Marketing Exam 1 (Chapters 1-4) Review – Flashcards
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An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization.
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Marketing
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A written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four Ps
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Marketing Plan
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The trade of things of value between the buyer and the seller
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Exchange
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What is the Marketing Mix...4 Ps? What is the added 5th one?
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1. Product 2. Price 3. Place 4. Promotion 5. Time
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Items that can be physically touched
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Goods
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Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer
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Service
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Intellectual concepts--thoughts, opinions, and philosophies
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Ideas
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Marketing programs to attract applicants to the hiring firm
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Employment Marketing
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Reflects the relationship of benefits to costs, or what the consumer gets for what he or she is willing to give
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Value
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Customers act as collaborators with a manufacturer or retailer to create the product or service.
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Value Cocreation
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Regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
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Transactional Orientation
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A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
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Relational Orientation
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A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.
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Customer Relationship Management
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The group of firms that make and deliver a given set of goods and services
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Supply Chain
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A person who organized, operates, and assumes the risk of a new business venture
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Entrepreneurs
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What are the three things that Entrepreneurs do?
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1. Organizes 2. Operates 3. Assumes the risk of a new business
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Involves a focus on retaining loyal customers and excellent customer service.
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Customer Excellence
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Involves a firm's focus on efficient operations and excellent supply chain management
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Operational Excellence
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Involves a focus on achieving high-quality products; effective branding and positioning is key.
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Product Excellence
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What 2 things are key when having great product excellence?
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1. Effective Branding 2. Effective Positioning
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A method of achieving excellence by having a strong physical location and/or internet presence.
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Locational Excellence
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A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage.
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Marketing Strategy
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Something a firm can persistently do better than its competitors
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Sustainable Competitive Advantage
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Name the 4 types of Sustainable Competitive Advantages.
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1. Customer Excellence 2. Operational Excellence 3. Product Excellence 4. Locational Excellence
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A broad description of a firms' objectives and the scope of activities it plans to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish its goals and objectives?
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Mission Statement
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What are the 2 main questions the mission statement answers?
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1. What type of business is it? 2. What does it need to do to accomplish its goals and objectives
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Second step in a Marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
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Situational Analysis
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What does SWOT analysis stand for?
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Strengths Weaknesses Opportunities Threats
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What does STP stand for? What do they use it for?
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Segmentation, Targeting, and Positioning Increasing sales and profits
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The processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.
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STP
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A group of consumers who respond similarly to a firm's marketing efforts
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Market Segment
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The process of dividing the market into groups of customers with different needs, wants, or Characteristics--who therefore might appreciate products or services geared especially for them.
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Market Segmentation
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The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market
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Target Marketing (Targeting)
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Involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
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Market Positioning
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anything that is of value to a consumer and can be offered through a voluntary marketing exchange.
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Products
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is a product (an idea, a service, or both)
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Both an idea and a service
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A measuring system that quantifies a trend, dynamic, or characteristic
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Metric
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A division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
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Strategic Business Unit (SBU)
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Groups of associated items, such as those that consumers use together or think of as part of a similar products
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Product Line
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Percentage of a market accounted for (owned) by a specific entity.
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Market Share
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A measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.
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Relative Market Share
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The annual rate of growth of the specific market in which a product competes.
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Market Growth Rate
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4 Growth Strategies
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1. Market Penetration Strategy 2. Market Development Strategy 3. Product Development Strategy 4. Diversification Strategy
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Market Penetration Strategy serves (current or new Markets) with (current or new Products)
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Current Markets Current Products
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Market Development serves current or new Markets) with (current or new Products)
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New Markets Current Products
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Product Development serves current or new Markets) with (current or new Products)
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Current Market New Product
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Diversification serves current or new Markets) with (current or new Products)
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New Market New Product
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A growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity.
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Related Diversification
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A growth strategy whereby a new business lacks any common elements with the present business.
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Unrelated Diversification
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Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce
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Business Ethics
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Refers to those ethical problems that are specific to the domain of marketing
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Marketing Ethics
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The set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior
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Ethical Climate
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What are the 6 different Ethical values
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1. Honesty 2. Responsibility 3. Fairness 4. Respect 5. Transparency 6. Citizenship
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Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
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Corporate Social Responsibility
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What 4 Steps defines the framework for ethical decision making?
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1. Identify Issues 2. Gather Information and Identify stakeholders 3. Brainstorm and evaluate alternatives 4. Choose a course of action
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3 Phases of the Marketing Strategy...Questions associated with each phase?
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1. Planning Phase (Can We serve the market ethically?) 2. Implementation Phase (Should we serve the market ethically?) 3. Control Phase
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A person's ability to move normally in public spaces with the assumption that his or her location will not be recorded for subsequent use.
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Locational Privacy
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What are the 3 inputs and outputs of Corporate Social Responsibilty?
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1. Consumer 2. Company 3. Cause/Issue
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What are the 3 Immediate Environments?
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1. Company 2. Competitors 3. Corporate Partners
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Aspects of the external environment that affects a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment
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Macroenvironmental factors
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The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels.
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Culture
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Entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and good preferences.
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Country Culture
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Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
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Demographics
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What are the 6 Macroenvironmental Factors?
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1. Culture 2. Demographics 3. Social 4. Technological Advancements 5. Economic Situation 6. Political/legal (Regulatory) Environment
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A group of people of the same generation--typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.
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Generational Cohort
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America's fastest-growing generational cohort; people aged 55 to 64 years.
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Seniors
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Generational cohort of people born after World War II, between 1946 and 1964
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Baby Boomers
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Generational cohort of people born between 1965 and 1976
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Generation X
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Generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom.
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Generation Y
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Consumers born between 1977 and 2000.
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Millennials
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5 Social Trends...
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1. Price Sensitivity 2. Health and Wellness Concerns 3. Greener Consumers 4. Privacy Concerns 5. A Time-Poor Society
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Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
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Green Marketing
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Macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades.
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Technological Advances
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Macroeconomic factor that affects the way consumers buy merchandise and spend money.
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Economic Situation
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Refers to the persistent increase in the prices of goods and services.
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Inflation
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Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending.
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Foreign Currency Fluctuations
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These represent the cost of borrowing money.
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Interest Rates
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Comprises political parties, government organizations, and legislation and laws.
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Political/Regulatory Environment
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What did the Sherman Antitrust act do?
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Establish free trade
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What does the Federal Trade Commission law do?
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Regulates deceptive policies
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What does the Wheeler-Lea Act deal with?
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Marketing Ethics
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What makes a sustainable competitive advantage?
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An advantage over competition that is NOT EASILY COPIED and can be MAINTAINED
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Marketing helps create __________.
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Value
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Marketing is about what?
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Satisfying customers NEEDS and WANTS
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(T or F) Marketing entails an exchange
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True
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What does marketing require? (4 things)
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1. Product 2. Price 3. Placement 4. Promotion
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Who can marketing be performed by... (2 things)
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1. Individuals 2. Organizations
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From 1900-1920 the focus was on __________
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Production
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From 1920-1950 the focus was on __________
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Sales
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From 1950-1990 the focus was on _____________
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Marketing
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From 1990-2013 the focus was on ____________
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Value-Based Marketing
