• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/40

Click to flip

40 Cards in this Set

  • Front
  • Back
Showstoppers
factors that doom the product
Environmental/Uncontrllable factors that marketing managers cannot control
Social, economic, technological, competitive, regulatory
Customer Value
buyers' benefits of quality, convenience, on-time delivery, before and after sale service. BEST PRICE, BEST PRODUCT, BEST SERVICE
Relationship marketing
linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit'
Evolution of Marketing
-Production era: 1920s: goods were scarce, buyers willing to accept anything
-Sales Era: 1920s-1960s: manufactures more goods, increased competition
-Marketing Concept era: 1960s- businesses want to satisfy needs of customers while trying to reach own goals
-Market orientation: present day: collect info about consumers' needs, understanding proespective buyers intimately. Customer Relationship era and customer relationship management
Utility
Benefits or customer value received by users of the product
Form Utility
production of the good/service
Place utility:
having the offering available when consumers need it
Time utility
having it available when needed
Possession utility
value of making an item easy to purchase through provision of credit cards/financial arrangements
Levels of a business
Top to bottom:
1. board of directors
2. Corporate level: directs overall strategy for organization
3. Business unit-level: markets a set of related offereings to a clearly defined group of customers
4. Functional level: groups of specialists- strategic direction is more specific and focused
The fundamental, passionate, and enduring principles that guide an organization
core values
a statement or vision of an organization's function in society
mission
the set of calues, ideas, attitudes, and behvaioral norms that is learned and shared among the members of an organizaiton
organizational culture
Goals/objectives of a business
1. profit maximization
2. increase sales
3. increase market share (ratio of firm's sales to the total sales of all firms in industry)
4. Increased quality
5. Customer satisfaction
6. Employee welfare
7. Social responsibility
Where are we now?: competencies
where the organization does best
Where are we now?: customers
providing genuine value to customers to ensure that they have a satisfying experience
Growth strategies
where do we want to go
Business portfolio analysis:
tecnique to quantify performance measures and growth targets of the firm's strategic business units. (market growth rate on vertical axis and relative market share on horizontal axis)
Cash Cows
Strategic business units that generate large amounst of cash, dominant share of slow-growth marktes
Stars: SBU
Strategic business units with a high share of high-growth markets, might become cash cows
Question marks: SBU
Strategic business units: Low share of high-growth marktes, require large amounts of cash to maintain their market share
Dogs: SBU
Strategic busines units: with low shares of slow growth markets
Social environmental force
Demographic shifts and cultural changes
Economic environmental force
macroeconomic conditions and consumer income
Technological environemtnal force
changing technology, technology's impact on customer value, electronic business technologies
Competetive environmental force
alternative forms of competition, small businesses
Regulatory environmental force
laws protecting competition, laws affecting marketing mix actions, self-regulation
Multicultural marketing
reflect unique aspects of different races in marketing
An information and communication- based electronic exchange environment occupied by digitalized offerings
marketspace
Forbids contracts, combinations, or conspiracies in retraint of trade and actual monopolies
Sherman Antitrust Act
Forbids certain actions that are likely to lessen competition
clayton act
maks it unlawful to discriminate by charging different prices to pruchase of the same product in order to create a monopoly
robinson-patman act
Monitors product safety
Consumer product safety act
Consumerism movement
movement started to increase power of consumers
Distribution-related legislation: exclusive dealing
arrangement a manufacturer makes with a reseller to handle only its products and not those of competitiors
Distribution-related legislation: exclusive territorial distributorship
manfacturer grants a distributor the sole rights to sell a product in a specific geographical area
Distribution-related legislation: tying arrangement
a seller requires the purchaser of one product ot also buy another item in the line
Federal trade commission deals with
deceptive advertising and unfair business practices
Problems with self-regulation
noncompliance and enforcement