BUS 102 / Principles of Marketing Midterm – Flashcards
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Marketing Mix
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blending of the four strategy elements - production, distribution, promotion and pricing - to fit the needs of a specific target market
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Marketing Planning
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planning activities devoted to achieving marketing objectives
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Marketing Strategy
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overall, company wide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix
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Mission
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essential purpose that differentiates one company from another
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Planning
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process of anticipating future events and conditions and determining the best way to achieve organizational objectives
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Strategic Planning
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process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives
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Tactical Planning
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planning that guides the implementation of activities specified in the strategic plan
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First Mover Strategy
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theory that a company first to offer a product in the marketplace will be the long-term market winner
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Second Mover Strategy
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theory that advocates observing closely the innovations of first movers and then improvising on them to gain advantage in the marketplace
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Porter's Five Forces
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potential new entrants, bargaining power of buyer, bargaining power of supplier, threat of substitute products, rivalry among competitors
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Strategic Business Units (SBUs)
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key business units withing diversified firms
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portfolio plan
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an investment strategy applied to a personal or corporate portfolio that determines its general purpose and constraints
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Competitive Environment
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interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumers purchasing power
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Political-Legal Environment
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component of the marketing environment consisting of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights
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Economic Environment
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factors that influence consumers buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income, and resource avalibility
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Technological Environment
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application to marketing of knowledge based on discoveries in science, inventions, and innovations
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Social-Cultural Environment
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component of the marketing environment consisting of the relationship between the marketer, society, and culture
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Five Environment
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Competitive, Economic, Political-Legal, Social-Cultural, Technological
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Intranet
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a network that is not available to the world outside of the intranet (MyFranciscan)
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Extranet
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an intranet that is partially accessible to authorised outsiders (faculty page on MyFranciscan)
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Click-Through Rate
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precentage of people presented with a banner ad who click on it
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Conversion Rate
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percentage of visitors to a website who make a purchase
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Attitudes
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a person's enduring favorable or unfavorable evaluations, emotions, or action tendencies toward some object or idea
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Cognitive Component
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the individual's information and knowladge about an object or concept
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Affective Component
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deals with feelings or emotional reactions
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Behavioral Component
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involves tendencies to act in a certain manner
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Evoked Set
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number of alternatives a consumer actually considers in making a purchase decision
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Evaluative Criteria
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features a consumer considers in choosing among alternatives
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Cognitive Dissonance
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impalance among knowledge, belief, and attitudes that occurs after an action or decision, such as a purchase
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High-Involvement Purchase Desisions
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purchase with high levels of potential social or economic consequences
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Low-Involvement Purchase Desisions
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purchase that pose little risk to the consumer
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Need
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imbalance between a consumers actual and desired status
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Motive
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inner state that directs a person toward the goal of satisfying a need
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Perception
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meaning that a person attributes to incoming stimuli gathered through the five sences
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Perceptual Screens
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the mental filtering processes through which all imputs must pass
