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;
238 Cards in this Set
- Front
- Back
|
Core aspects of marketing |
Back (Definition) |
|
|
Product: creating value |
To create and developed variety of offerings product. -goods -services -ideas |
|
|
The four orientations of marketing |
Product orientation Sales orientation Market orientation Value-based orientation |
|
|
Through what enhancement marketers use to create value in their products and services? |
Communication, such as advertising and personal selling. Through communications, marketers inform their customers about the benefits of their products and services to increase their value. |
|
|
What are the four P’s? |
Product Price Place Promotion |
|
|
B2B or business to business |
The process of selling merchandise or services from one business to another |
|
|
Business to customer or B2C |
The process in which businesses sell to consumers |
|
|
C2C or customer to consumer |
The process in which consumers sell to other consumers |
|
|
Customer relationship management (CRM) |
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firms valued customers. |
|
|
Exhange |
The trade of things between the buyer and the seller so that each is better off as a result |
|
|
Goods |
Items that can be physically touched |
|
|
Ideas |
Thoughts, opinions, philosophies, and intellectual concepts |
|
|
Market |
Groups of people who need or want a company’s products or services and have the ability and willingness to buy them. |
|
|
Marketing |
A business practice in ways that help firms provide their goods and services to the public as a result of creating an effective customer relationship. |
|
|
Marketing mix (4 p’s) |
Product,price, place, and promotion- a set of activities firm uses to respond to the wants of its target market |
|
|
Marketing plan |
A written document composed of a summary of the current marketing situation, opportunities and threats, objectives and strategy specified (4 p’s), action programs, income or financial statements. |
|
|
Need |
Basic necessity, such as food, clothing, shelter, and safety |
|
|
Prive |
A consumer is willing to sacrifice- money, time, energy to acquire a specific product or services |
|
|
Rational orientation |
A method of building a relationship with customers for developing a long lasting relationship |
|
|
Services |
Benefits that are produced by the people or machines and cannot be separated from the producer |
|
|
Social media |
A digital tool to easily and quickly create and share content to foster dialogue, social relationships, and personal identities |
|
|
Target market |
Customer segment or group to whom the firm is interested in selling its products and services |
|
|
Value |
The relationship of benefits to costs or what the consumer gets for what he gives |
|
|
Want |
Inner satisfaction shaped by knowledge, culture and personality |
|
|
Downsizing |
Exiting markets, reducing product portfolios, or closing certain businesses or store or plant locations |
|
|
Control phase |
Part of a strategic planning process when managers evaluate the marketing strategy and take necessary corrections |
|
|
Customer excellence |
Focus on retaining loyal customers and excellent customer service |
|
|
Implementation phase |
Where marketing managers identify and evaluate different opportunities by engaging in a process knows as STP. |
|
|
Location excellence |
Involves a focus on a good physical location and internet presence |
|
|
Market segment |
A group of consumers who respond similarly to a firms marketing efforts |
|
|
Market segmentation |
Dividing the market into groups if customers. Where each individual has similar needs, wants or characteristics. |
|
|
Marketing strategy |
A firms target market, a related marketing mix the fours P’s and the bases upon which the firm plans to build a sustainable competitive advantage |
|
|
Mission statement |
A broad description of a firms objective and a scope of activities it plans to undertake |
|
|
Operational excellence |
Involves a focus on efficient operations and excellent supply chain management |
|
|
Product development strategy |
A growth strategy that offers a new product or services to a firms current target market |
|
|
Product excellence |
Involves a focus on achieving high-quality products and effective branding and positioning |
|
|
Product line |
A group of products that consumers may use together or perceive similar in some way |
|
|
Situational analysis SWOT |
The second step in a marketing plan. Assessed both internal (strength and weaknesses )and external ( opportunities and threats) |
|
|
STP |
The process of segmentation, targeting, and positioning that firms uses for increasing sales and profits |
|
|
Sustainable competitive advantage |
Something that a firm can persistently do better than its competitors |
|
|
Target marketing/targeting |
The process of evaluating the attractiveness of various segments and then deciding which to pursue as a market. |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Economic situation |
Economic changes that affect the way consumers buy in the market place. Ex.Inflation, foreign currency fluctuates, interest rates, recession. |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Economic situation |
Economic changes that affect the way consumers buy in the market place. Ex.Inflation, foreign currency fluctuates, interest rates, recession. |
|
|
Foreign currency fluctuations |
Changes in the value of a country’s currency relative to the currency of another country can influence the way people spend. Ex. Canada and United States |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Economic situation |
Economic changes that affect the way consumers buy in the market place. Ex.Inflation, foreign currency fluctuates, interest rates, recession. |
|
|
Foreign currency fluctuations |
Changes in the value of a country’s currency relative to the currency of another country can influence the way people spend. Ex. Canada and United States |
|
|
Generation X |
Born between 1966-1971 |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Economic situation |
Economic changes that affect the way consumers buy in the market place. Ex.Inflation, foreign currency fluctuates, interest rates, recession. |
|
|
Foreign currency fluctuations |
Changes in the value of a country’s currency relative to the currency of another country can influence the way people spend. Ex. Canada and United States |
|
|
Generation X |
Born between 1966-1971 |
|
|
Generation Y/millennials |
Born between 1972-1992: the biggest cohort since the original postwar baby boomers |
|
|
Baby boomers |
Generational cohort of people born after the World War II until 1965 |
|
|
Competitive intelligence |
Used by firms to collect information about their position with respect to their rivals:enables them to anticipate the changes in the marketplace and act accordingly. |
|
|
Demographics |
Characteristics of human populations and segments, especially those used to identify consumer markets, age, gender, race, ethnicity, education |
|
|
Economic situation |
Economic changes that affect the way consumers buy in the market place. Ex.Inflation, foreign currency fluctuates, interest rates, recession. |
|
|
Foreign currency fluctuations |
Changes in the value of a country’s currency relative to the currency of another country can influence the way people spend. Ex. Canada and United States |
|
|
Generation X |
Born between 1966-1971 |
|
|
Generation Y/millennials |
Born between 1972-1992: the biggest cohort since the original postwar baby boomers |
|
|
Generation Z/digital natives |
Born after 1993 |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Macro environmental factors |
External environment- culture, demographics, social trends, technology advances, economic situation, political/legal environment that affect companies |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Macro environmental factors |
External environment- culture, demographics, social trends, technology advances, economic situation, political/legal environment that affect companies |
|
|
Political/legal environment |
Related to government organizations and legislation that promote or inhibit marketing activities |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Macro environmental factors |
External environment- culture, demographics, social trends, technology advances, economic situation, political/legal environment that affect companies |
|
|
Political/legal environment |
Related to government organizations and legislation that promote or inhibit marketing activities |
|
|
Recession |
A period of economic downturn for at least two consecutive quarters |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Macro environmental factors |
External environment- culture, demographics, social trends, technology advances, economic situation, political/legal environment that affect companies |
|
|
Political/legal environment |
Related to government organizations and legislation that promote or inhibit marketing activities |
|
|
Recession |
A period of economic downturn for at least two consecutive quarters |
|
|
Technological advances |
Technological changes that have contributed to the improvement of the value of both products and services |
|
|
Generations cohort |
A group of people of the same generation that typically has similar purchase behaviours |
|
|
Green marketing |
Strategic effort to supply customers with environmentally friendly merchandise |
|
|
Inflation |
persistent increase in the prices of goods and services |
|
|
Interest rates |
The cost of borrowing money |
|
|
Macro environmental factors |
External environment- culture, demographics, social trends, technology advances, economic situation, political/legal environment that affect companies |
|
|
Political/legal environment |
Related to government organizations and legislation that promote or inhibit marketing activities |
|
|
Recession |
A period of economic downturn for at least two consecutive quarters |
|
|
Technological advances |
Technological changes that have contributed to the improvement of the value of both products and services |
|
|
Autocratic buying centre |
A buying centre in which one person makes the decision alone or with multiple participants |
|
|
Derived demand |
Connection between consumers demand for a company’s output over a purchase necessary for inputs to manufacturers |
|
|
Derived demand |
Connection between consumers demand for a company’s output over a purchase necessary for inputs to manufacturers |
|
|
Gatekeeper |
The buying participant who controls information or access to decision makers and influencers |
|
|
Derived demand |
Connection between consumers demand for a company’s output over a purchase necessary for inputs to manufacturers |
|
|
Gatekeeper |
The buying participant who controls information or access to decision makers and influencers |
|
|
Request for proposals RFP |
Process through which buying organizations invite alternative suppliers to bid on supplying their required components |
|
|
Modified rebuy |
Slightly different characteristic and feature of the same product purchased before |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Geodemographic segmentation |
Grouping of consumers by combining geographic, demographic and lifestyle |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Geodemographic segmentation |
Grouping of consumers by combining geographic, demographic and lifestyle |
|
|
Geographic segmentation |
Grouping of consumers based on where they live |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Geodemographic segmentation |
Grouping of consumers by combining geographic, demographic and lifestyle |
|
|
Geographic segmentation |
Grouping of consumers based on where they live |
|
|
Ideal point |
Position in which a particular market lie on a perceptual map |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Geodemographic segmentation |
Grouping of consumers by combining geographic, demographic and lifestyle |
|
|
Geographic segmentation |
Grouping of consumers based on where they live |
|
|
Ideal point |
Position in which a particular market lie on a perceptual map |
|
|
Lifestyles |
Is how we live our lives to achieve goals |
|
|
Behavioural segmentation |
Group consumers based on the benefits obtain from products or services, their usage, rate, loyalty and the occasion |
|
|
Loyalty segmentation |
Strategy of investing in loyalty initiatives to retain the firms loyal customers |
|
|
Benefit segmentation |
Group consumers based on the benefits they derived from products or services |
|
|
Brand repositioning (rebranding) |
A strategy in which marketers change brands focus to target new markets or realign the brands core emphasis |
|
|
Concentrated targeting strategy |
A marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit their needs |
|
|
Demographic segmentation |
Grouping of consumers according to objective characteristics, age, gender, income and education |
|
|
Differentiated strategy |
Targets several market with different offering for each |
|
|
Geodemographic segmentation |
Grouping of consumers by combining geographic, demographic and lifestyle |
|
|
Geographic segmentation |
Grouping of consumers based on where they live |
|
|
Ideal point |
Position in which a particular market lie on a perceptual map |
|
|
Lifestyles |
Is how we live our lives to achieve goals |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Perceptual map |
The position of products or brands in the consumers mind |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Perceptual map |
The position of products or brands in the consumers mind |
|
|
Positioning |
Mental picture that people have about a company and it’s products or services compare to other company |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Perceptual map |
The position of products or brands in the consumers mind |
|
|
Positioning |
Mental picture that people have about a company and it’s products or services compare to other company |
|
|
Positioning statement |
How a company wants to be perceived by consumers |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Perceptual map |
The position of products or brands in the consumers mind |
|
|
Positioning |
Mental picture that people have about a company and it’s products or services compare to other company |
|
|
Positioning statement |
How a company wants to be perceived by consumers |
|
|
Psychographics |
How consumers describe themselves and what underlying psychological reasons determine their choices |
|
|
Micromarketing |
A form of segmentation that tailors a product or service that suits their customers needs |
|
|
Occasion segmentation |
Groups consumers based on when they purchase or consume a product or service |
|
|
Perceptual map |
The position of products or brands in the consumers mind |
|
|
Positioning |
Mental picture that people have about a company and it’s products or services compare to other company |
|
|
Positioning statement |
How a company wants to be perceived by consumers |
|
|
Psychographics |
How consumers describe themselves and what underlying psychological reasons determine their choices |
|
|
Undifferentiated targeting strategy |
Product or services that is believed to provide the same benefits to everyone |
|
|
VALS |
Psychological tool developed by strategic business insights that classifies consumers into eights segments: innovators, thinkers, believers, achievers, strivers, experiences, makers, survivors. |
|
|
Business ethics |
Refers to the moral and ethical dilemmas that might arise in a business setting |
|
|
Business ethics |
Refers to the moral and ethical dilemmas that might arise in a business setting |
|
|
Consumerism |
A social movement aimed at protecting consumers from business practices that violates their rights |
|
|
Business ethics |
Refers to the moral and ethical dilemmas that might arise in a business setting |
|
|
Consumerism |
A social movement aimed at protecting consumers from business practices that violates their rights |
|
|
Corporate social responsibility (CSR) |
Refers to voluntarily activities undertaken by companies that operate in economically, socially and environmentally sustainable |
|
|
Business ethics |
Refers to the moral and ethical dilemmas that might arise in a business setting |
|
|
Consumerism |
A social movement aimed at protecting consumers from business practices that violates their rights |
|
|
Corporate social responsibility (CSR) |
Refers to voluntarily activities undertaken by companies that operate in economically, socially and environmentally sustainable |
|
|
Ethical climate |
The set of values within a marketing firm that guides decision making and behaviour |
|
|
Business ethics |
Refers to the moral and ethical dilemmas that might arise in a business setting |
|
|
Consumerism |
A social movement aimed at protecting consumers from business practices that violates their rights |
|
|
Corporate social responsibility (CSR) |
Refers to voluntarily activities undertaken by companies that operate in economically, socially and environmentally sustainable |
|
|
Ethical climate |
The set of values within a marketing firm that guides decision making and behaviour |
|
|
Marketing ethics |
Refers to those ethical problems that are specific to the domain of marketing |
