Marketing Chapter 1- 4 Test – Flashcards
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marketing
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the activity for creating and delivering offerings that benefit the organization, its shareholders, and society.
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exchange
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the trade of things of value between a buyer and a seller so that each is better off.
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market
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people with both the desire and the ability to buy a specific offering.
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target marketing
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one or more specific groups of potential consumers toward which an organization directs its marketing program.
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marketing mix
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the controllable factors- (4P's) product, price, promotion, and place -that the marketing manager can use to solve a marketing problem.
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customer value proposition
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cluster of benefits than an organization promises customers to satisfy their needs.
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environmental forces
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the uncontrollable social, economic, tech, competitive, and regulatory forces that affect the results of a marketing decision.
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customer value
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buyers' benefits, including quality, convenience, on time delivery, and before and after sale service at a specific price.
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relationship marketing
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linking the org. to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.
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marketing program
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a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
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marketing concept
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the idea that an organization should strive to satisfy the needs of customers while also trying to achieve the org.'s goals.
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market orientation
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focusing organizational efforts to collect and use info about customers' needs to create customer value.
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social marketing concept
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the view that organizations should satisfy the needs of customers in a way that also provides for society's well being.
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product
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good, service, or idea consisting of a bundle of tangible or intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.
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ultimate consumers
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the people who use the products and services purchased for a household.
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organizational buyers
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manufacturers, wholesalers, retailers, and gov. agencies that buy products and services for their own use or for resale.
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utility
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the benefits or customer value received by the users of the product.
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profit
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the reward to a business firm for the risk it undertakes in marketing its offerings.
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strategy
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an org.'s long-term course of action that delivers a unique customer experience while achieving it's goals.
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core values
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the fundamental, passionate, and enduring principles that guide an org.
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mission
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statement or vision of an org.'s function in society.
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organizational culture
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set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an org.
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business
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the underlying industry or market sector of an org.'s offerings.
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goals (objectives)
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targets of performance to be achieved, often by a specific time.
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market share
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ratio of a firm's sales to the total sales of all firms in the industry.
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marketing dashboard
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the visual computer display of essential marketing info.
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marketing metric
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a measure of the value or trend of a marketing activity or result.
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marketing plan
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a road map for the marketing activities of an organization for a specified future time period.
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business portfolio analysis
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a technique that managers use to quantify performance measures and growth targets of their firm's strategic business units.
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diversification analysis
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a technique a firm uses to search for growth opportunities from among current an new products and markets.
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strategic marketing process
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an approach whereby an org. allocates its marketing mix resources to reach its target market.
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situation analysis
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taking stock of where a firm or product has been recently, where it is now, and where it is headed.
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SWOT analysis
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an acronym describing and org.'s appraisal of its internal strengths and weaknesses and its external opportunities and threats.
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market segmentation
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the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action.
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points of difference
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those characteristics of a product that make it superior to competitive subs.
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marketing strategy
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the means by which a marketing goal is to be achieved.
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marketing tactics
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detailed day to day operational decisions essential to the overall success of marketing strategies.
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environmental scanning
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the process of acquiring info on events outside the org to identify and interpret potential threats.
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social forces
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the demographic characteristics and the culture of the population.
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demographics
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describing of a population according to the characteristics such as age, gender, ethnicity, income, and population.
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baby boomers
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generation of children born between 1946-1964.
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Generation X
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members of the U.S. population born between 1965-1976
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Generation Y
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the 72 million Americans born between 1977-1994.
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multicultural marketing
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marketing programs that reflect unique aspects of different races.
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culture
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the set of values, ideas, and attitudes that is learned and shared among the members of a group.
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economy
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pertains to the income and resources that affect the cost of running a business or household.
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technology
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inventions from applied science or engineering research.
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market-space
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an info-and communication- based electronic exchange environment occupied by digital offerings.
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competition
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alternative firms that could provide a product to satisfy a specific market's needs.
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regulation
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restrictions that state and federal laws place on business.
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consumerism
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movement started to increase the influence, power, and rights of consumers in dealing with situations.
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self-regulation
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an alternative to government control, whereby an industry attempts to police itself.
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ethics
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the moral principles and values that govern the actions and decisions of an individual group.
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Consumer Bill Of Rights
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codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, and to be heard.
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code of ethics
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a formal statement of ethical principles and rules of conduct.
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moral idealism
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personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
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utilitarianism
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personal moral philosophy that focuses on the "greatest for the greatest number."
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social responsibility
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the idea that organizations are part of a larger society and are accountable to that society for their actions.
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green marketing
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marketing efforts to produce, promote, and reclaim environmentally sensitive products.
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cause marketing
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tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.
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consumer behavior
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the actions a person takes in purchasing products and services.
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purchase decision process
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the stages a buyer passes through in making choices about which products or services to buy.
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involvement
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the personal, social, and economic significance of a purchase to the customer.
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motivation
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the energizing force that stimulates behavior to satisfy a need.
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personality
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a person's consistent behaviors or responses to recurring situations.
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perception
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the process by which a person selects, organizes, and interprets info to create a meaningful picture of the world.
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perceived risk
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the anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase.
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learning
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behaviors that result from repeated experience and reasoning.
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brand loyalty
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a favorable attitude toward and consistent purchase of a single brand over time.
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attitude
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a tendency to respond to something in a consistently favorable or unfavorable way.
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beliefs
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a consumer's perception of how a product or brand performs.
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opinion leaders
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individuals who have social influence over others.
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word of mouth
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people influencing each other in personal conversations.
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reference groups
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people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
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family life cycle
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a family's progression from formation to retirement, each phase bringing with it specific purchase behaviors,
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subcultures
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subgroups within the larger, or national, culture with unique values, ideas, and attitudes.
