Marketing Quiz 1 (Chap 1 +2)
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lilomez238 on September 16, 2011
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Marketing
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31 terms
Terms | Definitions |
|---|---|
 Marketing | 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 |
| Marketing Plan | a written document that provides direction for the marketing activities of a company for a specific period of time |
| Exchange | the trade of things of value between the buyer and seller so that each is better off as a result |
| Marketing Mix (4 P's) | Price, Product, Place, Promotion |
| Goods | items you can physically touch |
| Services | Intangible customer benefits that are produced by people or machines and cannot be separated from the producer. |
| Ideas | thoughts, opinions, and philosophies and intellectual concepts. |
| B2C | business to consumer |
| B2B | business to business |
| C2C | consumer to consumer |
| Value | reflects the relationship of benefits to costs, or what you get for what you give |
| value co-creation | a method of providing additional value to customers allowing them the opportunity to act as collaborators in creating the product or service |
| Transactional Orientation | regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance |
| Relational Orientation | a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship |
| Customer Relationship management | the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| Supply Chain | a group of firms that make and deliver a given set of goods and services. |
| Competitor-based pricing | A strategy that involves pricing below at or above competitors offering |
| control phase | The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions. |
| cost-based pricing | A pricing strategy that involves first determining the costs of producing or providing a product and then adding a fixed amount above that total to arrive at the selling price. |
| customer excellence | Involves a focus on retaining loyal customers and excellent customer service. |
| implementation phase | The part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (see STP) and (2) implement the marketing mix using the four Ps. |
| market development strategy | A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international. |
| Market Growth Rate | the annual rate of growth of the specific market in which the product competes |
| Market Penetration pricing strategy | calls for setting price levels that are low enough to quickly build market share. |
| Market Penetration Strategy | a growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers |
| Market Positioning | Involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. |
| Market Segmentation | The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
| Operational Excellence | Involves a firm's focus on efficient operations and excellent supply chain management. |
| STP | The processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits. |
| Strategic Business Unit (SBU) | a division of the organization that has a unique business mission, product line, competitors, and markets relative to other sbus in the same corporation |
| substitute product | product that is dissimilar from those of competitors but that can fulfill the same need |
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