Dr. Allen Marketing Test 1 – Flashcards
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Benefits the customer receives from buying a good or service
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Value
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An organizational function and a set of processes for creating, communicating, delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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Marketing
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Anyone who has a role in the outcome from exchanging.
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Stakeholders
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User of a good
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Consumer
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The idea of identifying and then satisfying consumer needs for success
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Marketing concept
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The actual state vs. the desired state
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Need
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Desired state due to culture and society
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Want
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What the customers are pleased with by the product
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Benefit
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Desired products
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Demand
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[Potential] customers who share a common need that can be satisfied by a specific product, who have the resources for, and are willing to make the exhange
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Market
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Any location used to conduct an exchange
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Marketplace
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Digital products consumers buy for use in online contexts
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Virtual goods
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The usefulness of the product
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Utility
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The process by which some transfer of value occurs between a buyer and the seller
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Exchange
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A tangible good, service, idea or some combination of these that satisfy consumer needs through exchange
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Product
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Managers philosophy on how to best sell the good or service
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Product orientation
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Managers point of view to effectively reduce inventory by removing products from the warehouse
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Selling orientation
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The business point of view to satisfy customers needs and wants
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Consumer orientation
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A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
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Total Quality Management (TQM)
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A business person who only produces a product when it is ordered
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Instapreneur
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Systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each person's wants and needs
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Customer Relationship Management (CRM)
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The direct financial impact of a firms expenditure of a resource such as time or money
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Return on investment (ROI)
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What's popular in the mass-market
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Popular culture
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The goods individual consumers purchase
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Consumer goods
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Intangible products that are exchanged directly between the producer and consumer
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Services
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The marketing of goods and services from one organization to another that is strictly for business operations
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Business-to-Business marketing
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Goods that individuals or organizations buy for further processing or for their own use when they do business
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Industrial goods
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The buying or selling of goods and services electronically
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E-commerce
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Losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise
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Shrinkage
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Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members
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Non-Profit Organizations
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The total amount of value in a good when purchased
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Value Proposition
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The potential profit from a single customers purchase of a business' product that generates over the customers lifetime
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Lifetime value of a customer
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Superior capability of a firm in comparison to its direct competitors
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Distinctive competency
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Properties of products that set them apart from competitors products by providing unique customer benefits
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Differential benefit
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A series of activities that could add/remove value from customers
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Value chain
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Feedback vehicles that report how the company or brand is actually doing in achieving various goals
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Marketing scorecards
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Measurements or "scorecards" marketers use to identify the effectiveness of different strategies or tactics
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Metrics
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Every day people functioning in marketing roles, such as participating in creating ads, providing input to new product development, or serving a wholesaler or retailers
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Consumer generated content
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Communicating through online representation
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Social networking
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New apps that enable the user generated clouds of content form around products; barcode scans allow the user to upload content or see what others have already uploaded
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Physical URLs
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A classification system that relies on users rather than pre-established systems to sort contact
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Folksonomy
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Under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products
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Wisdom of crowds
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Practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product
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Open source model
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A 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
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Marketing Plan
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All possible customers in the market, regardless of the differences in their specific needs and wants
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Mass Market
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A distinct group of customers within a larger market who are similar to one another in some way and whose needs to differ from other customers in the larger market
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Marketing segment
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Who you want to sell the product to
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Target market
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The way in which the target market perceives the product in comparison to competitors brands
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Marketing position
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A combination of the product itself, the price of the product, the place where it is made available and activities that introduce it to consumers that creates a desired response among a set of predefined consumers
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Marketing Mix
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Product Place Price Promotion
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4 P's of Marketing
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The assignment of value, or the amount the consumer must exchange to receive the offering
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Price
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The coordination of marketers communication efforts to influence attitudes or behaviors
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Promotion
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The availability of the product to the consumer at the desired time and location
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Place
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An ongoing process of making decisions that guides the firm in both the short term and long term
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Business Planning
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A plan that includes the decisions that guide the entire organization
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Business Plan
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Individual units within the firm that operates like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors
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Strategic Business Units (SBU)
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A decision process for strategies and tactics for the short-term, and supports the long term plan
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Functional planning
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Decision process that focuses on making plans for day-to-day activities
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Operational planning
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Statement of the purpose for an organization
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Mission Statement
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An assessment of the firms internal and external environments
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Situation analysis
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The controllable elements inside an organization
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Internal environment
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The uncontrollable elements outside and organization
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External environment
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Analysis of an organizations Strengths Weaknesses Opportunities Threats
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SWOT analysis
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A management tool for evaluating a firms business mix and assessing the potential of an organizations strategic business units
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Portfolio analysis
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Assesses the potential of successful products to generate cash that a firm will use to invest in new products
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BCG growth market share matrix
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SBUs with products that have a dominant market share in high-growth markets
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Stars (BCG)
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SBUs with a dominant marketshare in a low growth potential market
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Cash Cows (BCG)
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SBUs with small share of the market in the fast growth market
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Question marks (BCG)
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SBUs with a small share of the market and slow market growth
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Dogs (BCG)
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Growth strategy for existing products to a new market
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Market development strategies
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Growth strategies that focus on selling new products in existing markets
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Product development strategies
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Growth strategies that emphasize both new products and new markets to achieve growth
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Diversification strategies
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1. Perform a situational analysis (SWOT) 2. Set marketing objectives 3. Develop marketing strategies 4. Implement and control the marketing plan
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Steps in market planning
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Measures actual performance compared to ideal marketing objective - then adjusts it
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Control
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Individual plans that provide guidance for control of marketing strategies in the plan. Also referred to as marketing programs
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Action plans
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Focuses on the day-to-day execution of the marketing plan. Has detailed directions for the specific activities, their controller, and timeline
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Operational plans
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Policy to give domestic companies an advantage
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Protectionism
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Limitation sent by government on the amount of a product allow to enter or leave the country
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Import quotas
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The total dollar value of goods and services produced by a nation within its borders in a year
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GDP
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The value of all goods and services produced by a country's organizations
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GNP
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The quality of the countries distribution, financial, and communication systems
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Economic infrastructure
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The broader economic picture of a country
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Level of economic development
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The average quality and quantity of goods and services consumed in a country
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Standard of living
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Countries in which the economy is shifting its emphasis from agriculture to industry
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Developing countries
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Brazil, India, Russia, and China - The largest and fastest-growing of the developing countries
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BRIC countries
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A country that is industrialized
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Developed countries
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The overall patterns of change in the economy
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Business cycle
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The process of analyzing publicly available information about rivals
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Competitive Intelligence
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Income left over after paying necessities
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Discretionary income
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When firms offering different products compete to satisfy the same consumer's needs and wants
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Product competition
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When firms offering similar goods and services compete on the basis of the brand reputation or perceived benefits
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Brand competition
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Marketing situation in which one firm is the only supplier and it controls everything
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Monopoly
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A market structure in which a small number of sellers that have a large share of market compete in the market
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Oligopoly
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A market structure in which many small sellers offering similar products don't have an impact on the quality, price, or supply the product
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Perfect competition
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Prevent competitors from producing your product
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Patent
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When a domestic government reimburses a foreign company (often not for the full value) after taking its assets
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Nationalization
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When a domestic government seizes a foreign company's assets with no reimbursement
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Expropriation
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A portion of a product must be from the host country
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Local content rules
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Societies deeply help beliefs about right and wrong ways to live
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Cultural values
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Cultures in which people put communities goals above their own
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Collectivist cultures
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Cultures in which people find personal goals more important than the community
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Individualist cultures
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Specific rules dictating what is right or wrong, acceptable or unacceptable
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Social norms
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When someone in authority extracts payment under duress
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Extortion
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Low risk and low control
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Exporting Strategy (MES)
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Medium level of risk and medium level of control
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Contractual Agreements (MES)
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Medium level of risk and medium level of control
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Strategic Alliances (MES)
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High level of risk and high level of control
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Direct investments (MES)
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People that represent a firm in other countries
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Export merchants
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And agreement in which one firm gives another the right to produce and market its product in return for royalties
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Licensing agreements
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A form of licensing involving the right to adapt an entire system of doing business
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Franchising
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Relationship developed between a foreign firm and domestic firm in the target country
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Strategic alliance
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A strategic alliance in which a new entity owned by two or more firms allow the partners to pool their resources for common goals
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Joint venture
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Product strategy in which a firm offers the same product in both domestic and foreign markets
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Straight extension strategy
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Product strategy in which a firm offers similar but modified products in foreign markets
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Product adaptation strategy
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Product strategy in which a firm develops a new product for foreign markets
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Product invention strategy
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Product strategy in which a firm develops a less advanced product to serve the needs of poor people living in countries
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Backward intervention strategy
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Designated areas where foreign companies can store goods without paying taxes
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Free-trade zones
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Manufactured outside the country and then imported without the consent of the trademark holder
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Graymarket goods
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The company ties to get a toehold in the foreign market by pricing and products lower than it offers them at home
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Dumping
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Taking an ethical approach to conducting marketing research that does no harm to the participant in the process of conducting their research
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Marketing research ethics
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A process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores and distributes relevant and timely marketing information to system users
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Marketing information system (MIS)
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An internal corporate communication network that uses the internet to link companies together
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Intranet
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A method where marketers get information about everyday happenings in the marketing environment
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Marketing Intelligence System
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The process of collecting, analyzing, and interpreting the data about about customers, competitors and the business environment in order to improve marketing effectiveness
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Marketing research
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Research by firms that collect data on a regular basis and sell the reports to multiple firms
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Syndicated research
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Research conducted for a single firm to provide specific information its managers need
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Custom research
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The data, analysis software and interactive software that allows managers to conduct analyses and find the information they may need
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Marketing Decision Support System (MDSS)
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Analysis techniques that take advantage of the massive amount of transaction information available
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Data Mining
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1. Customer Acquisition 2. Customer retention and loyalty 3. Customer abandonment 4. Market basket analysis
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Uses of Data Mining
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Promotional strategies based on records of customers past purchases
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Market based analysis
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A plan that specifies what information marketers will collect and what type of study they will do
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Research design
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Data that have been collected for some purpose other than that of the problem at hand
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Secondary data
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Data from research conducted to help make a specific decision
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Primary Data
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A technique that marketers use to generate insights for future, more rigorous studies
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Exploratory research
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A product-oriented discussion with a group of consumers and a moderator
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Focus group
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A detailed review of a particular firm or organization
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Case study
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A tool that probes systematically into the problem and bases its conclusions on large numbers of observations
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Descriptive research
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A technique that attempts to understand cause-and-effect relationships
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Casual research
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A technique that tests predicted relationships among variables in controlled environments
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Experiments
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A study in which researchers recruit shoppers in public areas
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Mall-intercept
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Measuring traces of physical evidence that remain after some action has been taken
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Unobtrusive measures
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Analysis techniques that use shopping patters of large numbers of people to determine which products are likely to be purchased if others are (Diapers + Beer)
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Predictive technology
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The extent to which research actually measures what it was intended to measure
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Validity
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The extent to which research measurement techniques are free of errors
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Reliability
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How much consumers in a study are similar to a larger group that the organization is interested in
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Representativeness
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The process of selecting respondents for a study
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Sampling
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A sample in which each member of the population has some known chance of being included
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Probability sample
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A sample in which personal judgement is used to select respondents
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Nonprobability sample
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A nonprobability sample composed of individuals who just happen to be available when and where the study happens
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Convenience sample
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The process of translating material to a foreign language and then back to the original language
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Back-translation
