Flashcards
Marketing 3350 Test 1 Vocab
Cards in this deck (65)
- 1BenefitAny real or perceived outcome that motivates buying behavior and answers the question "what's in it for me?"
- 2CaptiveItems made by one unit in a firm that are required to be purchased by other business units in the same company.
- 3Customer SatisfactionThe extent to which a products perceived performance meets or exceeds a buyer's expectations
- 4CustomersThose entities in a market that meet a target market profile and have bought or are currently buying the product
- 5Economic forcesAreas which have financial influence on markets including the economy, government, technology and competition
- 6Elastic demandA situation where a small change in price causes a large change in the quantity demanded
- 7ExpectationThe consumer's anticipated level of service quality and/ or product performance
- 8Inelastic demandA situation where a small change in price causes a large change in the quantity demanded
- 9Integrated Marketing CommunicationsA comprehensive coordinated marketing approach to the distribution of information to and from all stakeholders
- 10Lifetime value of a customerThe total expected revenue and profit from a single customer over their remaining lifetime based on a specific set of buying patterns
- 11MarketAll entities that have some elements in common and represent the universe of entities that may buy the product
- 12Market placePhysical business location
- 13Market sharethe firm's sales expressed as a part of the market
- 14Market spaceThis is a virtual business location
- 15MarketingDelivery of customer satisfaction at a profit
-Phil Kotler - 16Marketing Concept PhilosophyA marketing management philosophy that operates on the assumption consumers will buy products only if the company has a customer-driven approach to the market
- 17NeedAny basic consumer requirement
- 18PerceptionThe process by which people select, organize, and interpret data to form an opinion about something
- 19Product Concept PhilosophyA marketing management philosophy that operates on the assumption consumers favor products that offer the most quality, performance, and innovative features
- 20Product managementThe functional marketing area in the firm primarily charged with the management of products and product lines
- 21Product Concept PhilosophyA marketing management philosophy that operates on the assumption consumers favor products that are available and highly affordable
- 22SalesVarious types of marketing entities within an organization charged with developing customer relationships, order frequency, and increasing volume
- 23The Marketing ConceptThe concept that everything begins and ends with the customer
- 24The Marketing MixThe four strategic elements [product, place, promotion, and price] a market uses in implementing a marketing program
- 25WantA level of desire above the basic need
- 26AdvantageA key test of a core competency that demonstrates it provides increased access to target markets
- 27Ansoff's Product-Market GridThis planning tool characterizes growth strategies based on the mix of new or existing products and new or existing markets
- 28BCG Growth Share MatrixThe Boston Consulting Group planning tool that evaluates business units in terms of their growth potential and market share.
- 29Breakthrough projectA product development that requires a technological breakthrough
- 30Business portfolioAll the businesses in a company
- 31Cash CowA business unit that has a low market growth rate but has high market share
- 32CompetitiveA key test of a core competency that shows consumers perceive significant benefits to the firm with the compentency
- 33Core CompentencyA fundamental capability of the firm that will help it achieve its vision.
- 34Derivative projectA simple extension that requires some change in the product line but no new technologies
- 35DogA business unit that has low market growth rate and low market share potential
- 36GE Strategic Business Planning MatrixA planning tool that measures the business unit position based on the strength of the business and the attractiveness of the industry.
- 37Market attractivenessA scale to measure the position of the business unit which market share, market knowledge, cost efficiency, technology, and relative quality.
- 38Marketing myopiaDefining a market too narrowly, thereby missing very large opportunities in very similar markets
- 39Niche StrategyA marketing strategy featuring special attributes and/ or performance in a small market segment
- 40Overall cost leadership stategyA high-risk marketing strategy featuring a low-cost position on an industry-wide basis
- 41Platform projectAn extension of a product line that requires one or more new technologies to implement
- 42Question markA business unit that has a high market growth rate but low market share
- 43StarA business unit that has a high market growth rate and the potential to have high market share
- 44Strategic Business Unit [SBU]An independent operating unit of the firm
- 45SustainableA key test of a core competency that measures the ability to sustain and / or increase the advantage of the competency over many years
- 46SWOT AnalysisStrength, weakness, opportunity, and threat analysis
- 47Brand positioning mapA two-dimensional grid that shows how brands relate to each other for two or sometimes three key attributes
- 48Catalog techniqueA listing of every attribute from published sources that may suggest other ideas
- 49Early majorityThe group to adopt a new product that brings market penetration up to 50%
- 50Free associationA method of stimulating the imagination by associating x with y
- 51Late majorityThe group to adopt a new product and/or service concept that brings market penetration levels to a clear majority
- 52PlaceThe activities of the firm that make products available to its markets
- 53Product positioning mapA two-dimensional or sometimes three-dimensional grid that shows how products relate to each other for two key attributes
- 54PromotionActivities that stimulate consumers to purchase
- 55Cognitive dissonance"did I do the right thing?"
- 56Complex buying behaviorDescribes the way buyers respond to products and / or services with significant differences between products and a high level of involvement
- 57Dissonance-reducing behaviorDescribes the way buyers respond to products with a few differences and a high level of involvement
- 58Maslow's Hierarchy of NeedsA ranked model of human needs progressing from physiological through safety, social, esteem, and self-actualization
- 59Psychological factorsBuying decisions influences come from motivation, perception, learning, beliefs, and attitudes
- 60Psychological needsThe lowest level of human needs, including hunger and thirst
- 61Safety needsSecurity and protection needs
- 62Self-actualization needsThe highest level of needs; self-development and realization
- 63The Consumer's Black BoxThe process by which the consumer makes a buying decision
- 64Unsought producta consumer product that the consumer either does not know about or does not normally think of purchasing
- 65Variety-seeking behaviorDescribes the way buyers respond to products with significant differences and a low level of involvement