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module 1 vocab for marketing Flashcards

1
Q

Business to Business marketing (B2B)

A

The process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers.

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2
Q

busisness to consumer marketing (b2c)

A

businesses sell to consumers

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3
Q

Consumer to consumer marketing

A

the process in which consumers sell to other consumers

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4
Q

exchange

A

the trade of things of value between the buyer and the seller sot hat each is better off as a result

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5
Q

geotargeting

A

a market segmentation technique in which a group is segmented according to their current and past locations, and receives distinct marketing messages based on their location

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6
Q

goods

A

physical items

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7
Q

service

A

intangible items for sale

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8
Q

marketing

A

a organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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9
Q

marketing mix (4 P’s)

A

Price, product, place, and promotion, this is how a firm responds to the wants of its target markets

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10
Q

marketing plan

A

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the four p’s, action programs, and projected or pro forma income statements

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11
Q

relation orientation

A

a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship

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12
Q

value

A

reflects the relationship of benefits to costs, or what the consumer gets for what they give

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13
Q

value cocreation

A

customers act as collaborators with manufacturer or retailer to create the product or service

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14
Q

control phase

A

the part of a marketing planning process when managers evaluate the performance of the marketing strategy and take necessary corrective actions

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15
Q

customer excellence

A

focus on retaining loyal customers and excellent customer service

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16
Q

diversification strategy

A

a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

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17
Q

implementation phase

A

part of the planniing process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation , targeting, and positioning and (2) implementing the 4 P’s

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18
Q

integrated marketing communications (IMC)

A

the promotion dimension of the 4 Ps; encompasses a variety of communication disciplines-general advertising, personal selling, sales promotion, public relations, direct marketing, and electronic media, in combination to provide clarity, consistency and maximum communicative impact

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19
Q

locational excellence

A

a method of achieving excellence by having a strong physical location/internet presence

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20
Q

market development strategy

A

a growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international

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21
Q

market growth rate

A

the annual rate of growth specific to the market in which the product competes

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22
Q

market penetration strategy

A

a growth strategy that employs the existing marketing mix and focuses on the firm’s efforts on existing customers

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23
Q

market positioning

A

The process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

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24
Q

market segment

A

a group of consumers who respond similarly to a firm’s marketing efforts

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25
market segmentation
the process of dividing the market into groups of customers with different needs, wants, or characteristics who might appreciate products or services geared to them
26
market share
percentage of a market accounted for by a specific entity
27
marketing plan
a document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income statements
28
marketing strategy
a firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage
29
mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake
30
operational excellence
involves a firm's focus on efficient operations, excellent supply chain management, and strong relationships with its suppliers
31
planning phase
the part of the strategic marketing planning process when executionves in conjuction with other top managers (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success
32
product development strategy
a growth strategy that offers a new product or service to a firm's current target market
33
product excellence
a focus on achieving high-quality products; effective branding and positioning is key
34
product line
a group of associated items, such as those that consumers use together or think of as part of a group of similar products
35
related diversification
a growth strategy whereby the current target mark and/or marketing mix shares something in common with the new opportunity
36
relative market share
a measure of the product's strength in a particular market, defined as the sales of the focal product divided by the sales achieved b the largest firm in the industry
37
segmentation, targeting, and positioning (STP)
firms use these processes to identify and evaluate opportunities for increasing sales and profits
38
situation analysis
second step in a marketing plan; uses SWOT analysis that assesses both the internal environment with regards to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats
39
strategic business unit (SBU)
division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objective
40
sustainable competitive advantage
something the firm can persistently do better than its competitors
41
target marketing
the process of evaluating the attractive ness of various segments and then deciding which to purse as a marking (aka targeting)
42
unrelated diversification
a growth strategy whereby a new business lacks any common elements with the present business
43
ad-supported apps
apps that are free to download buy place ads on the screen when using the program to generate revenue
44
AI
the ability of information technologies, machines, and computers to exhibit intelligence that is learned continually through data and tasks
45
blog
an online diary with periodic posts that allows people to share things
46
bounce rate
the percentage of times a visitor leaves the website almost immediately, such as after viewing only one page
47
click path
how users proceed through the information on a website, like how grocery stores try to track the way shoppers move through aisles
48
connected effect (wheel of social media engagement)
an outcome of social media that satisfies humans' innate need to connect with other humans
49
conversion rate
a measure that indicates what percentage of visitors or potential customers click, buy, or donate at the site
50
corporate blog
a website created by a company and often used to educate customers
51
crowdsourcing
users submit ideas for a new product or service, and/or comment and vote on the ideas submitted by others
52
dynamic effect (wheel of social media engagement)
how info is exchanged to others in back-and-forth communications actively and effectively, this also relates to the network effect
53
freemium apps
apps that are free to download but include in-app purchases that enable the user to enhance the app
54
hit
a request for a file made by web browsers and search engines. hits are commonly misinterpreted as a metric for website success; however, the number of hits typically is much larger than the number of people viewing a website
55
influencer marketing
using opinion leaders, popular on social media, to drive marketing messages to a targeted audience
56
information effect (wheel of social media engagement)
the outcome of social media in which relevant information is spread by firms or individuals to other members of their social circles
57
keyword analysis
an evaluation of what keywords people use to search on the internet for their products and services
58
network effect (wheel of social media engagement)
the outcome of social media engagement in which every time a firm or person posts info, it is transferred to the poster's vast connections across social media
59
organic search
the process of listing web page results based on relevancy of key terms
60
page view
the number of times an internet page gets viewed by any visitor
61
paid apps
apps that charge the customer an up-front price to download the app
62
paid search
a method used by firms to appear higher up in the search results of a search engine (the position costs money and an additional fee is charged every time a user clicks on it)
63
search engine marketing
an activity used in online searches to increase the visibility of a firm by using paid searches to appear higher up in search results
64
sentiment analysis
a technique that allows marketers to analyze data from social media sites to collect consumer comments about companies and their products
65
timelines effect (wheel of social media engagement)
the firm being able to engage the customer at the right place/time, and their ability to do so 24/7 everywhere
66
business ethics
a branch of ethical study that examines ethical rules and principles within a commercial context (various moral and ethical issues in a business setting)
67
conscious marketing
an approach to marketing that acknowledges four key principles; a higher purpose, stakeholders, conscious leadership, and conscious culture
68
corporate social responsibility (CSR)
the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders
69
marketing ethics
the ethical problems that are specific to marketing (right vs wrong in society, globally, and individual settings)
70
stakeholders
the set of people impacted by a firm's actions, including shareholders, customers, employees, families, partners, the environment, government agencies, and the community
71
triple bottom line
a means to measure performance according to economic, environmental, and societal criteria

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