Marketing Chapter 1- 4 Test

marketing
the activity for creating and delivering offerings that benefit the organization, its shareholders, and society.
exchange
the trade of things of value between a buyer and a seller so that each is better off.
market
people with both the desire and the ability to buy a specific offering.
target marketing
one or more specific groups of potential consumers toward which an organization directs its marketing program.
marketing mix
the controllable factors- (4P’s) product, price, promotion, and place -that the marketing manager can use to solve a marketing problem.
customer value proposition
cluster of benefits than an organization promises customers to satisfy their needs.
environmental forces
the uncontrollable social, economic, tech, competitive, and regulatory forces that affect the results of a marketing decision.
customer value
buyers’ benefits, including quality, convenience, on time delivery, and before and after sale service at a specific price.
relationship marketing
linking the org. to its individual customers, employees, suppliers, and other partners for their mutual long term benefit.
marketing program
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
marketing concept
the idea that an organization should strive to satisfy the needs of customers while also trying to achieve the org.’s goals.
market orientation
focusing organizational efforts to collect and use info about customers’ needs to create customer value.
social marketing concept
the view that organizations should satisfy the needs of customers in a way that also provides for society’s well being.
product
good, service, or idea consisting of a bundle of tangible or intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.
ultimate consumers
the people who use the products and services purchased for a household.
organizational buyers
manufacturers, wholesalers, retailers, and gov. agencies that buy products and services for their own use or for resale.
utility
the benefits or customer value received by the users of the product.
profit
the reward to a business firm for the risk it undertakes in marketing its offerings.
strategy
an org.’s long-term course of action that delivers a unique customer experience while achieving it’s goals.
core values
the fundamental, passionate, and enduring principles that guide an org.
mission
statement or vision of an org.’s function in society.
organizational culture
set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an org.
business
the underlying industry or market sector of an org.’s offerings.
goals (objectives)
targets of performance to be achieved, often by a specific time.
market share
ratio of a firm’s sales to the total sales of all firms in the industry.
marketing dashboard
the visual computer display of essential marketing info.
marketing metric
a measure of the value or trend of a marketing activity or result.
marketing plan
a road map for the marketing activities of an organization for a specified future time period.
business portfolio analysis
a technique that managers use to quantify performance measures and growth targets of their firm’s strategic business units.
diversification analysis
a technique a firm uses to search for growth opportunities from among current an new products and markets.
strategic marketing process
an approach whereby an org. allocates its marketing mix resources to reach its target market.
situation analysis
taking stock of where a firm or product has been recently, where it is now, and where it is headed.
SWOT analysis
an acronym describing and org.’s appraisal of its internal strengths and weaknesses and its external opportunities and threats.
market segmentation
the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action.
points of difference
those characteristics of a product that make it superior to competitive subs.
marketing strategy
the means by which a marketing goal is to be achieved.
marketing tactics
detailed day to day operational decisions essential to the overall success of marketing strategies.
environmental scanning
the process of acquiring info on events outside the org to identify and interpret potential threats.
social forces
the demographic characteristics and the culture of the population.
demographics
describing of a population according to the characteristics such as age, gender, ethnicity, income, and population.
baby boomers
generation of children born between 1946-1964.
Generation X
members of the U.S. population born between 1965-1976
Generation Y
the 72 million Americans born between 1977-1994.
multicultural marketing
marketing programs that reflect unique aspects of different races.
culture
the set of values, ideas, and attitudes that is learned and shared among the members of a group.
economy
pertains to the income and resources that affect the cost of running a business or household.
technology
inventions from applied science or engineering research.
market-space
an info-and communication- based electronic exchange environment occupied by digital offerings.
competition
alternative firms that could provide a product to satisfy a specific market’s needs.
regulation
restrictions that state and federal laws place on business.
consumerism
movement started to increase the influence, power, and rights of consumers in dealing with situations.
self-regulation
an alternative to government control, whereby an industry attempts to police itself.
ethics
the moral principles and values that govern the actions and decisions of an individual group.
Consumer Bill Of Rights
codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, and to be heard.
code of ethics
a formal statement of ethical principles and rules of conduct.
moral idealism
personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
utilitarianism
personal moral philosophy that focuses on the “greatest for the greatest number.”
social responsibility
the idea that organizations are part of a larger society and are accountable to that society for their actions.
green marketing
marketing efforts to produce, promote, and reclaim environmentally sensitive products.
cause marketing
tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.
consumer behavior
the actions a person takes in purchasing products and services.
purchase decision process
the stages a buyer passes through in making choices about which products or services to buy.
involvement
the personal, social, and economic significance of a purchase to the customer.
motivation
the energizing force that stimulates behavior to satisfy a need.
personality
a person’s consistent behaviors or responses to recurring situations.
perception
the process by which a person selects, organizes, and interprets info to create a meaningful picture of the world.
perceived risk
the anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase.
learning
behaviors that result from repeated experience and reasoning.
brand loyalty
a favorable attitude toward and consistent purchase of a single brand over time.
attitude
a tendency to respond to something in a consistently favorable or unfavorable way.
beliefs
a consumer’s perception of how a product or brand performs.
opinion leaders
individuals who have social influence over others.
word of mouth
people influencing each other in personal conversations.
reference groups
people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
family life cycle
a family’s progression from formation to retirement, each phase bringing with it specific purchase behaviors,
subcultures
subgroups within the larger, or national, culture with unique values, ideas, and attitudes.