Flashcards in Exam One Deck (89)
What is marketing? How would you define it?
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.
People giving something up in order to receive something else they would rather have.
Define Customer Value:
The relationship between benefits and the sacrifice necessary to obtain those benefits
Define Customer satisfaction:
Customers' evaluation of a good or service in terms of whether it has met their needs and expectations
What is strategic planning?
The managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities.
Strategic business Unit (SBU)
A subgroup of a single business of collection of related businesses within the larger organization.
What exactly is "Marketing Myopia."
Defining a business in terms of goods and services rather than in terms of the benefits customers seek.
What is environmental scanning?
A 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.
What is environmental management?
When a company implements strategies that attempt to shape the external environment within which it operates.
what is demography?
The study of people's vital statistics, such as age, race and ethnicity, and location.
What is purchasing power?
A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.
A period of economic activity characterized by negative growth which reduces demand for goods and services.
The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.
A driving force that cause a person to take action to satisfy specific needs.
What is learning?
A process that creates change in behavior, immediate or expected through experience and practice.
What is culture?`
The set a 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.
people or organizations with needs or wants and the ability and willingness to buy
What is market segmentation?
The process of dividing a market into meaningful, relative similar and identifiable segments or groups
Define Target Markets:
A group of people or organization for which an organization design, implements, and maintains and marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchange.
What does positioning mean in marketing?
Developing a specific marketing mix to influence potential customers' overall perception of brand, product
The place a product brand or group of product occupies in consumers minds relative to competing offerings
What is a market research problem?
determine what information is needed and how that information can be obtained efficiently and effectively
Define market research?
the process for planning collecting and analyzing data relevant to a marketing decision.
What is a measurement error?
An error that occurs when there is a difference between the inforamtion desired by the researcher and the information provide by the measurement
What is a sampling error?
An error that occurs when a sample somehow does not represent the target population.
Describe four marketing management philosophi
The role of marketing and the character of marketing activities within an organization are strongly influenced by the organization’s marketing philosophy and orientation. A production-oriented organization focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. A sales orientation is based on the beliefs that people will buy more products and services if aggressive sales techniques are used and that high sales volumes produce high profits. A market-oriented organization focuses on satisfying customer wants and needs while meeting organizational objectives. A societal marketing orientation goes beyond a market orientation to include the preservation or enhancement of individuals’ and society’s long-term best interests.
Talk about CUSTOMER RELATIONSHIP MANAGEMENT what is it?
Beyond knowing to whom they are directing their products or services, companies must also develop a deeper understanding of their customers. One way of doing this is through customer relationship management. Customer relationship management (CRM) is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. This is accomplished by organizing the company around customer segments, establishing and tracking customer interactions with the company, fostering customer-satisfying behaviors, and linking all processes of the company from its customers through its suppliers. The difference between CRM and traditional mass marketing can be compared to shooting a rifle versus a shotgun. Instead of scattering messages far and wide across the spectrum of mass media (the shotgun approach), CRM marketers now are homing in on ways to effectively communicate with each customer (the rifle approach).
What are the Elements of the marketing mix or 4Ps
product, price, place, promotion
What are the elements of Product in the marketing mix?
The product includes not only the physical unit but also its package, warranty, after-sale service, brand name, company image, value, and many other factors.
Products can be tangible goods such as computers, ideas like those offered by a consultant, or services such as medical care. Products should also offer customer value.