Mkt 300 Midterm Ch. 1-2

Front 1

value

Back 1

the benefits the customer receives from buying a good or service

Front 2

marketing

Back 2

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Front 3

stakeholders

Back 3

buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold, in other words any person or organization that has a stake in the outcome

Front 4

consumer

Back 4

the ultimate user of a good or service

Front 5

marketing concept

Back 5

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability

Front 6

need

Back 6

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

Front 7

want

Back 7

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

Front 8

benefit

Back 8

the outcome sought by a customer that motivates buying behavior, that satisfies a need or want

Front 9

utility

Back 9

the usefulness or benefit consumers receive from a product

Front 10

production orientation

Back 10

management philosophy that emphasizes the most efficient ways to produce and distribute products

Front 11

selling orientation

Back 11

managerial view of marketing as a sales function or a way to move products out of warehoueses to reduce inventory

Front 12

consumer orientation

Back 12

management philosophy that focuses on ways to satisfy consumers wants and needs

Front 13

total quality management (TQM)

Back 13

a management philosophy that involves all employees from the assembly line onward in continuous product quality improvement

Front 14

instapreneur

Back 14

a business person who only produces a product when it is ordered

Front 15

triple bottom line orientation

Back 15

business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices

Front 16

customer relationship management (CRM)

Back 16

strategy that involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs

Front 17

social marketing concept

Back 17

management philosophy that marketers must satisfy customers needs in ways that also benefit society and also deliver profit to the firm

Front 18

sustainability

Back 18

product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs

Front 19

return on investment

Back 19

direct financial impact on a firms expenditure of a resource such as time or money

Front 20

value proposition

Back 20

marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

Front 21

lifetime value of a customer

Back 21

how much profit companies expect to make from a particular customer, including each and every purchase he will make from them now and in the future. To calculate the lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain the relationship

Front 22

distinctive competency

Back 22

superior capability of a firm in comparison to its direct competitors

Front 23

differential benefit

Back 23

properties of products that set them apart from competitors products by providing unique customer benefits

Front 24

consumer-generated value

Back 24

everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

Front 25

wisdom of crowds

Back 25

under the right circumstances groups are smarter then the smartest people in them meaning that large numbers of consumers can predict successful products

Front 26

open source model

Back 26

practice used in the software industry in which companies share their software codes with anyone to assist in the development of a better product

Front 27

consumer addiction

Back 27

physiological or psychological dependency on goods or services

Front 28

marketing plan

Back 28

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

Front 29

market position

Back 29

way in which the target market perceives the product in comparison to competitors brands

Front 30

Four P's

Back 30

product
price
promotion
place

Front 31

business planning

Back 31

ongoing process of marketing decisions that guides the firm both in the short term and for the long term

Front 32

business plan

Back 32

plan the indicates the decisions that guide the entire organization

Front 33

marketing plan

Back 33

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

Front 34

levels of business planning

Back 34

strategic planning
functional planning
operational planning

Front 35

strategic planning

Back 35

managerial decision process that matches an organizations resources and capabilities to its market opportunities for long-term growth and survival

Front 36

strategic business units(SBU)

Back 36

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

Front 37

functional planning

Back 37

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

Front 38

Steps to strategic planning

Back 38

1. define the mission
2. evaluate the internal and external environment
3. set organizational or SBU objectives
4. establish the business portfolio
5. develop growth strategies

Front 39

situation analysis

Back 39

an assessment of a firms internal and external environments

Front 40

internal environment

Back 40

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

Front 41

external environment

Back 41

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

Front 42

SWOT analysis

Back 42

analysis of an organizations strengths and weaknesses and the opportunities and threats in its external environment

Front 43

business portfolio

Back 43

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

Front 44

portfolio analysis

Back 44

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

Front 45

BCG growth-market share matrix

Back 45

portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can use to invest in new products, includes stars, cash cows, question marks, and dogs

Front 46

stars

Back 46

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

Front 47

cash cows

Back 47

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

Front 48

question marks

Back 48

SBUs with low market shares in a fast-growth market

Front 49

dogs

Back 49

SBUs with a small share of slow-growth market.

Front 50

market penetration strategies

Back 50

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

Front 51

market development strategy

Back 51

growth strategies that introduce existing products to new markets

Front 52

product growth development

Back 52

growth strategies that focus on selling new products in existing markets

Front 53

diversification strategies

Back 53

growth strategies that emphasize both new products and new markets

Front 54

Steps to marketing planning

Back 54

1. perform a situation analysis
2. set marketing objectives
3. develop marketing strategies
4. implement and control the marketing plan

Front 55

control

Back 55

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 56

return on marketing investment (ROMI)

Back 56

quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise

Front 57

action plans

Back 57

individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. also called marketing programs

Front 58

operational plans

Back 58

plans that focus on the day-to-day executions of the marketing plan, include detailed directions for specific activities, who will be responsible and the time lines