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54 Cards in this Set
- Front
- Back
Marketing Myopia |
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products |
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Marketing Management |
The art and science of choosing target markets and building profitable relationships with them |
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Production Concept |
The idea that consumers will favor products that are available and highly affordable. Therefore, the organization should focus on improving production and distribution efficiency. |
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Product Concept |
Consumers will favor products that offer the most quality, performance and features. Therefore, the organization should devote it's energy to making continuous product improvements |
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Selling Concept |
Consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort. |
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Consumer-generated Marketing |
Brand exchanges created by customers themselves-both invited and uninvited-by which customers are playing an increasing role in shaping their own brand experiences and those of other consumers. |
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Customer Lifetime Value |
The value of the entire stream of purchases a consumer makes over a lifetime of patronage. |
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Share of Customer |
Portion of the customer's purchasing that a company gets in it's product categories |
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Marketing, more than any other business function, deals with ___________.
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Customers |
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The first step of the marketing process involves companies working to ____________. |
Gain a better understanding of consumers |
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_______ are the form human needs take as they are shaped by culture and individual personality. |
Wants |
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A(n) ________ is the set of actual and potential buyers of a product or service. |
Market |
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The ____________ holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. |
Marketing Concept |
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Customer-driven marketing usually works well when a clear need exists and when customers _________________. |
Know what they want |
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The aim of _____________ is to produce high customer equity, the total combined customer lifetime values of all of the company's customers |
Customer Relationship Management |
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______________, which depends on the product's perceived performance relative to a buyer's expectations, is an important factor in creating customer value and building long-term market relationships. |
Customer Satisfaction |
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Social sharing is best described as __________. |
getting people to talk with others and pass along their positive brand experiences |
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Strategic Planning |
Process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities |
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Mission Statement |
A statement of the organization's purpose-what it wants to accomplish in the larger environment |
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Portfolio Analysis |
Process by which management evaluates the products and businesses that make up a company |
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Growth-share Matrix |
Portfolio planning method that evaluates a company's SBUs in terms of market growth rate and relative market share Relative -horizontal axis measure of company strength |
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Product/Market Expansion Grid |
A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, desertification. |
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Market Penetration |
Company growth by increasing sales of current products to current market segments without changing the product |
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Marketing P's |
Product, price, place, promotion |
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Market Segment |
A group of consumers who respond in a similar way to a given set of marketing efforts |
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Market Targeting |
Process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Actors close to the firm that affect its ability to serve its customers, such as suppliers, marketing intermediaries, and competitors, are all components of a company's ________. |
Microenvironment |
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Significant change in the age structure of a population is one example of the impact of the firm's ________. |
Macroenvironment |
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Following the Great Recession, U.S. consumers have now adopted a back-to-basics sensibility in their lifestyles and spending patterns that will likely persist for years to come. Marketers in all industries, in turn, are looking for ways to offer today's more financially frugal buyers greater value, an approach known as ________. |
value marketing |
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Companies such as P&G, Walmart, and Levi Strauss have recognized the growing ________ in the U.S. population by targeting specially designed products, ads, and promotions to appeal to one or more ethnic, racial, or lifestyle-based groups. |
Diversity |
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To exercise their social responsibility and build more positive images, many companies are now linking themselves to worthwhile charitable organizations and social issues, a practice known as ________. |
Cause related marketing |
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Companies that view the marketing environment as an uncontrollable element are more likely to take a(n) ________ approach toward environmental change. |
Reactive |
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Public |
Any group that has actual or potential interest in or impact on a org's ability to achieve its objs |
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Baby Boomers |
After world war 2 until 1964 |
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Generation X |
1965-1976 |
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Millenials |
1977-2000 |
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Generation Z |
After 2000 |
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Natural Environment |
Physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities |
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Today, many marketing managers are overloaded and sometimes overwhelmed by the amount of market information available to them. ________ is the general term that refers to the problems and opportunities that emerge from organizations attempting to make sense of the large complex datasets that have been amassed from a variety of sources. |
Big Data |
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Companies like Coca-Cola and Geico have formed ________, typically led by a senior marketing executive and made up of experts from across the organization, whose purpose is to collect and analyze customer and market information from a wide variety of sources in order to identify and act upon new market opportunities. |
Customer insights teams |
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A ________ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. |
Marketing Information System |
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________ is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace. |
Competitive Marketing Intelligence |
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The first stage of the marketing research process, which involves ________, is often the most difficult step in the research process. |
Defining research problem and setting research objs |
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Coors insight teams interact anonymously with bar patrons, supermarket shoppers, restaurant diners, and convenience store clerks to gain authentic insights into how middle American consumers buy, drink, dine, and socialize around Coors and competing brands. This is an example of ________ research. |
Ethnographic |
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________ integrates everything that a company's sales, service, and marketing teams know about individual customers, providing a360-degree view of the customer relationship. |
CRM |
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Many firms securely share relevant sales, inventory, product development, and marketing information with suppliers and other external partners via its ________. |
Extranet |
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Target recently made some of its customers very uneasy when it used its buying histories to figure out that it had a baby on the way, including accurate estimates of child gender and due date. This incident triggered an avalanche of public concern relating to________. |
Consumer Privacy |
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Increasing consumer privacy concerns have become a major problem for the marketing research industry. Companies face the challenge of unearthing valuable, but potentially sensitive consumer data, while also maintaining consumer trust. At the same time, consumers wrestle with the trade-offs between ________ and privacy. |
Personalization |
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Internal Databases |
Collections of consumer and market information obtained from data sources within the company's network |
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Exploratory Research |
Research to gather preliminary information that will help define problems and suggest hypotheses |
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Descriptive Research |
Better describes marketing problems,situations, or markets such as the market potential for a product or the demographics and attitudes of consumers |
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Causal Research |
Test hypotheses about cause and effect relationships |
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Secondary Data |
Information that already exists somewhere |
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Primary Data |
Collected for a specific purpose |