Marketing Review Chapters 1-7 (Grewal Levy 5th edition) – Flashcards
Unlock all answers in this set
Unlock answersquestion
marketing
answer
the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
question
marketing plan
answer
specifies the marketing activities for a specific period of time; broken down into various components--[how the products or service will be conceived or designed], [how much it should cost], [where and how it will be promoted and how it will get to the customer]
question
exchange
answer
the trade of things of value between the buyer and the seller so that each is better off as a result; communications and delivery to consumer/ money and information to producers
question
Marketing Mix (4 Ps)
answer
product, price, place, and promotion
question
goods
answer
items that can physically be touched
question
services
answer
any intangible offering that involves a deed, performance, or effort that can't be physically possessed; intangible customer benefits that are produced by people or machines and can't be separated from the producer; ex: people buying tickets, hotels, insurance, getting money from a bank
question
ideas
answer
intellectual concepts--thoughts, opinions, and philosophies ex: promoting safety to different age groups
question
B2C marketing
answer
business-to-consumer marketing; the process in which businesses sell to consumers
question
B2B marketing
answer
business-to-business marketing; the process of selling merchandise or services from one business to another
question
C2C marketing
answer
the process in which consumers sell to other consumers (ex. eBay, social media)
question
Employment marketing
answer
marketing programs to attract applicants to the hiring firm
question
value
answer
reflects relationship of benefits to costs, or what the consumer gets for what they give; customers seek a fair return in goods for their money
question
value cocreation
answer
customers act as collaborators with manufacturer or retailer to create the product or service
question
transactional orientation
answer
regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
question
relational orientation
answer
a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
question
customer relationship management (CRM)
answer
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers
question
supply chain/marketing channel
answer
the group of firms that make and deliver a given set of goods and services
question
entrepreneurs
answer
a person who organizes, operates, and assumes the risk of a new business venture
question
marketing strategy
answer
(1) a firm's target market, (2) marketing mix, and (3) a method of obtaining a sustainable competitive advantage
question
sustainable competitive advantage
answer
something the firm can persistently do better than its competitors
question
operational excellence
answer
involves a firm's focus on efficient operations and excellent supply chain management
question
product excellence
answer
involves a focus on achieving high-quality products, effective branding and positioning is key
question
locational excellence
answer
a method of achieving excellence by having a strong physical location and/or Internet presence
question
marketing plan
answer
a written document composed of an analysis o the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the 4 P's, action programs, and projected of pro forma income (and other financial statements)
question
planning phase
answer
the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers 1) define the mission or vision of business and 2) evaluate the situation by assessing how various players affect the firm's potential
question
implementation phase
answer
the part of the strategic marketing planning process when marketing managers 1) idnetify and evaluate different opportunities by engaging in segmentation, targeting, and positioning and 2) implement the marketing mix using the 4 P's
question
control phase
answer
the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions
question
mission statement
answer
a broad description of a firm's objectives and the scope of activities it plants to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish it's goals/objectives?
question
situation analysis
answer
uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats
question
STP
answer
segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits
question
market segment
answer
a group of consumers who respond similarly to a firm's marketing efforts
question
market segmentation
answer
process of dividig the market into groups of customers with different needs, wants, or characteristics--who therefore might appreciate products or services geared especially toward them
question
target marketing
answer
process of evaluating the attractiveness of various segments and then deciding which to pursue as a market
question
marketing positioning
answer
involves the process of defining the marketing mix variables so that target customers have a clear, distinct, and desirable understanding of what the product does or represents in comparison with competing products
question
products
answer
anything that is of value to a consumer and can be offered through a voluntary marketing exchange
question
metric
answer
measuring system that quantifies a trend, dynamic, or charactertistic
question
strategic business unit (SBU)
answer
division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission
question
product line
answer
groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
question
market share
answer
% of a market accounted for by a specific entity
question
relative market share
answer
measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry
question
market growth rate
answer
the annual rate of growth of the specific market in which the product competes
question
market penetration strategy
answer
growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
question
market development strategy
answer
growth strategy that employs the existing marketing offering to reach new market segments, domestic or international
question
product development strategy
answer
growth strategy that offers a new product or service to a firm's current target market
question
diversification strategy
answer
growth strategy whereby a firm introduces a new product or service to a market segment it doesn't currently serve
question
related diversification
answer
growth strategy where the current target market and marketing mix shares something in common with the new opportunity
question
unrelated diversification
answer
growth strategy where new business lacks an common elements with the present business
question
customer excellence
answer
value based strategies for retaining loyal customers and providing excellent customer service
question
integrated marketing communications
answer
represents the promotion dimension of the four Ps; encompasses a variety of communication disciplines- general advertising, personal selling, sales promotion, public relations, direct marketing, and electronic media- in combination to provide clarity, consistency, and maximum communicative impact
question
SWOT analysis
answer
a method of conducting a situation analysis within a marketing plan in which both the internal environment with regard to its strengths and weaknesses and external environment in terms of its opportunities and threats are examined
question
blog
answer
A Web page that contains periodic posts; corporate blogs are a new form of marketing communications.
question
bonders
answer
Social butterflies who use social media to enhance and expand their relationships, which they consider allimportant in their lives.
question
bounce rate
answer
The percentage of times a visitor leaves the website almost immediately, such as after viewing only one page.
question
click paths
answer
Shows how users proceed through the information on a website—not unlike how grocery stores try to track the way shoppers move through their aisles.
question
conversion rates
answer
Percentage of consumers who buy a product after viewing it.
question
corporate blogs
answer
A website created by a company and often used to educate customers.
question
creators
answer
Hip, cool contributors who sit at the cutting edge and plan to stay there. Social media give them new ways to post and share their creative, clever ideas.
question
extended network
answer
In social media, it is the total number of people a person or entity reaches or has influence over.
question
gamification
answer
The process of building customer loyalty through the offering of free apps.
question
hits
answer
A request for a file made by web browsers and search engines. Hits are commonly misinterpreted as a metric for website success, however the number of hits typically is much larger than the number of people visiting a website.
question
influence
answer
In a social media context, the extent to which the person influences others (e.g., how much do the people in a person's network read that person's content).
question
keyword analysis
answer
An evaluation of what keywords people use to search on the Internet for their products and services.
question
microblog
answer
Differs from a traditional blog in size. Consists of short sentences, short videos, or individual images. Twitter is an example of a microblog.
question
page views
answer
The number of times an Internet page gets viewed by any visitor.
question
personal blogs
answer
Websites written by people that receive no products or remuneration for their efforts.
question
professional blogs
answer
Websites written by people who review and give recommendations on products and services.
question
professionals
answer
People who are constantly on the go, busy, and want to appear efficient, with everything together, so they use social media to demonstrate just how smart they are.
question
sentiment analysis
answer
A technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products.
question
sharers
answer
A type of consumer that uses social media sites and wants to help by being constantly well informed, so that they can provide genuine insights to others.
question
social media
answer
Media content used for social interactions such as YouTube, Facebook, and Twitter.
question
ad-supported apps
answer
Apps that are free to download, but place ads on the screen when using the program to generate revenue.
question
freemium apps
answer
Apps that are free to download, but include in-app purchases.
question
in-app purchases
answer
When a game or app prompts or allows customers to make small "micropurchases" to enhance an app or game.
question
paid apps
answer
Apps that charge the customer an up-front price to download the app ($0.99 is the most common), but offer full functionality once downloaded. Similar to the freemium mode.
question
paid apps with in-app purchases
answer
Apps that require the consumer to pay initially to download the app and then offer the ability to buy additional functionality.
question
Showrooming
answer
Customers visit a store to touch, feel, and even discuss a products features with a sales associate, and then purchase it online from another retailer at a lower price.
question
business ethics
answer
Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
question
corporate social responsibility
answer
Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
question
ethical climate
answer
The set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior.
question
locational privacy
answer
A person's ability to move normally in public spaces with the expectation that his or her location will not be recorded for subsequent use.
question
marketing ethics
answer
Refers to those ethical problems that are specific to the domain of marketing.
question
Deceptive Advertising
answer
A representation, omission, act, or practice in an advertisement that is likely to mislead consumers acting reasonably under the circumstances.
question
baby boomers
answer
generational cohort of people born after World War II, between 1946 and 1964, 78 million americans were born
question
country culture
answer
entails easy to spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, languages, colors, and food preferences, and more subtle aspects, which are trickier to identify
question
culture
answer
set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts (e.g., behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions)
question
demographics
answer
information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
question
digital natives
answer
also known as generation z, people in this group were born into a world that was already full of electronic gadgets and digital technologies, such as the internet and social networks
question
foreign currency fluctuations
answer
changes in the value of a country's currency relative to the currency of another country; can influence consumer spending
question
generation x
answer
generational cohort of people born between 1965 and 1976, latchkey children
question
generation y
answer
generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boomers, known as millenials
question
generation z
answer
also known as the digital natives, because people in this group were born into a world that was already full of electronic gadgets and digital technologies, such as the internet and social network
question
generational cohort
answer
a group of people of the same generation- typically have similar purchase behaviors because they have shared experiences and are in the same stage of life
question
green marketing
answer
involves a strategic effort by firms to supply customers with environmentally friendly merchandise
question
greenwashing
answer
exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales
question
inflation
answer
refers to the persistent increase in the prices of goods and services
question
interest rates
answer
the cost of borrowing money
question
macroenvironmental factors
answer
aspects of the external environment that affect a companies business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment
question
millenials
answer
consumers born between 1977 and 2000 and the children of the baby boomers
question
political/regulatory environment
answer
comprises political parties, government organizations, and legislation and laws
question
regional culture
answer
influence of the area within a country in which people live
question
technological advances
answer
macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades
question
economic situation
answer
Macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad.
