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Final (2 of 2) Flashcards

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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
Product mix
the composite, or total group of products than an organization makes available to cutomers
26
Promotion mix
A combination of promotional methods used to promote a specific product.
27
Public relations
Communication efforts used to create and maintain favorable relations between an organization and its stakeholders.
28
Pull strategy
promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel.
29
Push strategy
Promoting a product only to the next institution down the marketing channel
30
Reference group
A group that a person identifies with so strongly that he or she adopts the values, attitudes, and behavior of group members
31
Relationship marketing
Establishing long-term, mutually satisfying buyer-seller relationships.
32
Sales promotion
an activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it.
33
Screening
Selecting the ideas with the greatest potential for further review.
34
Selective distribution
Using only some available outlets in an are to distribute a product.
35
Self-concept
A perception or view of oneself
36
Service
An intangible result of the application of human mechanical efforts to people or objects.
37
Social class
An open group of individuals with similar social rank
38
Strategic Business Unit
A division, product line, or other profit center within the parent company
39
Subculture
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
Supply chain management
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
Target Market
a specific group of customers on whom an organization focuses its marketing efforts
42
Test marketing
A limited introduction of a product in geographic areas chosen to represent the intended market
43
Trademark
A legal designation of exclusive use of a brand
44
Undifferentiated Targeting Strategy
A strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product.
45
Value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
46
Norm
specify ranges of appropriate behavior
47
Sanctions
penalties for violating norms
48
Niche Marketing
The advantage when a firm seeks to get and effectively serve a single segment of the market.
49
Noise
a sound, especially one that is loud or unpleasant or that causes disturbance.
50
One-To-One
An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer.
51
Perceptual mapping
created by questioning a sample of consumers about their perceptions of products, brands and organizations with respect to two or more dimensions.
52
Media Mix
Combination of media to be used for a promotional campaign
53
Media Scheduling
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
Membership Groups
one to which an individual actually belongs
55
Positioning
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
Product Orientation
Although mass markets were evolving, firms were developing the ability to produce more products, and competition was becoming more intense.
57
Sales Orientation
Businesspeople believe that the most important marketing activities were personal selling, advertising, and distribution.
58
Repositioning
Reacting to a change in the target audience
59
Segmentation methods
Mix & match, Layer and embed segments (e.g., user-based segmentation within an occasion-based segment)
60
Societal Orientation (Market Orientation)
An organization wide commitment to researching and responding to customer needs
61
Spatial Discrepancy
the difference between the location of a producer and the location of widely scattered markets
62
Sponsorship
Sponsored by a company or one of its brands and maintained by one or more of the company’s employees
63
Stimulus Discrimination
is when we learn to respond only to the original stimulus, and not to other similar stimuli.
64
Temporal Discrepancy
a situation that occurs when a product is produced but a customer is not ready to buy it
65
Unique Selling Proposition
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
Usage rate segmentation
rate at which a product's inventory is used or sold during a specific time period.
67
Warranty
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
Social Marketing
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
Marketing Myopia
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
Mass communication
The process by which we exchange or share meanings through a common set of symbols.
71
Optimizers
To make as perfect or effective as possible.
72
Planned Obsolescence
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
Private Label Brand
products or services are typically those manufactured or provided by one company for offer under another company's brand. .
74
Profit Maximization
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
Psychographic Segmentation
involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers.
76
Saticficers
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
Service Mark
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
Social Marketing
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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