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Flashcards in Test 1 Deck (118):
1

who does marketing affect

all individuals, organization, industries, and all countries

2

what is marketing

the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

3

what does marketing stress the need of

to deliver genuine benefits in goods, services, and ideas marketed to customers f

4

who is trying to benefit from the marketing

everyone

5

what is marketing seeking to do by serving both buyers and sellers

discover the needs and wants of prospective customers/
satisfy them

6

what is exchange

trade of things of value between a buyer and a sellers so that each is better off after trade

7

who does the marketing department work with

other departments closely and employees to help provide the customer-satisfying products

8

what is not possible within marketing

to provide the lowest-priced and highest-quality products to customers and pay the highest prices to suppliers, the highest wages to employees, and the maximum dividends to shareholders

9

what is needed for marketing to occur

two or more parties with unsatisfied needs/
a desire and ability on their part to have their needs satisfied/
a way for the parties to communicate/
something to exchange

10

discovering consumer needs

customers may not always know or be able to describe what they need or want; sometimes you just have to create or make something and see how customers react

11

what do companies try and learn from

past mistakes

12

what is a need

occurs when a person feels deprived of basic necessities

13

what is a want

a need that is shaped by a person's knowledge, culture, and personality

14

what is the market

people with both the desire and the ability to buy a specific offering; ultimately all people

15

what is a target market

one or more specific groups of potential customers toward which an organization directs its marketing program

16

what are the 4 P's of marketing

product
price
promotion
place

17

what is customer value proposition

a cluster of benefits that an organization promises customers to satisfy their needs; achieves this in a meaningful way by creating connections with its customers

18

what is relationship marketing

(hallmark of developing and maintaining effective customer relationships)/
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit

19

what is the marketing program

a plan tha integrates the marketing mix to provide a good, service, or idea to respective buyers

20

what is the marketing mix element

product strategy/
price strategy/
promotion strategy/
place strategy

21

what are market segments

relatively homogeneous groups of prospective buyers that have common needs, and will respond to a marketing action

22

what is the marketing concept

the idea that an organization should strive to satisfy the needs of customers,/ trying to achieve the organizations goals

23

marketing orientation

continuously collecting information about customers' needs/
sharing this information cross departments/
using it to create customer value

24

customer relationship management

process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the market place

25

customer experience

the internal response that customers have to all aspects of an organization and its offerings

26

social marketing concept

the view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well being

27

breadth and depth of marketing

who markets, what is is marketed, who buys and uses what is marketing, who benefits from these marketing activities, how consumers benefits

28

ultimate consumers

the people who use the products and services purchased for a household

29

organization buyers

manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or sale

30

those who benefit

those who buy, organizations that sell, society as a whole

31

utility

the benefits or customer value received by users of the product

32

form utility

the production of the product or service constitutes

33

place utility

having the offering available where consumers need it

34

time utility

having it available when people need it

35

session utility

value of making an item easy to purchase through the provision of credit cards or financial arrangements

36

types of organization

for-profit, nonprofit, government agencies

37

organization

a legal entity that consists of people who share a common mission; motivates them to develop offerings

38

profit

the money left after a for-profit organization subtracts it total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings

39

strategy

an organizations long-term course of action that delivers a unique customer experience while achieving its goals

40

what are the three organization levels

corporate level , strategic business, functional level

41

what is the corporate level

where top management directs overall strategy for the entire organization; usually means the board of directors and senior management officers

42

strategic business

a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined target market

43

functional level

where groups of specialists actually create value for the organzation

44

cross functional teams

consists of a small number of people form different departments who are mutually accountable to accomplish a set of goals

45

core vlaues

the fundamental, passionate, and enduring principles that guide its conduct over time

46

stakeholders

employees, shareholders, board of directors, suppliers, distributors, creditors, unions, government, local communities, and customers

47

mission

a statement or vision of an organzation function in society; should be clear, concise, meaningful, inspirational , and long term

48

organzation culture

the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization

49

business

describes the clear, broad, underlying industry or market sector of an organization's offerings

50

goals or objectives

statements of an accomplishment of a task to be achieved, often by a specific time

51

what are the types of goals or objectives

profit, sales, market share, quality, customer satisfaction, employe welfare, social responsibility

52

market share

the ration of a firms sales to the total sales of all firms in the industry

53

variation by level

top managers may struggle written mission statement

54

market plan

a road map for the marketing activities of an organization for a specified future of time

55

marketing dashboard

the visual computer display of essential marketing information

56

marketing matric

a metric of the value or trend of a marketing action or result

57

settings strategic direction

where are we now, where do we want to go

58

competencies

what do we do best

59

customers

must give them what they want and provide genuine value to them to ensure that they ill have a good experience

60

competitors

no matter what you are in you are always going to have competitors so you have to work with that and see what you can do better than them

61

growth strategies

whre do we want to go can be aided with business portfolio analysis and diversification analysis aid managers with these decisions

62

business portfolio analysis

a technique that mangers use to quantify performance measure and growth targets of their firms' strategic business units ; determine SBU

63

what is the horizontal axis

relative market share

64

what is the vertical share

market growth share

65

what are the 4 quadrants

question markets, stars, cash cows, dogs

66

question markets

SBU's with a low share of high growth markets

67

stars

SBU's with a high share of high growth rate markets that may need extra cash to finance their own rapid future growth

68

cash cows

SBU's that generate large amounts of cash, far more than they can use

69

dogs

SBU's with low shares of slow growth markets

70

diversification

a technique a firm uses to search for growth opportunities from among current and new products and markets

71

what are the four market product strategies

market penetration, market development, product development, diversification

72

strategic marketing process

an approach whereby an organization allocates its marketing mix resources to reach its target markets; three phases

73

what are the three phases of the strategic marketing process

planning, implementation, evaluation

74

marketing segmentation

the aggregating of potential buyers into groups that have common needs and will respond similarly to a marketing action

75

points of difference

those characteristics of a product that make it superior to competitive substitutes

76

marketing strategy

the means by which a marketing goal is to be achieved

77

marketing tactics

detailed day-to-day operation decisions essential to the overall success of marking strategies

78

environmental scanning

the process of acquiring information on events outside the organization to identify and interpret potential trends

79

five sources arisen from scanning

social, economic, technological, competitive, regulatory forces

80

social forces

the demographics characteristics of the population its culture

81

demographics

describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

82

population explosion

an extreme increase of population over a given period of time

83

baby boomers

generation born between 1946-64

84

generation X

the generation of people born between 65 and 76; also known as the baby bust

85

generation Y

born between 77 and 94

86

multicultural marketing

marketing programs that reflect unique aspects of different races

87

culture

the set of values, ideas, and attitudes that is learned and shared among the members of a group

88

economy

pertains to the income, expenditures, and resources that affect the cost of runnier business or household

89

macroeconomic conditions

performance of the economy based on indicators such as GDP, unemployment, and price changes; economy as a whole

90

microeconomic conditions

having a product that meets the needs of consumers may be of little value if they are unable to purchase it

91

gross income

the total amount of money made in the one year by a person, household, or family unit

92

disposable income

the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

93

discretionary income

the money that remains after for tax and necessities; luxury items

94

technology

innovation from applied science or engineering research

95

changes in technology

connectivity will grow, computers will develop all five senses, green technology, 3d technology

96

market space

an information-and communication based electronic echange environment occupied by digitalized offerings

97

electronic commerce

any activity that used some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of products and services

98

competition

alternative firms that could provide a product to satisfy a specific markets needs

99

pure competition

many sellers and they have a similar product

100

monopolistic competition

many sellers compete with substitutable products with a price range

101

oligopoly

when few companies control the majority of industry sales

102

pure monopoly

when only one firm sells the product

103

regulation

restrictions that state and federal laws place on business

104

consumerism

a movement started to increase the influence, power, and rights of consumers in dealing with institutions

105

self regulation

an alternative to government control, whereby an industry attempts to police itself

106

ethics

the moral principles and values that govern the actions and decisions of an individual or a group

107

culture

set of values, ideas, and attitudes that are learned and shared among members of a group

108

ethics of exchange

both parties should be leaving better off

109

consumer bill of rights

the ethics of exchange between buyers and sellers

110

unethical behavior

economic espionage, bribery

111

economic espionage

the clandestine collection of trade secrets or proprietary information about a company's competitors

112

bribery

kickbacks often disguised as gifts, consultant fees, and favors

113

code of ethics

a formal statement of ethical principles and rules of conduct

114

moral idealism

a personal moral philosophy that considers certain individuals or duties as universal, regardless of the outcome

115

utilitarianism

a personal moral philosophy that focuses on "the greatest good for the greatest number"

116

green marketing

marketing efforts to produce, promote, and reclaim environmentally sensitive products

117

cause marketing

occurs when the charitable contributions of a firm are tied directly to the customers revenues produced through the promotion of one of its products

118

sustainable development

involves conducting business in a way that protects the natural environmental progress