Marketing Principle 2500
Card Set Information
Marketing Principle 2500
Western Michigan University
Exam 1 - Cahp 1-5 vocab
is the activity from creating,communicating,delivering,and exchanging offering that benefit its customers, the organization, its stakeholders, and society at large.
people with both the desire and the ability to buy a specific offering.
The four P's are an element of the _____
customer value proposition
a cluster of benefits that an organization promises customers to satisfy their needs.
forces behind marketing control, social,,economic,technological, competitive, and regulatory forces.
is the unique combination of benefits received by targeted buyers that includes, quality, convenience, on-time delivery, and both before sale and after sale service at a specific price.
links the organization to its individual customers, employees,suppliers,and other partners for their mutual long-term benefits.
a plan that integrates the marketing mix provide a good,service , or idea to prospective buyers.
is the idea that an organization should 1) strive to satisfy the needs of customers 2) while also achieve the organization's goals.
focuses its efforts on 1) continuously collecting information about its customers needs 2) sharing this information across departments, 3) using it to create customers values
societal marketing concept
the view that an organization should discover and satisfy the needs of it customers in a way that also provides for society's well-being.
is a good or service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value.
are the people who use the product and service purchased for a household.
are those manufactures,wholesalers,retailers,and government agencies that buy products and services for thier own use or resale.
the benefit or customer value received by users of the product.
one or more specific groups of potential consumers toward which the organization directs its marketing programs.
the trade of things of value between a buyer and a seller so that each is better off .
the reward to a business firm for the risk it undertakes in marketing its offerings.
an organization's long-tern course of action that delivers a unique customer experience while achieve it's goal.
are the fundamental, passionate, and enduring principles that guide an organization.
a statement or vision of an organization's function in society
the set of values, ideas, attitudes, and behavioral, norms that is learned and shared among the members of an organization.
the underlying industry or market sector of an organization's offering.
targets of performance to be achieved, often by a specific time.
ration of a firm's sales to the total sales of all firms in the industry.
the visual computer display of essential marketing information.
A measure of the value or trend of a marketing activity or result.
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 firms strategic business units.
a technique a firm uses to search for growth opportunities from among current and new products and markets.
strategic marketing process
an approach whereby an organization allocates its marketing mix resources to reach its target markets.
taking stock of where a firm or product have been recently,where it is now, and where it is headed.
an acronym describing an organizations's appraisal of its internal strengths and weaknesses and its external opportunities and threats.
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 substitutes.
the means by which a marketing goals is to be achieved
detailed day-to-day operational decisions essential to the overall success of marketing strategies.
the process of acquiring information on events outside the organization to identify and interpret trends
the demo graphics characteristics and the culture of population
description if a population according to characteristic such as, age, gender, ethnicity,income, and occupation.
the generation of children born between 1946 to 1964
members of the U.S. population born between 1965 and 1976
the 72 millions Americans born between 1977 and 1994.
marketing programs that reflect unique aspects of different races.
the sets of values, ideas m and attitudes that is learned and shared among the members of a group.
pertains to the income and resources that affect the cost of running a business or household.
inventions from applied science or engineering research
an information- and communication-based electronic exchange environment occupied by digitized offerings.
alternative firms that could provide a product to satisfy a specific market's needs.
restrictions that state and federal laws place on business .
a movement started to increase the influence, power, and rights of consumers in dealing with institutions.
an alternative to government control, whereby an industry attempts to police itself.
the moral principles and values that govern the actions and decisions of an individual or a group.
Consumer Bill of Rights
codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard .
Code of Ethics
a formal statement of ethical principles and rules of conduct.
a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
a personal moral philosophy that focuses on the greatest good for the greatest number .
marketing efforts to produce, promote and reclaim, environmentally sensitive products.
tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.
the actions a person takes in purchasing and using products and services.
purchase decision process
the stages a buyer passes through in making choices about which products or services to buy
the personnel,social,and economic significance of a purchase to the consumer.
the energizing force that stimulates behavior to satisfy a need.
A person's consistent behaviors or responses to recurring situations .
the process by which a person selects, organizes, and interprets information to create a meaningful picture of the world.
the anxiety felt when a consumer cannot anticipate possible negative outcome of a purchase.
behaviors that result from repeated experience and reasoning.
A favorable attitude toward and consistent purchase of a single brand over time.
A tendency to respond to something in a consistently favorable or unfavorable way.
A consumers perception of how a product or brand performs
individuals who have social influence over other
word of mouth
people influencing each other in personal conversations
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 too retirement, each phase bringing with it distinct purchasing behaviors.
subgroups within the larger, or national, culture with unique values,ideas, and attitudes.
the marketing of products and services to firms, governments, or not-for-profit organization.
manufactures, wholesalers,retailers, and government agencies that buy products and services for their own use or for resale.
the demand for industrial products services is driven by demand for consumer products and services.
organizational buying behaviors
the process by which organizational determine the need for products and then choose among alternative suppliers.
the group of people in an organization that participates in the buying process
there types of organizational buying situations: new buy,straight buy, or modified rebuy.
online trading communities that bring together buyers and supplier organizations.
occurs when a seller put on item up for sale and would-be buyer bid in competition with each other
occurs when a buyer communications a need for something and would be suppliers bid in competition with each other.