marketing 300 UW Madison Exam 1 – Flashcards
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production
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making goods and performing services
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customer satisfaction
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the extent to which a firm fills a customer's needs, desires and expectations
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innovation
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the development and spread of new ideas
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marketing
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performance of activities that seek to accomplish an organization's objective by anticipating customer needs and directing a flow of need-satisfying goods and services from producer to customer
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macro marketing
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process of directing an economy's flow of goods from producers to consumer in a way that effectively matches supply and demand and accomplished the objectives of society
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economies of scale
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as a product is produced in greater numbers, the price per unit decreases
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buying
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purchasing a good
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selling
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offering a good
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transporting
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moving goods
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storing
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holding goods
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standardization and grading
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sorting products according to size and quality
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financing
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providing the necessary cash and credit to produce, transport, promote, store, sell and buy products
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risk taking
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bearing the uncertainties of the marketing process
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simple trade era
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time when families traded or sold surplus output to local distributors
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production era
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time when a company focused on production of a few specific products because few of these products are available in the market
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sales era
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time when company emphasizes selling b/c of increased competition
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marketing development era
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time when all marketing activities are consolidated to one department to improve short run policy and integrate firm activities
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marketing company era
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time when both short-run policies are developed and long range plans that guide the company effort under the marketing concept
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marketing concept
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idea that an organization should aim all of its effort at satisfying its customers at a profit
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production orientation
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making whatever easily producible products then trying to sell them
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marketing orientation
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trying to carry out the marketing concept
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customer value
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difference between benefits seen from marketing and costs of reaping benefits
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micro macro dilemma
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what's good for some producers and consumers isn't always good for society as a whole
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social responsibilty
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firms obligation to improve its effects on society
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marketing ethics
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moral standards that guide marketing actions
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strategic planning
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developing and maintaining a match between the organization's resources and its market opportunities
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target market
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homogeneous group of customers a company tries to appeal to
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mass marketing
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typical production oriented approach that vaguely aims at everyone with same marketing mix
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channel of distribution
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series of firms that aid in the flow of products from producer to final consumer
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personal selling
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direct selling communication between seller and customer
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customer service
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direct communication between seller and dissatisfied customer to solve problem
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mass selling
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communicating with many potential customers at once
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advertising
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paid form of nonpersonal presentation of goods ideas or services by a sponsor
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publicity
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unpaid form of nonpersonal presentation of goods ideas or services
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sales promotion
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promotion activities that aren't advertising publicity or personal selling
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marketing plan
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written statement of a marketing strategy with a schedule
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customer equity
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expected earnings from a firm's current and prospective customers over a time period
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breakthrough opportunities
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opportunities that help innovators develop unique marketing strategies that will long be profitable
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competitive advantage
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firm has superior marketing mix as deemed by target market
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differentiation
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marketing mix is distinct and better than competitor
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SWOT analysis
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identifies and lists strengths weaknesses opportunities and threats
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market penetration
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increasing sales of present products in present markets
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market development
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increasing sales of present products in new markets
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product development
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increasing sales of new products in present markets
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diversification
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increasing sales of new products in new markets
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competitive environment
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number and type of competitors in the market and how they behave
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competitor analysis
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evaluation of strengths and weaknesses of competitors' marketing strategies
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competitive rivals
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firm's close competitors
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competitive barriers
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barriers to being competitive
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economic environment
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macro economic factors that affect spending (inflation)
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technology
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application of science to convert resources to output
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cultural and social environments
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affects how and why people live and behave
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gross domestic product
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total market value of a country's goods and services
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senior citizens
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65+ y/o
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baby boomers
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1946-1964
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gen x
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1965-77
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gen y
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1978-94
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gen z
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1995-
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lohas
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lifestyles of health and sustainability
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sustainability
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meeting present needs without compromising the ability of future generations to do the same
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strategic business unit
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profit center focused on product offering and market segment
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market
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group of customers and sellers willing to trade
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market segmentation
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1) naming broad product markets 2) segmenting them to select target markets and marketing mixes
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segmenting
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clustering people with similar needs
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single target market approach
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targeting one homogeneous group
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multiple target market approach
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targeting 2+ segments while treating them as different targets
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combined target market approach
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combining 2+ submarkets into one for targeting
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qualifying dimension
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dimensions relevant to including a customer type in a product market
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determing dimensions
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dimensions that affect a customer buying a specific product or not
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positioning
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how customers think about brands in a market
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product positioning map
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maps 2 qualities of competitors per consumer opinion
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benefit
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good quality of something
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USP
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unique selling proposition
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positioning statement
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explains how positioned
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economic buyers
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well informed, happy
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economic needs
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needs about making best use of resources
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discretionary income
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income-(taxes+necessities)
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needs
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basic forces motivating someone
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wants
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learned needs
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drive
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strong stimulus to quell a need
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physiological needs
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biological stuf
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safety need
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protection and well being
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social needs
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about intrapersonal stuff
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perception
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how we interpret info
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selective exposure
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only seek stuff interesting to us
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selective perception
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people screen ideas they don't agree with
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selective rentention
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people remember what they want
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learning
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change in person's thought processes b/c of experience
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cues
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stimuli in the environment
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response
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effort to satisfy a drive
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reinforcement
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when consumer's response is follow by satisfaction
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attitude
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person's point of view
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belief
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personal opinion
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expectation
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anticipated outcome
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trust
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confidence in another
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psychographics
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broken down AIO's (activities, interests, opinions)
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lifestyle analysis
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analysis of AIO's
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empty nesters
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kids left parents
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social class
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group w/ equal social position
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reference group
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people who form attitudes for others
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opinion leader
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person who influences
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culture
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set of characteristics of a homogeneous group of people
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extensive problem solving
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for new/important need
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limited problem solving
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small effort to satisfy need
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routinized response behavior
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regular way of satisfying need
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low involvement purchases
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little importance to buyer
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dissonance
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buyers remorse
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adoption process
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steps to taking in a new idea
