Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing and Brand Development > Vocab for Quiz 1 > Flashcards

Vocab for Quiz 1 Flashcards

1
Q

Marketing Strategy

A

logic by which the comapny hopes to create customer value and achieve profitable customer relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Marketing

A

managig profitable customer relationships, capture value from customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Target Marketing

A

selecting which segments it will go after

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Strategic Planning

A

the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Mission Statement

A

a statement of the organizations purpose what it wants to accomplish in the larger environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Market Segmentation

A

dividing the market into segments of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Customer Perceived Value

A

evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Market

A

the set of all actual and potential buyers of a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Business Portfolio

A

the collection of businesses and products that make up the company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

ROI

A

return of investment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

CRM

A

customer relationship management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Microenvironment

A

close actors to the company that affect its ability to serve its customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Demographics

A

studies of the human population

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Macroenvironment

A

larger societal forces that affect the macroenvironment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Economic Environment

A

factors that affect consumer purchasing power and spending patterns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Natural Environment

A

resources that are needed as inputs by markets or that are affected by marketing activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Technological Environment

A

forces that create new technologies, creating new product and market opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Cultural Environment

A

institutions and other forces that affect societies basic values, perceptions preferences and behaviors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Marketing Environment

A

the things that affect marketing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is the largest generational group?

A

Millenial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the 4 P’s of marketing?

A

product

price

promotion

place

23
Q

SWOT

A

strengths

weakness

opportunities

threats

24
Q

Statistical Measurements in demographics

A
  1. size
  2. location
  3. income
  4. race
  5. education
  6. density
  7. age
  8. gender
  9. population
  10. hobbies/habits
25
Q

Competitive Advantage

A

an advantage over competitiors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

26
Q

Consumer Market

A

all individuals and households that buy or acquire goods and services for personal consumption

27
Q

social class

A

relatively permanent and ordered divisions in a society whose members share values, interests and behaviors

28
Q

subculture

A

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

29
Q

Culture

A

the set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions

30
Q

Value Proposition

A

the full positioning of a brand the full mix of benefits on which it is positioned

31
Q

Product Position

A

the way a product is defined by consuers on important atributes - the place the product occupies in consumers minds relatives to competing products

32
Q

customer/buyer behavior

A

the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption

33
Q

Opinion Leader

A

a person with a reference group who, because of special skills, knowledge, personality or other characteristics, exerts social influence on others

34
Q

Positioning Statement

A

summarizes company or brand positioning using a format

35
Q

4 Major American Social Classes

A
  1. Upper Class
  2. Middle Class
  3. Working Class
  4. Lower Class
36
Q

Market Targeting Strategy

A

the process of evaluating each market segements attractivness and selecting one or more segments to enter

37
Q

Undifferentiated Marketing

A

coverage strategy in which a firm decies to ignore market segment differences and go after the whole market

38
Q

Niche Marketing

A

strategy in which a firm goes after a large share of one or a few segments or niches

39
Q

Local/Individual Marketing

A

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments

40
Q

What are the 5 buyer decisions?

A
  1. Need Recognition
  2. Information Search
  3. Evaluation of Alternatives
  4. Purchase Decision
  5. Post-purchase Behavior
41
Q

Psychographic Segmentation

A

divides buyers into different segments based on social class, lifestyle or personal characteristics

42
Q

Geographic Segmentation

A

calls for dividing the market into geographical units such as nations, regions, states, counties, cities, neighborhoods

43
Q

Behavioral Segmentation

A

divides buyers into segments based on their knowledge, attitudes, uses or responses to a product

44
Q

Demographic Segmentation

A

divide the market into segments based on variable such as age, life cycle, gender, income, occupation, education, religion, ethnicity and generation

45
Q

Customer Driven Market Strategy

A

Segmentation, Targeting, Differentiation, Positioning

46
Q

Segmentation

A

divide the total market into smaller segments

47
Q

Positioning

A

position the market offering in the minds of target customers

48
Q

Differentiation

A

differentiate the market offering to create superior customer value

49
Q

Differentiation

A

differentiate the market offering to create superior customer value

50
Q

Targeting

A

select the segment or segments to enter

51
Q

The largest American Social Class is…

A

Middle Class

52
Q

Largest Social Class Percentage?

A

44%

53
Q

Occasional Segmentation

A

diciding the market into segments according to occasions when buyers get the idea to but, actually make their purchase, or use the purchased item

Marketing and Brand Development (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions