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106 Cards in this Set
- Front
- Back
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Marketing
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the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Marketing Concept
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the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
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Market Orientation
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a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; it is synonymous with the marketing concept
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Customer Value
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the relationship between benefits and the sacrifice necessary to obtain those benefits
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Customer Satisfaction
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customers' evaluation of a good or service in terms of whether it has met their needs and expectations
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Marketing Objective
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a statement of what is to be accomplished through marketing activities
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Marketing Plan
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a written document that acts as a guidebook of marketing activities for the marketing manager
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Marketing Mix
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a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
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Marketing Strategy
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the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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Strategic Planning
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the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities
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SWOT Analysis
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identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
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Sustainability
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the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time
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Pyramid of Social Responsibility
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a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure
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Target Market
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a defined group most likely to buy a firm's product
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Demography
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the study of people's vital statistics, such as their age, race and ethnicity, and location
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Purchasing Power
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a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
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Global Marketing
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marketing that targets markets throughout the world
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SWOT Analysis
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identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
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World Trade Organization
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trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
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Sustainability
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the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time
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Floating Exchange Rates
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prices of different currencies move up and down based on the demand for and the supply of each currency
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Pyramid of Social Responsibility
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a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure
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Evoked Set
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a group of brands, resulting from an information search, from which a buyer can choose
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Target Market
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a defined group most likely to buy a firm's product
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Demography
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the study of people's vital statistics, such as their age, race and ethnicity, and location
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Purchasing Power
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a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
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Global Marketing
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marketing that targets markets throughout the world
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World Trade Organization
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trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
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Floating Exchange Rates
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prices of different currencies move up and down based on the demand for and the supply of each currency
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Evoked Set
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a group of brands, resulting from an information search, from which a buyer can choose
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Cognitive Dissonance
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inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
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Routine Response Behavior
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the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time
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Reference Group
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a group in society that influences an individual's purchasing behavior
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Maslow’s Hierarchy
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a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization
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Business Marketing
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the marketing of goods and services to individuals and organizations for purposes other than personal consumption
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Disintermediation
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the elimination of intermediaries such as wholesalers or distributers from a marketing channel
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Strategic Partnership
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a cooperative agreement between business firms
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Derived Demand
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the demand for business products
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Undifferentiated Targeting
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a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
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Market Segmentation
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the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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One-to-one Marketing
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an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer
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Positioning
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developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
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Marketing Research
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the process of planning, collecting, and analyzing data relevant to a marketing decision
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Primary Data
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information that is collected for the first time; used for solving the particular problem under investigation
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Competitive Intelligence
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an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors
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Product
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everything, both favorable and unfavorable, that a person receives in an exchange
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Product Mix
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all products that an organization sells
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Product Line
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a group of closely related product items
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Brand
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a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
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New Product Development Process
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a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
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Product Life Cycle
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a concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)
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Test Marketing
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the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
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Diffusion
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the process by which the adoption of an innovation spreads
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Service
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the result of applying human or mechanical efforts to people or objects
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Internal Marketing
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treating employees as customers and developing systems and benefits that satisfy their needs
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Marketing Channel
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a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
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Supply Chain
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the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function
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Channel Partnering
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the joint effort of all channel members to create a channel that serves customers and creates a competitive advantage
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Outsourcing/Contract Logistics
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a manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing
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Retailing
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all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use
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Retailing Mix
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a combination of the six Ps—product, place, promotion, price, presentation, and personnel—to sell goods and services to the ultimate consumer
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Institutional Advertising
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a form of advertising designed to enhance a company's image rather than promote a particular product
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Promotion
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communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
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Promotional Strategy
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a plan for the optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion
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Promotional Mix
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the combination of promotional tools—including advertising, public relations, personal selling, and sales promotion—used to reach the target market and fulfill the organization's overall goals
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Product Advertising
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a form of advertising that touts the benefits of a specific good or service
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AIDA Concept
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a model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action
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Push Strategy
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a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or a retailer to carry and sell particular merchandise
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Pull Strategy
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a marketing strategy that stimulates consumer demand to obtain product distribution
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Advertising
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impersonal, one-way mass communication about a product or organization that is paid for by a marketer
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Advertising Appeal
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a reason for a person to buy a product
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Unique Selling Proposition
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a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign
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Medium
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the channel used to convey a message to a target market
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Media Mix
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the combination of media to be used for a promotional campaign
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Cost per Contact
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the cost of reaching one member of the target market
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Push Money
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money offered to channel intermediaries to encourage them to "push" products—that is, to encourage other members of the channel to sell the products
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Crisis Management
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a coordinated effort to handle all the effects of unfavorable publicity or of another unexpected unfavorable event
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Consumer Sales Promotion
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sales promotion activities targeting the ultimate consumer
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Trade Sales Promotion
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sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer
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Loyalty Marketing Program
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a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
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Relationship/Consultative Selling
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a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
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Sales Process/Sales Cycle
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the set of steps a salesperson goes through in a particular organization to sell a particular product or service
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Lead Qualification
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determination of a sales prospect's (1) recognized need, (2) buying power, and (3) receptivity and accessibility
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Needs Assessment
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a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them
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Sales Presentation
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a formal meeting in which the salesperson presents a sales proposal to a prospective buye
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Follow Up
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the final step of the selling process, in which the salesperson ensures that delivery schedules are met, that the goods or services perform as promised, and that the buyers' employees are properly trained to use the products
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Price
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that which is given up in an exchange to acquire a good or service
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Profit
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revenue minus expenses
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ROI
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net profit after taxes divided by total assets
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Market Share
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a company's product sales as a percentage of total sales for that industry
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Demand
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the quantity of a product that will be sold in the market at various prices for a specified period
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Supply
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the quantity of a product that will be offered to the market by a supplier at various prices for a specified period
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Elasticity of Demand
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consumers' responsiveness or sensitivity to changes in price
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Markup Pricing
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the cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for
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Marginal Revenue
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the extra revenue associated with selling an extra unit of output or the change in total revenue with a one-unit change in output
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Break-even Analysis
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a method of determining what sales volume must be reached before total revenue equals total costs
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Price Strategy
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a basic, long-term pricing framework, that establishes the initial price for a product and the intended direction for price movements over the product life cycle
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Price Skimming
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a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion
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Penetration Pricing
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a pricing polic y whereby a firm charges a relatively low price for a product initially as a way to reach the mass market
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Base Price
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the general price level at which the company expects to sell the good or service
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Value-based Pricing
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setting the price at a level that seems to the customer to be a good price compared to the prices of other options
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Flexible (variable) Pricing
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a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities
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Leader (loss-leader) Pricing
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a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store
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Odd-even (psychological) pricing
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a price tactic that uses odd-numbered prices to connote bargains and even-numbered prices to imply quality
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Consumer Penalty
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an extra fee paid by the consumer for violating the terms of the purchase agreement
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Bait Pricing
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a price tactic that tries to get consumers into a store through false or misleading price advertising and then uses high pressure selling to persuade consumers to buy more expensive merchandise
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