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Marketing 330 > Chapters 1-5 > Flashcards

Chapters 1-5 Flashcards

1
Q

Marketing

A

process of creating, pricing, etc. goods, services and ideas

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2
Q

Target Market

A

specific group of customers: demographics and psychographics

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3
Q

4 P’s

A

Product, Place, Promotion, Price

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4
Q

Product

A

goods, services, ideas

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5
Q

Place

A

make products available in desired quantities

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6
Q

Promotion

A

activities used to inform individuals about products

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7
Q

Purpose of promotion

A
  • increase public and target market
  • educate customers
  • urge people to take a stance
  • help sustain interest
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8
Q

Price

A

critical component of marketing mix

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9
Q

Value

A

customer benefits - customer costs

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10
Q

Stakeholders

A

customers, investors, government, etc

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11
Q

Marketing Environment

A
  • competitive
  • economic
  • political
  • legal
  • technological
  • sociocultural
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12
Q

Production Orientation

A

Second half of 19th Century. Industrial Revolution changed efficiency

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13
Q

Sales Orientation

A

First half of 20th Century. New focus: sell product to buyers

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14
Q

Marketing Orientation

A

Mid 20th Century. Develop strategic focus for new products

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15
Q

Customer Relationship Management

A

using information about customers to create marketing strategies

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16
Q

Relationship Marketing

A

long-term mutually beneficial relationships

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17
Q

Customer lifetime value

A

predicts the net value for future relationships with a customer

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18
Q

Strategic Marketing Management

A

process of planning, implementing and evaluating the performance of marketing activities

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19
Q

Strategic planning

A

process of establishing a mission and creating goals

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20
Q

Corporate Identity

A

unique symbols and personalities

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21
Q

Levels of strategic planning

A

Mission statement > corporate strategy > business-unit strategy > marketing strategy > marketing mix

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22
Q

Corporate strategy

A

concerned with corporate culture, diversification, etc

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23
Q

Strategic business unit (SBU)

A

a division, product line, etc. within a parent company

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24
Q

Market share matrix

A

product’s market growth rate and its market share are important

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25
Q

Stars

A

product with dominant share of the marketing and good growth

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26
Q

Cash cows

A

dominant share in market, low prospects for growth

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27
Q

Dogs

A

decent share in market and low growth

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28
Q

Question Marks

A

small share of growing market and require lots of cash to build market share

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29
Q

Market opportunity

A

combination of circumstances that permit an organization to take action to reach a target market

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30
Q

SWOT Analysis

A

Strengths, weaknesses, opportunities, threats

31
Q

First mover advantage

A

when a company is the first to obtain a product in the market

32
Q

Late mover advantage

A

when a company enters the market late, achieving long-term advantages

33
Q

Marketing OBJECTIVE

A

Statement of what is to be accomplished through activities

34
Q

Sales Analysis

A

uses sales figures to evaluate performance

35
Q

Marketing PLAN

A

Written document that specifies what activities will be performed

36
Q

Environmental Scanning

A

Process of collecting information in marketing environment

37
Q

Environmental Analysis

A

information gathered through scanning

38
Q

Monopoly

A

when a company has virtually no competition

39
Q

Oligopoly

A

when few sellers control the supply of a large proportion of a product

40
Q

Monopolistic competition

A

when a firm has many competitors

41
Q

Pure competition

A

large number of sellers, none able to influence price or supply
-doesn’t exist

42
Q

Business cycle

A

Prosperity, recession, depression, recovery

43
Q

Prosperity

A

low unemployment, high income

44
Q

Recession

A

unemployment rises, buying power declines

45
Q

Depression

A

unemployment is extremely high, wages are low

46
Q

Recovery

A

economy moves back to prosperity

47
Q

Buying power

A

resources, that can be traded in an exchange

48
Q

Disposable income

A

after-tax income

49
Q

Discretionary income

A

income available for spending and saving one has purchased basic necessity

50
Q

Political forces

A
  • enactment of legislation

- legal decisions interpreted by courts through cases

51
Q

Federal Trade Commission

A

Agency that regulates:

  • false advertising
  • misleading prices
  • deceptive packaging
52
Q

Better Business Bureau

A

nongovernment, independent agencies supported by local businesses

53
Q

National Advertising Review Board

A

self-regulatory unit that considers challenges to issues raised about ads

54
Q

Sociocultural forces

A

culture, diversity

55
Q

Demographic Characteristics

A
  • increasing market of retired baby boomers
  • Gen Y
  • growing hispanic/latino market
56
Q

Social Responsibility Pyramid

A

Economic, Legal, Ethical, Philanthropic

57
Q

Cause-related marketing

A

linking products to a social cause

58
Q

Strategic philanthropy

A

use of organizational core competencies to achieve organizational and social benefits

59
Q

Sustainability

A

potential for long-term well-being of the natural environment

60
Q

Consumerism

A

Efforts to protect the rights of the consumer

61
Q

Product ethical issues

A

marketers fail to disclose risks with a product

62
Q

Promotion ethical issues

A

false ads

63
Q

Pricing ethical issues

A

price fixing

64
Q

Distribution ethical issues

A

manipulating product availability

65
Q

ETHICS

A

Relates to individuals and group decisions

66
Q

SOCIAL RESPONSIBILITY

A

relates to total effects of marketing decisions on society

67
Q

Marketing research

A

design, collection and reporting of information to help marketers solve issues

68
Q

Types of research

A

Qualitative and Quantitative

69
Q

Exploratory research

A

conducted to gather more information

70
Q

Conclusive research

A

help make a final decision

71
Q

Descriptive Research

A

used to clarify characteristics

72
Q

Experimental research

A

allows marketers to make casual inferences about relationships

73
Q

Five steps of marketing research process

A

1: Locate problems of research
2: design the product
3: collect data
4: interpret findings
5: report findings

Marketing 330 (5 decks)

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