Marketing 360 exam 1 chapters 1, 2, 3, and 7 – Flashcards
Unlock all answers in this set
Unlock answersquestion
marketing
answer
organizational function and processes for creating, communicating, and delivering value to customers and managing customer relationships
question
stakeholders
answer
buyers, sellers, investors, employees... anyone with a "stake" in the company
question
consumer
answer
user of a good or service
question
marketing concept
answer
management orientation that focuses on identifying and satisfying customer needs to ensure long term profitability
question
need
answer
difference between consumers actual state and the desired state
question
want
answer
desire to satisfy needs in specific ways that are culturally/socially influenced
question
benefit
answer
outcome sought by customer that motivates buying behavior; satisfies need/want
question
demand
answer
customer desire for products coupled with resources needed to obtain them
question
market
answer
All customers who share common need that can be satisfied by a specific product; have resources to exchange, willing to exchange, and have authority to exchange
question
marketplace
answer
any location or medium used to conduct an exchange
question
virtual goods
answer
digital products consumers buy for use in online contexts
question
utility
answer
usefulness or benefit consumers receive from a product
question
exchange
answer
process by which a transfer of value occurs between a buyer and a seller
question
product
answer
tangible good,service, idea that satisfies customer needs through exchange process
question
value
answer
benefits a customer receives from buying a good or service
question
production orientation
answer
management philosophy that emphasizes the most efficient ways to produce and distribute products
question
selling orientation
answer
managerial view of marketing as a sales function, way of moving products out of inventory quickly
question
consumer orientation
answer
business approach that prioritizes the satisfaction of customers needs and wants
question
total quality management (TQM)
answer
management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality management
question
instapreneur
answer
business person who produces product when it is ordered; t-shirt business
question
triple bottom line orientation
answer
business orientation that looks at financial bottom line, social bottom line, and environment bottom line
question
customer relationship management (CRM)
answer
systematic tracking of consumers preferences/behaviors to bettor tailor value proposition to individual's needs and wants
question
attention economy
answer
company success measured by share of mind rather than share of market, making money when attracting eyeballs rather than dollars
question
social marketing concept
answer
management philosophy that marketers must satisfy customers needs in ways that also benefit society and deliver profit
question
sustainability
answer
product design focus that creates products that meet consumer needs without compromising future generations ability to meet needs
question
green marketing
answer
marketing strategy that supports environmental stewardship
question
return on investment (ROI)
answer
direct financial impact of firms expenditure of a resource such as time or money
question
Popular culture
answer
music, movies, games, sports, books, celebrities and other forms of entertainment consumed by mass market
question
myths
answer
stories containing symbolic elements that express the shared emotions and ideals of a culture
question
consumer goods
answer
the goods individual consumers purchase for personal/family use
question
services
answer
intangible products that are exchanged between producer and consumer
question
business-to-business marketing
answer
marketing of goods and services from one organization to another
question
industrial goods
answer
goods individuals or organizations buy for their own use when doing business
question
e-commerce
answer
buying and selling goods over then internet
question
shrinkage
answer
losses when retailers experience shoplifting, employee theft, and damage to merchandise
question
anticonsumption
answer
deliberate defacement of products
question
not-for-profit organizations
answer
organizations with not for profit goals buy goods/services to support their functions
question
value proposition
answer
marketplace offering that fairly and accurately sums up the value that will be realized if good/service is purchased
question
brandfests
answer
event put on by firm to thank customers for their loyalty
question
lifetime value of a customer
answer
potential profit a single customer's purchase generates over their lifetime
question
distinctive competency
answer
superior capability of a firm in comparison to competition
question
differential benefit
answer
properties of firms products that sets them apart from competition by providing unique benefit
question
value chain
answer
designing, producing, marketing, delivering, and supporting any product. each part can either add or remove value from product
question
marketing scorecards
answer
feedback vehicles that show (in quantified terms) how the company/brand is doing in achieving goals
question
metrics
answer
measurements that marketers use to measure the effectiveness of different marketing strategies
question
amafessionals
answer
consumers who contribute ideas for fun and challenge rather than financial incentives; motivation is psychic income
question
consumer-generated content
answer
everyday people functioning in marketing roles
question
social networking
answer
online platform where users represent themselves to others where they share common interests
question
web 2.0
answer
2nd generation of the world wide web that incorporates social networking and user activity
question
physical URL's
answer
new apps that enable user generated clouds of content to form around products; bar code scanners
question
folksonomy
answer
classification system that relies on users rather than preestablished systems to sort content
question
wisdom of crowds
answer
groups are smarter than individuals; can sometimes predict successful product
question
open source model
answer
software companies sharing their code with each other to assist in development of a better product
question
marketing plan
answer
describes marketing environment, objectives, strategy, and who carries out each segment of the strategy
question
mass market
answer
all possible customers in the market
question
market segment
answer
distinct group of customers in the market who are similar and their needs differ from other customers in the market
question
target market
answer
market segment that firms marketing focuses on
question
market position
answer
the way target market perceives product in comparison to competitors
question
marketing mix
answer
combo of product, price, place, and promotion to create the desired result from customers
question
four P's
answer
price, product, promotion, place
question
price
answer
assignment of value; amount consumer must exchange
question
promotion
answer
coordination of marketers communication efforts to influence behavior
question
place
answer
availability of product to customer at desired time and location
question
product
answer
good or service desired by consumer
question
4 C's
answer
customer solution, cost, communication, convenience
question
business planning
answer
ongoing process of decision making that guides firm in both short and long term
question
business plan
answer
plan that includes the decisions that guide the entire firm
question
business ethics
answer
rules of conduct for an organization
question
code of ethics
answer
written standards of behavior to which everyone in the organization must subscribe
question
strategic planning
answer
managerial decision process that matches an organizations resources/capabilities to market opportunities to longterm growth and survival
question
strategic business units (SBU)
answer
individual units within the firm that operate like separate businesses, with own mission, objectives, resources, etc
question
functional planning
answer
decision process that develops short term strategies and tactics that support the long term plan
question
operational planning
answer
decision process that develops plans for day to day activities that carry out functional plans
question
mission statement
answer
formal statement of an organization's strategic plan
question
situation analysis
answer
assessment of a firms internal and external environments
question
internal environment
answer
controllable environments inside an organization
question
external environment
answer
uncontrollable elements outside an organization
question
SWOT analysis
answer
the strengths, weaknesses, opportunities, and threats of the organization
question
business portfolio
answer
group of different products or brands owned by an organization and have different income and growth capabilities
question
portfolio analysis
answer
management tool for evaluating a firms business mix and assessing the potential of an organizations strategic business units
question
BCG growth-market share matrix
answer
portfolio analysis model by Boston Consulting Group that assesses potential of products to generate cash
question
stars
answer
SBU's with products that possess high market share in high growth markets
question
cash cow
answer
SBU's with dominant market share in low growth market
question
dogs
answer
SBU's with small share of low growth markets
question
question marks
answer
SBU's with small share of high growth markets
question
market penetration strategies
answer
growth strategy designed to increase sales of existing products to current customers, nonusers, customers of competitors
question
market development strategies
answer
growth strategy that introduces existing products to new markets
question
product development strategies
answer
growth strategies that focus on selling new products in existing markets
question
diversification strategies
answer
growth strategies that emphasize both new products and new markets
question
control
answer
process of measuring performance and comparing that to stated performance objectives and adjusting to meet objectives
question
return on marketing investment (ROMI)
answer
quantifying just how an investment in marketing has an impact on firms success, financially or otherwise
question
action plans
answer
individual support plans that provide guidance for implementation and control of marketing strategies
question
operational plans
answer
plans that focus on day to day execution of the marketing plan
question
marketing myopia
answer
short sighted operations eg railroad firms seeing themselves as railroad company rather than transportation company
question
economic environment
answer
state of the economy & business cycle
question
competitive environment
answer
having high competitive intelligence; knowing what competitors are doing
question
competitive market structure
answer
marketplace designed to have products and services compete for consumers
question
perfect competition
answer
many sellers of similar products with little influence
question
monopolistic competition
answer
many sellers of similar products but offers different benefits. eg soap
question
oligopoly
answer
small number of sellers with massive marketshare
question
monopoly
answer
one seller controls the market
question
levels of competition
answer
aspects of a products/services/consumers that firms compete for
question
brand (direct) competition
answer
same products meeting the same need. brand becomes differentiating factor
question
product competition
answer
different products meeting the same need, best product wins
question
total market competition (discretionary income)
answer
firms competing for consumers extra income
question
technological environment ; change industry?
answer
impact of tech on business, distribution, inventory control, communication
question
Political/legal environment
answer
legislation that controls business
question
Sherman Antitrust Act 1890
answer
eliminates monopolies, price fixing
question
Clayton Act 1914
answer
prohibits tying contracts
question
Federal Trade Commission Act 1914
answer
created FTC
question
Robinson-Patman Act 1936
answer
prohibits price fixing from the supplier to retailers
question
Sociocultural environment
answer
understanding target market demographics and marketing accordingly
question
ethnocentrism
answer
belief that ones culture/demographic is superior to others
question
demographics
answer
measurable characteristics of consumers such as age, race, gender, etc that set them apart from other consumers
question
social norms
answer
specific rules about right or wrong/acceptable or unacceptable
question
cultural values
answer
society's deeply held values about the right and wrong way to live
question
product standardization vs localization
answer
...
question
Relationship marketing
answer
...
question
CRM (customer relationship management)
answer
...
question
Segmentation Process
answer
...
question
Dimensions of market segmentation
answer
...
question
criteria for good segments
answer
...
question
segmentation strategies; concentrated, differentiated
answer
...
question
product positioning, perceptual (positioning) map
answer
...
question
relaying value info
answer
...
question
Stealth marketing
answer
type of marketing where the consumer does not know that they are being marketed to
question
guerrilla marketing
answer
type of marketing where it is in an unexpected location or time
question
buss vs hype
answer
...
question
darwins biological determinism
answer
...
question
cannibalization
answer
...
question
traditional vs non traditional media types
answer
...
question
consumer bill of rights
answer
right to choose which prodcuct
question
porters strategies
answer
...
question
cost leadership
answer
...
