Exam 1 Flashcards
(24 cards)
Exchange
People giving up something in order to receive something else they would rather have.
Customer Value
The relationship between benefits and the sacrifice necessary to obtain those benefits.
Customer Satisfaction
Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.
Strategic Planning
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
Strategic Business Unit (SBU)
A subgroup of a single business or collection of related businesses within the larger organization.
Marketing Myopia
Defining a business in terms of goods and services rather than in terms of the benefits customers seek.
Environmental Scanning
Collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.
Environmental Management
When a company implements strategies that attempt to shape the external environment within which it operates.
Demography
The study of people’s vital statistics, such as age, race and ethnicity, and location.
Purchasing Power
A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.
Recession
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
Perception
The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.
Motive
A driving force that causes a person to take action to satisfy specific needs.
Learning
A process that creates changes in behavior, immediate or expected, through experience and practice.
Culture
Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.
Market
People or organizations with needs or wants and the ability and willingness to buy
Market Segmentation
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.
Target Market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.
Positioning
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general.
Marketing Research
Process of planning, collecting, and analyzing data relevant to a marketing decision.
Marketing Research Objective
The specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information.
Measuring Error
An error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process
Sampling Error
An error that occurs when a sample somehow does not represent the target population.
Marketing
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.
