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Marketing Exam 1
Terms in this set (69)
The activity for creating, communication, delivering, and exchanging offers that benefit its customers, the organization, its stakeholders, and society at large.
The four elements that can be used by the marketing manager to solve a marketing problem.
Social, Economic, Technological, Competitive, and Regulatory - they affect marketing decision.
Product, Price, Promotion, and Place
Elements of the marketing mix
One or more specific groups of potential consumers toward which an organization directs its marketing program.
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumer's needs and is received in exchange for money or something else of value.
The benefits or customer value received by users of the product.
The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.
A nongovernmental organization that serves its customers but does not have profit as an organizational goal.
For-profit organization (business firm)
A privately owned organization such as Target, Nike or Cree that serves its customers to earn profit so that it can survive.
Board of directors > Corporate level > Strategic business unit level > Functional level
Levels of Organizations
The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
A marketing strategy of selling new products to current markets.
A marketing strategy of selling new products to current markets.
A marketing strategy of developing new products and selling them in new markets.
Strengths and Weaknesses and its external Opportunities and Threats
Social, Economic, Technological, Competitive, and Regulatory
5 environmental forces
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Larger, older, and more diverse.
US population is becoming...
1946 - 1964
Generation X (baby bust)
1965 - 1976
Number of people that will turn 65 every day.
Generation Y (echo-boommmm)
1977 - 1994
1994 - now
family formed by merging two previously separated units into a single household.
Total of what you earn
Gross - Taxes
Gross - Taxes - Necessities
Center of US pop. is moving...
Always good for the buyer
Many sellers with a similar product.
Many sellers compete with substitutable products within a price range.
When a few companies control the majority of industry sales.
Let the buyer beware
Consumer Bill of Rights
Rights to safety, to be Informed, to choose, and to be heard
the need for organizations to improve the state of people, the planet, and profit simultaneously
When the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.
Societal, stakeholder, and profit
3 types of responsibility
Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
Focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior.
The purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states.
5 situational influences on purchase decision process
Problem recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior.
Purchase decision process (5 steps)
The feeling of postpurchase psychological tension or anxiety
Percent of US pop to World pop
Customer Relationship Management
people who use the goods and services purchased for a household. Also called consumers, buyers, or customers.
the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals
(1) continuously collecting information about customers'needs, (2) sharing this information across departments, and (3) using it to create customer value.
A market orientation occurs when an organization focuses its efforts on...
the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
An organizational direction must be ... (SMART)
• Market Penetration
• Market Development
• Product Development
Planning phase, Implementation phase, and Evaluation phase
3 phases of strategic marketing process
a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.
the visual computer display of the essential information related to achieving a marketing objective.
strategic marketing process
the approach whereby an organization allocates its marketing mix resources to reach its target markets.
taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external factors and trends affecting it.
(1) have common needs and (2) will respond similarly to a marketing action.
Market segmentation involves aggregating prospective buyers into groups, or segments, that... (2 things)
the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.
the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
the set of values, ideas, and attitudes that are learned and shared among the members of a group.
an information-and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
the moral principles and values that govern the actions and decisions of an individual or group.
the idea that organizations are part of a larger society and are accountable to that society for their actions.
conducting business in a way that protects the natural environment while making economic progress.
Extended, Limited, and Routine
3 types of problem solving
the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands.
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