Marketing: the core Exam (Chapters 1-5) – Flashcards
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marketing
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The activity for creating , communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
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exchange
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the trade of things of value between buyer and seller so that each is better off after the trade.
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market
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people with both the desire and ability to buy a specific offering
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target market
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one of more specific groups of potential customers towards which marketing is directed.
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product
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good, service, or idea to satisfy needs
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price
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exchange for product
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promotion
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means of communication between between buyer and seller
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place
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means of getting product to consumer
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marketing mix
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controllable factors (4 P)
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Environmental forces
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uncontrollable, social, economic, tech, competitive, and regulatory.
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customer vale
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the unique combo of benefits received by target buyers (quality, convenience, price, etc.
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relationship marketing
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links organizations to individuals, employees, suppliers, and other partners for 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.
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marketing concepts
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idea that an organization should strive to satisfy needs while trying to achieve the organizations goals.
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marketing orientation
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collecting info about needs, sharing info across departments, using info to create customer value
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customer relationship management (CRM)
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process of identifying buyers, understanding them, and developing relationships with them.
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societal marketing concept
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view that an organization should discover and satisfy needs in a way that also provides for society's well being.
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utility
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benefits customer value received by users of the product
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form utility
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production, pick and choose features
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place utility
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having available where needed
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time utility
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when needed, available
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possession utility
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easy to purchase (take various forms of money, call other branches)
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stakeholders
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shareholders, employees, suppliers, customers
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demographic shifts
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urbanization, more female graduates.
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organization
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legal entity that consists of people who share a common mission
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industry
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organizations that develop similar offerings
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business
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a clear, broad, underlying industry or market sector of an organization's offerings.
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market share
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ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself.
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marketing dashboard
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the visual computer display of the essential information related to achieving a marketing objective.
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marketing metric
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each variable in a marketing dashboard. A measure of the trend.
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competencies
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an organization's special capabilities
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business portfolio analysis
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technique used to quantify performance measures and growth to analyze a firm's strategic business units as though they were a collection of separate investments.
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diversification analysis
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a technique that helps a firm search for growth opportunities from among current and new markets and products.
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market penetration
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more sales or higher prices
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market development
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new markets, same product
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product development
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new products, same market
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diversification
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new product, new market
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strategic marketing process
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allocate market mix resources to reach target markets.
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SWOT analysis
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Strength, Weakness, external Opportunities, and Threats
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Market segmentation
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involves aggregating prospective buyers into groups or segments
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marketing strategy
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means by which a marketing goal is to be achieved
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cross-functional teams
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collaboration of representatives from different departments
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Goals or Objectives
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(SMART) Specific, Measurable, Attainable, Relevant, Time-based
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social forces
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demographic characteristics of the poplation and its values
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baby boomers
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1946-1964, wealthiest, self-reliant, 26%
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generation X
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1965-1976, diverse, adaptable, 15%
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Generation Y
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1977-1994, value teamwork, 26%
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Millenials
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1995+ , 20%
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metropolitan statistical area
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urbanized area of 50,000 +
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micropolitan statistical area
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10,000-50,000
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metropolitan divisions
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within a city of 2.5 mill +
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culture
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set of values, ideas, and attitudes
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inflationary economy
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cost to produce and buy escalates as prices increase
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inflation
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period of price increases
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recession
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time of slow economic activity
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gross income
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total income
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disposable income
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after taxes, for necessities
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discretionary income
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money after paying for taxes and necessities
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marketspace
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an info and communication based electronic exchange environment mostly occupied by computer and telecommunications.
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intranet
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internet-based network withing boundaries of an organization
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extranet
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internet-based technologies that permit communication between a company and its suppliers, distributors, and partners
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pure competition
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many sellers, same product (Agriculture)
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monopolistic competition
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many sellers, substitutable products (Coffee, tea)
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oligopoly
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few companies control majority of sales (cellphones)
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pure monopoly
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1 firm sells product (utilities)
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Sherman Antitrust Act (1890)
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act against monopolies
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Clayton Act (1914)
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Act that forbids acts that lessen competition (makes exclusive dealing illegal)
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Robinson- Patman Act (1936)
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Act against price discrimination
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consumerism
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a grassroots movement in 1960s to influence the power and rights of consumers
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tying arrangement
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buyer must buy one product in line with another
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ethics
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moral principles and values that govern action
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caveat emptor
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let the buyer beware
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consumer bill of rights (1962 JFK)
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right to (be): safe, informed, choose, heard
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moral idealism
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a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
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social audit
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a systematic assessment of a firm's objectives strategies, and performance in terms of social responsibility
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consumer behavior
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actions a person takes in purchasing and using products and services.
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purchase decision process
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1. problem recognition 2. info search 3. alternative evaluation 4. purchase decision 5. post purchase behavior.
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involvement
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the personal, social, and economic significance of the purchase to the consumer.
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motivation
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energizing force that stimulates behavior to satisfy needs.
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selective perception
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a filtering of exposure, comprehension, and retention (post purchase)
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selective comprehension
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interpreting info so that it is consistent with your attitudes and beliefs.
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selective retention
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consumers do not remember all info they see, read, or hear, even minutes after exposure
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beliefs
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a consumer's subjective perception of how something performs
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psychographics
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analysis of consumer lifestyles.
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selective exposure
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pay attention to messges consistent with beliefs
