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Principles Of Marketing > 1: Definitions > Flashcards

1: Definitions Flashcards

0
Q

Needs

A

States of felt deprivation.

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1
Q

Marketing

A

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

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2
Q

Wants

A

The form human needs take as shaped by culture and individual personality.

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3
Q

Demands

A

Human wants that are backed by buying power.

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4
Q

Marketing offering

A

Some combination of products, services, information or experiences offered to a market to satisfy a need or want.

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5
Q

Marketing myopia.

A

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by those products.

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6
Q

Exchange

A

The act of obtaining a desired objects from someone by offering something in return.

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7
Q

Marketing management

A

The art and science of creating target markets and building profitable relationships with them.

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8
Q

Production concept

A

The idea that consumers will favour products that are available and highly affordable and that the organisation should therefore focus on improving production and distribution efficiency.

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9
Q

Production concept

A

The idea that consumers will favour products that offer the most quality, performance and features and that the organisation should therefore devote its energy to making continuous product improvements.

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10
Q

Selling concept

A

The idea that consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort.

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11
Q

Marketing concept

A

The marketing management philosophy holds that achieving organisational goals depends on knowing the needs and wants of target markets in delivering the desired satisfaction better than competitors do.

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12
Q

Social marketing concept

A

The idea that a company’s marketing decisions should consider consumers wants, the company’s requirements, consumers long-term interest and society’s long-term interest.

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13
Q

Customer-perceived value

A

The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relatives to those of competing offers.

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14
Q

Customer satisfaction

A

The extent to which a product’s perceived performance matches a buyers expectation.

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15
Q

Customer lifetime value

A

The value of the entire stream of purchases a customer makes over a lifetime of patronage.

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16
Q

Share of customer

A

The portion of the customer’s purchasing that a company gets in its product categories.

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17
Q

Customer equity

A

The total combined customer lifetime value of all of the company’s customers.

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18
Q

Strategic planning

A

The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities in its changing marketing opportunities.

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19
Q

Mission statement

A

A statement of the organisations purpose - what it wants to accomplish in the larger environment.

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20
Q

Business portfolio

A

The collection of businesses and products that make up the company.

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21
Q

Portfolio analysis

A

The process by which management evaluates the products and businesses that make up the company.

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22
Q

Growth-share matrix

A

A portfolio-planning method that evaluates a company’s strategic business units in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks or dogs.

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23
Q

Market penetration

A

A strategy for company growth by increasing sales for current products to current market segments without changing the product.

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24
Q

Market development

A

A strategy for company growth by identifying and developing new market segments for current company products.

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25
Q

Product development

A

A strategy for company growth by offering modified or new products to current markets.

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26
Q

Diversification

A

A strategy for company growth through starting up or buying businesses outside of its current products and markets.

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27
Q

Downsizing

A

Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy.

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28
Q

Value chain

A

This series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm’s products.

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29
Q

Marketing strategy

A

The marketing logic by which the company hopes to create customer value and achieve profitable relationships.

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30
Q

Market segmentation

A

Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviours and who might require separate products or marketing programmes.

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31
Q

Market segment

A

A group of consumers who respond in a similar way to a given set of marketing efforts.

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32
Q

Market targeting

A

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

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33
Q

Positioning

A

Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target customers.

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34
Q

Differentiation

A

Actually differentiating the market offering to create superior customer value.

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35
Q

Marketing mix

A

The set of controllable tactical marketing tools - price, product, place and promotion - that the firm blends to produce the response it wants in the target market.

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36
Q

SWOT-analysis

A

An overall evaluation of the company’s overall strengths, weaknesses, opportunities and threats.

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37
Q

Marketing environment

A

The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customer.

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38
Q

Microenvironment

A

The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors and public.

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39
Q

Macroenvironment

A

Th larger societal forces that affect the microenvironment - demographic, economic, ecological, technological, political and cultural forces.

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40
Q

Customer relationship management (CRM)

A

Managing detailed information about individual customers and carefully managing customer ‘touch points’ to maximise customer loyalty.

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41
Q

Consumer buyer behaviour

A

The buying behaviour of final customers - individuals and households that buy goods and services for personal consumption.

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42
Q

Consumer market

A

All individuals and households who buy or acquire goods and services for personal consumption.

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43
Q

Subculture

A

A group of people with shared value systems based on common life experiences and situations.

44
Q

Social grade

A

Relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviours.

45
Q

Opinion leader

A

Person within a reference group who, because of special skills, knowledge, personality or other characteristics, exerts social influence on others.

46
Q

Brand personality

A

The specific mix of human traits that may be attributed to a particular brand.

47
Q

Motive (drive)

A

A need that is sufficiently pressing to direct the person to seek to satisfy it.

48
Q

Perception

A

The process by which people select, organise and interpret information to form a meaningful picture of the world.

49
Q

Complex buying behaviour

A

Consumer buying behaviour in situations characterised by high involvement in a purchase and significant perceived differences among brands.

50
Q

Dissonance-reducing buying behaviour

A

Consumer buying behaviour in situations characterised by high involvement but few perceived differences among brands.

51
Q

Habitual buying behaviour

A

Consumer buying behaviour in situations characterised by low consumer involvement and few significantly perceived brand differences.

52
Q

Variety-seeking brand behaviour

A

Consumer buying behaviour in situations characterised by low consumer involvement but significant perceived brand differences.

53
Q

Alternative evaluation

A

The stag of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.

54
Q

Post-purchase behaviour

A

The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction o dissatisfaction.

55
Q

Cognitive dissonance

A

Buyers discomfort caused by post-purchase conflict.

56
Q

Adoption process

A

The mental process through which an individual passes from first learning about an innovation to final adoption.

57
Q

Business buyer behaviour

A

The buying behaviour of the organisations that buy goods and services for use in the production of other products and services or to resell or rent them to others at a profit.

58
Q

Business buying process

A

The decision process by which business buyers determine which products and services their organisations need to purchase.

59
Q

Derived demand

A

Business demand that ultimately comes from (derives from) the demand for consumer goods.

60
Q

Straight rebuy

A

A business buying situation in which the buyer routinely reorders something without any modifications.

61
Q

Modified rebuy

A

A business buying situation in which the buyer wants to modify product specifications, prices, terms and suppliers.

62
Q

New-task

A

A business buying situation in which the buyer purchases a product or service for the first time.

63
Q

Users

A

Members of the buying organisation who will use the product or service.

64
Q

Influencers

A

People in an organisation’s buying centre who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives.

65
Q

Buyers

A

Members of the buying organisation who make a purchase.

66
Q

Deciders

A

People in an organisation’s buying centre who have formal or informal power to select or approve the final suppliers.

67
Q

Gatekeepers

A

People in an organisation’s buying centre who control the flow of information to others.

68
Q

Problem recognition

A

The first stage of the buying process in which someone in the company recognises a problem or need that can be met by acquiring a good or service.

69
Q

General need description

A

The stage in the business buying process in which the company describes the characteristics and quantity of the needed item.

70
Q

E-procurement

A

Purchasing through electronic connections between buyers and sellers - usually online.

71
Q

Institutional market

A

Schools, hospitals, nursing homes, prisons nod other institutions that provide goods and services to people in their care.

72
Q

Government market

A

Government units - national, regional and local - that purchase or rent goods and services to carrying out the main functions of government.

73
Q

Market segmentation

A

Dividing a market into smaller groups with distinct needs, characteristics, or behaviour that might require separate marketing strategies or mixes.

74
Q

Market targeting (targeting)

A

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

75
Q

Differentiation

A

Actually differentiating the market offering to create superior customer values.

76
Q

Positioning

A

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

77
Q

Geographic segmentation

A

Dividing a market into different geographical units such as nations, provinces, region, cities or neighbourhoods.

78
Q

Demographic segmentation

A

Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, market area, education, generation and nationality.

79
Q

Age and life-cycle segmentation

A

Dividing a market into different age and life-cycle groups.

80
Q

Gender segmentation

A

Dividing a market into different groups based on gender.

81
Q

Income segmentation

A

Dividing a market into different income groups.

82
Q

Psychographic segmentation

A

Dividing a market into different groups based on social grade, lifestyle or personality characteristics.

83
Q

Behavioural segmentation

A

Dividing a market into groups based on consumer knowledge, attitudes, uses or responses to a product.

84
Q

Target market

A

A set if buyers sharing common needs or characteristics that the company decides to serve.

85
Q

Undifferentiated (mass) marketing

A

A market-coverage strategy in which a firm decides to ignore market segment differences and go after in the whole market with one offer.

86
Q

Differentiated (segmented) marketing

A

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

87
Q

Product positioning

A

The way the product is defined by consumers on important attributes - the place the product occupies in consumers’ minds relative to competing products.

88
Q

Competitive advantage

A

An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.

89
Q

Value proposition

A

The full positioning of a brand - the full mix of benefits upon which it is positioned.

90
Q

Positioning statement

A

A statement that summarises company or brand positioning, including target segment and need, brand, concept and point of difference.

91
Q

Global firm

A

A firm that, by operating in more than one country, gains, marketing, production, R&D and financial advantages that are not available to purely domestic competitors.

92
Q

Economic community

A

A group of nations organised to work towards common goals in the regulation of international trade.

93
Q

Countertrade

A

International trade involving the direct or indirect exchange of goods for other goods instead of cash.

94
Q

Exporting

A

Entering a foreign market by selling goods purchased in the company’s home country, often with little modification.

95
Q

Joint venturing

A

Entering a foreign market by joining with foreign companies to produce or market a product or services.

96
Q

Licensing

A

A method of entering a foreign market in which the company enters into an arrangement with a license in the foreign market.

97
Q

Contract manufacturing

A

A joint venture in which a company contracts with manufacturers in a foreign market to produce its product or provide its service.

98
Q

Management contracting

A

A joint venture I which the domestic firm supplies management know-how to a foreign company that supplies the capital; the domestic firm exports management services rather than products.

99
Q

Joint ownership

A

A joint venture In which a company joins investors in a foreign market to create a local business in which they share joint ownership and control.

100
Q

Direct investment

A

Entering s foreign market by developing foreign-based assembly or manufacturing facilities.

101
Q

Standardised global marketing

A

An international marking strategy for using basically the same marketing strategy and mix in all the company’s intonational markets.

102
Q

Adapted global marketing

A

An international marketing strategy for adjusting the marketing strategy and mix elements to each international target market, bearing more costs but hoping for a larger market share and return.

103
Q

Sustainable marketing

A

Marketing that meets the present needs of costumes and businesses while also preserving and enhancing the ability of future generations to meet their needs.

104
Q

Consumerism

A

A organised movement of citizens and government agencies to improve the rights and power of buyers an relation to sellers.

105
Q

Environmentalism

A

An organised movement of concerned citizens, businesses and government agencies to protect and improve people’s current and future living environment.

106
Q

Environmental sustainability

A

A management approach that involves developing strategies that both sustain the environment and produce profits for the company.

107
Q

Social marketing

A

A principle of sustainable marketing which holds that a company should make marketing decisions by considering consumers’ wants, the company requirements, and consumers’ and society’s long-term interests.

Principles Of Marketing (2 decks)

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