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MKT 304
Key Terms ---Exam I
57
Marketing
Undergraduate 3
01/28/2009

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Cards

Term
utilities (p20)
Definition
The want-satisfyig power of a product (p20)
Term
product-orientation (p7)
Definition
focus on the quality and quantity of offerings while assuming that customers will seek out an buy reasonably well-made products
Term
market orientation (p8)
Definition
companies identify what customers want and tailor all the activities of the firm to satisgy those needs as efficiently as possible (p8)
Term
sales orientation (p8)
Definition
characterized by a heavy reliance on promotional activity to sell the products the firm of a firms's resources, and sales exectuives began to gain respect and responsibility from company management. (p8)
Term
customer orientation(p10)
Definition
every department and employee should be focused on contributing to the satisfaction of customers' needs.
Term
BCG matrix (p572)
Definition
Using this model, an organization calssifies each of its SBUs according to two factors: its market share relative to competitors and the growth rate of the industry in which the SBU operates. (p572)
Term
GE Business Screen (p575)
Definition
planning model, developed by General Electric with the assisteance of the McKinsey consulting firm, also involves two factors an results in a grid. (p575)
Term
economic conditions – business cycle (p32)
Definition
goes through four stages - prosperity, recession, depression, and recovery-then returns full cycle to properity. (p32)
Term
economic conditions – inflation (p33)
Definition
A rise in the prices of goods and services. (p33)
Term
economic conditions – interest rate (p33)
Definition
another external economic factor that influences marketing programs. (p33)
Term
strategic alliance (p65)
Definition
a formal, long-term agrement between firms to combine their capabilities and resources to acomplish global objectives with out joint ownership. (p65)
Term
marketing intermediaries (p43)
Definition
indepentdent buisnes organizations that directly aid in the flow of goods and serveices between a marketing organiztation and its markets. (p43)
Term
demographics (p30)
Definition
the characteristics of populations, including such factors as size, distribution, and growth. (p30)
Term
psychographics (p148)
Definition
examining attributes related to how a person thinks, feels, and behaves. (p148)
Term
external environmental forces (p42)
Definition
These are the firm's markety, suppliers, and marketing intermediaries. (p42)
Term
culture (p97)
Definition
A complex set of symbols and artifacts created by a society and handed down from generation to genteration as deterinatns and regulators of human behavior. (p97)
Term
subcultures (p97)
Definition
groups in a culture that exhibit characteristics behavior patterns sufficient to distinguish them from other groups within the same culture (p97)
Term
reference group (p99)
Definition
groups of people who influence a person's attitudes, values, and behavior. (p99)
Term
Maslow's hierarchy of needs - physiological (p101)
Definition
needs for food, drink, sex, and shelter (p101)
Term
Maslow's hierarchy of needs - safety (p101)
Definition
needs for security, protection, and order (pg101)
Term
Maslow's hierarchy of needs - belonging and love (p101)
Definition
needs for affection, belonging to a group, an acceptance (pg101)
Term
Maslow's hierarchy of needs - esteem (p101)
Definition
needs for self-respect, reputation, prestige, and status (pg101)
Term
Maslow's hierarchy of needs - self-actualization (p101)
Definition
needs for self-fulfillment (pg101)
Term
consumer market (p86)
Definition
buy goods and services for their own personal or household use. (p86)
Term
business market (p114)
Definition
any good or service purchased for a reason other than personal or household consumption. (p114)
Term
non-business market (p119)
Definition
consist of organizations that do not have profit-making as a primary objective. (p119)
Term
leasing (advantages) (p136)
Definition
avoid maintenance expenses, can't afford large equipment, try out new products (p136)
Term
leasing (disadvantages) (p136)
Definition
allows user to reatin their investment capital, firms can enter a new business for less capital, maintained by lessors, need equipment seasonally or sporadically. (p136)
Term
new task buying (p130)
Definition
most difficult an complex buying situation because it is a first-time purchase of a major product. (p130)
Term
straight rebuy (p130)
Definition
routine, low-involvement purchase with minimal information needs and little consideration of alternatives. The buyer has experience with the seller. (p130)
Term
modified rebuy (p131)
Definition
a buyer would consider a small number of reputable suppliers and evaluate the new features added to the equipment since its last purchase. (p131)
Term
elastic (p121)
Definition
REfers to how responsive demand is to a change in the price of a product. (p121)
Term
inelastic (p121)
Definition
the total demand for all producers of the product responds very little to changes in its price. (p121)
Term
derived demand (p120)
Definition
generated from the demand for the consumer products in which that business product is used. (p120)
Term
market share (p160)
Definition
the proportion of total sales of a product during a stated period in a specific market that is captured by a single firm. (p160)
Term
geographic segmentation (p146)
Definition
Subdividing markets into segments based on location-the regions, counties, cities, and towns where people live and work. (p146)
Term
demographic segmentation (p148)
Definition
Subdividing markets into segments based on age, gender, occupation, income, and education. (p148)
Term
psychographic segmentation (p148)
Definition
examining attributes related to how a person thinks, feels, and behaves. (p148)
Term
behavioral segmentation (p150)
Definition
two approaches: the benefits desired from a product and the rate at which the consumer uses the product. (p150)
Term
positioning strategies (p157)
Definition
a firm's use of all the elements at its dispostal to create and maintain in the minds of a taget market a particular image relative to competing products. (p157)
Term
repositioning strategies (p159)
Definition
When a position has eroded, and a firm attempts to reestablish its attractiveness. (p159)
Term
hypothesis (p179)
Definition
a tentative supposition that if suppported, would suggest a possible solution to a problem. (p179)
Term
Primary data-gathering method (p181)
Definition
methods of gathering data focus groups, survey, observational experiential. (p181)
Term
formal investigation (p180)
Definition
If a project warrants a continued investigation, the researcher must determine what addistional information is needed and how to gather it. (p180)
Term
informal investigation (p180)
Definition
consists of gathering readily available information from relevant people inside and outside the comapany-middlemen, competitors, advertising agencies, and consumers. (p180)
Term
target markets (566)
Definition
a group of people or organizations at which a firm direcs a marketing program. (566)
Term
marketing mixes (566)
Definition
the combination of multiple aspects of the following four elemetns: a product, how it is distributed and promoted, and its price. (p566)
Term
strategic window (p559)
Definition
the limited amount of time in which a firm's resources coincides with a particular market opportunity. (p559)
Term
SBUs (p569)
Definition
an entity should be a separately identifiable business, have a distinct mission, have its own competitors, and have its own exectutive team with profit responsibility. (p569)
Term
long-range planning (p561)
Definition
deals with company wide issues such as expanding or contracting production, markets, and product lines. (p561)
Term
short range planning (p562)
Definition
covers one year or less and is the responsibility of middle- and lower-level managers. (p562)
Term
trade deficit (p51)
Definition
When imports exceed exports, the balance is negative. (p51)
Term
trade balance (p51)
Definition
the difference between what is exports and what it imports. (p51)
Term
ultimate consumer(p86)
Definition
buy goods and services for their own personal or household use. (p86)
Term
industrial buyer
Definition
Term
primary data (p180)
Definition
new data gathered specifcally for the project at hand. (p180)
Term
secondary data (p180)
Definition
available data, already gathered for some other purpose. (p180)
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