Principles of Marketing Test #1 (Chapters 1-3) – Flashcards
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Customer Value Proposition
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A cluster of benefits that an organization promises customers to satisfy their needs
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Customer Value
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The unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
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Relationship Marketing
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Links the organization to its individual customers, employees, suppliers, and other partners for their 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 to prospective buyers
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Marketing Concept
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The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals
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Marketing Orientation
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An organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value
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Social Marketing Concept
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The view that organizations should discover and satisfy the needs of consumers in a way that provides for the society's well-being
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Ultimate Consumers
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The people who use the products and services purchased for a household. Also called consumers, buyers, or customers
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Organizational Buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or resale
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Utility
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The benefits or customer value received by users of the product
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Business Portfolio Analysis
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A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) 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 as well as current and new products
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Market Share
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The 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 Strategy
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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
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Marketing Tactics
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Detailed day-to-day operational decisions essential to the overall success of marketing strategies
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Mission
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A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision
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Points of Difference
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Those characteristics of a product that make it superior to competitive substitutes
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Situation Analysis
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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
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Strategy
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An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
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SWOT Analysis
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An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats
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Baby Boomers
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Includes the generation of 76 million among the U.S. population born between 1946 and 1964
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Consumerism
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A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with insititutions
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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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Economy
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Pertains to the income, expenditures, and resources that affect the cost of running a business and household
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Environmental Scanning
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The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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Ethics
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The moral principles and values that govern the actions and decisions of an individual or group
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Generation X
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Includes the 15 percent of the population born between 1965 and 1976. Also called baby bust
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Generation Y
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Includes the 72 million Americans born between 1977 and 1994. Also called the millennials, echo-boom, or baby boomlet
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Marketspace
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Information- and communication- based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
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Utilitarianism
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A personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior
