Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
62 Cards in this Set
- Front
- Back
|
Marketing
|
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
|
|
|
Exchange
|
people giving up something to receive something they would rather have
|
|
|
Conditions of Exchange
|
1. There must be at least two parties.
2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party |
|
|
Four Marketing Management Philosophies
|
Production, sales, market, and societal marketing
|
|
|
Production Orientation
|
Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
|
|
|
Sales Orientation
|
Based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
|
|
|
Market Orientation
|
Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
|
|
|
Societal Marketing Orientation
|
An organization exists not only to satisfy customer wants and needs and to meet organizational objectives, but also to preserve or enhance individuals' and society's long-term best interests.
|
|
|
Customer value
|
The relationship between benefits and the sacrifice necessary to obtain those benefits.
|
|
|
Customer satisfaction
|
The customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
|
|
|
Marketing
|
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
|
|
|
Exchange
|
people giving up something to receive something they would rather have
|
|
|
Conditions of Exchange
|
1. There must be at least two parties.
2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer. 5. Each party believes it is appropriate or desirable to deal with the other party |
|
|
Four Marketing Management Philosophies
|
Production, sales, market, and societal marketing
|
|
|
Production Orientation
|
Focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
|
|
|
Sales Orientation
|
Based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
|
|
|
Market Orientation
|
Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
|
|
|
Societal Marketing Orientation
|
An organization exists not only to satisfy customer wants and needs and to meet organizational objectives, but also to preserve or enhance individuals' and society's long-term best interests.
|
|
|
Customer value
|
The relationship between benefits and the sacrifice necessary to obtain those benefits.
|
|
|
Customer satisfaction
|
The customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
|
|
|
Relationship marketing
|
Focuses on keeping and improving relationships with current customers.
|
|
|
Empowerment
|
Delegation of authority to solve customers' problems quickly—usually by the first person that the customer notifies regarding a problem
|
|
|
Marketing Mix
|
A unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
|
|
|
Strategic Planning
|
The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities
|
|
|
Environmental Scanning
|
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
|
|
|
Marketing Plan
|
a written document that acts as a guidebook of marketing activities for the marketing manager
|
|
|
Marketing Plan Elements
|
defining the business mission, performing a situation analysis, defining objectives, delineating a target market, and establishing components of the marketing mix.
|
|
|
Marketing Myopia
|
defining a business in terms of goods and services rather than in terms of the benefits customers seek
|
|
|
Criteria for good marketing objectives
|
Should be realistic, measurable, time specific, consistent, and indicate the priorities of the organization.
|
|
|
Competitive Advantage
|
the unique set of features of a company and its products that are perceived by the target market as significant and superior to the competition
|
|
|
Sustainable Competitive Advantage
|
an advantage that cannot be copied by the competition
|
|
|
Market Penetration
|
a marketing strategy that tries to increase market share among existing customers
|
|
|
Market Development
|
a marketing strategy that entails attracting new customers to existing products
|
|
|
Product Development
|
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
|
|
|
Diversification
|
a strategy of increasing sales by introducing new products into new markets
|
|
|
Ethics
|
the moral principles or values that generally govern the conduct of an individual or a group
|
|
|
Morals
|
the rules people develop as a result of cultural values and norms
|
|
|
Value
|
the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct
|
|
|
3 levels of morality
|
Pre-conventional morality, Conventional morality, & Post-conventional morality
|
|
|
Code Of Ethics
|
a guideline to help marketing managers and other employees make better decisions
|
|
|
Corporate social responsibility
|
a business's concern for society's welfare
|
|
|
Pyramid Of Corporate Social Responsibility
|
a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure
|
|
|
Market
|
people or organizations with needs or wants and the ability and willingness to buy
|
|
|
Target Market
|
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
|
|
|
External environments
|
Must be understood to intelligently plan for the future
|
|
|
Tweens
|
pre- and early-adolescents (ages 8 to 14), are a population 29 million strong. With attitudes, access to information, and sophistication well beyond their years (and purchasing power to match
|
|
|
Generation Y
|
born between 1979 and 1994. They are about 60 million strong, one and a half times as large as Generation X. And though Generation Y is much smaller than the baby boom, which lasted nearly 20 years and produced 78 million children, its members are plentiful enough to put their own footprints on society. Most Gen Yers are the children of baby boomers and sometimes referred to as "echo boomers."
|
|
|
Generation X
|
born between 1965 and 1978—consists of 40 million consumers. It is the first generation of latchkey children—products of dual-career households or, in roughly half of the cases, of divorced or separated parents. Gen Xers have been bombarded by multiple media since their cradle days; thus, they are savvy and cynical consumers.
|
|
|
Baby Boomers
|
born between 1946 and 1964, likely to be vigorous consumers in the future, and even though historically, consumers lock in brand preferences by age 40, today's over-50 crowd is just as likely—and in some cases more likely—as younger generations to try different brands within a product category.16 In some categories such as cosmetics and electronics, older consumers are even more willing to brand-hop than younger ones.
|
|
|
Agencies that enforce specific marketing related laws
|
FDA, Consumer Product Safety Commission, Federal Trade Commission
|
|
|
Market Segment
|
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
|
|
|
Market Segmentation
|
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
|
|
|
Criteria for Successful Segmentation
|
Substantiality, Identifiability/ measurability, Accessibility, & Responsiveness.
|
|
|
Segmentation Bases (Variables)
|
characteristics of individuals, groups, or organizations
|
|
|
80/20 Principle
|
a principle holding that 20 percent of all customers generate 80 percent of the demand
|
|
|
Segmentation strategies
|
concentrated, undifferentiated, & multisegment
|
|
|
Concentrated
|
a strategy used to select one segment of a market for targeting marketing efforts
|
|
|
Undifferentiated
|
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
|
|
|
Multisegment
|
a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
|
|
|
Positioning
|
developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
|
|
|
Perceptual Mapping
|
a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
|
|
|
Repositioning
|
changing consumers' perceptions of a brand in relation to competing brands
|
