Koofers

Exam 1 - Flashcards

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Class:MKT 3343 - PRIN OF MARKETING
Subject:Marketing
University:Texas State University - San Marcos
Term:Fall 2010
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      Mode:   CARDS LIST       ? pages   PRINT EXIT
business clear, broad, underlying industry or market sector of an organizations offerings
business portfolio analysis technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments
competitve advantage a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
core values fundamental, passionate, and enduring principles of an organization that guide its conduct over time
Generated by Koofers.com
corporate level level in an organization where top managers directs overall strategy for the entire organization
cross funstional teams small number of ppl form different dpts in an organization who are mutually accountable to accomplish a task or common set of performance goals
diversification analysis tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products
functional level level in an organization where groups of specialists actually create value for the organization
Generated by Koofers.com
goals statements of an accomplishment of a task to be achieved often by a specific time
customer experience internal response that customers have to all aspects of an organization and its offering
customer relationship MGT 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 marketplace
customer value unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-dale and after-sale service at a specific price
Generated by Koofers.com
environmental forces uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
exchange trade of things of value between buyer and seller so each is better off after the trade
market ppl with both deisre and the ability to buy a specific offering
market orientation organization that focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value
Generated by Koofers.com
marketing activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
marketing concept idea that an organization should (1) strive to satisfy the needs of consumers (2)while also trying to achieve the organization's goals
marketing mix marketing manager's controllable factors-product, price, promotion, and place- that can be used to solve a marketing problem
marketing program plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Generated by Koofers.com
organizational buyers manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use of for resale
relationship marketing links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits
societal marketing concept view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
target market one or more specific groups of potential consumers toward which an organization directs its marketing program
Generated by Koofers.com
ultimate consumers ppl who use the goods and services purchased for a household. also called consumers, buyers, or customers
utility benefits or customer value received by users of the product
market segmentation involves aggregating prospective buyers into groups, or segments, that (1) have common needs (2) will respond similarly to a marketing action
market share ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
Generated by Koofers.com
marketing dashboard visual computer display of the essential information related to achieving a marketing objective
marketing metric measure of the quantitive value or trend of a marketing activity or result
marketing plan road map for the marketing activities of an organization for a specified future time period, such as one year of five years
marketing strategy means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it
Generated by Koofers.com
marketing tactics detailed day-to-day operational decisions essential to the overall success of marketing strategies
mission statement of the organizations function in society, often identifying its customers, markets, products, and technologies. often used interchangeably with vision
objectives statements of an accomplishment of a task to be achieved, often by a specific time. also called goals
organizational culture set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
Generated by Koofers.com
points of difference characteristics of a product that make it superior to competitive substitutes
profit money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
situation analysis taking stock of where the firm or product has been recently, where it is now, and where it is headed in term of the organization's marketing plans and the external forces and trends affecting it
strategic business unit SBU subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Generated by Koofers.com
strategic marketing process approach whereby an organization allocates its marketing mix resources to reach its target markets
strategy organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
SWOT analysis acronym describing an organizations appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
baby boomers generation of children born between 1946 and 1964
Generated by Koofers.com
barriers to entry business practices or conditions that make it difficult for new firms to enter the market
blended family family formed by merging two previously separated units into a single household
competition alternative firms that could provide a product to satisfy a specific market's needs
consumerism grassroots movements started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutions
Generated by Koofers.com
culture set of values, ideas, and attitudes that are learned and shared among the members of a group
demographics describing a population according to selected characteristics such a age, gender, ethnicity, income, and occupation
discretionary income money that remains after paying for taxes and necessities
disposable income money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
Generated by Koofers.com
economy pertains to the income, expenditures, and resources that affect the cost of running a business and household
electric commerce any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
environmental scanning process of continually acquiring info. on events occurring outside the organization to identify and interpret potential trends
generation x includes the 15% of the pop. born between 1965 and 1976-a also called baby bust
Generated by Koofers.com
generation y includes the 72 million americans born between 1977 and 1994- also called echo-boom or baby boomlet
gross income total amount of money made in one year by a person, household, or family unit-also known as money income
marketspace information-and communication-based electronic exchange environment mostly occupies by sophisticated computer and telecommunication technologies and digitized offerings
multicultural marketing combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
Generated by Koofers.com
regulation restrictions state and federal laws place on business with regard to the conduct of its activities
self regulation alternative to government control where an industry attempts to police itself
social forces demographic characteristics of the pop and its values
technology inventions or innovations from applied science or engineering research
Generated by Koofers.com
value consciousness concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
cause marketing occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
caveat emptor legal concepts of "let the buyer beware" that was pervasive in the american business culture prior to the 1960s
code of ethics formal statement of ethical principles and rules of conduct
Generated by Koofers.com
consumer bill of rights (1962) law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard
economic espionage clandestine collection of trade secrets of proprietary information about a company's competitors
ethics moral principles and values that govern the actions and decisions of an individual or group
green marketing marketing efforts to produce, promote, and reclaim environmentally sensitive products
Generated by Koofers.com
laws society's values and standards that are enforceable in the courts
moral idealism personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
social audit systematics assessment of a firm's objectives, strategies, and performance in terms of social responsibility
social responsibility idea that organizations should satisfy the needs of consumers in a way that provides for society's well-being
Generated by Koofers.com
sustainable development conducting business in a way that protects the natural environment while making economic progress
triple-bottom line recognition of the need for organizations to improve the state of ppl, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
utilitarianism personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior
whistle blowers employees who report unethical or illegal actions of their employers
Generated by Koofers.com
attitude learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
beliefs consumers subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other ppl
brand loyalty favorable attitude toward and consistent purchse of a single brand over time
cognitive dissonance feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives
Generated by Koofers.com
consideration set group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware in the product class
consumer behavior actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions
consumer socialization process by which ppl acquire the skills, knowledge, and attitudes necessary to function as consumers
evaluate criteria factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands
Generated by Koofers.com
family life circle distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
involvement personal, social, and economical significance of the purchase to the consumer
learning those behaviors that result from (1) repeated experience and (2) reasoning
lifestyle mode of living that is identified by how ppl spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them
Generated by Koofers.com
motivation energizing force that stimulates behavior to satisfy a need
opinion leaders individuals who exert direct or indirect social influence over others
perceived risk anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
perception process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
Generated by Koofers.com
personality person's consistent behaviors or responses to recurring situations
purchase decision process five stages a buyer passes through in making choices about which products and services to buy : (1) problem recognition (2) information search (3) alternative evaluation (4) purchase decision (5) postpurchase behavior
reference groups ppl to whom an individual looks as basis for self-appraisal or as a source of personal standards
self-concept way ppl see themselves and the way they believe other see them
Generated by Koofers.com
situation influences five aspects of the purchase situation that impacts the consumer's purchase decision process : (1) the purchase task (2) social surrounding (3) physical surrounding (4) temporal effects (5) antecedent states
social class relatively permanent, homogeneous divisions in a society into which ppl sharing similar values, interests, and behavior can be grouped
subcultures subgroups within the larger, or national, culture with unique values, ideas, and attitudes
subliminal perception seeing or hearing messages without being aware of them
Generated by Koofers.com
word of mouth influencing of ppl during conversations
Generated by Koofers.com

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 businessclear, broad, underlying industry or market sector of an organizations offerings
 business portfolio analysis technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments
 competitve advantagea unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation
 core valuesfundamental, passionate, and enduring principles of an organization that guide its conduct over time
 corporate levellevel in an organization where top managers directs overall strategy for the entire organization
 cross funstional teamssmall number of ppl form different dpts in an organization who are mutually accountable to accomplish a task or common set of performance goals
 diversification analysis tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products
 functional levellevel in an organization where groups of specialists actually create value for the organization
 goalsstatements of an accomplishment of a task to be achieved often by a specific time
 customer experience internal response that customers have to all aspects of an organization and its offering
 customer relationship MGTprocess 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 marketplace
 customer valueunique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-dale and after-sale service at a specific price
 environmental forces uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
 exchange trade of things of value between buyer and seller so each is better off after the trade
 marketppl with both deisre and the ability to buy a specific offering
 market orientation organization that focuses its efforts on
(1) continuously collecting information about customers' needs,
(2) sharing this information across departments, and
(3) using it to create customer value
 marketing activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
 marketing concept idea that an organization should
(1) strive to satisfy the needs of consumers
(2)while also trying to achieve the organization's goals
 marketing mixmarketing manager's controllable factors-product, price, promotion, and place- that can be used to solve a marketing problem
 marketing program plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
 organizational buyersmanufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use of for resale
 relationship marketing links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits
 societal marketing conceptview that organizations should satisfy the needs of consumers in a way that provides for society's well-being
 target marketone or more specific groups of potential consumers toward which an organization directs its marketing program
 ultimate consumersppl who use the goods and services purchased for a household. also called consumers, buyers, or customers
 utility benefits or customer value received by users of the product
 market segmentationinvolves aggregating prospective buyers into groups, or segments, that
(1) have common needs
(2) will respond similarly to a marketing action
 market shareratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
 marketing dashboard visual computer display of the essential information related to achieving a marketing objective
 marketing metric measure of the quantitive value or trend of a marketing activity or result
 marketing planroad map for the marketing activities of an organization for a specified future time period, such as one year of five years
 marketing strategymeans by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it
 marketing tactics detailed day-to-day operational decisions essential to the overall success of marketing strategies
 missionstatement of the organizations function in society, often identifying its customers, markets, products, and technologies. often used interchangeably with vision
 objectivesstatements of an accomplishment of a task to be achieved, often by a specific time. also called goals
 organizational culture set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
 points of difference characteristics of a product that make it superior to competitive substitutes
 profit money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings
 situation analysis taking stock of where the firm or product has been recently, where it is now, and where it is headed in term of the organization's marketing plans and the external forces and trends affecting it
 strategic business unit SBUsubsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
 strategic marketing processapproach whereby an organization allocates its marketing mix resources to reach its target markets
 strategy organization's long-term course of action designed to deliver a unique customer experience while achieving its goals
 SWOT analysisacronym describing an organizations appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
 baby boomersgeneration of children born between 1946 and 1964
 barriers to entrybusiness practices or conditions that make it difficult for new firms to enter the market
 blended family family formed by merging two previously separated units into a single household
 competitionalternative firms that could provide a product to satisfy a specific market's needs
 consumerismgrassroots movements started in the 1960's to increase the influence, power, and rights of consumers in dealing with institutions
 cultureset of values, ideas, and attitudes that are learned and shared among the members of a group
 demographics describing a population according to selected characteristics such a age, gender, ethnicity, income, and occupation
 discretionary incomemoney that remains after paying for taxes and necessities
 disposable incomemoney a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
 economy pertains to the income, expenditures, and resources that affect the cost of running a business and household
 electric commerce any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
 environmental scanning process of continually acquiring info. on events occurring outside the organization to identify and interpret potential trends
 generation xincludes the 15% of the pop. born between 1965 and 1976-a also called baby bust
 generation yincludes the 72 million americans born between 1977 and 1994- also called echo-boom or baby boomlet
 gross incometotal amount of money made in one year by a person, household, or family unit-also known as money income
 marketspace information-and communication-based electronic exchange environment mostly occupies by sophisticated computer and telecommunication technologies and digitized offerings
 multicultural marketing combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
 regulation restrictions state and federal laws place on business with regard to the conduct of its activities
 self regulation alternative to government control where an industry attempts to police itself
 social forces demographic characteristics of the pop and its values
 technology inventions or innovations from applied science or engineering research
 value consciousness concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
 cause marketing occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
 caveat emptor legal concepts of "let the buyer beware" that was pervasive in the american business culture prior to the 1960s
 code of ethics formal statement of ethical principles and rules of conduct
 consumer bill of rights (1962) law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard
 economic espionage clandestine collection of trade secrets of proprietary information about a company's competitors
 ethics moral principles and values that govern the actions and decisions of an individual or group
 green marketing marketing efforts to produce, promote, and reclaim environmentally sensitive products
 laws society's values and standards that are enforceable in the courts
 moral idealism personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
 social audit systematics assessment of a firm's objectives, strategies, and performance in terms of social responsibility
 social responsibilityidea that organizations should satisfy the needs of consumers in a way that provides for society's well-being
 sustainable development conducting business in a way that protects the natural environment while making economic progress
 triple-bottom linerecognition of the need for organizations to improve the state of ppl, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth
 utilitarianism personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior
 whistle blowers employees who report unethical or illegal actions of their employers
 attitude learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
 beliefs consumers subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other ppl
 brand loyalty favorable attitude toward and consistent purchse of a single brand over time
 cognitive dissonance feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives
 consideration setgroup of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware in the product class
 consumer behavior actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions
 consumer socialization process by which ppl acquire the skills, knowledge, and attitudes necessary to function as consumers
 evaluate criteria factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands
 family life circle distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
 involvement personal, social, and economical significance of the purchase to the consumer
 learning those behaviors that result from
(1) repeated experience and
(2) reasoning
 lifestyle mode of living that is identified by how ppl spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them
 motivationenergizing force that stimulates behavior to satisfy a need
 opinion leaders individuals who exert direct or indirect social influence over others
 perceived risk anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
 perception process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
 personality person's consistent behaviors or responses to recurring situations
 purchase decision processfive stages a buyer passes through in making choices about which products and services to buy :
(1) problem recognition
(2) information search
(3) alternative evaluation
(4) purchase decision
(5) postpurchase behavior
 reference groups ppl to whom an individual looks as basis for self-appraisal or as a source of personal standards
 self-concept way ppl see themselves and the way they believe other see them
 situation influences five aspects of the purchase situation that impacts the consumer's purchase decision process :
(1) the purchase task
(2) social surrounding
(3) physical surrounding
(4) temporal effects
(5) antecedent states

 social class relatively permanent, homogeneous divisions in a society into which ppl sharing similar values, interests, and behavior can be grouped
 subcultures subgroups within the larger, or national, culture with unique values, ideas, and attitudes
 subliminal perception seeing or hearing messages without being aware of them
 word of mouth influencing of ppl during conversations
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