Marketing Test 1 Review

Front 1

Market

Back 1

Consumers desire and ability to buy

Hint 1

Desire buy

Front 2

Marketing process

Back 2

Discover the needs and wants of possible consumers and satisfy them

Front 3

Needed for marketing to occur

Back 3

1. 2 or more parties with unsatisfied needs

2. Desire abd ability on their part to be satisfied

3. A way for the parties to comminicate

4. Something to exchange

Hint 3

4 things needed

Front 4

Consumer need

Back 4

Food, clothes etc.

Stuff needed to survive

Hint 4

Things needed in order to survive

Front 5

Consumer wants

Back 5

A need shaped by someone's knowledge, culture, etc.

Front 6

Target market

Back 6

Specific groups of potential consumers

Hint 6

Specific

Front 7

Marketing mix

Back 7

Product - good, service, or idea

Price - what is exchanged fir the product

Promotion -communication between seller and buyer

Place - getting product to consumer

Hint 7

4 P's

Front 8

Environmental forces

Back 8

Social, economic, technological, competitive, regulatory

Hint 8

Uncontrollable forces

Front 9

Marketing concept

Back 9

Satisfy customer needs while achieving organization goals

Front 10

Customer experience

Back 10

Internal response that customers have about an organization and it's offering.

Hint 10

Direct and indirect(heard from...) contact

Front 11

Who buys and uses what's marketed

Back 11

Both individuals and organizations. Ultimate consumer (the people) and organizational buyers

Hint 11

People and organizations

Front 12

How do consumers benefit

Back 12

Utility, the benefits or customer value recieved by users of the product. Form utility, place utility, time and possession utility.

Form- production of product or service

Place- having offering available where needed by consumer

Time- having it available when needed

Possession- value of making an item easy to purchase

Hint 12

Utility. 4 types of utility

Front 13

Kinds of organizations

Back 13

Business firm - privately owned organization, main goal is to earn profit. (target, nike etc.)

Nonprofit organization - nongovernmental organization that serves customers but profit isn't it's main goal, customer satisfaction is main goal.

Hint 13

Profit and nonprofit

Front 14

Strategy

Back 14

Long-term plan designed to deliver unique customer experience while achieving it's goals.

Hint 14

Long-term plan

Front 15

Structure of today's organizations

Back 15

Corporate level - top management directs over all strategy for the entire organization

Strategic business unit (SBU)- subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.

Functional level- groups of specialists create value for the organziation.

Hint 15

3 organizational levels

Front 16

Strategy in visionary organziation

Back 16

Always know why they exist.

Clearly know their direction and how they are getting there.

Front 17

Core values

Back 17

The fubdamental, passionate, and enduring principles that guide the organization's conduct over time

Hint 17

Owners, stakeholders, senior management

Front 18

Mission

Back 18

What company is about, customers they bring in, and products sold. Short, clear, concise, inspirational.

Hint 18

Shaped by core values

Front 19

Organizational culture

Back 19

Values, ideas, addititudes, norms, behavior.

Learned among the members of the organization.

Hint 19

Culture

Front 20

Business

Back 20

Describes the clear, broad underlying industry or market sector of an organization's offering

Front 21

Goals

Back 21

Statements of an accomplishment of a task to be achieved, often by a specific time

Profit, sales, market share, quality, and customer satisfaction.

Hint 21

Different types of Goals

Front 22

Market share

Back 22

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

Front 23

Marketing plan

Back 23

Map for marketing activities of an organization for a specified future time period (1 year etc.)

Front 24

Setting strategic directions

Back 24

Where are we now? Where do we want to go?

Front 25

Competencies

Back 25

An organization's special capabilities

Hint 25

Mame it different from other organizations

Front 26

Competitive advantage

Back 26

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

Front 27

Growth strategies

Back 27

Managers have to set direction for the firm. Two techniques are business portfolio analysis, and diversification analysis.

Hint 27

Two techniques

Front 28

Business portfolio analysis

Back 28

Techniques managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection from seperated investments

Front 29

Cash cow

Back 29

Strategic business units that generate large amounts of cash, far more than they can invest profitably into themselves

Hint 29

A lot of money

Front 30

Stars

Back 30

Strategic business units with a high share of high growth markets that may need extra cash to finance their own rapid future growth.

Hint 30

When growth slows most likely become cash cows.

Front 31

Question marks

Back 31

SBUs with a low share of high growth markets. Need a lot of money just to maintain.

Hint 31

Choosing right ones to invest in and get rid of the rest

Front 32

Dogs

Back 32

SBUs with low shares of slow growth markets. May make enough money to maintain but won't make real profit for company

Hint 32

May need to be dropped

Front 33

Environmental scanning

Back 33

Continually acquiring information on events occurring outside the organization to identify and interupt trends

Hint 33

See what's going on

Front 34

Tracking environmental trends

Back 34

Arise from social, economic, technological, competetive, and regulatory forces

Front 35

Environmental scan of today's marketplace

Back 35

Growth of social networks, increasing economic impact, growth in technology and online privacy

Front 36

Social forces

Back 36

Demographic characteristics of the population and it's values.

Front 37

Demographics

Back 37

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

Front 38

The world's population at a glance

Back 38

6.9 billion people. And growing.

Front 39

The U.S population

Back 39

Population becoming larger, older, and more diverse. Ethnic groups are growing

Front 40

Generational cohorts

Back 40

Baby boomers- born between 1946 and 1964 and are retirng.

Generation X- consumers who are self reliant, supportive of racial and ethnic diversity, and better educated.

Generation Y-72 million Americans born between 1977 and 1994influence on music, sports, technology, and all forms of communication and networking.

Front 41

Changing values

Back 41

Consumers have become cautious buyers. Want best quality, features, and performance of an item.

Front 42

Gross income

Back 42

Total money made in a year by a person or household

Front 43

Disposable income

Back 43

The money a consumer has left after paying taxes to use for their necesites (food, clothing, transportan etc)

Front 44

Discretionary income

Back 44

The money that remains after paying for taxes and necesities

Hint 44

For luxury

Front 45

Technology of tomorrow

Back 45

Social networks, natural user interfaces, green technologies, biotechnology.

Front 46

Technologies impact on customer value

Back 46

Cost of technology is lowering, products based on quality, service and relationships.

Provides value through the development of new products.

Can change existing products and the ways they are produced.

Front 47

Forms of competition

Back 47

Pure competition- many sellers with similar products.

Monopolistic competition- many sellers compete with substitutable products within a price range.

Oligopoly- a common industry structure , few companies control the majority of industry sales.

Pure manopoly- only one firm sells the product.

Front 48

Components of competition

Back 48

Entry- must access the likelihood of new entrants, some companies lower prices.

Power of buyers and suppliers-

Existing competitors and substitutes

Front 49

Regulation

Back 49

Restrictions state and federal laws place on business with regard to the conduct.

Hint 49

Protecting competition

Front 50

Ethics

Back 50

Moral principles, values, laws, society value, standards

Front 51

Current perception of ethical behavior

Back 51

Surveys confirm public perception.

Front 52

Business culture and industry practices

Back 52

Ethics exchange- Bill of rights rights to safety, to be informed, to choose, and to be heard.

Ethics competition- economic espionage: spy taking secrets from other companies. Bribes and kickbacks

Front 53

Corporate culture and expectations

Back 53

Code of ethics- formal statement of ethical principles and rules of conduct.

Whistle blowers

Front 54

Your personal moral philosophy

Back 54

Moral idealism- a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

Front 55

Social responsibilty

Back 55

Organizations are part of a larger society and are accountable to that society for their actions.

Front 56

Concepts of social responsibility

Back 56

Profit responsibility- companies duty to maximize profits for their owners or stockholders

Stakeholder responsibilty- obligations on organization has to those who can affect achievement of its objectives. (Consumers, employees, suppliers and distributors)

Societal responsibility- obligations that organizations have to the preservation of the ecological environment and to the general public.