Mkt 101 Final

Front 1

Chapter 1

Back 1

Chapter 1

Front 2

Value

Back 2

The benefits a customer receives from buying a good or service

Front 3

Marketing

Back 3

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

Front 4

stakeholders

Back 4

any person who holds a stake in the outcome

• government

• employees

• alumni

• suppliers

• competitors

• benefactors

• partners

• community

Front 5

utility

Back 5

the usefulness or benefit consumers receive from a product

Front 6

Exchange

Back 6

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

Front 7

Product

Back 7

Tangible good

Front 8

consumer orientation

Back 8

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

Front 9

consumer

Back 9

ultimate user of a good/service

Front 10

marketing concept

Back 10

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

Front 11

need

Back 11

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

Front 12

want

Back 12

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

Front 13

benefit

Back 13

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

Front 14

demand

Back 14

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

Front 15

market

Back 15

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

Front 16

Market cycle

Back 16

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

Time and money are important!

LOOK IN NOTES FOR DIAGRAM

Front 17

Chapter 2

Back 17

Chapter 2

Front 18

Business planning

Back 18

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

Front 19

Business plan

Back 19

a plan that includes the decisions that guide the entire organization

Front 20

Marketing plan

Back 20

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

Front 21

Business Ethics

Back 21

Rules of conduct for an organization

Front 22

code of ethics

Back 22

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

Front 23

Ethical Values

Back 23

Honesty

Responsibility

Fairness

Respect

Transparency

Citizenship

Front 24

3 Levels of Planning

Back 24

1. Strategic Planning

2. Functional Planning

3. Operational Planning

Front 25

Strategic Business Units (SBUs)

Back 25

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

Front 26

Strategic Planning

Back 26

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

Front 27

Functional planning

Back 27

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

Front 28

Operational planning

Back 28

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

Front 29

Mission statement

Back 29

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

Front 30

Situation Analysis

Back 30

An assessment of a firm's internal and external environments

Front 31

Internal environment

Back 31

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

Front 32

External Environment

Back 32

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

Front 33

SWOT analysis

Back 33

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

Front 34

Business Portfolio

Back 34

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

Front 35

Portfolio Analysis

Back 35

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

Front 36

BCG Growth-market share matrix

Back 36

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

Front 37

Stars

Back 37

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

Front 38

Cash cows

Back 38

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

Front 39

Question marks

Back 39

SBUs with low market shares in fast-growth markets

Front 40

Dogs

Back 40

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

Front 41

Market penetration strategies

Back 41

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

Front 42

Market development strategies

Back 42

Growth strategies that introduce existing products to new markets

Front 43

4 P's - Marketing planning

Back 43

1. Product

2. Price

3. Place

4. Promotion

Front 44

Product development strategies

Back 44

Growth strategies that focus on selling new products in existing markets

Front 45

Diversification strategies

Back 45

growth strategies that emphasize both new products and new markets

Front 46

Control

Back 46

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

Front 47

Chapter 4

Back 47

Chapter 4

Front 48

Marketing research

Back 48

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

Front 49

Syndicated research

Back 49

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

Front 50

Custom research

Back 50

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

Front 51

Research design

Back 51

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

Front 52

Secondary data

Back 52

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

Front 53

Primary data

Back 53

Data from research conducted to help make a specific decision

Front 54

Exploratory research

Back 54

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

Front 55

Focus group

Back 55

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

Front 56

case study

Back 56

a comprehensive examination of a particular firm

Front 57

Ethnography

Back 57

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

Front 58

descriptive research

Back 58

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

Front 59

cross-sectional design

Back 59

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

Front 60

longitudinal design

Back 60

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

Front 61

causal research

Back 61

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

Front 62

experiments

Back 62

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

Front 63

Telemarketing

Back 63

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

Front 64

Validity

Back 64

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

Front 65

Reliability

Back 65

The extent to which research measurement techniques are free of errors

Front 66

Representativeness

Back 66

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

Front 67

Sampling

Back 67

The process of selecting respondents for a study

Front 68

Probability sample

Back 68

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

Front 69

Nonprobability sample

Back 69

A sample in which personal judgment is used to select respondents

Front 70

Convenience sample

Back 70

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

Front 71

Back Translations

Back 71

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

Front 72

Chapter 5

Back 72

Chapter 5

Front 73

Consumer Behavior

Back 73

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

Front 74

Extended Problem solving vs habitual decision making

Back 74

LOOK IN NOTES

Front 75

involvement

Back 75

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

Front 76

perceived risk

Back 76

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

Front 77

Consumer decision making process

Back 77

1. Problem recognition

2. information research

3. evaluation of alternatives

4. Product choice

5. Postpurchase evaluation

Front 78

Problem recognition

Back 78

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.

Front 79

Information search

Back 79

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

Front 80

search marketing

Back 80

marketing strategies that involve the use of internet search engines

Front 81

Search engine optimization (SEO)

Back 81

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

Front 82

Search engine marketing (SEM)

Back 82

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

Front 83

Sponsored search ads

Back 83

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

Front 84

behavioral targeting

Back 84

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

Front 85

Evaluative criteria

Back 85

the dimensions consumers use to compare competing product alternatives

Front 86

heuristics

Back 86

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

Front 87

brand loyalty

Back 87

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

Front 88

Consumer satisfaction/dissatisfaction

Back 88

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

Front 89

cognitive dissonance

Back 89

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

Front 90

perception

Back 90

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

Front 91

exposure

Back 91

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

Front 92

attention

Back 92

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

Front 93

interpretation

Back 93

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

Front 94

motivation

Back 94

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

Front 95

hierarchy of needs

Back 95

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

Front 96

motivation

Back 96

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

Front 97

learning

Back 97

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

Front 98

learning

Back 98

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

Front 99

behavioral learning theories

Back 99

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

Front 100

classical conditioning

Back 100

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

Front 101

operant conditioning

Back 101

learning that occurs as the result of rewards or punishments

Front 102

cognitive learning theory

Back 102

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

Front 103

observation learning

Back 103

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

Front 104

attitude

Back 104

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

Front 105

affect

Back 105

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

Front 106

cognition

Back 106

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

Front 107

behavior

Back 107

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

Front 108

personality

Back 108

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

Front 109

self-concept

Back 109

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

Front 110

family life cycle

Back 110

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

Front 111

lifestyle

Back 111

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

Front 112

psychographics

Back 112

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

Front 113

Activities, Interests, Opinions (AIOs)

Back 113

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

Front 114

sensory marketing

Back 114

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

Front 115

time poverty

Back 115

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

Front 116

culture

Back 116

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

Front 117

Internal Influences on consumer behavior

Back 117

1. perception

2. motivation

3. learning

4. attitudes

5. personality characteristics

6. lifestyle

7. age

Front 118

reference group

Back 118

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

Front 119

opinion leader

Back 119

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