Test 1 (Ch. 1-6) Flashcards
the activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, its stakeholders, and society at large
Marketing
Trade of things of value between buyer and seller
exchange
Theses four things need to occur in order for _______ to occur:
- Two or more parties with unsatisfied needs
- A desire and ability on their part to be satisfied
- A way for the parties to communicate
- something to exchange
Marketing
People with both the desire and the ability to buy a specific offering
Market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Target marketing
What are the four P’s?
Product, price, promotions, place
A good, service, or idea to satisfy the customer’s needs
Product
What is exchanged for the product
Price
A means of communication between the seller and buyer
Promotion
A means of getting the product to the consumer
Place
The four P’s are the elements of __________
The marketing mix
The marketing mix elements are called
Controllable factors
A cluster of benefits that an organization promises customers to satisfy their needs
Customer value proposition
Forces that are beyond marketers control such as: social, economic, technological, competitive, and regulatory forces
Environmental forces
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale server at a specific price
Customer value
Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
Relationship marketing
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Marketing program
The idea that the organization should strive to satisfy the needs of the customers while also trying to achieve the organization’s goals
Marketing concept
An organization that focuses its efforts on continuously collecting information about customer’s needs, sharing this information across the market, and using it to create customer value have a _______ orientation
Market
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offers so that buyers will choose them in the marketplace
Customer Relationship Management (CRM)
The internal response that customers have to all aspects of an organization and its offerings
Customer experience
The view that organizations should satisfy the needs of consumers in a way that provides for society’s well being
Societal marketing concept
The people who use the products and services purchased for a household
Ultimate consumers
Those manufactures, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
Organizational buyers
The benefits or customer value received by users of the product
Utility
Legal entity that consists of people who share a common mission
Organization
A privately owned organization such as Target, Nike, etc. that serves its customers to earn a profit so that it can survive
Business firm
The money left after a business firm’s total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
Profit
A nongovernmental organization that serves its customers but does not have profit as an organizational goal
Nonprofit organization
An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals
Strategy
Where top management directs overall strategy for the entire organization
Corporate level
Subsidiary, division, or unit of an organization that markets a set of related offering to a clearly defined group of customers
Strategic Business Unit (SBU)
Where groups of specialists actually create value for the organization
Functional level
Consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals
Cross-functional teams
The fundamental, passionate, and enduring principles that guide its conduct over time
Core values
Employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers are examples of _________
Stakeholders
A statement of the organization’s function in society that often identifies its customers. markets. products, and technologies
Mission
The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
Organizational culture
Describes the clear, broad, underlying industry or market sector of an organization’s offerings
Business
The strategies an organization develops to provide value to the customers it serves
Business model
Statements of an accomplishment of a task to be achieved, often by a specific time
Goals or objectives
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
Market share
The visual computer display of the essential information related to achieving a marketing objective
Marketing dashboard
The measure of the quantitative value or trend of a marketing activity or result
Marketing Metric
Presents information about an organization’s marketing metrics graphically so marketers can quickly spot deviations from plans and take corrective actions
Data visualization
Road map for the marketing activities of an organization for a specified future times period such as one year or five years
Marketing Plan
The organizations special capabilities that distinguish it from other organizations and provide customer value
Competencies
A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
Competitive advantage
The technique managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) as though they were a collection of separate investments
Business portfolio analysis
The annual rate of growth of the strategic business units’ industry
Market growth rate
The sales of the strategic business units divided by the sales of the largest firm in the industry
Relative market share
Strategic business units (SBUs) that generate large amounts of cash, far more than they can invest profitably in themselves
Cash cows
Strategic business units (SBUs) with a high share of high -growth markets that may need extra cash to finance their own rapid future growth
Stars
Strategic business units (SBUs) with a low share of high-growth markets
Question marks
Strategic business units (SBUs) with low shares of slow-growth markets
Dogs
A technique that helps a firm search for growth opportunities from amount current and new markets as well as current and new products
Diversification analysis
Marketing strategy to increase sales of current products in current markets, such as selling more Ben & Jerry’s Bonnaroo Buzz Fair Trade-sourced ice cream to U.S. consumers
Market Penetration
A marketing strategy to sell current products to new markets
Market development
A marketing strategy of selling new products to current markets
Product development
A marketing strategy of developing new products and selling them in new markets
Diversification
An organization allocates its marketing mix resources to reach its target markets
Strategic Marketing process
Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it
Situation analysis
An acronym describing an organization’s appraisal of its internal strengths and weakness and its external opportunities and threats
SWOT analysis
Aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action
Market Segmentation
Characteristics of a product that make it superior to competitive substitutes
Points of difference
The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it
Marketing strategy
Detailed day-to-day operational decisions essential to the overall success of marketing strategies
Marketing tactics
A road map for the entire organization for a specified future period of time, such as one year or five years
Business plan
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Environmental scanning
The demographic characteristics of the population and its values
Social forces
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Demographics
A combination of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
Multicultural Marketing
Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
Culture
The concern for obtaining the best quality, features, and performance of a product or service for a given price
Value consciousness
Pertains to the income, expenditures, and resources that affect the cost of running a business and household
Economy
The total amount of money made in one year by a person, household, or family unity
Gross income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
Disposable income
The money that remains after paying for taxes and necessities (used for luxury items such as a cruise)
Discretionary income
Refers to inventions or innovations from applied science or engineering research
Technology
An information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
Marketspace
