Marketing 3350 Test 1 Vocab

Pregunta	Respuesta
Benefit	Any real or perceived outcome that motivates buying behavior and answers the question "what's in it for me?"
Captive	Items made by one unit in a firm that are required to be purchased by other business units in the same company.
Customer Satisfaction	The extent to which a products perceived performance meets or exceeds a buyer's expectations
Customers	Those entities in a market that meet a target market profile and have bought or are currently buying the product
Economic forces	Areas which have financial influence on markets including the economy, government, technology and competition
Elastic demand	A situation where a small change in price causes a large change in the quantity demanded
Expectation	The consumer's anticipated level of service quality and/ or product performance
Inelastic demand	A situation where a small change in price causes a large change in the quantity demanded
Integrated Marketing Communications	A comprehensive coordinated marketing approach to the distribution of information to and from all stakeholders
Lifetime value of a customer	The total expected revenue and profit from a single customer over their remaining lifetime based on a specific set of buying patterns
Market	All entities that have some elements in common and represent the universe of entities that may buy the product
Market place	Physical business location
Market share	the firm's sales expressed as a part of the market
Market space	This is a virtual business location
Marketing	Delivery of customer satisfaction at a profit -Phil Kotler
Marketing Concept Philosophy	A marketing management philosophy that operates on the assumption consumers will buy products only if the company has a customer-driven approach to the market
Need	Any basic consumer requirement
Perception	The process by which people select, organize, and interpret data to form an opinion about something
Product Concept Philosophy	A marketing management philosophy that operates on the assumption consumers favor products that offer the most quality, performance, and innovative features
Product management	The functional marketing area in the firm primarily charged with the management of products and product lines
Product Concept Philosophy	A marketing management philosophy that operates on the assumption consumers favor products that are available and highly affordable
Sales	Various types of marketing entities within an organization charged with developing customer relationships, order frequency, and increasing volume
The Marketing Concept	The concept that everything begins and ends with the customer
The Marketing Mix	The four strategic elements [product, place, promotion, and price] a market uses in implementing a marketing program
Want	A level of desire above the basic need
Advantage	A key test of a core competency that demonstrates it provides increased access to target markets
Ansoff's Product-Market Grid	This planning tool characterizes growth strategies based on the mix of new or existing products and new or existing markets
BCG Growth Share Matrix	The Boston Consulting Group planning tool that evaluates business units in terms of their growth potential and market share.
Breakthrough project	A product development that requires a technological breakthrough
Business portfolio	All the businesses in a company
Cash Cow	A business unit that has a low market growth rate but has high market share
Competitive	A key test of a core competency that shows consumers perceive significant benefits to the firm with the compentency
Core Compentency	A fundamental capability of the firm that will help it achieve its vision.
Derivative project	A simple extension that requires some change in the product line but no new technologies
Dog	A business unit that has low market growth rate and low market share potential
GE Strategic Business Planning Matrix	A planning tool that measures the business unit position based on the strength of the business and the attractiveness of the industry.
Market attractiveness	A scale to measure the position of the business unit which market share, market knowledge, cost efficiency, technology, and relative quality.
Marketing myopia	Defining a market too narrowly, thereby missing very large opportunities in very similar markets
Niche Strategy	A marketing strategy featuring special attributes and/ or performance in a small market segment
Overall cost leadership stategy	A high-risk marketing strategy featuring a low-cost position on an industry-wide basis
Platform project	An extension of a product line that requires one or more new technologies to implement
Question mark	A business unit that has a high market growth rate but low market share
Star	A business unit that has a high market growth rate and the potential to have high market share
Strategic Business Unit [SBU]	An independent operating unit of the firm
Sustainable	A key test of a core competency that measures the ability to sustain and / or increase the advantage of the competency over many years
SWOT Analysis	Strength, weakness, opportunity, and threat analysis
Brand positioning map	A two-dimensional grid that shows how brands relate to each other for two or sometimes three key attributes
Catalog technique	A listing of every attribute from published sources that may suggest other ideas
Early majority	The group to adopt a new product that brings market penetration up to 50%
Free association	A method of stimulating the imagination by associating x with y
Late majority	The group to adopt a new product and/or service concept that brings market penetration levels to a clear majority
Place	The activities of the firm that make products available to its markets
Product positioning map	A two-dimensional or sometimes three-dimensional grid that shows how products relate to each other for two key attributes
Promotion	Activities that stimulate consumers to purchase
Cognitive dissonance	"did I do the right thing?"
Complex buying behavior	Describes the way buyers respond to products and / or services with significant differences between products and a high level of involvement
Dissonance-reducing behavior	Describes the way buyers respond to products with a few differences and a high level of involvement
Maslow's Hierarchy of Needs	A ranked model of human needs progressing from physiological through safety, social, esteem, and self-actualization
Psychological factors	Buying decisions influences come from motivation, perception, learning, beliefs, and attitudes
Psychological needs	The lowest level of human needs, including hunger and thirst
Safety needs	Security and protection needs
Self-actualization needs	The highest level of needs; self-development and realization
The Consumer's Black Box	The process by which the consumer makes a buying decision
Unsought product	a consumer product that the consumer either does not know about or does not normally think of purchasing
Variety-seeking behavior	Describes the way buyers respond to products with significant differences and a low level of involvement

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