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Exam 1 Flashcards

1
Q

Marketing

A

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

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2
Q

Demands

A

Human wants that are backed by buying power

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3
Q

Wants

A

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

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4
Q

Products

A

Anything that can be offered to a market for attention, ­acquisition, use, or consumption that might satisfy a want or need.

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5
Q

Exchange Process

A

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

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6
Q

Transfer

A

Charity, giving stuff for nothing in return.

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7
Q

Strategic Planning

A

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

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8
Q

Long Range Planning

A

a process that involves creating a vision for the future of an organization and aligning that vision with action plans

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9
Q

Annual Plan

A

a roadmap that outlines how a business will achieve its marketing goals

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10
Q

Marketing Penetration

A

a measure of how much a product or service is being used by target customers compared to the total estimated market for that product or service.

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11
Q

Market Development

A

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

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12
Q

Product Development

A

Company growth by offering modified or new products to current market segments.

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13
Q

Disversification

A

Company growth through starting up or acquiring businesses outside the company’s current products and markets.

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14
Q

Target Market

A

A set of buyers who share common needs or ­characteristics that a company decides to serve.

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15
Q

Market Segmentation

A

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

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16
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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17
Q

Market Targeting

A

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

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18
Q

Market Positioning

A

a strategy that aims to establish a brand or product’s identity in the minds of consumers.

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19
Q

Marketing Mix

A

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

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20
Q

Benefits of Formal Planning

A

a written document that outlines a company’s marketing strategies and efforts for a set period of time- better for planning

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21
Q

Star

A

Products with high market growth and a high market share.

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22
Q

Cash Cow

A

Products with low market growth but a high market share.

23
Q

Question Mark

A

product or business unit with a high growth rate but a low market share.

24
Q

Dog

A

Products with low market growth and a low market share.

25
Mission Statement
A statement of the organization’s purpose—what it wants to accomplish in the larger environment.
26
Market Research
the process of gathering and analyzing data about a market, product, or service to understand a target market and make informed business decisions.
27
Survey
Gathering primary data by asking people ­questions about their knowledge, attitudes, preferences, and buying behavior
28
Primary Research
the process of collecting original data directly from a target market, such as customers or potential customers, through methods like surveys, interviews, focus groups, or observations
29
Questionaire
a list of questions or items used to gather data from respondents about their attitudes, experiences, or opinions.
30
Interviewing
a method of gathering information from consumers or clients to gain insights into a business and its customers.
31
Sample
a subset of people or things that represent a larger population.
32
Microenvironment
The actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing ­intermediaries, customer markets, competitors, and publics.
33
Macroenvironment
The larger societal forces that affect the ­microenvironment—demographic, economic, natural, technological, political, and cultural forces.
34
Marketing Intermediaries
organizations, companies, or individuals that help manufacturers distribute their products to consumers.
35
Middlemen
individuals or organizations that facilitate the buying and selling of goods between producers and consumers.
36
Demographics
statistical characteristics of a population that marketers use to segment their market and create targeted campaigns
37
Economic Environment
the collection of economic factors that affect a company's performance and consumer buying habits.
38
Natural Environment
The physical environment and the natural ­resources that are needed as inputs by marketers or that are affected by marketing activities.
39
Political Environment
Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
40
Cultural Environment
Institutions and other forces that affect s­ociety’s basic values, perceptions, preferences, and behaviors.
41
Consumer Decision Making
the process that customers go through to identify needs, research solutions, and make a purchase.
42
Routinized Response Behavior
occurs after a sufficient number of “trials” or purchases of a particular brand
43
Limited Problem Solving
You want a change in a product, so look briefly for a different product
44
Extensive Problem Solving
You are looking for a new product or change for a bigger product, such as a car.
45
Influences Regarding Purchasing Decision
The cost, quality, social aspect, brand of the product.
46
New Product
A good, service, or idea that is perceived by some ­potential customers as new.
47
Adoption Process
The mental process through which an individual passes from first hearing about an innovation to final adoption. Interest, research, try, adopt.
48
Industrial Buying Situation
Buying in bulk, Merrimack college buying the most computers for their money.
49
New Task Buying
Have to buy something for the first time, so you look into the product.
50
Modified Rebuy
A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
51
Straight Rebuy
A business buying situation in which the buyer ­routinely reorders something without modifications.
52
5 Basic Segmentation Forms
demographic, psychographic, benefit, geographic, and volume
53
How to segment a market
Based off of who you are targeting.

Marketing (1 decks)

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