Mktg 310 Ch 1, 2, 3, 5, 7, 8

Front 1

marketing

Back 1

the activity and process of creating capturing, communicating people at large

Front 2

marketing plan

Back 2

specifies the marketing activities for a specific period of time.

Front 3

exchange

Back 3

the trade of things of value between the buyer and the seller so that each is better off

Front 4

marketing mix: Four P's

Back 4

product, price, place, promotion

Front 5

goods

Back 5

items that you can physically touch

Front 6

services

Back 6

are intangible customer benefits

Front 7

ideas

Back 7

thoughts, opinions and philosophies that can be marketed.

Front 8

product

Back 8

goods, services, ideas

Front 9

price

Back 9

capturing value

Front 10

place

Back 10

Delivering

Front 11

promotion

Back 11

communicating the value proposition

Front 12

employment marketing

Back 12

undertaking marketing research to understand what potential employees are seeking as well as what they think.

Front 13

value

Back 13

relationship of benefits to costs

Front 14

value co-creation

Back 14

allow the opportunity to act as collaborators in creating the product or service

Front 15

transactional orientation

Back 15

regards the buyer seller relationship as a mere series of transactions

Front 16

relational orientation

Back 16

philosophy that buyers and sellers should develop a long term relationship

Front 17

customer relationship management (CRM)

Back 17

philosophy, strategies, programs, that focus on building customer loyalty.

Front 18

supply chain

Back 18

group of firms that make and deliver a given set of goods and services

Front 19

marketing strategy

Back 19

identifies: 1 a firms target market
2 related marketing mix-four p's 3 bases upon which the firm plans to build a sustainable competitive advantage

Front 20

sustainable competitive advantage

Back 20

advantage over the competition that is not easily copied

Front 21

Customer excellence

Back 21

focuses on retaining loyal customers and excellent customer service

Front 22

operational excellence

Back 22

achieved though efficient operations and excellent supply chain and human resource management

Front 23

product excellence

Back 23

having products with high perceived value and effective branding and positioning

Front 24

locational excellence

Back 24

having a good physical location and internet presence.

Front 25

marketing plan

Back 25

written document composed of an analysis of the current marketing situation opportunities and threats for the firm.

Front 26

planning phase

Back 26

define the mission statement and vision of the business

Front 27

implementation phase

Back 27

identify and evaluate different opportunites by engaging in a process known as segmentations, targeting and positioning

Front 28

control phase

Back 28

evaluating any necessary corrective actions

Front 29

mission statement

Back 29

broad description of a forms objective and the scope of activities it plans to undertake.

Front 30

sustainable competitive advantage

Back 30

something the frim can persistently do better than its competitors

Front 31

situation analysis

Back 31

using SWOT that asses the internal environment

Front 32

SWOT

Back 32

strength, weakness, opportunities, threats

Front 33

STP

Back 33

segmentation, targeting, positioning

Front 34

market segment

Back 34

consisting of consumers who respond similarly to a frims marketing efforts

Front 35

market segmentation

Back 35

process of dividing the market into groups of customers with different needs, wants or characteristics

Front 36

target marketing/targeting

Back 36

decides which market segment to pursue

Front 37

market positioning

Back 37

process of defining the marketing mix variables so that target customers have a clear understanding of the product

Front 38

cost-based pricing

Back 38

when a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price

Front 39

competitor-based pricing

Back 39

firm prices below at or above its competitors offerings.

Front 40

value-based pricing

Back 40

firm first determines the perceived value of the product from the customers point of view and then prices accordingly.

Front 41

strategic business unit (SBU)/product line

Back 41

level of the firm though managers also can use it to analyze brands or even individual items.

Front 42

market share

Back 42

the percentage of a market accounted for by a specific entity

Front 43

relative market share

Back 43

provides managers with a products relative strength, compared to that of the largest firm in the industry

Front 44

market growth rate

Back 44

annual rate of growth of the specific market in which the product competes.

Front 45

market penetration strategy

Back 45

employs the existing marketing mix and focuses the firms efforts on existing customers

Front 46

market development strategy

Back 46

employs the existing marketing offering to reach new market segments, domestic or international.

Front 47

product development strategy

Back 47

offers a new product or service to a firms current target market

Front 48

diversification strategy

Back 48

the last of the growth strategies, introduces a new product or service to a market segment that currently is not served.

Front 49

scenario planning

Back 49

integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications

Front 50

SWOT

Back 50

strengths, weaknesses, opportunities and threats

Front 51

business ethics

Back 51

refers to the moral or ethical dilemmas that might arise in a business setting

Front 52

marketing ethics

Back 52

examines those ethical problems that are specific to the domain or marketing

Front 53

ethical climate

Back 53

within a marketing firm (or in the marketing division of any firm) includes having a set of values that guides decision making and behavior

Front 54

corporate social responsibility

Back 54

voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders

Front 55

phishing

Back 55

sending emails falsely claiming to be a legitimate business soliciting information to scam users

Front 56

need recognition

Back 56

the beginning of the consumer decision process; occurs when consumers recognize they have an unstaified need and want to go from their actual needy state to a different desired state

Front 57

fuctional needs

Back 57

pertain the the performance of a product or service

Front 58

psychologial needs

Back 58

pertain to the personal gratification consumers associate with a product or service

Front 59

internal search for information

Back 59

buyer examines his or her own memory and knowledge to help make the buying decision

Front 60

external search for information

Back 60

buyer seeks informtion outside own memory and knowledge to help make the buying decision.

Front 61

internal locus of control

Back 61

people believe they have some controll over the outcomes of their actions

Front 62

external locus of control

Back 62

counsumers believe that external factors controll all outcomes

Front 63

performance risk

Back 63

perceived danger inherent of a poorly made product

Front 64

financial risk

Back 64

cost of good and cost to use it.

Front 65

psychological risk

Back 65

the way a person will feel if it does not convey the right message

Front 66

specialty goods/services

Back 66

consumer shows a strong preference and spend time researching

Front 67

shopping goods/services

Back 67

consumer will spend time looking at alternatives

Front 68

convenience goods/services

Back 68

customer spends no time seaching for information prior to consumption

Front 69

Universal sets

Back 69

include all possible choices for a product category

Front 70

evoked set

Back 70

conprises the alternative brands or stores that the consumers would consider when making a purchase

Front 71

retrieval sets

Back 71

brands or stores that can be readily brought forth from memory

Front 72

evaluate critera

Back 72

important attributs about a particular product.

Front 73

Determinant attributes

Back 73

product or service features that are important to the buyer and on which competing brands or stores are perceived to differ

Front 74

consumer decision rules

Back 74

set of criteria that consumers use consciously or subconsciously to quickly and effeciently select from among several alternatives.

Front 75

compensatory decision rule

Back 75

assumes that the consumer when evaluating altenatives trades off one characteristc against another, such that good characteristics compensate for bad characteristics

Front 76

noncompensatory decison rule

Back 76

which they chose a product or service on the basis of one characterisc or one subset of a characteristic regardless of the values of its other attributes.

Front 77

decison heuristics

Back 77

mental shortcuts that help consumer narrow down the choices.

Front 78

ritual comsumption

Back 78

refers to a patter of behaviors tied to life events that affect what and how we consume.

Front 79

postpurchase disonance

Back 79

known as buyers remorse, undcomfortable state produced by an incosistency between prior beliefs and actual behavior that evokes a motivations to reudce the the dissonance

Front 80

Negative word of mouth

Back 80

when consumers spread negative information about a product service or store to others.

Front 81

motive

Back 81

need or want that is strong enough to cause the person to seek satisfaction

Front 82

Maslows hierarchy of needs

Back 82

5 groups of needs. physiological, safety, love, esteem, self acutalization

Front 83

physiological needs

Back 83

deal with the basic biological necessities of life. food water rest shelter.

Front 84

safety needs

Back 84

protection and physical well being

Front 85

love needs

Back 85

relate to our interactions with others.

Front 86

esteem needs

Back 86

allow people to satisfy their inner desires.

Front 87

self-actualization

Back 87

occours when you feel completely satisfied with your life and how you live.

Front 88

attitude

Back 88

person enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.

Front 89

cognitive

Back 89

component reflects what we believe to be true.

Front 90

affective

Back 90

involves what we feel about the issue. like or dislike.

Front 91

behavioral

Back 91

actions we undertake with regard to that issue.

Front 92

perception

Back 92

process by which we select organize and interpret infomration to form a meaningful picture of the world

Front 93

learning

Back 93

refers to a change in a persons thought process or behavior that arises.

Front 94

lifestyle

Back 94

refers to the way consumers spend their time and money to live

Front 95

reference group

Back 95

one or more persons whom an individual uses as a basis for comparison regarding belefs feelings and behaviors.

Front 96

culture

Back 96

shared meanings, beliefs, morals, values and customs of a group of people.

Front 97

situational factors

Back 97

factos specific to the situatoin override or at least influence psychological and social issues.

Front 98

extended problem solving

Back 98

common when the customer perceives that of purchase decison entails a lot of risk

Front 99

limited problem solving

Back 99

occours during a purchase decison that calls for at most a moderate amount of effort and time.

Front 100

impulse buying

Back 100

buying decison made by customers on the spot hen they see the merchandise.