strive to satisfy the needs of customers 2) while also trying to achieve the org goals

Front 41

marketing mix

Back 41

marketing managers controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem

Front 42

marketing program

Back 42

plan that integrates the marketing mix to provide good, service, or idea to prospective buyers

Front 43

organizational buyers

Back 43

these manufacturers, wholesalers, retailers, and govt agencies that buy goods and services for their own use or for resale

Front 44

utility

Back 44

benefits or customer value received by users of the product

Front 45

competitive advantage

Back 45

unique strength relative to competitors that provides superior returns, often based on quality, time, cost or innovation

Front 46

market share

Back 46

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

Front 47

marketing metric

Back 47

a measure of the quantitative value or trend of a marketing activity or result

Front 48

points of difference

Back 48

the characteristics of a product that make it superior to competitive substitutes

Front 49

SBU

Back 49

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

Front 50

consumerism

Back 50

a grassroots movement started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutions

Front 51

technology

Back 51

inventions or innovations from applied science or engineering research

Front 52

consumer bill of rights

Back 52

a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard

Front 53

social audit

Back 53

a systematic assessment of a firms objectives, strategies, and performance in terms of social responsibility

Front 54

social responsibility

Back 54

the idea that org are apart of a larger society and are accountable to that society for their actions

Front 55

triple bottom line

Back 55

the recognition of the need for org to improve the state of ppl, the planet, and profit simultaneously if they are to achieve sustainable, long term growth

Front 56

purchase decision process

Back 56

five stages: problem recognition, info search, alternative evaluation, purchase decision, post purchase behavior

Front 57

consumer behavior

Back 57

actions a person takes in purchasing and using services

Front 58

problem recognition

Back 58

perceiving a diff between a persons ideal and actual situations big enough to trigger a decision

Front 59

consideration set

Back 59

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

Front 60

cognitive dissonance

Back 60

feeling ofof post purchase psychological anxiety

Front 61

extended problem solving

Back 61

high involvement purchase purchase situations for items such as automobiles and audio systems

Front 62

limited problem solving

Back 62

consumers seek little info or rely on word of mouth to help evaluate alternatives

Front 63

routine problem solving

Back 63

typically the case for low priced, frequently purchased products

Front 64

selective perception

Back 64

filtering of exposure, comprehension, and retention

Front 65

selective exposure

Back 65

ppl pay attention to messages that are consistent with their attitudes and beliefs and ignore messages that are inconsistent

Front 66

selective comprehension

Back 66

interpreting info so that it is consistent with your attitudes and beliefs

Front 67

selective retention

Back 67

consumers dont remember info they see/hear even minutes after they hear it. this is why often they give brochures

Front 68

subliminal perception

Back 68

see/hear messages without being aware of them

Front 69

behavioral learning

Back 69

process of developing automatic reponses to a situation built up through repeated exposure to it

Front 70

cognitive learning

Back 70

making connections between 2 or more ideas or simply observing the outcomes of others behaviors and adjusting to your own accordingly

Front 71

psychographics

Back 71

practice of combining psychology, lifestyle, and demographics, is often used to uncover consumer motivations for buying and using products and services

Front 72

word of mouth

Back 72

most powerful and authentic info source for consumers bc typically involves trustworthy friends

Front 73

consumer socialization

Back 73

process by which people acquire skills, knowledge, and attitudes necessary to function as consumers

Front 74

traditional family

Back 74

married couple with children younger than 18 yrs. 22% of all US households

Front 75

joint decision making

Back 75

most decisions made by husband and wife

Front 76

spouse dominant decisions

Back 76

one is more responsible

Front 77

social class

Back 77

relatively permanent, homogeneous divisions in a society into which ppl sharing similar values, interests, and behavior can be grouped

Front 78

sustainable development

Back 78

meet personal needs without compromising the ability of future generations to meet their needs

Front 79

marketing miopia

Back 79

defining a business narrowly
ex: mcdonalds not only food place but and entertainment place