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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
Downsizing
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
Value Chain
is a series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm's product
27
Value delivery network
is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system
28
Market Segmentation
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
Market Segment
a group of consumers who respond in a similar way to a given set of marketing efforts
30
Market Targeting
the process of evaluation each market segments attractiveness and selecting one or more segments to enter
31
Market positioning
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
Marketing mix
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
Implementing
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
34
What does successful implementation depend on?
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
Controlling
Is the measurement and evaluation of results and the taking of corrective action as needed to ensure the objectives are achieved
36
Return on marketing investment (ROI)
The net return from marketing investment divided by the costs of the marketing investment
37
Marketing environment
Includes the actors and forces outside marketing that affect marketing managements ability to build and maintain successful relationships with customers
38
Microenvironment
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
What economic structure has a natural equilibrium price point?
Pure competition
40
Demography
the study of human populations- size, density, location, age, gender.
41
Demographic environment
involves people and people make up markets
42
Demographic trends
shifts in age, family structure, geographic population, educational characteristics, and population diversity
43
Generation x
people between 1965 and 1976
44
Baby boomers
People between 1946 and 1964
45
millennials
People born between 1977 and 2000
46
Generational marketing
important segmenting people by lifestyle of life state instead of age
47
Natural environment
natural resources that are needed as inputs by marketers or that are affected by marketing activities
48
Marketing information systems
Information based on what people have bought in the past
49
Marekting intelligence
A way to gather marketing information outside of the businesses own research.
50
Market Research
The systematic design collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.
51
Exploratory research
Focus groups and in-depth interview
52
Descriptive research
Surveys to find statistics on a product or service
53
Causal Research
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
Secondary Research
Consists of information that already exists somewhere, having been collected for another purpose. * less expensive * Disadvantage: how current is the information?
55
Primary data
Consists of information gathered for the special research plan
56
Observational research
involves gathering primary data by observing relevant people, actions, and situations
57
Ethnographic Research
involves sending trained observers to watch and interact with consumers in their natural environment
58
Survey research
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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