- StudyBlue
- Illinois
- Illinois State University
- Marketing
- Marketing 230
- Bakir
- Marketing Test #1
Marketing Test #1
Marketing 230 with Bakir at Illinois State University
About this deck
By: Lauren Kunkel
Created: 2010-09-20
Size: 122 flashcards
Views: 386
Created: 2010-09-20
Size: 122 flashcards
Views: 386
About StudyBlue
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marketing
the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
customer experience
the internal response that customers have to all aspects of an organization and its offering
customer relationship management (CRM)
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
customer value
the unique combination of benefits received by targeted buyers that includeds quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
environmental forces
the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
exchange
the trade of things of value between buyer and seller so that each is better off after the trade
market
people with both the desire and the ability to buy a specific offering
market orientation
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.
marketing concept
the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals.
marketing mix
The marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem.
marketing program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
organizational buyers
Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
relationship marketing
Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
societal marketing concept
The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
target market
One or more specific groups of potential consumers toward which an organization directs its marketing program.
ultimate customers
The people who use the goods and services purchased for a household. Also called consumers, buyers, or customers.
utility
the benefits or customer value recieved by users of the product
business portfolio analysis
A technique that managers use to quantify performance measures and growth targets to analyze its clients’ strategic business units (SBUs) as though they were a collection of separate investments.
competitive advantage
A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
core values
The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
corporate level
The level in an organization where top management directs overall strategy for the entire organization.
cross-functional teams
A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.
diversification analysis
A tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
functional level
The level in an organization where groups of specialists actually create value for the organization.
goals
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives.
market segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
market share
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
marketing dashboard
The visual computer display of the essential information related to achieving a marketing objective.
marketing metric
A measure of the quantitative value or trend of a marketing activity or result.
marketing plan
A road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
marketing strategy
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.
marketing tactics
Detailed day-to-day operational decisions essential to the overall success of marketing strategies.
mission
A statement of the organization's function in society, often identifying its customers, markets, products, and technologies. Often used interchangeably with vision.
objectives
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals.
organizational culture
The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
points of difference
Those characteristics of a product that make it superior to competitive substitutes.
profit
The money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings.
situation analysis
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.
strategic business unit (SBU)
A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
strategic marketing process
The approach whereby an organization allocates its marketing mix resources to reach its target markets.
strategy
An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.
SWOT analysis
internal strengths and weaknesses and external opportunities and threats
baby boomers
the generation of children born between 1946 and 1964
barriers to entry
Business practices or conditions that make it difficult for new firms to enter the market.
blended family
A family formed by merging two previously separated units into a single household.
competition
The alternative firms that could provide a product to satisfy a specific market's needs.
consumerism
A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
culture
The set of values, ideas, and attitudes that are learned and shared among the members of a group.
demographics
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
discretionary income
The money that remains after paying for taxes and necessities.
disposable income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
economy
Pertains to the income, expenditures, and resources that affect the cost of running a business and household.
electronic commerce
Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
environment scanning
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
generation x
Includes the 15 percent of the population born between 1965 and 1976. Also called baby bust
generation y
Includes the 72 million Americans born between 1977 and 1994. Also called echo-boom or baby boomlet.
gross income
The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.
marketspace
Information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
multicultural marketing
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
self-regulation
An alternative to government control where an industry attempts to police itself.
social forces
The demographic characteristics of the population and its values.
value consciousness
the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
attitude
A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
beliefs
A consumer's subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people.
brand loyalty
A favorable attitude toward and consistent purchase of a single brand over time.
cognitive dissonance
The feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives.
consideration set
The group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware in the product class.
consumer behavior
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.
consumer socialization
The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers.
evaluative criteria
Factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands.
family life cycle
The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors.
involvement
The personal, social, and economic significance of the purchase to the consumer.
learning
Those behaviors that result from (1) repeated experience and (2) reasoning.
lifestyle
A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.
motivation
The energizing force that stimulates behavior to satisfy a need.
opinion leaders
Individuals who exert direct or indirect social influence over others.
perceived risk
The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences.
perception
The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.
personality
A person's consistent behaviors or responses to recurring situations.
purchase decision process
The five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) postpurchase behavior.
reference groups
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
situational influences
The five aspects of the purchase situation that impacts the consumer's purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states.
subliminal perception
Seeing or hearing messages without being aware of them.
word of mouth
The influencing of people during conversations.
bidder's list
A list of firms believed to be qualified to supply a given item.
business marketing
The marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others.
buy classes
Consists of three types of organizational buying situations: straight rebuy, new buy, and modified rebuy.
buying center
The group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision.
derived demand
The demand for industrial products and services is driven by, or derived from, demand for consumer products and services.
e-marketplaces
Online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services. Also called B2B exchanges or e-hubs.
ISO 9000
Standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures developed by the International Standards Organization (ISO).
make-buy decisions
An evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself.
North American Industry Classification System (NAICS)
Provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA).
organizational buyers
Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
organizational buying behavior
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.
organizational buying criteria
The objective attributes of the supplier's products and services and the capabilities of the supplier itself.
reciprocity
An industrial buying practice in which two organizations agree to purchase each other's products and services.
reverse auction
In an e-marketplace, it is an online auction in which a buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other.
supplier development
The deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers.
supply partnership
A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer.
traditional auction
In an e-marketplace, it is an online auction in which a seller puts an item up for sale and would-be buyers are invited to bid in competition with each other.
value analysis
A systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs.
constraints
In a decision, the restrictions placed on potential solutions to a problem.
data mining
The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
marketing research
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
primary data
Facts and figures that are newly collected for the project.
questionnaire data
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
sales forecast
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. Also called a company forecast.
secondary data
Facts and figures that have already been recorded before the project at hand.
80/20 rule
A concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers.
market-product grid
A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.
market segmentation
Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
market segments
The relatively homogeneous groups of prospective buyers that result from the market segmentation process.
perceptual map
A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand to develop marketing actions to move its product or brand to an ideal position.
product differentiation
A marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
product positioning
The place a product occupies in consumers' minds on important attributes relative to competitive products.
product repositioning
Changing the place a product occupies in a consumer's mind relative to competitive products.
usage rate
the quantity consumed or patronage (store visits) during a specified time
market penetration
marketing strategy to increase sales of current products in current markets
market development
marketing strategy to sell current products to new markets
product development
marketing strategy of selling new products to current markets
diversification
marketing strategy of developing new products and selling them in new markets
About this deck
By: Lauren Kunkel
Created: 2010-09-20
Size: 122 flashcards
Views: 386
Created: 2010-09-20
Size: 122 flashcards
Views: 386
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have used this website for three exams, and I see a huge difference in my test results.”
Naj
Naj