Marketing 300 Test 1
Terms
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- Advertising;
- Any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor.
- Break-through Opportunities;
- Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time.
- Buying Function;
- Looking for and evaluating goods and services.
- Channel of Distribution;
- Any series of firms or individuals who participate in the flow of products from producer to final user or consumer.
- Clustering Techniques;
- Approaches used to try to find similar patterns within sets of data.
- Combined Target Market Approach;
- Combining two or more submarkets into one larger garget market as a basis for one strategy.
- Combiners;
- Firms that try to increase the size of their target markets by combining two or more segments.
- Competitive Advantage;
- A firm has a marketing mix that the target market sees as better than a competitor’s mix.
- Competitive Barriers;
- The conditions that may make it difficult, or even impossible, for a firm to compete in a market.
- Competitive Environment;
- The number and types of competitors the marketing manager must face, and how they may behave.
- Competitive Rivals;
- A firm’s closet competitors.
- Competitor Analysis;
- An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.
- Consumerism;
- A social movement that seeks to increase the rights and powers of consumers.
- Cultural and Social Environment;
- Affects how and why people live and behave as they do.
- Customer Relationship Management (CRM);
- An approach where the seller fine-tunes the marketing effort with information from a detailed customer database.
- Customer Value;
- The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.
- Determining Dimensions;
- The dimensions that actually affect the customer’s purchase of a specific product or brand in a product-market.
- Differentiation;
- The marketing mix is distinct from and better than what’s available from a competitor.
- Diversification;
- Moving into totally different lines of business-perhaps entirely unfamiliar products, markets, or even level in the production-marketing system.
- E-Commerce;
- Exchanges between individuals or organizations-and activities that facilitate those exchanges-based on applications of information technology.
- Economic and Technological Environment;
- Affects the way firms, and the whole economy, use resources.
- Economic System;
- The way and economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.
- Economies of Scale;
- As a company produces larger numbers of a particular product, the cost for each of these products goes down.
- Facilitators;
- Firms that provide one or more of the marketing functions other than buying or selling.
- Financing;
- Provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products.
- Generic Market;
- A market with broadly similar needs-and sellers offering various and often diverse ways of satisfying those needs.
- Implementation;
- Putting marketing plans into operation
- Innovation;
- The development and spread of new ideas, goods, and services.
- Intermediary (or middleman);
- Someone who specializes in trade rather than production, sometimes called a middleman.
- Internet;
- A system for linking computers around the world.
- Macro-Marketing;
- A social process that directs an economy’s flow of goods and services from producers to consumers in a way That effectively matches supply and demand and accomplishes the objectives of society.
- Market Development;
- Trying to increase sales by selling present products in new markets. Geographic expansion, new uses.
- Market Information Function;
- The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities.
- Market Penetration;
- Trying to increase sales of a firm’s present products in its present markets-probably through a more aggressive marketing mix.
- Market Segment;
- A relatively homogeneous group of customers who will respond to a marketing mix in a similar way.
- Market Segmentation;
- A two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
- Market-Directed Economic System;
- The individual decisions of the many producers and consumers make the macro-level decisions for the whole economy.
- Marketing Company Era;
- A time when, in addition to short-run marketing planning, marketing people develop long-range plans-sometimes five or more years ahead-and the whole company effort is guided by the marketing concept.
- Marketing Concept;
- The idea that an organization should aim all its efforts at satisfying its customers-at a profit.
- Marketing Department Era;
- A time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities.
- Marketing Ethics;
- The moral standards that guide marketing decisions and actions.
- Marketing Management Process;
- The process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans.
- Marketing Mix;
- Four P’s
- Marketing Orientation;
- Trying to carry out the marketing concept.
- Marketing Plan;
- A written statement of a marketing strategy and the time-related detail for carrying out the strategy.
- Marketing Program;
- Blends all of the firm’s marketing plans into one big plan.
- Marketing Strategy;
- Specifies a target market and a related marketing mix.
- Mass Marketing;
- The typical production-oriented approach that vaguely aims at everyone with the same marketing mix.
- Mass Selling;
- Communicating with large numbers of potential customers at the same time.
- Micro-Macro Dilemma;
- What is good for some producers and consumers may not be good for society as a whole.
- Micro-Marketing;
- The performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.
- Mission Statement;
- Sets out the organization’s basic purpose for being.
- Multiple Target Market Approach;
- Segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix.
- Nationalism;
- An emphasis on a country’s interests before everything else.
- North American Free Trade Agreement (NAFTA);
- Lays out a plan to reshape the rules of trade among the U.S., Canada, and Mexico.
- Operational Decisions;
- Short-run decisions to help implement strategies.
- Personal Selling;
- Direct spoken communication between sellers and potential customers, usually in person but sometimes over the telephone or even via a video conference over the Internet.
- Place Utility;
- Having the product available where the customer wants it.
- Planned Economic System;
- Government planners decide what and how much is to be produced and distributed by whom, when, to whom, and why.
- Portfolio Management;
- Treats alternative products, divisions, or strategic business units (SBUs) as though they are stock investments to be bought and sold using financial criteria.
- Positioning;
- An approach that refers to how customers think about proposed or present brands in a market.
- Possession Utility;
- Obtaining a good or service and having then right to use or consume it.
- Product Development;
- Offering new or improved products for present markets.
- Production Era;
- A time when a company focuses on production of a few specific products-perhaps because few of these products are available in the market.
- Production Orientation;
- Making whatever products are easy to produce and then trying to sell them.
- Product-Market;
- A market with very similar needs-and sellers offering various close substitute ways of satisfying those needs.
- Publicity;
- Any unpaid form of nonpersonal presentation of ideas, goods, or services.
- Pure Subsistence Economy;
- Each family unit produces everything it consumes.
- Qualifying Dimensions;
- The dimensions that are relevant to including a customer type in a product-market.
- Risk Taking;
- Bearing the uncertainties that are part of the marketing process.
- S.W.O.T. Analysis;
- Identifies and lists the firm’s strengths and weaknesses and its opportunities and threats.
- Sales Era;
- A time when a company emphasizes selling because of increased competition.
- Sales Promotion;
- Those promotion activities-other than advertising, publicity, and personal selling-that stimulate interest, trial, or purchase by final customers or others in the channel.
- Segmenters;
- Aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
- Segmenting;
- An aggregating process that clusters people with similar needs into a market segment.
- Selling Function;
- Promoting the product.
- Simple Trade Era;
- A time when families traded or sold their surplus output to local middlemen who resold these goods to other consumers or distant middlemen.
- Single Target Market Approach;
- Segmenting the market and picking one of the homogeneous segments as the firm’s target market.
- Social Responsibility;
- A firm’s obligation to improve its positive effects on society and reduce its negative effects.
- Standardization and Grading;
- Sorting products according to size and quality.
- Storing Function;
- Holding goods until customers need them.
- Strategic (Management) Planning;
- The managerial process of developing and maintaining a match between an organization’s resources and its market opportunities.
- Strategic Business Unit (SBU);
- An organizational unit (within a larger company) that focuses its effort on some product-markets and is treated as a separate profit center.
- Target Market;
- A fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
- Target Marketing;
- A marketing mix is tailored to fit some specific target customers.
- Technology;
- The application of science to convert an economy’s resources to output.
- Transporting Function;
- The movement of goods from one place to another.
- Universal Functions of Marketing;
- Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information.
- Form Utility;
- Provided when someone produces someone tangible.
- Utility (Customer Satisfaction);
- Value that comes from satisfying human needs.
- Task Utility;
- Provided when someone performs a service.
- Product;
- Concerned with developing the right “product for the target market.
- Place/Distribution;
- Concerned with all the decisions involved in getting the “right†product to the target market’s Place.
- Attractive Opportunities;
- Effective marketing strategy planning matches opportunities to the firm’s resources (what it can do) and its objectives (what top management wants to do).
- Sustainable Competitive Advantage;
- No other firm can copy what is done in the long run.
- Marketing Penetration;
- Trying to increase sales of a firm’s present products in its present markets.
- Dimensions Used to Segment;
- 1. All Potential Dimensions
- Consumer Ideal Points;
- Exact combination of attributes wanted by a group of consumers.
- PEST;
- Political, Economic, Social/Cultural, Technological