Marketing-Exam 1

Front 1

micro-marketing

Back 1

performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or cleint

Front 2

pur subsistence economy

Back 2

when each family unit produces everything it consumes; no need for exhange of G7S.

Front 3

macro marketing

Back 3

social process that directs an economy's flow of g&s from producers to consuemrs in a way that effectively matches suply and demand

Front 4

marketing concept

Back 4

organization aims all efforts to satisfying cutomser at a profit

Front 5

production orientation

Back 5

making whatever products are easy to prodcue and then trying to sell them

Front 6

mkareting orientaiton

Back 6

trying to carry out the marketinc concept.

Front 7

customer value

Back 7

difference b/t benefits a customer sees from a market offering and costs of obtinain those benefits

Front 8

trying to get new customers by taking them away from a competitior is mor costly than

Back 8

retaining current customers by really satisfying their needs

Front 9

micro-macro dilemma

Back 9

what is "good" for some firms and consumers may not be good for society as a whole

Front 10

social responsibility

Back 10

firm's obligation to improve its positive feffects on society and reduce its negative effects

Front 11

4 P's

Back 11

product, place, price, promotion

Front 12

channel of distribution

Back 12

any series of firms (or individuals) that participate in the flow of products from producer to fina user or consumer.

Front 13

personal selling

Back 13

invovles direct spoken communication b/t sellers and potential customers

Front 14

mass selling

Back 14

communicating w/ large numbers of cutomser at the same time

Front 15

advertising

Back 15

any paid form of nonpersonal presentation of ideas, goods, or services by an identifiied sponsor

Front 16

publicity

Back 16

any unpaid form of nonpersonal presentation of ideas, g, or s

Front 17

sales promtion

Back 17

promiton activities other than advertising-stimulate interest, trial, or purchase

Front 18

marketing plan

Back 18

written stmt of marketing strategy and time-related details for carrying out strategy; 1. what marketing mix offered (target market and how long) 2. what company resources will be needed at what rate 3. what results are expecred (sales and proftis perhaps monthly or quarterly, customer satisfaction;

Front 19

marketin gprogram

Back 19

blends all of firm's marketing plans into one "big" plan

Front 20

marketing is..

Back 20

performace of activities that seek to accomplish an organization's objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from prudcer to customer or client

Front 21

effective marketing startegy plnaning matches opportunities to

Back 21

the firm's resrouces and its objectives (what top mgmt wants to do)

Front 22

breakthrough opporutnities

Back 22

opportunities htat hlelp innovators develop hard-to-copy marketing strategies that will be very profitable for a very long time

Front 23

competitives advantage

Back 23

firm has a marketing mix that the target market sees as better than a competitior's mix

Front 24

differentiation

Back 24

marketin mix is distinct from and better than what is available from a competitor

Front 25

SWOT Analysis

Back 25

identifies an dlists the firm's strenths, weaknesses, opportunities, threats-->to focus on a strategy that takes advanatge of s and w, avoid w and t

Front 26

market penetration

Back 26

trying to increase sales of a firm's present products in its present marketers-more aggressive--> camping gear at NASCAR

Front 27

market development

Back 27

tyring to increase sales by selling present products in new markets (golf carts)

Front 28

product development

Back 28

offering new or improved products for present markets (green ketchup)

Front 29

diversification

Back 29

moving into totlaly differnet lines of business (mcdonalds open up hotels)

Front 30

market

Back 30

group of potentail customers with similar needs who are willing to exchange somethign of value w/ sellers offering various g&S

Front 31

generic market

Back 31

market with broadly similar needs-seelers offering various, often diverse ways of satisfying those needs.

Front 32

product-market

Back 32

market w/ very similar needs and sellers offering various close substitute ways of satisfying those needs

Front 33

direct market enviornement

Back 33

includes customers, compny, compettiors-- 4C's

Front 34

external market enviornement

Back 34

ecomoinc(interest rates, inflation, exchange rates),

technological(new products, processes) ,

political/legal(laws, regulatios, nationalism, gov't legislation),

cultural/socail enviornement(how and why people live and behave as they do) .. PEST

Front 35

competitor analysis

Back 35

organized approach for evaluating the strenghts and weaknesses of current/potential competitiors' marketin gstrategies.

Front 36

consumerism

Back 36

social mvmt that seeks to increase the rights and powers of consumers

Front 37

psychographics or lifestyle analysis

Back 37

the analysis of a person's day-to-day patern of living as expressed in that person's Activities, Interets, and Opinoins-sometimes referred to as AIOs. ---->assumes that marketrs can plan more effective strategies if they know more about thier target markets

Front 38

extensive problem solving

Back 38

put alot of effort into deciding how to satisfy need

Front 39

limited problem solving

Back 39

willing to put some effort into deciding the best way to satisfy a need

Front 40

routinized response behavior

Back 40

when they regularly select a particular way of satisfying a need when it cocurs

Front 41

low-invovlement purchases

Back 41

purhchases that have little importance or relevance for the customer--buying a box of salt

Front 42

dissonance

Back 42

tension caused by uncertainty about the rightness of a decision

Front 43

market

Back 43

an aggregate of individuals and/or organizations that have needs in a product class and have the ability, willingness and authority to purchase these prodcuts

Front 44

consumer market

Back 44

buyers who intedn to beneftif rom or consume the purchased product w/o intnetion to make profit

Front 45

consumer buying behavior

Back 45

decision processes and acts of ultitmate consumers invovled in buying and using product

Front 46

busines makret

Back 46

buyers who inted to buy the product of the purpose of resale, produce othe rgoods, or provide other services.

Front 47

consumer buying decision process

Back 47

problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluation

Front 48

internal serach

Back 48

buyers frisst search their memories for products that might solve their problems

Front 49

external serach

Back 49

buyers seek information from outside srouces if they cannot retrieve enough info from memory for a decision

Front 50

factors influencing buying decision process

Back 50

demographic (gender age, education)

psychographic (lifestyle, itnersts, opinions, etc.)

social(role and family influence, reference group/opinoin leader)

situation

Front 51

VALS (value and life style)

Back 51

developed by SRI Consulting-psychographic system which links demographics and purchase apttersns with pscyhological traits, value and lifestyle