Marketing Test #1

Front 1

An organizational function & a set of processes for creating, communicating & delivering value to customers & for managing customer relationships in ways that benefit the organization and its stakeholders.

Back 1

(New) AMA's definition of Marketing

Front 2

This is trading things of value between buyers and sellers, so that each is better off after trading.

Back 2

Exchange

Front 3

This is multiple parties with unsatisfied needs, a desire/ability to satisfy those needs, something to exchange and a way to communicate.

These requirements make up:

Back 3

Marketing

Front 4

Marketing focuses on:

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Discovering and satisfying the consumer's needs & wants.

Front 5

This is a group of people with the desire & ability to buy a specific product.

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a Market

Front 6

What is Marketing's first task?

Back 6

Discovering consumer needs

Front 7

This is one or more specific groups of potential customers to which an organization directs its marketing program.

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a Target Market

Front 8

This consists of the marketing manager's controllable factors: product, price, promotion and place.

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The Marketing Mix

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What are the four P's?

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Product, Price, Promotion and Place

Front 10

These are the uncontrollable factors involving social, economic, technological, competitive & regulatory forces.

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Environmental factors

Front 11

This is a combination of benefits received by targeted buyers that include quality, price, convenience, on-time delivery, and both, before and after sale benefits.

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Customer Value

Front 12

This links the organization to its individual customers, employees, suppliers and other partners for their long term benefit.

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Relationship Marketing

Front 13

This is a plan that uses the marketing mix to provide a good, service, or idea to prospective buyers.

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a Marketing Plan

Front 14

What should the Marketing Concept strive for?

Back 14

It should strive to satisfy the needs & wants of the consumers, while also achieving the organization's goals & objectives.

Front 15

This orientation focuses on four efforts:

1. Continuously collect information about the customers' needs

2. Collect info on the competitors capabilities

3. Sharing this information across departments

4. Using the information to create customer value

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Market Orientation

Front 16

This is the process of identifying prospective buyers, understanding them intimately, and developing long term perceptions of the organization and its offerings, so that buyers will choose them in the marketplace.

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Customer-Relationship Management

Front 17

This is a concept that an organization should discover and satisfy the needs and wants of consumers in ways that also provide for society's well-being.

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Societal Marketing Concept

Front 18

This is the study of the aggregate flow of a nation's goods & services to benefit its society.

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Macromarketing

Front 19

This is how an individual organization directs its marketing activities and allocates its resources to benefit its customers.

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Micromarketing

Front 20

These are people who use the goods and services purchased for themselves or for a household.

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Ultimate Consumers

Front 21

These are units such as manufacturers, retailers, or government agencies that buy goods and services for their own use or for resale.

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Organizational Buyers

Front 22

This is the benefit or customer value received by using the product.

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Utility

Front 23

This is the reward to the organization for the risk it undertakes in offering a product for sale. It is the money left over after a firm's total expenses are subtracted from its total revenue.

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Profit

Front 24

This is the top level in an organization that directs the overall strategy for the entire organization.

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Corporate Level

Front 25

This is an organization's unit that markets a set of related products to a clearly defined group of customers.

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A business unit

Front 26

This is the level in an organization where managers set the direction for their products and markets in order to exploit value-creating opportunities.

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Business Unit Level

Front 27

It is the level in an organization where groups of specialists actually create value for the organization.

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Functional Level

Front 28

These are a small number of people from different departments in an organization who are mutually accountable to a common set of performance goals.

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Cross-Functional Teams

Front 29

It is the statement of the organization. It will often identify it customers, markets, products, technologies and values.

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Mission

Front 30

These are the peoplewho are affected by what the company does and how well it performs.

Back 30

Stakeholders

Front 31

This is a set of values, ideas, and attitudes that is learned and shared among the members of an organization.

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Organizational Culture

Front 32

This converts the mission into targeted levels of performance to be achieved, often by a specific time.

They measure how well the organization's mission is being achieved.

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Goals and Objectives

Front 33

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

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Market Share

Front 34

They're an organization’s special capabilities, including skills, technologies, and resources that distinguish it from other organizations. If these are exploited effectively, that can lead to the organization’s success.

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Competencies

Front 35

This is a unique strength to the organization, often based on quality, time, cost, or innovation.

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Competitive Advantage

Front 36

It consists of features and characteristics of a product that influence its ability to satisfy customer needs.

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Quality

Front 37

Discovering how others do something better than your own firm so you can imitate orleapfrog competition.

Back 37

Benchmarking involves:

Front 38

This is a systematic way to analyze the products and services that make up an association's business portfolio.

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Portfolio Analysis

Front 39

Market Penetration, Market Development, Product Development and Diversification are what type of strategies?

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Market Product Strategies

Front 40

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

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Strategic Marketing Process

Front 41

It is a 'road map' for the marketing activities of an organization. it is in specified period of time, such as, in one or five years, for example.

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Marketing Plan

Front 42

This involves aggregating prospective buyers into groups, or segments, that:

(1) have common needs

(2) will respond similarly to a marketing action.

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Market Segmentation

Front 43

They're the characteristics of a product that make it superior to competitive substitutes. They are the single most important factor in the success or failure of a new product.

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Points of difference

Front 44

This is the means by which a marketing goal is to be achieved. It is usually characterized by a specific target market and a marketing program to reach it.

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Marketing Strategy

Front 45

These are detailed day-to-day operational decisions essential to the overall success of marketing strategies.

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Marketing Tactics

Front 46

They are the environmental forces that include the demographic characteristics of the population and its values.

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Social Forces

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

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Demographics

Front 48

Who are the Baby Boomers?

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They're are the generation of children born between 1946 and 1964.

Front 49

This generation includesthe 15% of the U.S. population born between 1965 and 1976.

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Generation X

Front 50

What is Generation Y?

Back 50

It includes Americans born between 1977 to 1994.

Front 51

This is a family merged into a single household of two previously separated households.

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Blended family

Front 52

This consists of the combination of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of multiple races and their culture.

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Multicultural Marketing

Front 53

This incorporates the set of values, ideas and attitudes that are learned and shared among the members of a group.

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Culture

Front 54

This is the concern for obtaining the best value, features, and performance of a product/service.

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Value Consciousness

Front 55

This pertains to the income, expenditure and resources that affect the cost of running a business and household.

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Economy

Front 56

This is the total amount of money made in one year by a person, household or family unit.

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Gross Income

Front 57

This is the money a consumer has left after paying taxes to use for food, shelter, clothing and transportation.

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Disposable Income

Front 58

This is the money that remains after paying for taxes and necessities.

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Discretionary Income

Front 59

This refers to inventions or innovations created from applied science or research.

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Technology

Front 60

This is an information and communication based electronic exchange environment that is mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.

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Marketspace

Front 61

This is any activity that uses some form of electronic communication in the inventory, exchange , advertisement, distribution and/or payment of goods and services.

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Electronic Commerce

Front 62

It is an internet-based network used within the boundaries of an organization.

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Intranet

Front 63

These use internet-based technologies to permit communication between a company and its suppliers, distributors and other partners.

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Extranets

Front 64

This refers to the alternative firms that could provide a product to satisfy a specific market's need. When it is 'Pure', there are a large number of sellers.

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Competition

Front 65

These are business practices or conditions that make it difficult for new firms to enter the market.

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Barriers to Entry

Front 66

This consists of restrictions state and federal laws place on business with regard to the conduct of its activites.

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Regulation

Front 67

This is a grassroots movement in the 1960s to increase the influence, power and rights of consumers in dealing with institutions.

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Consumerism

Front 68

It is the federal act that governs trademarks, service marks, and unfair competition.

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Langham Act (1946)

Front 69

The Protocol has become a convenient and economical means of securing trademark registration internationally.

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Madrid Protocol

Front 70

This is an alternative to government control where an industry attempts to police itself.

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Self-Regulation

Front 71

These are the moral principals and values that govern the actions and decisions of an individual or group. They serve as guidelines on how to act justly when faced with moral dilemmas.

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Ethics

Front 72

These are society's values and standard that are enforceable in the courts.

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Laws

Front 73

This is a legal concept which means "let the buyer beware". It was pervasive in U.S. business culture before the 1960s.

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Caveat Emptor

Front 74

The U.S. Consumer Bill of Rights (1962) codified the right to:

Back 74

Safety, to be informed, to choose and to be heard.

Front 75

This is the theft or misappropriation of a trade secret with the intent or knowledge that the offense will benefit any foreign government, foreign instrumentality, or foreign agent.

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Economic Espionage

Front 76

This is a formal statement of ethical principles and rules of conduct.

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Code of Ethics

Front 77

These are employees who report unethical or illegal actions of their employers. Thirty-five states and some companies have laws protecting these employees.

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Whistleblowers

Front 78

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

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Moral Idealism

Front 79

This 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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Utilitarianism

Front 80

This means that organizations are part of a larger society and are accountable for their actions.

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Social Responsibilty

Front 81

This consists of worldwide standards for environmental quality and green marketing practices.

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ISO 14000

Front 82

These are efforts designed to produce, promote and reclaim environmentally sensitive products.

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Green Marketing

Front 83

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

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Cause-Related Marketing

Front 84

This is a systematic assessment of a firm's objectives, strategies and performance in the domain of social responsibility.

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Social Audit

Front 85

This involves conducting business in a way that protects the natural environment while making economic progress.

Back 85

Sustainable Development