Mgmt187 Exam 1

Front 1

marketing

Back 1

process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships w/ customers in dynamic environment

Front 2

customers

Back 2

purchasers of org's products; focal pt of all marketnig activities

Front 3

target market

Back 3

specific grp of customers on whom an org focuses its marketing efforts

Front 4

marketing mix

Back 4

four marketing activities: product, distribution, promotion and pricing that firm can control to meet needs of customers w/in its target market

Front 5

products

Back 5

goods, services, ideas that satisfy customer needs

Front 6

distribution

Back 6

ready, convenient and timely availability of products

Front 7

promotion

Back 7

activities that inform customers about org and its products

Front 8

pricing

Back 8

decisions and actions that est pricing objectives and policies and set product prices

Front 9

exchange

Back 9

provision or transfer of goods, services or ideas in return for something of value

Front 10

value

Back 10

customer's subjective assessment of benefits relative to costs in determining worht of product

Front 11

customer value

Back 11

customer benefit - customer costs

Front 12

customer benefit

Back 12

aynthing desired by customer that is received in exchange

Front 13

customer costs

Back 13

anything customer gives up in exchange for beneits

Front 14

executive summary

Back 14

synposis of entire marketing plan

Front 15

SWOT analysis

Back 15

assessment of organization's strengths, weaknesses opportunities and threats

Front 16

environmental analysis

Back 16

marketing environment
target market
current marketing objectives and performance

Front 17

marketing objectives

Back 17

statement of what is to be accomplished thru marketing activites that match trengths to opportunities and provide for conversation of weakness to strength

Front 18

marketing strategies

Back 18

description of how firm will achieve itsmarketing obj and manage its relationship w/ its customers to gain advantage over competition

Front 19

competitve advantage

Back 19

advantage over competitors gained by offering consumers greater value than competitors offer

Front 20

environmental factors

Back 20

competitive
economic
political
legal and regulatory
technological
sociocultural

Front 21

primary data

Back 21

data observed and recorded or collected directly from respondants

Front 22

secondary data

Back 22

data complied both inside and outside the org for some purpose other than current investigation

Front 23

market

Back 23

social arragenemtn that allows buyers and sellers to discover info and carry out volutnary exchange

Front 24

segmentation variable

Back 24

char of individual, grp or org used to divide market into segments

Front 25

demographic variables

Back 25

population characteristics (e.g. age, gender race)

Front 26

psychographic variable

Back 26

personality char
motives
lifestyle

Front 27

geographic variable

Back 27

climate, terrain, cty size, population density, urban/rural areas

Front 28

market density

Back 28

# of potential customers w/in a unit of land area

Front 29

market potential

Back 29

total amt of product that consumer will purchase w/in specified period at specified level of industrywide marketing activity

Front 30

company sales potential

Back 30

max % of market potential that firm w/in an indutry can expect to obtain for certain product

Front 31

breakdown approach

Back 31

top-down analysis

Front 32

build-up approach

Back 32

bottom-up analysis

Front 33

level of involvement

Back 33

individual's intensity of interest in product and importance of product fot that person

Front 34

influences on buying decision process

Back 34

situtational
psychological
social

Front 35

consumer product

Back 35

product purchased to satisfy persona/family need

Front 36

business product

Back 36

product bought to use in organization's operations to resdell or to make other products

Front 37

convenience product

Back 37

inexpensive
frequently purchased
buyers exert minimal purchasing effort

Front 38

shopping product

Back 38

buyers are willing to expend considerable effort in planning and making purchase

Front 39

speicality products

Back 39

item w/ unique char that buyers are willing to expend considerable effort to obtain

Front 40

unsought product

Back 40

product purchased to solve sudden problem

Front 41

product item

Back 41

specific version of product

Front 42

product line

Back 42

grp of closely related product items viewed as unit b/c of marketing technical or end-use considerations

Front 43

product mix

Back 43

total grp of products that org makes avail to customers

Front 44

width of product mix

Back 44

# of product lines a co. offers

Front 45

depth of product mix

Back 45

avg # of different products in each product line

Front 46

product life cycle

Back 46

intro
growth
maturity
decline

Front 47

product adopters

Back 47

innovators
early adopters
early majority
late majority
laggards

Front 48

line extension

Back 48

dev of product that is closely related to existing products inthe line but meets different customer needs

Front 49

product modification

Back 49

change in one or more char. of product and elimination of original product from product line

Front 50

product modification methods

Back 50

quality modification
functional
aesthetic

Front 51

level of quality

Back 51

relative amt of quality a product possesses

Front 52

consistency of quality

Back 52

degree to which product has same lvl of quality overtime

Front 53

value proposition

Back 53

set of benefits offered by org to satisfy customers' needs, wants and demand