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Intro to Business > Chapter 11 > Flashcards

Chapter 11 Flashcards

(75 cards)

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1
Q

Marketing; “Right” Principle

A

the process of communicating the value of a product/service to customers so that it sells

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2
Q

Exchange

A

takes place when two parties give something of value to each other to satisfy their respective needs or wants

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3
Q

Sales

A

incorporates actually selling the company’s products/services to its customers

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4
Q

Marketing Concept

A

the use of marketing data to focus on the needs & wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also accomplish the goals of the organization

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5
Q

Customer Value

A

the ratio of benefits for the customer to the sacrifice necessary to obtain those benefits

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6
Q

Customer Satisfaction

A

the customer’s feeling that a product has met or exceeded expectations

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7
Q

Relationship Marketing

A

a strategy that focuses on forging long-term partnerships with customers

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8
Q

Product

A

something offered in exchange & for which marketing actions are taken & marketing decisions made

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9
Q

Price

A

something given in exchange for a product (monetary or nonmonetary)

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10
Q

Place

A

some method of getting the product from the creator to the customer

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11
Q

Promotion

A

methods for informing & influencing customers to buy the product; not related to marketing

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12
Q

People

A

methods of utilizing organization employees to support the marketing strategies of the company

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13
Q

Environmental Scanning

A

collecting & evaluating environmental information to identify current & future market opportunities & threats

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14
Q

Convergence

A

means that the digital industry will merge together with entertainment

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15
Q

Target Market

A

specific group of customers towards which a firm directs its marketing efforts

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16
Q

Competitive Advantage (Differential)

A

a set of unique features of a company and its products that are perceived by the target market(s) as significant and superior to those of the competition

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17
Q

Cost Competitive Advantage

A

a firm can produce a product or service at a lower cost than all its competitors while maintaining satisfactory profit margins

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18
Q

Product Differential Competitive Advantage

A

the durability can be more successful for the long-term viability of the company

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19
Q

Service Differentiation Competitive Advantage

A

the ability to create the service product, continually refine the service process, & interact with customers is crucial

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20
Q

Niche Competitive Advantage

A

a company targets & effectively serves a single segment of the market

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21
Q

Marketing Mix

A

based on the 5P’s, brings a specific group of consumers a product with superior value

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22
Q

Product Strategy

A

involves choosing a brand name, packaging, colors, a warranty, accessories, and a service program

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23
Q

Pricing Strategy

A

based on demand for the product & the cost of producing that product

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24
Q

Place (Distribution) Strategy

A

creating the means (the channel) by which a product flows from the producer to the consumer

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25
Promotion Strategy
promotional selling is called promotional mix
26
E-Commerce
the use of the company website to support and expand the marketing strategies of the 5 P's
27
Buyer Behavior
the actions people take with regard to buying and using products
28
Culture
the set of values, ideas, attitudes, & symbols created to shape human behavior
29
Social Factors (reference group)
all the formal & informal groups that influence the buying behavior of an individual
30
Individual Influences
personal characteristics unique to each individual that affects a person's buying decisions
31
Psychologicla influences
an individual's buying decisions are further influenced by psychological factors such as perception, beliefs, & attitudes
32
Market Segmentation
process of separating, identifying, and evaluating the layers of a market to identify a target market
33
Demographic Segmentation
uses categories such as age, education, gender, income, & household size to differentiate among markets
34
Geographic Segmentation
segmenting markets by region of the country, city or county size, market density, or climate
35
Market Density
the number of people or businesses within a certain area
36
Psychographic Segmentation
market segmentation by personality or lifestyle
37
Benefit Segmentation
based on what products will do rather than on consumer characteristics
38
Volume Segmentation
based on the amount of the product purchased
39
Business Market Segmentation
may segment based on geography,volume, & benefit
40
Marketing Research
the process of planning, collecting, and analyzing data relevant to a marketing decision
41
Primary Data
where the organization actually gets the data and analyzes it
42
Secondary Data
where the organization uses data that has already been developed and published by another entity & the organization is able to utilize the data for its own purposes
43
Survey Research
data is gathered from respondents to obtain facts, opinions, and attituds
44
Observation Research
research that monitors respondents' actions without direct interaction
45
PPM
Portable People Meter
46
Experiment Research
measures causality
47
Consumer Products
products that are bought by the end user
48
Consumer Non-Durables
consumer products that get used up such as Lay's potato chips, Nexxus shampoo
49
Consumer Durables
consumer products that last for a long time such as Whirlpool washing machines
50
Unsought Products
products unplanned by the potential buyer or known products that the buyer does not actively seek
51
Convenience Products
relatively inexpensive products that require little shopping effort
52
Shopping Products
bought only after a brand-to-brand and store-to-store comparison to the price, suitability, and style
53
Specialty Products
products for which consumers search long and hard and for which they refuse to accept substitutes
54
Capital Products
usually large, expensive items with a long lifespan
55
Expense Items
typically smaller, less expensive items that usually have a lifespan of less than a year
56
Line Extension
a new flavor, size, or model using an existing brand name in an existing category
57
Focus Group
consists of 8-12 participants led by a moderator in an in-depth discussion on one particular topic/concept
58
Test Marketing
testing the product among potential users
59
Rollout
market introduction, requires a lot of logistical coordination
60
Product Manager
develops and implements a complete strategy and marketing program for a specific product or brand of product
61
Product Life Cycle
Introduction - Growth - Maturity - Decline (death)
62
Perceived Value
the perception of the product's value at the time of the transaction
63
Barter (trade)
when products are exchanged for each other
64
Gross Revenue
the prices charged customer * the number of units sold
65
Price Skimming
the practice of introducing a new product on the market at a high price & then lowering the price over time
66
Penetration Pricing
a company offers new products at low prices in hopes of achieving a large sales volume
67
Leader Pricing
pricing products below the normal markup or even below cost to attract customers to a store where they wouldn't otherwise shop
68
Loss Leader
a product priced below costs
69
Dynamic Pricing
uses computer algorithms to analyze demand & automatically raises prices as demand increases
70
Bundling
grouping 2 or more related products together and pricing them as a single product
71
Odd-Even Pricing (Psychological Pricing)
the strategy of setting a price at an odd number to connote bargain & at an even number to imply quality
72
Prestige Pricing
the strategy of raising the price of a product so consumers will perceive it as being of higher quality, status, or value
73
One-to-One Marketing
creating a unique marketing mix for every consumer
74
Marketing Database
a computerized file of customers' and potential customers' profiles and purchase patterns
75
Database Marketing (Micromarketing)
can get a customized, individual message to everyone simultaneously through direct mail or through the internet

Intro to Business (12 decks)

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