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BA 317 > Week 1-3 > Flashcards

Week 1-3 Flashcards

1
Q

Marketing

A

A process by which companies create value customers

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2
Q

Market offerings

A

Some combination of products, services, information or experiences offered to a market to satisfy a need or want

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3
Q

Market Myopia

A

Is a focusing only existing wants and losing sight of underlying consumer needs

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4
Q

Customers

A

The purchases of organizations’ products, the focal point of all marketing activities.

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5
Q

Value proposition

A

Set of benefits or values a company promises to deliver to customers to satisfy their needs

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6
Q

Marketing Concept

A

The idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

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7
Q

Social marketing concept

A

The idea that a company should make good marketing decisions. Take into account the society and consumers when it comes to making products or services.

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8
Q

Customer relationship management

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

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9
Q

Production Concept

A

the idea that consumers will favor products that are available or highly affordable

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10
Q

Selling Concept

A

the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort

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11
Q

Integrated marketing program

A

comprehensive plan that communicates and delivers the intended value to chosen customers

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12
Q

Partner Relationship management

A

involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers

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13
Q

Strategic Planning

A

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

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14
Q

Mission statement

A

is the organizations purpose, what it wants to accomplish in the larger environment

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15
Q

Business objectives

A
  • Build profitable customer relationships
  • Invest in research
  • Improve profits
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16
Q

Marketing Objectives

A

○ Increase market share
○ Create local partnerships
○ Increase promotion

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17
Q

Business portfolio

A

the collection of businesses and products that make up the company

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18
Q

Portfolio analysis

A

the major activity in strategic planning whereby management evaluate the products and businesses that make up the company

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19
Q

Strategic business units can be…?

A
  • company division
  • product line within a division
  • single product or brand
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20
Q

Market Penetration

A

is a growth strategy increasing sales to current market segments without changing the product
* most risky

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21
Q

Product/market expansion grid:

A

a tool for identifying company growth opportunities through market penetration, market development, product development or diversification.

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22
Q

Market development

A

is a growth strategy that identifies and develops new market segments for current products

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23
Q

Diversification

A

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

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24
Q

Product Development

A

a growth strategy that offers new or modified products to existing market segments

25
Q

Downsizing

A

is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy

26
Q

Value Chain

A

is a series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm’s product

27
Q

Value delivery network

A

is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system

28
Q

Market Segmentation

A

is the division of a market into distinct groups of buyers who have different needs, characteristics or behavior and who might require separate products or marketing mixes

29
Q

Market Segment

A

a group of consumers who respond in a similar way to a given set of marketing efforts

30
Q

Market Targeting

A

the process of evaluation each market segments attractiveness and selecting one or more segments to enter

31
Q

Market positioning

A

is the arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of the target consumer

32
Q

Marketing mix

A

is the set of controllable tactical marketing tools–products, price, place, and promotion–that the firm blends to product the response it wants in the target market

33
Q

Implementing

A

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

34
Q

What does successful implementation depend on?

A

How well the company blends its people, organizational structure, decision and reward system and company culture into a cohesive action plan that supports its strategies

35
Q

Controlling

A

Is the measurement and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved

36
Q

Return on marketing investment (ROI)

A

The net return from marketing investment divided by the costs of the marketing investment

37
Q

Marketing environment

A

Includes the actors and forces outside marketing that affect marketing managements ability to build and maintain successful relationships with customers

38
Q

Microenvironment

A

Consists of the actors close to the company that affect its ability to serve its customers , the company, suppliers, marketing intermediaries, customer markets, competitors and publics.

39
Q

What economic structure has a natural equilibrium price point?

A

Pure competition

40
Q

Demography

A

the study of human populations- size, density, location, age, gender.

41
Q

Demographic environment

A

involves people and people make up markets

42
Q

Demographic trends

A

shifts in age, family structure, geographic population, educational characteristics, and population diversity

43
Q

Generation x

A

people between 1965 and 1976

44
Q

Baby boomers

A

People between 1946 and 1964

45
Q

millennials

A

People born between 1977 and 2000

46
Q

Generational marketing

A

important segmenting people by lifestyle of life state instead of age

47
Q

Natural environment

A

natural resources that are needed as inputs by marketers or that are affected by marketing activities

48
Q

Marketing information systems

A

Information based on what people have bought in the past

49
Q

Marekting intelligence

A

A way to gather marketing information outside of the businesses own research.

50
Q

Market Research

A

The systematic design collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.

51
Q

Exploratory research

A

Focus groups and in-depth interview

52
Q

Descriptive research

A

Surveys to find statistics on a product or service

53
Q

Causal Research

A

Looking for cause and effect hypothesis from experiments

  • has to reliable and valid (actually true)
  • able to get the same results in different locations
54
Q

Secondary Research

A

Consists of information that already exists somewhere, having been collected for another purpose.

  • less expensive
  • Disadvantage: how current is the information?
55
Q

Primary data

A

Consists of information gathered for the special research plan

56
Q

Observational research

A

involves gathering primary data by observing relevant people, actions, and situations

57
Q

Ethnographic Research

A

involves sending trained observers to watch and interact with consumers in their natural environment

58
Q

Survey research

A

these are widely used because they are flexible and widely descriptive however people may give misleading answers.

BA 317 (1 decks)

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