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Marketing > Final (2 of 2) > Flashcards

Final (2 of 2) Flashcards

1
Q

Marketing

A

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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2
Q

Marketing Plan

A

a written document that specifies the activities to be performed to implement and control the organizations marketing strategies.

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3
Q

Marketing Concept

A

the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

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4
Q

Marketing Audit

A

is a comprehensive, system- atic, independent, and periodic examination of a company’s—or business unit’s—marketing envi- ronment, objectives, strategies, and activities with a view to determining problem areas and oppor- tunities and recommending a plan of action

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5
Q

Marketing Strategy

A

The activitiesof selecting and describing one ormore target markets and developingand maintaining a market mix thatwill produce mutually satisfyingexchanges with target markets.

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6
Q

SWOT Analysis

A

Strengths, Weaknesses, Opportunities, Threats

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7
Q

Marketing Mix

A

A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

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8
Q

Product

A

A good, a service or an idea

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9
Q

Promotion

A

Role is to bring exchanges with markets by: Informing, Educating, Persuading, and Reminding with integration of Personal selling, Advertising, Sales promotion and Public RelationsA good promotion strategy can increase sales, but does not guarantee success.

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10
Q

Purchasing Power

A

A comparison of the relative cost of a standard set of goods and services in different geographic areasIncome – cost of living = purchasing power

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11
Q

Recession

A

A period of economic activity characterized by negative growth which reduces demand for goods and services.

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12
Q

Media planning

A

A plan for action for identifying and analyzing a target market and developing a marketing mix to meet the needs of the market.

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13
Q

Mission statement

A

A long-term view or vision, of what the organization wants to become.

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14
Q

New product strategy

A

A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing and commercialization.

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15
Q

Noise

A

Anything that reduces a communication’s clarity and accuracy

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16
Q

Opinon Leader

A

A member of an informal group provides information about a specific topic to other group members

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17
Q

Perception

A

The process of selecting, organizing and interpreting information inputs to produce meaning

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18
Q

Perishability

A

The inability of unused service capacity to be stored for future use.

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19
Q

Personal selling

A

Paid personal communication that attempts to inform customers and persuade them to buy products in an exchange situation

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20
Q

Product category

A

Product line focus to specific product group

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21
Q

Product development

A

Determining if producing a product is technically feasible and cost effective.

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22
Q

Product differentiation

A

Creating and designing products so that customers perceive them as as different from competing companies

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23
Q

Product life cycle

A

The progression of a product through four stages: introduction, growth, maturity, and decline.

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24
Q

Product line

A

a group of closely related product items viewed as a unit because of marketing, technological, or end-use considerations.

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25
Q

Product mix

A

the composite, or total group of products than an organization makes available to cutomers

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26
Q

Promotion mix

A

A combination of promotional methods used to promote a specific product.

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27
Q

Public relations

A

Communication efforts used to create and maintain favorable relations between an organization and its stakeholders.

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28
Q

Pull strategy

A

promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel.

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29
Q

Push strategy

A

Promoting a product only to the next institution down the marketing channel

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30
Q

Reference group

A

A group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members

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31
Q

Relationship marketing

A

Establishing long-term, mutually satisfying buyer-seller relationships.

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32
Q

Sales promotion

A

an activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it.

33
Q

Screening

A

Selecting the ideas with the greatest potential for further review.

34
Q

Selective distribution

A

Using only some available outlets in an are to distribute a product.

35
Q

Self-concept

A

A perception or view of oneself

36
Q

Service

A

An intangible result of the application of human mechanical efforts to people or objects.

37
Q

Social class

A

An open group of individuals with similar social rank

38
Q

Strategic Business Unit

A

A division, product line, or other profit center within the parent company

39
Q

Subculture

A

A group of individuals whose characteristics, values, and behavioral patterns are similar within the group and different from those of people in the surrounding culture.

40
Q

Supply chain management

A

A set of approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so products are produced and distributed in the right quantities, to the right locations, and at the right time.

41
Q

Target Market

A

a specific group of customers on whom an organization focuses its marketing efforts

42
Q

Test marketing

A

A limited introduction of a product in geographic areas chosen to represent the intended market

43
Q

Trademark

A

A legal designation of exclusive use of a brand

44
Q

Undifferentiated Targeting Strategy

A

A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.

45
Q

Value

A

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.

46
Q

Norm

A

specify ranges of appropriate behavior

47
Q

Sanctions

A

penalties for violating norms

48
Q

Niche Marketing

A

The advantage when a firm seeks to get and effectively serve a single segment of the market.

49
Q

Noise

A

a sound, especially one that is loud or unpleasant or that causes disturbance.

50
Q

One-To-One

A

An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer.

51
Q

Perceptual mapping

A

created by questioning a sample of consumers about their perceptions of products, brands and organizations with respect to two or more dimensions.

52
Q

Media Mix

A

Combination of media to be used for a promotional campaign

53
Q

Media Scheduling

A

Continuous Media Schedule- Advertising is run steadily throughout the period Ex: Laundry detergent, toilet paper

Flighted Media Schedule-Advertising is run heavily every other month or every two weeks Ex: Movie studios

Pulsing Media Schedule- Advertising combines continuous scheduling with flighting Ex: Department stores

Seasonal Media Schedule- Advertising is run only when the product is likely to be used Ex: Sunscreen, health clubs

54
Q

Membership Groups

A

one to which an individual actually belongs

55
Q

Positioning

A

The offering should deliver superior value to target customers

  • give consumers a frame of reference—a starting point for evaluating the offering
  • give consumers a reason for choosing the offering—superior value relative to the frame of reference
56
Q

Product Orientation

A

Although mass markets were evolving, firms were developing the ability to produce more products, and competition was becoming more intense.

57
Q

Sales Orientation

A

Businesspeople believe that the most important marketing activities were personal selling, advertising, and distribution.

58
Q

Repositioning

A

Reacting to a change in the target audience

59
Q

Segmentation methods

A

Mix & match, Layer and embed segments (e.g., user-based segmentation within an occasion-based segment)

60
Q

Societal Orientation (Market Orientation)

A

An organization wide commitment to researching and responding to customer needs

61
Q

Spatial Discrepancy

A

the difference between the location of a producer and the location of widely scattered markets

62
Q

Sponsorship

A

Sponsored by a company or one of its brands and maintained by one or more of the company’s employees

63
Q

Stimulus Discrimination

A

is when we learn to respond only to the original stimulus, and not to other similar stimuli.

64
Q

Temporal Discrepancy

A

a situation that occurs when a product is produced but a customer is not ready to buy it

65
Q

Unique Selling Proposition

A

or unique selling point is a marketing concept first proposed as a theory to explain a pattern in successful advertising campaigns of the early 1940s.

66
Q

Usage rate segmentation

A

rate at which a product’s inventory is used or sold during a specific time period.

67
Q

Warranty

A

a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

68
Q

Social Marketing

A

is an approach used to develop activities aimed at changing or maintaining people’s behavior for the benefit of individuals and society as a whole.

69
Q

Marketing Myopia

A

a term used in marketing as well as the title of an important marketing paper written by Theodore Levitt. This paper was first published in 1960 in the Harvard Business Review, a journal of which he was an editor.

70
Q

Mass communication

A

The process by which we exchange or share meanings through a common set of symbols.

71
Q

Optimizers

A

To make as perfect or effective as possible.

72
Q

Planned Obsolescence

A

built-in obsolescence in industrial design is a policy of planning or designing a product with an artificially limited useful life, so it will become obsolete, that is, unfashionable or no longer functional after a certain period of time.

73
Q

Private Label Brand

A

products or services are typically those manufactured or provided by one company for offer under another company’s brand. .

74
Q

Profit Maximization

A

is the short run or long run process by which a firm determines the price and output level that returns the greatest profit. Short-Term profit maximization is one of the most persuasive reasons to be unethical.

75
Q

Psychographic Segmentation

A

involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.

76
Q

Saticficers

A

A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. This is because aiming for the optimal solution may necessitate needless expenditure of time, energy and resources.

77
Q

Service Mark

A

a trademark used in the United States and several other countries to identify a service rather than a product. When a service mark is federally registered, the standard registration symbol ®

78
Q

Social Marketing

A

an approach used to develop activities aimed at changing or maintaining people’s behaviour for the benefit of individuals and society as a whole.

Marketing (2 decks)

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