Clemson MKT 3010 Chapters 1-2, 5-7 (Exam 1) – Flashcards
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Marketing
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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 and its stakeholders
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Marketing Plan
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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 P's, action programs, and projected or pro forma income statements
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Exchange
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The trade of things of value between the buyer and seller so that each better off as a result
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Marketing Mix (Four P's)
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Product, Price, Place, Promotion
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Value Cocreation
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Customers act as collaborators with a manufacturer or retailer to create the product or service
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Relational 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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Supply Chain
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The group of firms that make and deliver a given set of goods or services
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Marketing Strategy
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A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage
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Sustainable Competitive Advantage
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Something the firm can consistently do better than its competitors
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Customer Excellence
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Focus on retaining loyal customers and excellent customer service
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Operational Excellence
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Focus on efficient operations and excellent supply chain management
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Product Excellence
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Focus on achieving high quality products; effective branding and positioning is key
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Mission Statement
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What type of business is it? What does it need to do to accomplish its goals and objectives?
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Situation Analysis
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SWOT analysis
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Market Segment
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Group of consumers who respond similarly to a firm's marketing efforts
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Market Segmentation
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Process of dividing and grouping customers based on different needs/wants/etc.
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Target Marketing/Targeting
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Evaluating the attractiveness of segments and deciding which to pursue
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Market Positioning
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Defining the marketing mix variables so target customers have a clear understanding of what they are being offered
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Metric
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System of measurement for evaluation
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Strategic Business Unit (SBU)
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Division in firm that can be operated virtually independently and may have a different mission or objectives
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Product Lines
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Groups of associated items
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Market Share
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Percentage of market accounted for by a specific entity
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Relative Market Share
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Measure of a 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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Market Growth Rate
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Annual rate of growth of the specific market in which the product competes
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Market Penetration Strategy
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Growth strategy which uses existing marketing mix and focuses on existing customers
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Market Development Strategy
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Growth strategy which uses existing marketing mix to reach new segments
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Product Development Strategy
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Growth strategy that offers new product to existing market
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Diversification Strategy
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Growth strategy which offers a new product to a new market
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Macro-environmental Factors
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Aspects of external environment that affects a company's business
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Generational Cohort
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Group of people from same generation
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Generation Z
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People born in world already full of electronic technology AKA Digital Natives
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Generation Y
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People born between 1977-1995
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Millenials
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People born between 1977-2000, children of baby boomers
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Generation X
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People born between 1965-1976
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Baby Boomers
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People born between 1946-1964
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Green Marketing
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Effort to supply customers with green merchandise
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Greenwashing
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Disingenuously marketing products as green to increase sales
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Foreign Currency Fluctuations
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Changes in value of country's currency relative to another country's currency
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Need Recognition
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When customers realize they have an unsatisfied need/want
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Functional Needs
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Pertain to performance of product/service
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Psychological Needs
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Pertain to personal gratification consumers associate with a product or service
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Internal Search for Information
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When buyers examine their own prior knowledge about product/service
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External Search for Information
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When buyer seeks out more information about a product/service
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Internal Locus of Control
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When consumers believe they have control over outcomes
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External Locus of Control
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When consumers believe outside forces determine outcomes
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Performance Risk
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Perceived danger inherent in a poorly performing product/service
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Financial Risk
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Risks associated with monetary outlay from buying a product and up keeping it
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Social Risk
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Fears of customers that others may not regard their purchase positively
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Physiological Risk
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Fear of injury if a product does not perform properly AKA Safety Risk
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Psychological Risks
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Way people will feel if product does not convey the right image
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Universal Sets
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Includes all possible choices for a product-category
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Retrieval Sets
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Brands/stores customers remember from memory
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Evoked Set
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Alternative brands/stores consumer states they would consider regarding a purchase
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Determinant Attributes
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Attributes of a product that are different from competitors and are important to buyers
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Consumer Decision Rules
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Set of criteria consumers use to choose what to buy
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Conversion Rate
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Percentage of customers who buy a product after viewing it
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Postpurchase Cognitive Dissonance
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buyer's remorse
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Maslow's Hierarchy of Needs
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Paradigm for classifying people's motives, when lower level basic needs are met, people turn to fulfilling higher level needs (social and personal)
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Physiological Needs
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Basic needs, food, water, etc
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Safety Needs
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Protection and physical well being
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Self Actualization
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When a person is completely satisfied with his or her life
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Affective Component
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How a person feels about an issue at hand
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Behavioral Component
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Action person takes regarding an issue at hand
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Reference Group
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One or more persons that an individual uses as a basis for comparison regarding beliefs/feelings/behaviors
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Situational Factors
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Situational specific factors affecting the consumer decision process
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Derived Demand
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Linkage between consumers' demand for a company's output and its purchase of necessary inputs to make that output
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Request for Proposals (RFP)
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A process through which buying organizations invite alternative suppliers to bid on supplying their required components
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Buying Center
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Group of people typically responsible for buying decisions in organizations
