Mkt 338 Exam 1

Front 1

metamarket

Back 1

cluster of closely related goods and services that center around a specific consumption activity.

Front 2

metamediary

Back 2

provides a single access point where buyers can locate and contact many different sellers in the metamarket.

Front 3

tactical planning

Back 3

concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets.

Front 4

marketing plan

Back 4

provides the outline for how the organization will combine product, pricing, distribution, and promotion decisions to create an offering that customers will find attractive.

Front 5

social responsibility

Back 5

refers to an organization's obligation to maximize its positive impact on society while minimizing its negative impact.

Front 6

market segmentation

Back 6

dividing the total market into smaller, relatively homogenous groups or segments that share similar needs, wants, or characteristics.

Front 7

transactional marketing

Back 7

goal is to complete a large number of discrete exchanges with individual customers.

Front 8

relationship marketing

Back 8

the goal is to develop and maintain long-term, mutually satisfying arrangements where both buyer and seller focus on the value obtained from the relationship.

Front 9

marketing plan

Back 9

a written document that provides the blueprint or outline of the organization's marketing activities, including the implementation, evaluation, and control of those activities.

Front 10

situation analysis

Back 10

an in-depth analysis of the organizations internal and external environments

Front 11

mission statement

Back 11

answers the question, "What business are we in?"
1) Who are we?
2) Who are our customers?
3) What is our opening philosophy (basic beliefs, values, ethics, and so on)?
4) What are our core competencies or competitive advantages?
5) What are our responsibilities with respect to being a good steward of our human, financial, and environmental resources?

Front 12

vision statement

Back 12

"What do we want to become?"

Front 13

corporate strategy

Back 13

the central scheme or means for utilizing and integrating resources in the areas of production, finance, research and development, human resources, and marketing, to carry out the organization's mission and achieve the desired goals and objectives.

Front 14

competitive (differential) advantage

Back 14

when a firm possesses capabilities that allow it to serve customers' needs better that the competition.

Front 15

marketing goals

Back 15

broad, simple statements of what will be accomplished through the marketing strategy.

Front 16

marketing objectives

Back 16

more specific and are essential to planning. Objectives should be stated in quantitative terms to permit reasonably precise measurement.

Front 17

Customer relationship management

Back 17

A business philosophy aimed at defining and increasing customer value in ways that motivate customers to remain loyal.

Front 18

transactional costs

Back 18

include the immediate financial outlay or commitment that must be made to purchase the product (purchase price, sales taxes, usuage taxes, licensing fees, registration fees, delivery, and installation)

Front 19

life-cycle costs

Back 19

include any additional costs that customers will incur over the life of the product. (maintenance and repairs)

Front 20

customer delight

Back 20

occurs when actual performance exceeds the desired performance expectation

Front 21

customer satisfaction

Back 21

occurs when actual performance falls within the zone of tolerance. (high or low)

Front 22

customer dissatisfaction

Back 22

occurs when actual performance falls below the adequate performance expectation.