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119 Cards in this Set

  • Front
  • Back

Chapter 1

Chapter 1

Value

The benefits a customer receives from buying a good or service

Marketing

Value exchange between a company and customer; goal is to identify customer wants and needs and satisfy them

stakeholders

any person who holds a stake in the outcome


• government


• employees


• alumni


• suppliers


• competitors


• benefactors


• partners


• community

utility

the usefulness or benefit consumers receive from a product

Exchange

Process by which some transfer of value occurs between buyer and seller

Product

Tangible good

consumer orientation

A business approach that prioritizes the satisfaction of customers' needs and wants

consumer

ultimate user of a good/service

marketing concept

management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability

need

the recognition of any difference between a consumer's actual state and some ideal or desired state

want

the desire to satisfy needs in specific ways that are culturally and socially influenced

benefit

the outcome sought by a customer that motivates buying behavior-that satisfies the need/want

demand

customer's desires for products coupled with the resources needed to obtain them

market

all the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange and who have the authority to make the exchange

Market cycle

Focus on customer relationship > Satisfy customers > customer loyalty > Information (back to top)




Time and money are important!


LOOK IN NOTES FOR DIAGRAM

Chapter 2

Chapter 2

Business planning

the ongoing process of decision making that guides the company in the short-and-long term

Business plan

a plan that includes the decisions that guide the entire organization

Marketing plan

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy


• answers the question

Business Ethics

Rules of conduct for an organization

code of ethics

written standards of behavior to which everyone in the organization must subscribe

Ethical Values

Honesty


Responsibility


Fairness


Respect


Transparency


Citizenship



3 Levels of Planning

1. Strategic Planning


2. Functional Planning


3. Operational Planning

Strategic Business Units (SBUs)

Individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors



Strategic Planning

A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival




High Level; Goals and idea

Functional planning

a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan




How to execute; VP

Operational planning

a decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans




Mid-to-lower level managers; day/day

Mission statement

a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

Situation Analysis

An assessment of a firm's internal and external environments

Internal environment

The controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization

External Environment

The uncontrollable elements outside an organization that may affect its performance either positively or negatively

SWOT analysis

An analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment

Business Portfolio

The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities

Portfolio Analysis

A management tool for evaluating a firm's business mix and assessing the potential of an organization's strategic business units

BCG Growth-market share matrix

A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products

Stars

SBUs with prodcts that have a dominant market share in high-growth markets

Cash cows

SBUs with a dominant market share in a low-growth-potential market

Question marks

SBUs with low market shares in fast-growth markets

Dogs

SBUs with a small share of a slow-growth market. They are businesses that offer specialized products in limited markets that are not likely to grow quickly

Market penetration strategies

Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets

Market development strategies

Growth strategies that introduce existing products to new markets

4 P's - Marketing planning

1. Product

2. Price


3. Place


4. Promotion




Product development strategies

Growth strategies that focus on selling new products in existing markets

Diversification strategies

growth strategies that emphasize both new products and new markets

Control

A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis

Chapter 4

Chapter 4

Marketing research

a process of collecting, analyzing and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness



Syndicated research

Research by firms that collect data on a regular basis and sell the reports to multiple firms

Custom research

research conducted for a single firm to provide specific information its managers need

Research design

A plan that specifies what information marketers will collect and what type of study they will do

Secondary data

Data that have been collected for some purpose other than the problem at hand

Primary data

Data from research conducted to help make a specific decision

Exploratory research

A technique that marketers use to generate insights for future, more rigorous studies

Focus group

a product-oriented discussion among a small group of consumers led by a trained moderator

case study

a comprehensive examination of a particular firm

Ethnography

an approach to research based on observations of people in their own homes or communities


* new ideas


* mistakes ok


* smaller samples


* less time


* less money


* not generalizable

descriptive research

a tool that probes more systematically into the problem and bases its conclusions on large numbers of observations


* refine what we think we know


* large sample sizes


* more time


* more money


* generalizable


* statistics

cross-sectional design

a type of descriptive technique that involves the systematic collection of quantitative information

longitudinal design

a technique that tracks the responses of the same sample of respondents over time

causal research

a technique that attempts to understand cause-and-effect relationships

experiments

a technique that tests predicted relationships among variables in a controlled environment

Telemarketing

the use of the the telephone to sell directly to consumers and business customers

Validity

The extent to which research actually measures what it was intended to measure

Reliability

The extent to which research measurement techniques are free of errors

Representativeness

The extent to which consumers in a study are similar to a larger group in which the organization has an interest

Sampling

The process of selecting respondents for a study

Probability sample

A sample in which each member of the population has some known chance of being included

Nonprobability sample

A sample in which personal judgment is used to select respondents

Convenience sample

A nonprobability sample composed of individuals who just happen to be available when and where the data are being collected

Back Translations

The process of translating material to a foreign language and then back to the original language

Chapter 5

Chapter 5

Consumer Behavior

the process of individuals that go through to select, purchase, use, and dispose of goods, services, ideas, and experiences to satisfy needs and wants




* problem solving at many different decision points

Extended Problem solving vs habitual decision making

LOOK IN NOTES

involvement

the relative importance of perceived consequences of the purchase to a consumer

perceived risk

The belief that choice of a product has potentially negative consequences, whether financial, physical, and or/social

Consumer decision making process

1. Problem recognition

2. information research


3. evaluation of alternatives


4. Product choice


5. Postpurchase evaluation




Problem recognition

the process that occurs whenever the consumer sees a significant difference between his current state of affairs and some desired or ideal state; this recognition initiates the decision-making process.

Information search

the process whereby a consumer searches for appropriate information to make a reasonable decision

search marketing

marketing strategies that involve the use of internet search engines

Search engine optimization (SEO)

a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business

Search engine marketing (SEM)

Search marketing strategy in which marketers pay for ads or better positioning

Sponsored search ads

Paid ads that appear at the top or beside the internet search engine results

behavioral targeting

the marketing practice by which marketers deliver advertisements for products a consumer is looking for by watching what the consumer does online

Evaluative criteria

the dimensions consumers use to compare competing product alternatives

heuristics

a mental rule of thumb that leads to a speedy decision by simplifying the process

brand loyalty

a pattern of repeat product purchases, accompanied by an underlying positive attitude toward the brand, based on the belief that the brand makes products superior to those of its competition

Consumer satisfaction/dissatisfaction

the overall feelings of attitude a person has about a product after purchasing it

cognitive dissonance

the anxiety or regret a consumer may feel after choosing from among several similar attractive choices

perception

the process by which people select, organize, and interpret information from the outside world

exposure

the extent to which a stimulus is capable of being registered by a person's sensory receptors

attention

the extent to which a person devotes mental processing to a particular stimulus

interpretation

the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it

motivation

an internal state that drives us to satisfy needs by activating goal-oriented behavior

hierarchy of needs

an approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top




LOOK AT NOTES



motivation

an internal state that drives us to satisfy needs by activating goal-oriented behavior

learning

a relatively permanent change in behavior caused by acquired information or experience

learning

a relatively permanent change in behavior caused by acquired information or experience

behavioral learning theories

theories of learning that focus on how consumer behavior is changed by external events or stimuli

classical conditioning

the learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time because of its association with the first stimulus

operant conditioning

learning that occurs as the result of rewards or punishments

cognitive learning theory

theory of learning that stressed the importance of internal mental processes and that views people as problem solvers who actively use information form the world around them to master the environment

observation learning

learning that occurs when people watch the actions of others and note what happens to them as a result

attitude

a learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people, objects, and issues

affect

the feeling component of attitudes; refers to the overall emotional response a person has to a product

cognition

the knowing component of attitudes; refers to the beliefs of knowledge a person has about a product and its important characteristics

behavior

the doing component of attitudes; involves a consumer's intention to do something, such as the intention to purchase or use a certain product

personality

the set of unique psychological characteristics that consistently influences the way a person responds to situations in the environment

self-concept

an individual's self image that is composed of a mixture of beliefs, observations, and feelings about personal attributes



family life cycle

a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older

lifestyle

the pattern of living that determines how people choose to spend their time, money, and energy and that reflects their values, tastes, and preferences

psychographics

the use of psychological, sociological, and anthropological factors to construct market segments

Activities, Interests, Opinions (AIOs)

Measures of consumer activities, interest, and opinions used to place consumers into dimensions

sensory marketing

marketing techniques that link distinct sensory experiences such as a unique fragrance with a product or service

time poverty

consumers' belief that they are more pressed for time than ever before

culture

values, beliefs, customs, and tastes a group of people values

Internal Influences on consumer behavior

1. perception


2. motivation


3. learning


4. attitudes


5. personality characteristics


6. lifestyle


7. age

reference group

an actual or imaginary individual or group that has significant effect on an individual's evaluations, aspirations, or behavior

opinion leader

a person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories