Mktg Ch 1&2

Front 1

the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value to customers, clients, partners, and society at large

Back 1

marketing

Front 2

what specifies the marketing activities for a specific period of time

Back 2

marketing plan

Front 3

marketing is about an ______. the trade of things of value between the buyer and seller so that each is better off as a result

Back 3

exchange

Front 4

the marketing mix or four P's are

Back 4

product
price
place
promotion

Front 5

the controllable set of activities that the firm uses to respond to the wants of its target markets

Back 5

marketing mix or four P's

Front 6

items that you can physically touch

Back 6

goods

Front 7

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

Back 7

services

Front 8

everything the buyer gives up - money, time, energy - in exchange for the product

Back 8

price

Front 9

this represents all the activities necessary to get the product to the right customer when that customer wants it.

Back 9

place

Front 10

communication by a marketer that informs, persuades, and reminds potential buyers about a product to influence their opinions and elicit a response

Back 10

promotion

Front 11

the process by which businesses sell to consumers

Back 11

B2C business to consumer marketing

Front 12

the process of selling merchandise or services from one business to another is called

Back 12

B2B business to business marketing

Front 13

consumers selling to other consumers

Back 13

C2C consumer to consumer marketing

Front 14

reflects the relationship of benefits to costs, or what you get for what you give

Back 14

value

Front 15

when customers can act as collaborators to create the product or service

Back 15

value cocreation

Front 16

the buyer-seller relationship as a series of individual transactions, so anything that happened before or after any transaction is of little importance.

Back 16

transactional orientation

Front 17

the philosophy that buyers and sellers should develop a long-term relationship

Back 17

relational orientation

Front 18

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firms most loyal customers

Back 18

customer relationship management (CRM)

Front 19

such a group of firms that make and deliver a given set of goods and services is known as a

Back 19

supply chain

Front 20

people who organize, operate, and assume the risk of a new business adventure

Back 20

entrepreneurs

Front 21

this identifies a firm's target markets, a related marketing mix (its four P's) and the bases on which the firm plans to build a sustainable competitive advantage

Back 21

marketing strategy

Front 22

an advantage over the competition that is not easily copied and thus can be maintained over a long period of time.

Back 22

sustainable competitive advantage

Front 23

this is achieved when a firm develops value based strategies for retaining loyal customers and provides outstanding customer service

Back 23

customer excellence

Front 24

this is obtained through efficient operations, excellent supply chain management, strong relationships with their suppliers, and excellent human resource management.

Back 24

operational excellence

Front 25

this occurs by providing products with high perceived value and effective branding and positioning.

Back 25

product excellence

Front 26

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's, action programs, and projected or proforma income statements

Back 26

marketing plan

Front 27

the marketing plan: step 1

Back 27

business mission and objectives

Front 28

the marketing plan step 2

Back 28

situation analysis
SWOT

Front 29

the marketing plan step 3

Back 29

identify opportunities

Front 30

the marketing plan step 4

Back 30

implement marketing mix

Front 31

the marketing plan step 5

Back 31

evaluate performance using marketing metrics

Front 32

in step one of the marketing plan marketing executives, in conjunction with other top managers define the mission and or vision of the business

Back 32

planning phase

Front 33

in this phase of the marketing plan marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP)

Back 33

implementation phase

Front 34

this phase of the marketing plan entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions

Back 34

control phase

Front 35

a broad description of a firm's objectives and the scope of the activities it plans to undertake

Back 35

mission statement

Front 36

SWOT

Back 36

strengths
weaknesses
opportunities
threats

Front 37

STP

Back 37

segmentation
targeting
positioning

Front 38

a group consisting of consumers who respond similarly to a firm's marketing efforts

Back 38

market segment

Front 39

the process of dividing the market into groups of customers with different needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them

Back 39

market segmentation

Front 40

after a firm has identified the carious market segments it might pursue, it evaluates each segment's attractiveness and decides which to pursue using a process known as

Back 40

target marketing or targeting

Front 41

this involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

Back 41

market positioning

Front 42

this is an analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats

Back 42

situation analysis

Front 43

SBU

Back 43

strategic business unit

Front 44

a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.

Back 44

strategic business unit

Front 45

the percentage of a market accounted for by a specific entity and is used to establish the products strength in a particular market

Back 45

market share

Front 46

a special type of market share metric is used because it provides managers with a products relative strength compared to that of the largest firm in the industry

Back 46

relative market share

Front 47

the annual rate of growth of the specific market in which the product competes

Back 47

market growth rate or annual growth rate

Front 48

this employs the existing marketing mix and focuses the firms efforts on existing customers. this generally requires greater marketing efforts, such as increased advertising and additional sales and promotions

Back 48

market penetration strategy

Front 49

this employs the existing marketing offering to reach new market segments whether domestic or international

Back 49

market development strategy

Front 50

offering a new product or service to a firms current target market

Back 50

product development strategy

Front 51

DIVERSIFICATION introducing a new product or service to a market segment that currently is not served

Back 51

diversification strategy

Front 52

DIVERSIFICATION the current target market and or marketing mix shares something in common with the new opportunity

Back 52

related diversification

Front 53

DIVERSIFICATION the new business lack any common elements with the present business

Back 53

unrelated diversification