Flashcards in Exam 1 Deck (76):
What is marketing?
The process by which companies create value for customersand build strong customer relationships in order to capture value from customers in return
What is marketing myopia?
focusing too much on consumer wants and not their needs
What is the production concept?
consumers favor products that are highly available and affordable
improve production and distribution
What is the product concept?
Consumers favor products that offer the best quality, performance, and innovative features
continuous product improvement
What is the selling concept?
consumers will buy products only if companies sell/ promote the products
What is the marketing concept?
focuses on needs and wants of consumers while beating out the competitors
What is the societal marketing concept?
focuses on needs / wants of target market while delivering superior value
What are the 4 P's of the marketing mix?
Customer satisfaction equation?
Customer perceptions - customer experience
What is the mission?
describes business that company is in and how to develop company
What are stars?
high market share and high growth
What are cash cows?
supply funds for the future with high market share and low growth
What are question marks?
high growth, but low market share, the next big thing
What are dogs?
low market share and low growth, on the way out
What is market penetration?
increase sale of existing product to existing customer
What is product development?
creating a new product for an existing market
What is market development?
introduce existing products to new markets
What is diversification?
emphasize new products and new growth to achieve growth
What is a code of ethics?
a formal statement of ethical principles and rules of conduct
What is consumerism?
Set of activities of government, business, independent organizations, and concerned consumers that are designed to protect the rights of consumers.
What is consumer behavior?
Buying behavior of consumers who buy products for themselves
What is culture?
Learned set of meanings, rituals, norms, and traditions that are shared among memebers of a organization or society
What is conspicuous consumption?
acquistion and display of ones goods to show off status
What is conspicuous waste?
showing off products that one never uses
What is a need?
a discrepancy between the current state and what is wanted
What is business buyer behavior?
refers to the buying behavior of the organizations that buy goods and services for use in production of other goods and services that are supplied, sold, and rented to others
`What are influencers?
help define specifications and provide information for defining alternatives
What is a buyer?
has the formal authority to select the supplier and arrange the terms of purchase
What is a decider?
have the final approval of suppliers
What do gatekeepers do?
control the flow of information
What is standardization?
the same marketing mix worldwide
What is localization?
adjust marketing mix to each target market
What is product extension?
Selling the same product globally
What is product adaptation?
modify the product to the new market
What four factors are required for marketing to occur?
two or more parties with unsatisfied needs
desire and ability to satisfy those needs
a way for the parties to communicate
something to exchange
What is the marketing mix?
a combination of the four controllable factors: price, product, place, and promotion that marketers can use to solve a marketing problem
What is a customer value proposition?
The cluster of benefits that an organization promises customers to satisfy their needs
What are environmental forces and what are they?
These are the uncontrollable factors of the marketing mix
Social, technological, competitive, regulatory, and economic
What is customer value?
the unique combination of benefits received by targeted buyers that includes, quality, ontime delivery, convenience, and both before and after sale
What is relationship marketing?
links the organziation to its individual customers, employees, suppliers, and other partners for their mututal benefit
What is the marketing concept?
an org should try to meet consumer needs while also trying to reach company goals
What is market orientation?
company focuses on collecting consumer data, sharing this information across departments, and using it to create customer value
What is customer relationship management?
identifiieing potential customers, understanding them intimatly, and developing favorable long term perceptions to keep buyers coming back
What is the structure of today's orgs?
board of directors - corporate level - SBUs - function level (containing departments such as finance)
What is an org's core values?
principles that guide the company over time
What is a company's mission?
a statement of the org's function in society that often identifies its customers, markets, products, and technologies
What is a business?
answers what industry a company is in
What is a marketing dashboard?
the visual display of information related to acheiving a marketing goal
What is diversification analysis?
a technique that helps a firm search for growth opportunities among current and new markets as well as current and new products
What is the strategic marketing process?
an org allocates its marketing resources to its target markets
What are points of differences?
the qualitites that make a product superior to others on the market
What are the three steps of the planning phase of the strategic marketing process?
goal setting and market product focus
What is environmental scanning?
the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
What is the marketspace?
an information and communication based electronic exchange market occupied by sophiscated computer and telecommunication technologies and offerings
What is monopolistic competition?
many sellers competing with substitutable products
What is a oligopoly?
Few companies control the industry sales, think cell phone carriers
What is pure competition?
where there are many sellers each with a similar product
What is the Sherman Act?
forbids contracts, constraints that prevent trade, and any kind of monopolies of trade
What is the Clayton Act?
forbids certain actions that are likely to lessen competition even if no harm has occured
What is included in the consumer bill of rights?
The right to safety
the right to be informed
the right to be heard
the right to choose
What is caveat emptor?
What is a code of ethics?
a formal statement of ethical rules and conduct
What is moral idealism?
personal moral philosophy that considers certain individual rights or duties as universal regardless of the outcome
What is utilitarianism?
The greatest good for the greatest number
What is the triple bottom line?
to improve profit, the earth, and the state of the people will increase profits over the long run
what is the purchase decision process?
problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior
What are temporal effects?
time of day or the amount of time available
What are antecedent states?
consumer mood or the amount of cash on hand
What is business to business marketing?
the marketing of products to businesses, governements, and not for profit agencies
What is a reverse auction?
a buyer communicates a need for a supplier and suppliers are invited to bid on a contract
What is protectionism?
protecting a country's economy through the use of tariffs or quotas
What is a multidomestic marketing strategy?
companies have as many product names and brands as the countries they do business in. Think of it as they are changing the product in each country to better attract those consumers
What is a global marketing strategy?
where cultures are similar we keep the same things, but when they differ we adapt our product
What are values?
personally or socially preferable modes of conduct or states of existence that tend to persist over time
What are customs?
considered normal in a society