MARKETNG 310: EXAM 1
76 Cards in this Set
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Stratergy
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is an organization’s
long-term course of action designed to deliver a unique customer experience while achieving its goals.
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corporate level
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The corporate level is the level
in an organization where top management directs overall strategy for the entire organization
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strategic business unit (SBU)
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A strategic business unit (SBU) is a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
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functional level
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The functional level is the level
in an organization where groups
of specialists actually create value for the organization
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Cross-functional teams
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Cross-functional teams consist of a small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals.
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core values
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Core values are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time
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Mission
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A mission is a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision
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organizational culture
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An organizational culture consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of
an organization.
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buisness
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A business is the clear, broad, underlying industry or market sector of an organization’s offering.
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business model
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A business model is the strategies an organization develops to provide value to
the customers it serves.
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goals or objectives
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Goals or objectives are the statements of an accomplishment of a task to be achieved, often by a specific time.
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market share
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Market share is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
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marketing metric
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A marketing metric is a measure of the quantitative value or trend of a marketing activity or result
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marketing plan
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A marketing plan is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.
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business plan
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A business plan is a road map for the entire organization for a specified future time period, such as one year or five years.
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competitive advantage
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A competitive advantage is an unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.
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business portfolio advantage
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Business portfolio analysis is a technique that managers use to quantify performance measures and growth targets to analyze its clients’ strategic business units (SBUs) as though they were a collection of separate investments.
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diversification analysis
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Diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.
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diversification analysis
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The strategic marketing process is the approach whereby an organization allocates its marketing mix resources to reach its target markets.
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situation analysis
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A situation analysis involves taking stock of where the firm or product has been recently, where it is now, and where it is headed
in terms of the organization’s marketing plans and the external factors and trends affecting it.
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SWOT Analysis
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A SWOT analysis is an acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
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Marketing Segmentation
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Market segmentation involves aggregating prospective buyers into groups, or segments, that
(1) have common needs and
(2) will respond similarly to a marketing action.
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Marketing Stratergy
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Marketing strategy is the means by which a marketing goal is to be achieved, usually characterized
by a specified target market and
a marketing program to reach it.
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Marketing Tactics
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Marketing tactics are the detailed day-to-day operational decisions essential to the overall success of marketing strategies.
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envromental scanning
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Environmental scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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social forces
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Social forces are the demographic characteristics of
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Demographics
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Demographics describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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baby boomers
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Baby boomers consist of the
generation of children born between 1946 and 1964.
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Generation X
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Generation X includes the 15 percent of the population born between 1965 and 1976. Also called baby bust.
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Generation Y
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Generation Y includes the 72 million Americans born between 1977 and 1994. Also called
echo-boom or baby boomlet.
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blended family
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A blended family is a family formed by merging two previously separated units into a single household.
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multicultural marketing
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Multicultural marketing consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
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culture
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Culture consists of the set of values, ideas, and attitudes that are learned and shared among
the members of a group
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economy
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The economy pertains to the income, expenditures, and resources that affect the cost of running a business and household.
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gross income
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Gross income is the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.
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disposable income
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Disposable income is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
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discretionary income
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Discretionary income is the money that remains after paying for taxes and necessities.
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Technology
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Technology consists of the inventions or innovations from applied science or engineering research.
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Marketspace
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Marketspace is an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
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electronic commerce
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Electronic commerce is any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
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competition
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Competition consists of the alternative firms that could provide a product to satisfy a specific market’s needs.
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barriers to entry
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Barriers to entry are business practices or conditions that make it difficult for new firms to enter
the market.
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regulation
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Regulation consists of the restrictions state and federal laws place on business with regard to the conduct of its activities.
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consumerism
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Consumerism is a grassroots movement started in the 1960s
to increase the influence, power, and rights of consumers in
dealing with institutions.
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self regulation
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Self-regulation is an alternative to government control where an industry attempts to police itself
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Market Segmentation
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involves aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.
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Market Segments
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are the relatively homogeneous groups
of prospective buyers that result from the market segmentation process.
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Product Differentation
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Product differentiation is a marketing strategy that involves
a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.
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Market-Product Grid
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A market-product grid is a framework to relate the market segments of potential buyers
to products offered or potential marketing actions by an organization.
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Usage Rate
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Usage rate is the quantity consumed or patronage (store visits) during a specific period. Also called frequency marketing
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80/20 Rule
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The 80/20 rule is a concept
that suggests 80 percent of a firm’s sales are obtained from
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Product Positioning
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Product positioning is the
place an offering occupies in a consumer’s mind on important attributes relative to competitive products.
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Product Repositoning
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Product repositioning involves changing the place an offering occupies in a consumer’s mind relative to competitive products
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Perceptual Map
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A perceptual map is a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as the firm’s own product or brand.
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consumer behavior
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Consumer behavior consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions
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Purchase Decison Process
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The purchase decision process consists of the five stages a buyer passes through in making choices about which products and services
to buy: (1) problem recognition,
(2) information search, (3) alternative evaluation, (4) purchase decision,
and (5) postpurchase behavior
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evaluative criteria
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Evaluative criteria are the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands.
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consideration set
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A consideration set is the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware
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Cognitive Dissonance
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Cognitive dissonance is the feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives.
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involvement
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Involvement is the personal, social, and economic significance of the purchase to the consumer
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Situational Influences
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Situational influences are the five aspects of the purchase situation
that impacts the consumer’s purchase decision process: (1) the purchase task, (2) social surroundings,
(3) physical surroundings,
(4) temporal effects, and
(5) antecedent states.
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Motivation
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Motivation is the energizing force that stimulates behavior to satisfy a need.
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Personality
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Personality is a person’s consistent behaviors or responses to recurring situations
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self-concept
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Self-concept is the way people see themselves and the way they believe others see them.
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Perception
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Perception is the process by which an individual selects, organizes, and interprets information to create a
meaningful picture of the world.
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Brand Loyalty
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Brand loyalty is a favorable attitude toward and consistent purchase of a single brand over time.
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Attitude
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An attitude is a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way.
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Beliefs
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Beliefs are a consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people
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Lifestyle
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Lifestyle is a mode of living that
is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.
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Opinion leaders
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Opinion leaders are individuals who exert direct or indirect social influence over others.
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Word of Mouth
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Word of mouth involves the influencing of people during conversations.
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Reference Groups
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Reference groups consists of people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
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consumer socialization
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Consumer socialization is the process by which people acquire the skills, knowledge, and attitudes necessary to function
as consumers.
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Family Lifecycle
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A family life cycle consists of
the distinct phases that a family progresses through from
formation to retirement, each phase bringing with it identifiable purchasing behaviors.
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Social Class
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Social class is the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.
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Subcultures
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Subcultures are the subgroups within the larger, or national, culture with unique values, ideas, and attitudes.
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MARKETNG 301: CHAPTER 1