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Marketing 317 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Marketing

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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2
Q

Value

A

Customer’s perception of all the benefits of a product/service weighed against all the costs of acquiring/consuming it

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3
Q

Exchange

A

Trade of something of value between two parties; usual medium is money.

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4
Q

Marketing Mix

A

The Four P’s - Product, Price, Place, Promotion

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5
Q

Integrated Marketing Communication (IMC)

A

Coordinate various promotional elements and other marketing activities that communicate with firm’s customers.

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6
Q

Uncontrollable Factors

A

External factors beyond control of the marketer. (Competition, Political/Legal system, Economy, Environment)

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7
Q

Conditions for Exchange

A
  • At least 2 parties
  • Something of value
  • Communication and Delivery
  • Freedom to Accept/Reject
  • Desire to deal w/ other party
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8
Q

Types of Benefits

A

Functional - product served purpose
Experiential - what it feels like to use product
Psychological - feelings of self-esteem/status from owning product

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9
Q

Marketing Mix Other Names (6)

A
  1. The Marketing Mix
  2. The Four P’s
  3. 3 P’s and a D (distribution - place)
  4. 3 P’s and a C (communications - promotion)
  5. 2 P’s, a C & D
  6. Controllable Factors
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10
Q

Sustainability

A

Development that meets the needs of the current generation without compromising the ability of future generations to meet their needs

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11
Q

Promotion

A

The coordination of all seller-initiated efforts to set up channels of information and persuasion in order to sell goods and services/promote an idea

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12
Q

Elements of the Promotional Mix

A
  1. Advertising
  2. Direct Marketing
  3. Digital/Internet Marketing
  4. Sales Promotion
  5. Publicity/Public Relations
  6. Personal Selling
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13
Q

Advertising

A

Paid, nonpersonal communication:

  • about organization, product, service, or idea
  • w/ identified sponsor
  • no immediate feedback from audience
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14
Q

Advertising Classifications

A

Consumers - national, retail/local, primary/selective demand

Organizations - business-to-business, professional, trade

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15
Q

Direct Marketing

A

Organizations communicate directly with target customers to generate a response and/or transaction

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16
Q

Forms of Direct Marketing

A
  • direct mail
  • catalogs
  • direct response ads
  • telemarketing
  • direct selling
  • database management
  • shopping channels
  • internet sales
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17
Q

Direct-Response Advertising

A

Promotion through ad, encouraging consumer to purchase directly from the manufacturer

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18
Q

Omnichannel Retailing

A

Companies sell their products through multiple distribution channels (retail stores, online, catalogs, mobile apps)

19
Q

Digital/Internet Marketing

A

Interactive Media, Social Media, and Mobile Marketing

20
Q

Interactive Media

A

Allow users to participate in and modify the form and content of the information they receive in real time

21
Q

Social Media

A

Online means of communication and interactions used to create, share, and exchange content

22
Q

Mobile Marketing

A

Messages delivered are specific to a consumer’s location/consumption situation

23
Q

Sales Promotion

A

Marketing activities that provide extra value/incentives to the sales force, retailers, and/or ultimate consumer

24
Q

Reasons for Sales Promotion (3)

A
  1. Declining brand loyalty
  2. Increased consumer sensitivity to promotional ideas
  3. Retailers’ demand for more trade promotion support from companies
25
Q

Consumer vs. Trade Promotions

A

Consumer-oriented - couponing, sampling, premiums… encourages immediate purchases
Trade-oriented - promotional/merchandising allowances, price deals, sales contests, trade shows… wholesalers, distributors, retailers

26
Q

Publicity

A

Nonpersonal communication regarding an organization, product, service, or idea not directly paid for/run under identified sponsor (news story, not under company control, high credibility-low cost)

27
Q

Public Relations

A

Establish and maintain positive image of the company among various publics

28
Q

Personal Selling

A

Person-to-person communication, seller attempts to assist and/or persuade prospective buyers to make a purchase/act on an idea

29
Q

Coercion

A

Unethical, removes you from realm of IMC

30
Q

Touch Point

A

Every opportunity consumer has to interact with the company and/or its brands

31
Q

Types of Touch Points

A
  1. Company-created - planned
  2. Intrinsic - buying/using product
  3. Unexpected - unanticipated
  4. Customer-initiated - customer interaction
32
Q

Paid Media

A

Channels marketer pays to leverage

33
Q

Owned Media

A

Channels company controls

34
Q

Earned Media

A

Exposure company didn’t pay for, generated by outside entities

35
Q

Integrated Marketing Communications Management

A

Process of planning, executing, evaluating, and controlling the use of various promotional-mix elements to effectively communicate w/ target audience

36
Q

Integrated Marketing Communications Plan

A

Provides framework for developing, implementing, and controlling the IMC program

37
Q

Marketing Plan

A

Written document that describes the overall marketing strategy and programs developed for an organization/ product line/ brand.

38
Q

Internal Analysis

A

Assesses relevant areas involving the product/service offering and firm

39
Q

External Analysis

A

Factors such as characteristics of firm’s customers, market segments, positioning strategies, and competitors

40
Q

Marketing Objectives

A

What is to be accomplished by the overall marketing program

41
Q

Communication Objectives

A

What the firm seeks to accomplish with its promotional program

42
Q

Promotional Spiral

A

consumer - price is going down as competitors compete

43
Q

Promotional Trap

A

business - if you don’t your competitor will, and you’re trapped

Marketing 317 (5 decks)

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