1956194
Description
Flashcards by lossingraham, updated more than 1 year ago
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Created by lossingraham
almost 10 years ago
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| Question | Answer |
| 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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