Marketing 300: Chapter 1 – 3 – Flashcards
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Marketing
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the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society
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Exchange
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the trade of things of value between a buyer and a seller so that each is better off
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Market
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people with both the desire and the ability to buy a specific offering
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Target market
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one or more specific groups of potential consumers toward which an organization directs its marketing program
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Marketing mix
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the controllable factors---- product, price, promotion, and place ---- that the marketing manager can use to solve a marketing problem
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Customer value proposition
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a cluster of benefits that an organization promises customers to satisfy their needs
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Environmental forces
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the uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision
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Customer value
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buyers' benefits, including quality, connivence, online time delivery, and before and after- sale service at a specific price
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Relationship marketing
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linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long- term benefit
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Marketing program
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a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Market segments
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relatively homogenous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action
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Market orientation
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focusing organizational efforts to collect and use information about customers' needs to create customer value
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Societal Marketing concept
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the view that organizations should discover and satisfy the needs of consumers in a way that also provides for society's well-being
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Product
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a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
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ultimate consumers
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the people who use the products and services purchased for a household
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organizational buyers
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manufacturers, wholesalers, retailers, and government agencies and buy products and services for their own use or for resale
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utility
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the benefits or customer value received by users of a product
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Marketing concept
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the idea that an organization should strive to satisfy the needs of customers while also trying to achieve the organization's goals
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To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.
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Discover
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A student wants to buy a smartphone so she can share pictures with her friends. An insurance claims adjuster wants to buy a smartphone to document accidents (take pictures, write a report, etc.). If they both purchase the same model smartphone, such as an Apple iPhone, which statement is most accurate?
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Both the adjuster and the student are potential customers because in their own way, they both benefit from the smartphone.
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The American Red Cross creates advertisements to encourage people to donate blood. After viewing one, Amanda decided to donate a pint of blood. After she did, Amanda felt happy that she had performed a good deed. Did an exchange occur in a marketing sense?
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Yes, because the donated blood was exchanged for a feeling of satisfaction.
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Which of the following statements about marketing activities is most accurate?
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Marketing is essentially developing the right product and convincing potential customers that they "need" it, not just "want" it.
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Which answer reflects (in this order) a good, a service, and an idea that can be marketed?
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a CD, a concert, and a souvenir T-shirt
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Which of the following is an example of an ultimate consumer?
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an office receptionist who renews the magazines that are found in the office waiting room
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Effective marketing benefits society because it
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enhances competition, which improves the quality of products and services and lowers prices.
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Profit
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the reward to a for-profit organization for the risk it undertakes in marketing its offerings
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Strategy
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an organization's long-term course of action that delivers a unique customer experience while achieving its goals
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core values
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the fundamental, passionate, and enduring principles that guide an organization
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mission
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a statement or vision of an organization's function in society
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organizational culture
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the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization
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business
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the underlying industry or market sector of an organization's offering
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goals (objectives)
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statements of an accomplishment of a task to be achieved, often by a specific time
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market share
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ratio of a firm's sales to the total sales of all firms in the industry
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marekting plan
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a road map for the marketing activities of an organization for a specified future time period
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marketing dashboard
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the visual computer display of essential marketing information
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marketing metric
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a measure of the value or trend of a marketing action or result
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business portfolio analysis
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a technique that managers use to quality performance measures and growth targets of their firms' strategic business units
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diversification analysis
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a technique a firm uses to search for growth opportunities from among current and new products and market
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strategic marketing process
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an approach whereby an organization allocates its marketing mix resources to reach its target markets
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situation analysis
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taking stock of where a firm or product has been recently, where it is now, and where it is handed
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SWOT analysis
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an acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats
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market segmentation
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the aggregating of potential buyers into groups that common needs and will respond similarly to a marketing action
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points of difference
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those characteristics of a product that make it superior to competitive substitutes
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marketing strategy
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the means by which a marketing goal is to be achieved
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marketing tactitcs
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detailed day- to- day operational decisions essential to the overall success of marketing strategies
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An industry refers to
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the economic activity concerned with the selling of finished products to wholesalers and retailers
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A strategic business unit (SBU) refers to
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a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
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Each strategic business unit has marketing and other specialized activities (e.g., finance, manufacturing, or research and development) at the __________ level, where groups of specialists actually create value for the organization.
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functional
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A key role of the marketing department is to "look outward." This is accomplished by
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listening to customers, developing and producing offerings, and implementing marketing program activities.
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A firm's __________ are timeless, capturing its heart and soul, and serve to inspire and motivate its stakeholders.
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core values
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__________ argued that senior managers of 20th century American railroads defined their business too narrowly, thus failing to create strategies to compete with airlines, barges, pipelines, and trucks.
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Theodore Levitt
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Regarding goals and objectives, which of the following statements would be most accurate?
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Objectives convert an organization's mission and business into long- and short-term performance targets.
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A competitive advantage refers to
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those characteristics of a product that make it superior to competitive substitutes
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Business portfolio analysis refers to
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a technique that managers use to quantify performance measures and growth targets to analyze their firm's strategic business units (SBUs) as though they were a collection of separate investments.
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environmental scanning
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the process of acquiring information on events outside the organization to identify and interpret potential trends
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social trends
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the demographic characteristics and the culture of the population
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demographics
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description of a population according to characteristics such as age, gender, ethnicity, income, and occupation
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baby boomers
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the generation of children born between 1946 and 1964
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Generation X
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the generation of people born between 1965 and 1976
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Generation Y
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the 72 million Americans born between 1977 and 1994
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multicultural marketing
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marketing programs that select unique aspects of different races
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culture
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the set of values, ideas, and altitudes that is learned and shared among the members of a group
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economy
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pertains to the income, expenditures, and resources that affect the cost of running a business or household
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technology
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inventions or innovations from applied, science or engineering research
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marketplace
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an information- and communication- based electronic exchange environment occupied by digitalized offerings
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competition
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alternative firms that could provide a product a product to satisfy a specific market's needs
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regulation
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restrictions that state and federal laws place on business
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consumerism
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a movement started to increase the influence, power, and rights of consumers in dealing with institutions
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self-regulation
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an alternative to government control, whereby an industry attempts to police itself
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ethics
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the moral principles and values that govern the actions and decisions of an individual or a group
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Consumer bill of rights
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codified the ethics of exchange between buyers and sellers,including rights to safety, to be informed, to choose, and to be heard
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code of ethics
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a formal statement of ethic principles and rules of conduct
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moral idealism
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a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the income
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utilitarianism
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a personal moral philosophy that focuses on the "greatest good for the greatest number."
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social responsibility
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the idea that organizations are part of a larger society and are accountable to that society for their actions
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green marketing
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marketing effort to produce, promote, and reclaim environmentally sensitive products
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cause marketing
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tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products
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As the director of marketing for Littleton Hospital, you must conduct an environmental scan to help create a five-year marketing plan for the hospital. Which of the following environmental trends should you consider to be the most important?
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By the year 2015, baby boomers will control more than 50 percent of all consumer expenditures in the U.S.
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Pending federal legislation will require all online retailers to collect state sales taxes from customers. This would affect online sellers such as Virtual Vineyards, which now only collects state sales taxes from customers who reside in California - its home state. This pending legislation would be an example of which environmental force?
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regulatory
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The Sierra Club is the oldest continuously operating environmental organization. By 2001, its growth had plateaued. To rekindle interest in the organization, its members elected a new 23-year-old president who promised to use MTV artists to create public service announcements about the organization targeting his generational cohort, who are members of
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Generation Y
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During the holiday shopping season, many catalog retailers offer buyers price reductions, coupons, two-for-one deals, and/or free delivery. This is because these catalog retailers operate in a(n) __________ environment.
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monopolistic competition
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Which of the following is considered one of the major factors that influences an individual's personal moral philosophy and ethical behavior?
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societal culture and norms
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Triple-bottom line refers to
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the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.
