question

Customer Experience

answer

The foundation of customer relationship management. is the internal response that customers have to all aspects of an organization and its offering.this internal response includes both the direct and inderect contacts of the customer with the company.

question

Customer Relationship Management (CRM)

answer

the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offering so that buyers will choose them in the marketplace.

question

Customer Value

answer

Is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sale and after-sale service at a specific price.

question

Environmental Forces

answer

Beyond the control of marketers, social, economic, technological, competitive, and regulatory forces.

question

Exchange

answer

The trade of things of value between buyer and seller so that each is better off after the trade.

question

Market

answer

Potential consumers, whichis people with both the desire and the ability to buy a specific offering

question

Market Orientation

answer

Focuses its efforts on 1. continuously collecting information about customers' needs 2. sharing this information across departments. 3. using it to create customer value.

question

Marketing

answer

Is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stake holders and society at large.

question

Marketing Concepts

answer

The idea that an organization should 1. strive to satisfy the needs of consumers 2. while also trying to achieve the organization's goals.

question

Marketing Mix

answer

The marketing manager's controllable factors- product, price, promotion, and place.

question

Marketing Program

answer

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. These porpsects react to the offering favorbly (by buying) or unfavorably (by not buying) and the porcess is repeated.

question

Organizational buyers

answer

Are those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

question

Relationship marketing

answer

The halmmark of developing and maintaining effective customer relationships. linking the org. to its individual customers, employees, suppliers, and other partners for their mutual long term benefits.

question

Societal marketing concept

answer

The view that organizations should satisfy the needs of consumers in a way that provides for society's well being.

question

Target Market

answer

One or more specific groups of potential consumers toward which an organization directs its marketing program.

question

Ultimate Consumers

answer

Are the people who use the goods and services purchased for a household.

question

Utility

answer

The benefits or customer value received by users of the product.

question

Business

answer

descirbes the clear, broad, underlying industry or market sector of an org's offering.

question

Business portfolio analysis

answer

to quantify performance measures and growth targets to analyze its client's sbus as though they were a collection of separate investments. purpose of the tool is to determine the appeal of each sbu or offering and then determine the amount of cash, if any, each should receive.

question

competetive advantage

answer

a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.

question

core values

answer

the fundamental, passionate, and enduring principles that guide an organizations conduct over time.

question

corporate level

answer

is where top management directs over all strategy for the entire organization.

question

cross-functional teams

answer

these consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals. sometimes these teams will have representatives from outside the organization as suppliers or customers to assist them.

question

diversification analysis

answer

is a tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

question

functional level

answer

where groups of specialists actually create value for the organization.the organizations strategic direction becomes its most specific and focused.

question

goals

answer

statements of an accomplishment of a task to be achieved, often by a specific time.

question

market segmentation

answer

involves aggregating prospective buyers into groups, or segments, that 1. have common needs and 2. will respond similarly to a marketing action. this enables orgs to identify the segments on which it will focus its efforts-its target market segments- and develop specific marketing programs to reach them.

question

market share

answer

is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. a firm may choose to maintain or increase this sometimes at the expense of greater profits if industry status or prestige is at stake.

question

marketing dashboard

answer

the visual computer display of the essential information related to achieving a marketing objective. often it is an internet based display with real time information.

question

marketing metric

answer

measure on the marketing dashboard of quantitative value or trend of a marketing activity or result.

question

marketing plan

answer

which is a road map for the marketing activities of an organization for a specified future time period. such as one year or five years.

question

marketing strategy

answer

is the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.

question

marketing tactics

answer

are detailed day to day operation decisions essential to the overall success of marketing strategies.

question

missions

answer

a statement of the organizations function in society, often identifying its customers, markets , products, and technologies.

question

objectives

answer

statements of an accomplishment of a task to be achieved, often by a specific time.

question

organizational culture

answer

the set of values, ideas, attitudes, and norms of behavior that is learned and share among the members of an org.

question

points of difference

answer

are those characteristics of a product that make it superior to competitive substitutes.

question

profit

answer

is the money left after a business firms total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings

question

situation analysis

answer

is taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it.

question

strategic business unit (SBU)

answer

is a subsidiary divison or unit of an organization that markets a set of related offerings to a clearly defined groups of customers.

question

strategic marketing process

answer

an organization uses this to allocate its marketing mix resources to reach its target markets. Planning, Implementation, and Evaluation.

question

strategy

answer

is an orgnization's longterm course of action designed to deliver a unique customer experience while achieving its goals.

question

SWOT analysis

answer

an acronym describing an organization's appraisal of its internal strengths and weaknesses, and its external opportunities and threats. identify trends in the orgs industry, analyze the org's competitors, assess the org itself, research the org's present and prospective customers.

question

baby boomers

answer

the generation of children born between 1946 and 1964. 76 million of them. retiring at a rate of 10000 every 24 hours.

question

barriers to entry

answer

business practices or conditions that make it difficult for new firms to enter the market.

question

blended family

answer

formed by merging two previously separated units into a single household. (step parents)

question

competetion

answer

the fourth component of the environmental scan. refers to the alternative firms that could provide a product to satisfy a specific market's needs.

question

cosumerism

answer

a grassroots movements started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutional. this movement continues and is reflected in growing consumer demands for ecologically safe products and ethical and socially responsible business practices.

question

culture

answer

incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. a second social force.

question

demographics

answer

describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

question

discretionary income

answer

the money that remains after paying for taxes and necessities. used for luxury items.

question

disposable income

answer

the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

question

economy

answer

pertains to the income, expenditures, and resources that affect the cost of running a business and household.

question

electronic commerce

answer

any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.

question

environmental scanning

answer

the process of continually acquiring info. on events occuring outside the organization to identify and interpret potential trends.

question

generation x

answer

includes the 15% of the population born between 1965 and 1976. this period is known as the baby bust. number of children born each year declining.

question

generation y

answer

includes the 72 million Americans born between 1977 and 1994. this was a period of increasing births. baby boomlet

question

gross income

answer

total amount of money made in 1 year by a person, household, or family unit.

question

market space

answer

an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.

question

multicultural marketing

answer

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

question

regulation

answer

consists of restrictions from the state and federal laws place on business with regard to the conduct of its activities. exists to protect companies as well as consumers. passed to ensure competition and fair business practice.

question

self regulation

answer

where an industry attempts to police itself. 2 problems: noncompliance by members and enforcement.

question

social forces

answer

Of the environment include the demographics characters of the population and its values. changes in these forces can have a dramatic impact on marketing strategy.

question

technology

answer

the third environmental force, refers to inventions or innovations from applied science or engineering research.

question

value consciousness

answer

the concern for obtaining the best quality, features, and performance of a product or service for a given price-- will drive consumption behavior.

question

Cause marketing

answer

occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.

question

caveat emptor

answer

let the buyers beware-- w

question

code of ethics

answer

is a formal statement of ethical principles and rules of conduct. 86% of US companies have some sort of ethics code and one of every 4 large companies has corporate ethics officers.

question

consumer bill of rights

answer

John F kennedy in 1962 outlines this. it codified the ethics of exchange between buyers and sellers. the right to 1. safety, 2. to be informed. 3. to choose. .4. to be heard. consumers demands that these rights be protected as have american businesses.

question

economic espionage

answer

is the clandestine collection of trade secrets or proprietary information about a company's competitors. this practice is illegal and unethical and caries serious criminal penalties for the offending individual or business. illegal trespassing, theft, fraud, misrepresentation, wiretapping, the search of competitors trash, and violations of written and implicit employment agreements with non complete clauses.

question

ethics

answer

are the moral principles and values that govern the actions and decisions of an individual or group. they serve as guidelines on how to act rightly and justly when faced with moral dilemmas.

question

green marketing

answer

marketing efforts to produce, promote, and reclaim environmentally sensetive products- takes many forms.

question

laws

answer

society's values and standards that are enforceable in the courts.

question

moral idealism

answer

personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

question

social audit

answer

a systematic assessment of a firms objectives, strategies, and performance in terms of social responsibility.

question

social responsibility

answer

organizations are part of a larger society and are accountable to that society for their actions.

question

sustainable development

answer

involves conducting business in a way that protects the natural environment while making economic progress

question

triple bottom line

answer

recognition of the need for organizations to improve the state of people, the planet, and profit simultanesously if they are to achieve sustainable, long-term growth. growing interest in green marketing , cause marketing, social audits, and sustainable development reflect this recognition.

question

utilitarianism

answer

a personal moral philosophy that focuses on the greatest good for the greatest number.

question

whistle blowers

answer

employees who report unethical or illegal actions of their employers.

question

attitude

answer

a learned predisposition to respond to an object or class of object in consistently favorable or unfavorable way

question

beliefs

answer

are a consumers subjective perception of how a product or brand performs on different attributes

question

brand loyalty

answer

a favorable attitude toward and consistent purchase of a single brand over time.

question

cognitive dissonance

answer

Feeling of post purchase psychological tension or anxiety.

question

consideration set

answer

The group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware in the product class.

question

consumer behavior

answer

the actions a person takes in purchasing and using products and services, including mental and social processes that come before and after these actions

question

consumer socialization

answer

the process by which people acquire the skills knowledge and attitudes necessary to function as consumers.

question

evaluative criteria

answer

represents both the objective attributes of a brand (such as display) and the subjective ones (such as prestige) you use to compare different products and brands.

question

family life cycle

answer

describe the distinct family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors.

question

involvement

answer

1. expensive, 2. can have serious personal consqueneces, 3. could reflect on one's social image. level

question

learning

answer

Refers to those behaviors that result from 1. repeated experience and 2. reasoning.

question

lifestyle

answer

is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.

question

motivation

answer

is the energizing for that stimulates behavior to satisfy a need.

question

opinion leaders

answer

individuals who exert direct or indirect social influence over others.

question

perceived risk

answer

represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences

question

perception

answer

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.

question

personality

answer

refers to a person's consistent behaviors or response to recurring situations.

question

purchase decision process

answer

the stages a buyer passes through in making choices about which products and services to buy.5 stages. 1. problem recognition. 2. information search, 3. alternative evaluation, 4. purchase decision, 5. post purchase behavior

question

reference groups

answer

are people to whom an individual looks as a basis for self appraisal or as a source of personal standards.

question

self concept

answer

the way people see themselves and the way they believe others see them.

question

situational influences

answer

has an impact on the purchase decision process 1. the purchase task, 2. social surroundings. 3. physical surroundings. 4. temporal effects. 5. antecedent states

question

social class

answer

defined as the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.

question

sub culture

answer

subgroups withing the larger, or national, culture with unique values, ideas and attitudes.

question

subliminal perception

answer

means that you see or hear messages without being aware of them.

question

word of mouth

answer

the influencing of people during conversations. most powerful and authentic information source for consumers because it typically involved friends viewed as trustworthy.

Marketing Class – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards