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