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100 Cards in this Set

  • Front
  • Back
marketing
the activity and process of creating capturing, communicating people at large
marketing plan
specifies the marketing activities for a specific period of time.
exchange
the trade of things of value between the buyer and the seller so that each is better off
marketing mix: Four P's
product, price, place, promotion
goods
items that you can physically touch
services
are intangible customer benefits
ideas
thoughts, opinions and philosophies that can be marketed.
product
goods, services, ideas
price
capturing value
place
Delivering
promotion
communicating the value proposition
employment marketing
undertaking marketing research to understand what potential employees are seeking as well as what they think.
value
relationship of benefits to costs
value co-creation
allow the opportunity to act as collaborators in creating the product or service
transactional orientation
regards the buyer seller relationship as a mere series of transactions
relational orientation
philosophy that buyers and sellers should develop a long term relationship
customer relationship management (CRM)
philosophy, strategies, programs, that focus on building customer loyalty.
supply chain
group of firms that make and deliver a given set of goods and services
marketing strategy
identifies: 1 a firms target market
2 related marketing mix-four p's 3 bases upon which the firm plans to build a sustainable competitive advantage
sustainable competitive advantage
advantage over the competition that is not easily copied
Customer excellence
focuses on retaining loyal customers and excellent customer service
operational excellence
achieved though efficient operations and excellent supply chain and human resource management
product excellence
having products with high perceived value and effective branding and positioning
locational excellence
having a good physical location and internet presence.
marketing plan
written document composed of an analysis of the current marketing situation opportunities and threats for the firm.
planning phase
define the mission statement and vision of the business
implementation phase
identify and evaluate different opportunites by engaging in a process known as segmentations, targeting and positioning
control phase
evaluating any necessary corrective actions
mission statement
broad description of a forms objective and the scope of activities it plans to undertake.
sustainable competitive advantage
something the frim can persistently do better than its competitors
situation analysis
using SWOT that asses the internal environment
SWOT
strength, weakness, opportunities, threats
STP
segmentation, targeting, positioning
market segment
consisting of consumers who respond similarly to a frims marketing efforts
market segmentation
process of dividing the market into groups of customers with different needs, wants or characteristics
target marketing/targeting
decides which market segment to pursue
market positioning
process of defining the marketing mix variables so that target customers have a clear understanding of the product
cost-based pricing
when a firm determines the costs of producing or providing its product and then adds a fixed amount above that total to arrive at the selling price
competitor-based pricing
firm prices below at or above its competitors offerings.
value-based pricing
firm first determines the perceived value of the product from the customers point of view and then prices accordingly.
strategic business unit (SBU)/product line
level of the firm though managers also can use it to analyze brands or even individual items.
market share
the percentage of a market accounted for by a specific entity
relative market share
provides managers with a products relative strength, compared to that of the largest firm in the industry
market growth rate
annual rate of growth of the specific market in which the product competes.
market penetration strategy
employs the existing marketing mix and focuses the firms efforts on existing customers
market development strategy
employs the existing marketing offering to reach new market segments, domestic or international.
product development strategy
offers a new product or service to a firms current target market
diversification strategy
the last of the growth strategies, introduces a new product or service to a market segment that currently is not served.
scenario planning
integrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications
SWOT
strengths, weaknesses, opportunities and threats
business ethics
refers to the moral or ethical dilemmas that might arise in a business setting
marketing ethics
examines those ethical problems that are specific to the domain or marketing
ethical climate
within a marketing firm (or in the marketing division of any firm) includes having a set of values that guides decision making and behavior
corporate social responsibility
voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations and the concerns of its stakeholders
phishing
sending emails falsely claiming to be a legitimate business soliciting information to scam users
need recognition
the beginning of the consumer decision process; occurs when consumers recognize they have an unstaified need and want to go from their actual needy state to a different desired state
fuctional needs
pertain the the performance of a product or service
psychologial needs
pertain to the personal gratification consumers associate with a product or service
internal search for information
buyer examines his or her own memory and knowledge to help make the buying decision
external search for information
buyer seeks informtion outside own memory and knowledge to help make the buying decision.
internal locus of control
people believe they have some controll over the outcomes of their actions
external locus of control
counsumers believe that external factors controll all outcomes
performance risk
perceived danger inherent of a poorly made product
financial risk
cost of good and cost to use it.
psychological risk
the way a person will feel if it does not convey the right message
specialty goods/services
consumer shows a strong preference and spend time researching
shopping goods/services
consumer will spend time looking at alternatives
convenience goods/services
customer spends no time seaching for information prior to consumption
Universal sets
include all possible choices for a product category
evoked set
conprises the alternative brands or stores that the consumers would consider when making a purchase
retrieval sets
brands or stores that can be readily brought forth from memory
evaluate critera
important attributs about a particular product.
Determinant attributes
product or service features that are important to the buyer and on which competing brands or stores are perceived to differ
consumer decision rules
set of criteria that consumers use consciously or subconsciously to quickly and effeciently select from among several alternatives.
compensatory decision rule
assumes that the consumer when evaluating altenatives trades off one characteristc against another, such that good characteristics compensate for bad characteristics
noncompensatory decison rule
which they chose a product or service on the basis of one characterisc or one subset of a characteristic regardless of the values of its other attributes.
decison heuristics
mental shortcuts that help consumer narrow down the choices.
ritual comsumption
refers to a patter of behaviors tied to life events that affect what and how we consume.
postpurchase disonance
known as buyers remorse, undcomfortable state produced by an incosistency between prior beliefs and actual behavior that evokes a motivations to reudce the the dissonance
Negative word of mouth
when consumers spread negative information about a product service or store to others.
motive
need or want that is strong enough to cause the person to seek satisfaction
Maslows hierarchy of needs
5 groups of needs. physiological, safety, love, esteem, self acutalization
physiological needs
deal with the basic biological necessities of life. food water rest shelter.
safety needs
protection and physical well being
love needs
relate to our interactions with others.
esteem needs
allow people to satisfy their inner desires.
self-actualization
occours when you feel completely satisfied with your life and how you live.
attitude
person enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.
cognitive
component reflects what we believe to be true.
affective
involves what we feel about the issue. like or dislike.
behavioral
actions we undertake with regard to that issue.
perception
process by which we select organize and interpret infomration to form a meaningful picture of the world
learning
refers to a change in a persons thought process or behavior that arises.
lifestyle
refers to the way consumers spend their time and money to live
reference group
one or more persons whom an individual uses as a basis for comparison regarding belefs feelings and behaviors.
culture
shared meanings, beliefs, morals, values and customs of a group of people.
situational factors
factos specific to the situatoin override or at least influence psychological and social issues.
extended problem solving
common when the customer perceives that of purchase decison entails a lot of risk
limited problem solving
occours during a purchase decison that calls for at most a moderate amount of effort and time.
impulse buying
buying decison made by customers on the spot hen they see the merchandise.