Mktg Mngt Exam 1

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  1. Model of the marketing process:
    Understand the marketplace and customer needs and wants

    Design a customer driven marketing strategy

    Construct an integrated marketing program that delivers superior value

    Build profitable relationships and create customer delight

    Capture value from customers to create profits and customer equity
  2. Needs
    States of felt deprivation
  3. Wants
    The form human needs take as they are shaped by culture and individual personality
  4. Demands
    Human wants that are backed by buying power
  5. Market offerings
    Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
  6. Marketing myopia
    The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
  7. Exchange
    The act of obtaining a desired object from someone by offering something in return
  8. Market
    The set of all actual and potential buyers of a product or service.
  9. Marketing management
    The art and science of choosing target markets and building profitable relationships with them.
  10. Production concept
    The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
  11. Product concept
    The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
  12. Selling concept
    The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
  13. Marketing concept
    A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
  14. Societal marketing concept
    The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
  15. The 4 P's:
    • Product
    • Price
    • Place
    • Promotion
  16. Customer relationship management
    The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
  17. Customer-perceived value
    The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
  18. Customer satisfaction
    The extent to which a product's perceived performance matches a buyer's expectations.
  19. Customer managed relationships
    Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands.
  20. Consumer-generated marketing
    Brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
  21. Partner relationship management
    Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
  22. Customer lifetime value
    The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
  23. Share of customer
    The portion of the customer's purchasing that a company gets in its product categories.
  24. Customer equity
    The total combined customer lifetime values of all of the company's customers
  25. Marketing environment
    The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
  26. Microenvironment
    The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
  27. Macroenvironment
    The larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces.
  28. Marketing intermediaries
    Firms that help the company to promote, sell, and distribute its goods to final buyers.
  29. Public
    Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
  30. Demography
    The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics.
  31. Natural environment
    Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
  32. Environmental sustainability
    Developing strategies and practices that create a world economy that the planet can support indefinitely.
  33. Technological environment
    Forces that create new technologies, creating new product and market opportunities.
  34. Political environment
    Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
  35. Cultural environment
    Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors.
  36. Market segmentation
    Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
  37. Market targeting (targeting)
    The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
  38. Differentiation
    Differentiating the market offering to create superior customer value.
  39. Positioning
    Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
  40. Geographic segmentation
    Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods
  41. Demographic segmentation
    Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
  42. Age and life-cycle segmentation
    Dividing the market into different age and life-cycle groups.
  43. Gender segmentation
    Dividing a market into different segments based on gender
  44. Income segmentation
    Dividing a market into different income segments.
  45. Psychographic segmentation
    Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
  46. Behavioral segmentation
    Dividing the market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
  47. Occasion segmentation
    Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
  48. Benefit segmentation
    Dividing the market into segments according to the different benefits that consumers seek from the product.
  49. Intermarket segmentation (cross-market segmentation)
    Forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
  50. Target market
    A set of buyers sharing common needs of characteristics that the company decides to serve
  51. Undifferentiated (mass) marketing
    A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
  52. Differentiated (segmented) marketing
    A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
  53. Concentrated (niche) marketing
    A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
  54. Micromarketing
    Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
  55. Local marketing
    Tailoring brands and promotions to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores.
  56. Individual marketing
    Tailoring products and marketing programs to the needs and preferences of individual customers - also called one-to-one marketing, customized marketing, and markets-of-one marketing
  57. Product position
    The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
  58. Value proposition
    The full positioning of a brand-the full mix of benefits on which it is positioned
  59. Positioning statement
    A statement that summarizes company or brand positioning. It takes this form: to (target segment and need) our (brand) is (concept) that (point of difference)
  60. Consumer product
    A product bought by final consumers for personal consumption
  61. Convenience product
    A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
  62. Shopping product
    A consumer product that the customer, in the process of selecting and purchasing usually compares on such attributes as suitability, quality, price, and style
  63. Specialty product
    A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
  64. Unsought product
    A consumer product that the consumer either does not know about or knows about but does not normally consider buying
  65. Industrial product
    A product bought by individuals and organizations for further processing or for use in conducting a business.
  66. Social marketing
    The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
  67. Product quality
    The characteristics of a product or service that tear on its ability to satisfy stated or implied customer needs
  68. Brand
    A name, term, sign, symbol, design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
  69. Product line
    A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
  70. Product mix (or product portfolio)
    The set of all product lines and items that a particular seller offers for sale.
  71. Service intangibility
    Services cannot be seen, tasted, felt, heard, or smelled before they are bought.
  72. Service inseparability
    Services are produced and consumed at the same time and cannot be separated from their providers.
  73. Service variability
    The quality of services may vary greatly depending on who provides them and when, where, and how
  74. Service perishability
    Services cannot be stored for later sale or use
  75. Service profit chain
    The chain that links service firm profits with employee and customer satisfaction
  76. Internal marketing
    Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction.
  77. Interactive marketing
    Training service employees in the fine art of interacting with customers to satisfy their needs.
  78. Brand equity
    The differential effect that knowing the brand name has on customer response to the product or its marketing.
  79. Store brand (or private brand)
    A brand created and owned by a reseller of a product or service.
  80. Co-branding
    The practice of using the established brand names of two different companies on the same product.
  81. Line extension
    Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
  82. Brand extension
    Extending an existing brand name to new product categories.
Card Set
Mktg Mngt Exam 1
Marketing Management Exam 1
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