Marketing 350 Exam 1 – Flashcards

Unlock all answers in this set

Unlock answers
question
Marketing
answer
the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
question
needs
answer
states of felt deprivation
question
wants
answer
the form human needs take when they are shaped by cultural and individual personality
question
demands
answer
human wants that are backed up by buying power
question
market offerings
answer
some combination of products services information or experiences offered to satisfy a need or want
question
marketing myopia
answer
the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
question
exchange
answer
the act of obtaining a desired object from someone by offering something in return
question
market
answer
the set of all actual and potential buyers of a product or service
question
marketing management
answer
the art and science of choosing target markets and building profitable relationships with them
question
production concept
answer
the idea that consumers will favor products that are available and highly affordable; therefore the organization should focus on improving production and distribution efficiency
question
product concept
answer
a detailed version of the new product idea stated in meaningful consumer terms
question
selling concept
answer
the idea that consumers will not buy enough of the firms' products unless the firm undertakes a large-scale selling and promotion effort
question
marketing concept
answer
a philosophy in which achieving organizational concepts depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
question
societal marketing concept
answer
the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long run interests and other long run interests
question
customer relationship management
answer
managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
question
customer-percieved value
answer
the customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
question
customer satisfaction
answer
the extent to which a product's perceived performance matches a buyer's expectation
question
customer-managed relationships
answer
marketing relationships in which customers, empowered by today's new Digital technologies, interact with companies and with each other to shape their relationships with brands
question
consumer-generated marketing
answer
brand exchanges created by consumers themselves- both invited and uninvited- by which consumers are playing an incresing role in shaping their own brand experiences and those of other consumers
question
partner relationship management
answer
working closing with partners in other company departments and outside the company to jointly bring greater value to customers
question
customer lifetime value
answer
the value of entire streams of purchases a customer makes over a lifetime of purchases
question
customer equity
answer
the total combined customer lifetime values of all the company's customers
question
internet
answer
a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
question
strategic planning
answer
the process of developing and maintaing a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
question
mission statement
answer
a statement of the organizations purpose/ what it wants to accomplish in the larger environment
question
business portfolio
answer
the collection of businesses and products that make up the company
question
portfolio analysis
answer
the process by which management evaluates the products and business that make up the company
question
growth share matrix
answer
a portfolio-planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share
question
product/market expansion grid
answer
a portfolio-planning tool for identifying company growth opportunities through market penetration market development product development or diversification
question
market penetration
answer
company growth by increasing sales of current products to current market segments without changing the product
question
market- development
answer
company growth by identifying and developing new market segments for current company growth
question
product development
answer
company growth by offering modified or new products to current market segments
question
diversification
answer
company growth through starting up or acquiring businesses outside the company's current products and markets
question
value chain
answer
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
question
value delivery network
answer
a network composed of the company, supplier, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value
question
marketing strategy
answer
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
question
market segmentation
answer
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors who might require separate products or manufacturing programs
question
market segment
answer
a group of consumers who respond in a similar way to a given set of marketing efforts
question
market targeting
answer
the process of evaluating each each market segment's attractiveness and selecting one or more segments to enter
question
positioning
answer
arranging for a market offering to occupy, a clear distinctive and desirable place relative to competing products in the minds of target consumers
question
differentiation
answer
actually differentiating the market offering to create superior customer value
question
marketing mix
answer
the set of tactical marketing tools-poduct price place promotion- that the firm blends to produce the response it wants in the target market
question
SWOT analysis
answer
an overall evaluation of the company's strengths weaknesses opportunities and threats
question
market implementation
answer
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
question
marketing control
answer
measuring and evaluating the result of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved
question
Return on Marketing investment
answer
the net return from a marketing investment divided by the costs of the marketing investments
question
marketing environment
answer
the actors and forces outside marketing that affect marketing management's ability to hold and maintain successful relationships with target customers
question
microenvironment
answer
the actors close to the company that affects its ability to serve its customer- the company, suppliers, marketing intermediaries customer markets competitors and publics
question
macro environment
answer
the larger societal forces that affect the microenvironment- demographic economic natural technological political and cultural forces
question
marketing intermediaries
answer
firms that help the company to promote, sell, and distribute its goods to final buyers
question
public
answer
any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives
question
demography
answer
the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
question
baby boomers
answer
the 78 million people born during the years following world war 11 and lasting until 1964
question
generation x
answer
the 49 million people born between 1965 and 1976in the birth death following the baby boomers
question
generation y
answer
the 83 million children of the baby boomers born between 1977 and 2000
question
economic environment
answer
economic factors that affect the consumer purchasing power and spending patterns
question
natural environment
answer
natural resources that are needed as inputs by markets or that are affected by marketing activities
question
environmental sustainability
answer
developing strategies and practices that create a world economy that the planet can support infinitely
question
technological environment
answer
forces that create new technologies, creating new product and market opportunities
question
political environment
answer
laws government agencies and press groups that influence and limit various organizations and individuals in a given society
question
cultural environment
answer
institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
question
customer insights
answer
fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships
question
marketing information system
answer
people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
question
internal databases
answer
electronic collections of consumer and market information obtained from data sources within the company network
question
competitive marketing intelligence
answer
the systematic selection and analysis of publicity available information about consumers, competitors, and developments in the manufacturing environment
question
marketing research
answer
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
question
descriptive research
answer
marketing research used to better describe marketing problems, situations, or markets
question
casual research
answer
marketing research used to test hypothesis about cause and effect relationships
question
secondary data
answer
information that already exists somewhere, having been collected for another purpose
question
primary data
answer
information collected for the specific problem at hand
question
observation research
answer
gathering primary data by observing relevant people, actions, and situations
question
ethnographic research
answer
a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments
question
survey research
answer
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
question
focus group interviews
answer
personal interviewing that involves inviting six to ten people to gather for a few hours with an interviewer to talk about a product service or organization the interviewer focuses the group discussion on
question
online marketing research
answer
collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior
question
online focus groups
answer
gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
question
sample
answer
a segment of the population selected for marketing research to represent the population as a whole
question
customer relationship management
answer
managing detailer information about individual customers and carefully managing customer touch points to maximize customer loyalty
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New