Marketing Final – Flashcards

the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

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

two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange

a situation when a person feels deprived of basic necessities such as food, clothing, and shelter

a need that is shaped by a person's knowledge, culture, or personality

people with both the desire and ability to buy a specific offering

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

product, price, promotion, place

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

form, place, time, and possession

a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

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

the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

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

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

strengths, weaknesses, opportunities, and threats

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action

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

detailed day-to-day operational decisions essential to the overall success of marketing strategies

the description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

set of values, ideas, and attitudes that are learned and shared among the members of a group

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

the inventions or innovations from applied science or engineering research

the set of values, ideas, and attitudes that is learned and shared among the members of an organization

consumers, employees, and supplier/distributors

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

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

problem recognition

the feeling of post purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives

physiological, safety, social, personal, and self-actualization

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

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

a consumer's subjective perception of how a product or brand performs on different attributes

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

information gatherer, influencer, decision maker, purchaser, and user

industrial, reseller, and government markets

retailers and wholesalers

fewer customers but with larger orders

a relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost of or increasing the value of products and services delivered to the ultimate customer

the decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers

the group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision

gatekeepers

new buy, straight rebuy, and modified rebuy

a restriction placed on the amount of a product allowed to enter or leave a country

multidomestic strategy

the strategy of transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ

what is considered normal and expected about the way people do things in a specific country

a country's communications, transportation, financial, and distribution systems

selling a firm's domestically produced goods in a foreign country through an intermediary

offering the right to a trademark, patent, trade secret, or similarly valued items of intellectual property in return for a royalty or fee

when a foreign company and a local firm invest together to create a local business

a firm selling a product in a foreign country below its domestic price or below its actual cost

a situation where products are sold through unauthorized channels of distribution

continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Social forces can have a dramatic impact on marketing strategy

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

a conscious choice from among two or more alternatives

concepts and methods

facts and figures that have already been recorded before the project at hand

facts and figures that are newly collected for a project at hand

a focus group

define the problem

test market

the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action

cannibalization

Within a segment, the needs of potential buyers should be similar; among segments, the needs of buyers should be different

buyers' or market needs

80 percent of a firm's sales are obtained from 20 percent of it's customers

segment an organizational market

the market segments of potential buyers to products offered or potential marketing actions by an organization

the place that a product offering occupies in consumers' minds on important attributes

emphasize unique product attributes to compete directly with competitors

a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manger to see how consumers perceive competing products or brands, as well as its own product or brand

intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value

compares several alternatives on criteria such as price, quality, or style

products that the consumer does not know about or knows about but does not initially want

inseparability of services

the performance of one employee may vary from the performance of another employee even though the same firm employs both

Service inventory costs are related to idle production capacity rather than storage or handling

expectations and experience

reliability, tangibility, responsiveness, assurance, and empathy

requires new learning and consumption patterns by consumers

requires no new learning by consumers

Disrupts consumer's normal routine but does not require totally new learning

primary demand

selective demand

unpredictable

alters a product's characteristic such as its quality, performance, or appearance to increase its value to customers and to increase sales

an organization's use of a name, phrase, design, symbol, or combination of these to identify its products and distinguish them from those of competitors

the added value a brand name gives to a product beyond the functional benefits provided

a contractual agreement whereby a company allows another firm to use it's brand name or trademark with it's products or services for a royalty or fee

in which a company uses one name for all its products in a product class

applying the current brand name to enter a completely different product class

produces products but sells them under the brand name of wholesaler or retailer

the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service

value

setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product

setting a low initial price on a new product to appeal immediately to the mass market

deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy other products as well

a small percentage decrease in price produces a larger percentage in quantity demand

a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output

the practice of charging different prices to different buyers for goods of like grade and quality

quantity, seasonal, trade (functional), and cash

form of ownership, level of service, and merchandise line

depth of product line

breadth of product line

category killer

offering several unrelated product lines in a single store

the process of growth and decline that retail outlets, like products, experience

having a receiver take a set of symbols, the message, and transform them back to an idea

extraneous factors that can work against effective communication by distorting a message or the feedback received during the communication process

It is often the most credible source in the consumer's mind

directs the promotional mix to channel members to gain their cooperation in ordering and stocking the product

target audience

awareness, interest, evaluation, trial, and adoption

all-you-can-afford budgeting

pioneering, competitive, and reminder

reach multiplied by frequency

Clickbots