Principles of Marketing Chapter 1-4 – Flashcards
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Utility
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The satisfaction received from owning or consuming a product or service.
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Value
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The benefits that excess the cost of products, services or other terms.
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Want
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A desire for something that is not essential
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Marketing Concept
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An organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value.
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Consumer Orientation
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Reflects a business foucs on satisfying unmet consumer needs and wants
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Customer Lifetime Value
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The present value of all profits expected to be earned from a customer over the lifetime of the customer's relationship with a company.
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Customer Relationship Management (CRM)
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Created when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interactions between the business and the consumer.
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Production Orientation
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Reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy.
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Sales Orientation
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Reflects a business focus on advertising and personal selling to create demand and move product inventory.
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Marketing Functions
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Activities , activities performed both by consumers and by businesses involved in value creation for specific products and services
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4 P's
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Product, Place, Price, Promotion
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Marketing Environment
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A set of forced, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers.
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Competitive Environment
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Includes those factors that relate to the nature, quantity, and potential actions of competitors.
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Demographics
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Characteristics of human population used to identify markets.
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Economic Environment
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Includes those factors that influence consumer purchase ability and buying behavior.
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External Environment
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All business involving all those activities that occur outside the organizational functions of a business.
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External Marketing
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The implementation of marketing practices directed outside the business to create value and to form productive customer relationships.
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Income Levels
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Average consumer earnings used to approximate national earnings.
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Inflation
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Increase in the price of a collection of goods that represent the overall economy.
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Internal Environment
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Business involving all those activities that occur within the organizational functions in a business.
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Internal Marketing
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The implementation of a marketing practices within an organization to communicate organizational policies and practices to employees and internal stakeholders.
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Legal Environment
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Includes those factors that provide rules and penalties for violations, designed to protect society and consumers from unfair business practices and to protect businesses from unfair competitive practices.
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Macroenvironment
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Societal forces that are essentially uncontrollable and influence the microenvironment of a business.
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Political Environment
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Factors that select national leadership, create laws, and provide a process for discourse on a wide range of issues.
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Social and Cultural Environment
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Factors that relate marketing to the needs and wants of society and culture.
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Technological Environment
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Factors that influence marketing, based on scientific actions and innovation.
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Unemployment Levels
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The number of unemployed persons divided by the aggregate labor force.
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Consumer Markets
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Include individuals and households that are potential or actual buyers of goods and services that assist in further production only indirectly or incidentally, if at all.
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Consumer Products
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Products that directly fulfill the desires of consumers and are not intended to assist in the manufacture of other products.
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Consumer's Surplus
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Occurs when a consumer purchases a product or service at a price less than the utility of the product or service.
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Business Markets
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Include individuals and organizations that are potential or actual buyers of goods and services that are used in, or in support of, the production of other products or services that are supplied to others.
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Business to Business (B2B)
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Involved the sales of products and services from one business to another.
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Buyclasses
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Major classifications of business buying situations.
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Buying Center
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The collection of individuals that perform specific roles in the procurement process.
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Derived Demand
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The demand of a product or service that results from the demand for another product or service.
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Planning Process
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The series of steps businesses take to determine how they will achieve their goals.
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Business Plan
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A written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives.
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Business Planning
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A decision processes for people and businesses to manage systems to achieve an objective.
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Elevator Pitch
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A brief description of a product or service designed to gain attention of desired parties and to generate interest in achieving a desired outcome.
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Systems
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Groups of interacting related parts that perform a specific function.
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Strategic Planning
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Determines the overall goals of the business and the steps the business will take to achieve those goals.
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Balanced Scorecard
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A management system that relates a business's vision and mission to individual business activities.
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Business Mission
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A statement that identifies the purpose of a business and what makes that business different form others.
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Business Objective
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Something that a business attempts to achieve in support of an over achieving strategy.
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Business Vision
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A statement in a strategic plan that identifies an idealized picture of a future state a business is aiming to achieve.
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Cash Cows
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Products or services with high market share and low growth opportunities.
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Dogs
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Products or services with low relative market share in a low growth opportunities.
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Portfolio Analysis
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The process a business used to evaluate the different combinations of products and services that the business offers based on its objectives.
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Question Marks
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Products or services with low relative market share in a sector with high growth.
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Stars
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Represent products or services with high growth and high market share.
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Tactical Planning
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The process of developing actions for various functions within a business to support implementing a business's strategic plan.
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Marketing Planning
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The part of business planning devoted to connecting a business to the environment in which that business functions in order to accomplish the business's goals
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Marketing Audit
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The comprehensive review and assessment of a business's marketing environment.
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Marketing Mix
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A group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market.
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Marketing Objective
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Something that a marketing function is attempting to achieve in support of a strategic business plan.
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Marketing Plan
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A document that include an assessment of the marketing situation, making objectives, marketing strategy, and marketing initiatives.
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Marketing Strategy
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A statement of how a business intends to achieve its marketing objectives.
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Place Strategy
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Identifies where, how, and when products and services are made available to target consumer.
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Pricing Strategy
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Identifies what a business will change for its products or services.
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Product Strategy
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Identifies the product and service portfolio, including packaging, branding, and warranty for its target market.
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Promotion Strategy
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Identifies how a business communicates product or service benefits and value to its target market.
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Return on Marketing Investment (ROMI)
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The impact on business performance resulting from executing specific marketing activities.
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SWOT Analysis
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A tool that helps identify business strengths, weaknesses, opportunities, and threats.
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Target Market
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A group of consumers that a business determines to be the most viable for its products or services.
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Society
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This refers to a community nation or group that shares common traditions, institutions, activities, and interests.
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Gross Domestic Product (GDP)
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Measured the total dollar value of goods and serviced a country produces within a given year.
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Nongovernmental Organization (NGO)
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Groups of private individuals who monitor the behavior of marketers or governments.
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Culture
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CultureRefers to the shared values, beliefs, and preferences of a particular society.
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Boycotts
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This happens when consumers refused to do business with a company or nation in order to signal their disapproval o its actions and encourage change.
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Consumerism
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The organized efforts on the part of consumer groups or governments to improve the rights and power of buyers in relation to sellers.
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Environmental Sustainability
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Achieving financial objectives while promoting the long-term well being of the earth.
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Environmentalism
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An organized movement of citizens, businesses, government agencies to protect and improve our living environment.
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Green Marketing
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Refers to marketing efforts to produce more environmentally responsible products and services.
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Organic Foods
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Foods grown naturally without the use of pesticides or synthetic fertilizers.
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Law
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Rules of conduct or action prescribed by an authority, or the binding customs or practices of a community.
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Exaggerated Claims
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Extravagant statements made in advertising, either explicitly or implicitly, that have no substantiation or reasonable basis in truth.
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Puffery
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Refers to claims of product superiority that cannot be proven as true or false.
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Regulations
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Rules or orders issued by an official government agency with proper authority and which carry the force of law.
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Social Responsibility
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Refers to a concern for how a person's (or company's) actions might affect the interests of others.
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Corporate Social Responsibility (CSR)
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A philosophy that encourages decision makers to take into account the social consequences of their consequences of their business actions.
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Ethics
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A system of moral principles and values, as well as moral duties or obligations.
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Marketing Ethics
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Rules for evaluating marketing decisions and actions based on marketers' duties or obligations to society.
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Social Marketing Concept
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Asserts that marketing techniques may be employed for more than selling things and making a profit.
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Sustainability
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A term to describe practices that combine economic growth with careful stewardship of out natural resources and the environment.
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