Marketing Principle 2500

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Marketing Principle 2500
2014-09-29 09:34:32
Western Michigan University

Exam 1 - Cahp 1-5 vocab
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  1. Marketing
    is the activity from creating,communicating,delivering,and exchanging offering that benefit its customers, the organization, its stakeholders, and society at large.
  2. Market
    people with both the desire and the ability to buy a specific offering.
  3. Marketing Mix
    The four P's are an element of the _____
  4. customer value proposition
    a cluster of benefits that an organization promises customers to satisfy their needs.
  5. environment forces
    forces behind marketing control, social,,economic,technological, competitive, and regulatory forces.
  6. customer value
    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.
  7. relationship marketing
    links the organization to its individual customers, employees,suppliers,and other partners for their mutual long-term benefits.
  8. Marketing program
    a plan that integrates the marketing mix provide a good,service , or idea to prospective buyers.
  9. marketing concept
    is the idea that an organization should 1) strive to satisfy the needs of customers 2) while also achieve the organization's goals.
  10. Marketing orientation
    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
  11. 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.
  12. product
    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.
  13. ultimate consumers
    are the people who use the product and service purchased for a household.
  14. organizational buyers
    are those manufactures,wholesalers,retailers,and government agencies that buy products and services for thier own use or resale.
  15. utility
    the benefit or customer value received by users of the product.
  16. target market
    one or more specific groups of potential consumers toward which the organization directs its marketing programs.
  17. exchange
    the trade of things of value between a buyer and a seller so that each is better off .
  18. profit
    the reward to a business firm for the risk it undertakes in marketing its offerings.
  19. Strategy
    an organization's long-tern course of action that delivers a unique customer experience while achieve it's goal.
  20. core values
    are the fundamental, passionate, and enduring principles that guide an organization.
  21. mission
    a statement or vision of an organization's function in society
  22. organization culture
    the set of values, ideas, attitudes, and behavioral,  norms that is learned and shared among the members of an organization.
  23. business
    the underlying industry or market sector of an organization's offering.
  24. goals (objectives)
    targets of performance to be achieved, often by a specific time.
  25. market share
    ration of a firm's sales to the total sales of all firms in the industry.
  26. marketing dashboard
    the visual computer display of essential marketing information.
  27. marketing metric
    A measure of the value or trend of a marketing activity or result.
  28. marketing plan
    a road map for the marketing activities of an organization for a specified future time period.
  29. business portfolio analysis
    a technique that managers use to quantify performance measures and growth targets of their firms strategic business units.
  30. diversification analysis
    a technique a firm uses to search for growth opportunities from among current and new products and markets.
  31. strategic marketing process
    an approach whereby an organization allocates its marketing mix resources to reach its target markets.
  32. situation analysis
    taking stock of where a firm or product have been recently,where it is now, and where it is headed.
  33. SWOT analysis
    an acronym describing an organizations's appraisal of its internal strengths and weaknesses and its external opportunities and threats.
  34. Market segmentation
    the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action.
  35. points of difference
    those characteristics of a product that make it superior to competitive substitutes.
  36. marketing strategy
    the means by which a marketing goals is to be achieved
  37. marketing tactics
    detailed day-to-day operational decisions essential to the overall success of marketing strategies.
  38. environmental scanning
    the process of acquiring information on events outside the organization to identify and interpret trends
  39. social forces
    the demo graphics characteristics and the culture of population
  40. demographics
    description if a population according to characteristic such as, age, gender, ethnicity,income, and occupation.
  41. baby boomers
    the generation of children born between 1946 to 1964
  42. generation X
    members of the U.S. population born between 1965 and 1976
  43. generation Y
    the 72 millions Americans born between 1977 and 1994.
  44. multicultural marketing
    marketing programs that reflect unique aspects of different races.
  45. culture
    the sets of values, ideas m and attitudes that is learned and shared among the members of a group.
  46. economy
    pertains to the income and resources that affect the cost of running a business or household.
  47. technology
    inventions from applied science or engineering research
  48. marketspace
    an information- and communication-based electronic exchange environment occupied by digitized offerings.
  49. competition
    alternative firms that could provide a product to satisfy a specific market's needs.
  50. regulation
    restrictions that state and federal laws place on business .
  51. consumerism
    a movement started to increase the influence, power, and rights of consumers in dealing with institutions.
  52. seld-regulation
    an alternative to government control, whereby an industry attempts to police itself.
  53. ethics
    the moral principles and values that govern the actions and decisions of an individual or a group.
  54. 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 .
  55. Code of Ethics
    a formal statement of ethical principles and rules of conduct.
  56. moral idealism
    a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
  57. utilitarianism
    a personal moral philosophy that focuses on the greatest good for the greatest number .
  58. green marketing
    marketing efforts to produce, promote and reclaim, environmentally sensitive products.
  59. cause marketing
    tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products.
  60. consumer behavior
    the actions a person takes in purchasing and using products and services.
  61. purchase decision process
    the stages a buyer passes through in making choices about which products or services to buy
  62. involvement
    the personnel,social,and economic significance of a purchase to the consumer.
  63. motivation
    the energizing force that stimulates behavior to satisfy a need.
  64. personality
    A person's consistent behaviors or responses to recurring situations .
  65. perception
    the process by which a person selects, organizes, and interprets information to create a meaningful picture of the world.
  66. perceived risk
    the anxiety felt when a consumer cannot anticipate possible negative outcome of a purchase.
  67. learning
    behaviors that result from repeated experience and reasoning.
  68. brand loyalty
    A favorable attitude toward and consistent purchase of a single brand over time.
  69. attitude
    A tendency to respond to something in a consistently favorable or unfavorable way.
  70. beliefs
    A consumers perception of how a product or brand performs
  71. opinion leaders
    individuals who have social influence over other
  72. word of mouth
    people influencing each other in personal conversations
  73. reference groups
    people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
  74. family life cycle
    a family's progression from formation too retirement, each phase bringing with it distinct purchasing behaviors.
  75. subcultures
    subgroups within the larger, or national, culture with unique values,ideas, and attitudes.
  76. business marketing
    the marketing of products and services to firms, governments, or not-for-profit organization.
  77. organizational buyers
    manufactures, wholesalers,retailers, and government agencies that buy products and services for their own use or for resale.
  78. derived demand
    the demand for industrial products services is driven by demand for consumer products and services.
  79. organizational buying behaviors
    the process by which organizational determine the need for products and then choose among alternative suppliers.
  80. buying center
    the group of people in an organization that participates in the buying process
  81. buy classes
    there types of organizational buying situations: new buy,straight buy, or modified rebuy.
  82. e-marketplaces
    online trading communities that bring together buyers and supplier organizations.
  83. traditional auction
    occurs when a seller put on item up for sale and would-be buyer bid in competition with each other
  84. reverse auction
    occurs when a buyer communications a need for something and would be suppliers bid in competition with each other.