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61 Cards in this Set
- Front
- Back
Marketing definition
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: process to satisfy consumer needs/wants. Delivering value and customer relationships.
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Utility definition
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want-satisfying power of a good or service.
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Four types of utility
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Form
Time Place Ownership |
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Form
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conversion of raw materials and components into finished goods and services (production) iPod
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Time
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availability of goods and services when consumers want them (marketing) resturant
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Place
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availability of goods and services at convenient locations (marketing) on-site day care
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Ownership
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ability to transfer title to goods or services from marketer to buyer (marketing) retail stores
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4 eras
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Sales
Marketing Relationship Social |
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Sales Era
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creative advertising and selling will overcome consumers' resistance and persuade them to buy
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Marketing Era
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the consumer rules. find a need and fill it
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Relationship Era
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long-term relationships with customer and other partners lead to success
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Social
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connecting to consumers via internet and social media sites is an effective tool
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Non-traditional marketing
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person marketing
place marketing event marketing organization marketing |
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Transactional marketing
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consumer and seller only speak during transaction. give and collect money without forming any type of relationship
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Relationship marketing
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Forming a relationship with the customer makes for a possible loyal customer
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Eight universal marketing functions
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buying
selling transporting storing standardizing and grading financing risk taking security marketing information |
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Buying
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ensuring that product offerings are available in sufficient quantities to meet customer demans
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selling
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using advertising, personal selling, and sales promotion to math products to customer needs
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Transporting
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moving products from their point of production to locations convenient for purcahsers
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Storing
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ware housing products until needed for sale
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Standardizing and Grading
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ensuring that product offerings meet quality and quantity controls of size, weight, and other variables
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Financing
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providing credit channel members and consumers
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Risk Taking
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dealing with uncertainty about future customer purcahses
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Security Marketing Information
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collecting information about consumers, competitors, and channel members for use in making marketing decisions
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Strategy planning
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process of determining an organizations primary objectives and adopting courses of action that will achieve these objectives
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Tactical planning
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planning that guides the implementation of activities specified in the strategic plan
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Marketing variables
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competitive
social-cultural technological economic political-legal |
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Porter's Five Forces
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Rivalry among competitors
bargaining power of buyers bargaining power of sellers threat of substitute products potential new entrants |
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First Mover Strategy
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theory advocating that the company first to offer a product in ta marketplace will be the long-term market winner
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BCG
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Boston Consulting Group
Stars: generate considerable income Question Marks: have potential to become stars or cash cows Cash Cows: generate strong cash flow Dogs: generate little profits |
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Environmental scanning
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process of collecting information about the external marketing environment to identify and interpret potential trends
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Major Federal Laws
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Federal Trade Commission Act (1914)
NAFTA (1993) Federal Food and Drug Act (1906) National Environment Policy Act (1970) Consumer Product Safety (1972) Children's Online Privacy Act (1998) |
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Levels of Social Responsibility
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Economic: be profitable
Legal: obey the law Ethical: be ethical Philanthropic: be a good corporate citizen |
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Three types of competition in marketplace
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Direct: marketers of similar products. two gas stations on the same street
Indirect: products that are easily substituted. pizza, chicken, hamburgers Competition for consumers' purchases: all compete for a limited number of dollars |
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Forms of internet marketing
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global reach
personalization interactive marketing right-time marketing integrated marketing |
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marketing myopia
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managements failure to recognize the scope of its business
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bottom line
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reference to overall company profitability
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noel pvt. ltd. combines metal, rubber, and other components in the production of appliances. in doing so the company creates _____ utility
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form
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the utility of a product or service is its _____
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want-satisfying power
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the ability to transfer title to goods or services from marketer to buyer is described as ____.
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ownership utility
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creating _____ utility is the responsibility of the production function
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form
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the organizational function and set of processes that creates, communicates, and delivers value to customers and manages customer relationships in ways that benefit the organization and its stakeholders is called _____.
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marketing
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a company produces a high-quality product, with a maximum monthly output of 10,000 units. production levels are constant and the company relies on its marketing department to find customers for its output. this approach is consistent with which era in marketing history.
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sales era
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a market in which there are more buyers for fewer goods and services is known as a _____
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seller's market
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the process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as _____
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planning
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relationship marketing can help a company
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create long-term and cost-effective links with individual customers and supplies for mutual benefit
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a company;s plans that focus largely on its current and near-future activities and are determind by its middle level management are referred to as _____ plans
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tactical
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employees of popsie inc a small grocery store chain, are working on its tactical plans. the personnel most involved in this level of its planning process would be its_____
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middle management
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operational planning is used to...
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determine departmental rules and procedures
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the process of collecting information about the external marketing environment to indetify and interpret potential trends is called _____
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environmental scanning
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which of the following has ended total monopoly protection for most utilities like natural gas, electricity, water, and cable tv...
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deregulation movement
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in the us, four major music companies recieve 80% of recording revenues. such a market structure is termed as an
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oligopoly
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a _____ is a software that enables users to communicate with eachother online
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social media tool
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snaptell allows shoppers to retrieve more information about products while shopping in brick-and-mortar stores. its an example of an
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app
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a _____ is a social media platform where users post messages and hold conversations on specified topics
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online forum
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consumers rely on communities created by social media for their buying decisions mainly to:
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conduct research and share information
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not-for-profit organizations use social media to:
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connect with the general public, the business community, and each other
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the term "internet penetration" refers to the:
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percentage of a region's population who use the internet
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_____ describes the wide range of transactions taking place via internet applications such as email and virtual shopping carts
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E-business
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which of the following terms refers to an advantage brought about by the advent of the internet as a shopping medium by eliminating the geographic protections and limitations of local business and by giving smaller firms a wider audience
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global reach
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when customers control the amount and type of information received from a marketer through such channels as the internet and virtual reality kiosks, they are engaged in:
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interactive marketing
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