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Marketing Test 1
Chapters 1-5
| Term | Definition |
|---|---|
| Cause Marketing | a formal practice; occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products |
| Caveat Emptor | Let the Buyer Beware |
| Code of Ethics | a formal statement of ethical principles and rules of conduct |
| Consumer Bill of Rights | outlined by JFK in 1962; codified the ethics of exchange between buyers and seller. These were the right (1) to safety, (2) to be informed, (3) to choose, (4) and to be heard |
| Ethics | the moral principles and values that govern the actions and decisions of an individual or group |
| Green Marketing | marketing efforts to produce, promote, and reclaim environmentally sensitive products - takes many forms |
| Moral Idealism | a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
| Social Audit | a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility |
| Social Responsibility | means that organizations are part of a larger society and are accountable to that society for their actions |
| Sustainable Development | involves conducting business in a way that protects the natural environment while making economic progress. |
| Triple-Bottom Line | recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth |
| Utilitarianism | a personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior |
| Whistle-Blowers | employees who report unethical or illegal actions of their employers |
| Attitude | a "learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way |
| Beliefs | are a consumer's subjective perception of how a product or brand performs on different attributes |
| Brand Loyalty | a favorable attitude toward and consistent purchase of a single brand over time |
| Cognitive Dissonance | The feeling of postpurchase psychological tension or anxiety |
| Consideration Set | the group of brands that you would consider from among all the brands of which you are aware in the product class |
| Consumer Behavior | 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 |
| Evaluative Criteria | represent both the objective attributes of a brand (such as display) and the subjective ones (such as prestige) you use to compare different products and brands |
| Involvement | the personal, social, and economic significance of the purchase to the consumer |
| Learning | refers to those behaviors that result from (1) repeated experience and (2) reasoning |
| Lifestyle | 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 |
| Motivation | the energizing force that stimulates behavior to satisfy a need |
| Perception | the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world |
| Purchase Decision Process | the stages a buyer passes through in making choices about which products and services to buy. There are 5 stages; Problem Recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior |
| Reference Groups | are people to whom in individual looks as a basis for self-appraisal or as a source of personal standards |
| Self Concept | where these personality characteristics are often revealed. which is the way people see themselves and the way they believe others see them |
| Situational Influences | have an impact on the purchase decision process; (1) the purchase task (2) social surroundings (3) physical surroundings (4) temporal effects (5) antecedent states |
| Social Class | may be defined as the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped |
| Subcultures | Subgroups within the larger, or national, culture with unique values, ideas, and attitudes |
| Subliminal Perception | means that you see or hear messages without being aware of them |
| Word of Mouth | the influencing of people during conversations |
| Environmental Forces | those involving social, economic, technological, competitive, and regulatory forces |
| Exchange | the trade of things of value between buyer and seller so that each is better off after the trade |
| Market | made up by potential consumers, which is people with both the desire and the ability to buy a specific offering |
| Market Orientation | an organization tha focuses its efforts on (1) continuously collecting information about customers' needs (2) sharing this information across departments, and (3) using it to create customer value |
| Marketing | is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large |
| Marketing Concept | the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organizations goals |
| Marketing Mix | The four P's Product, Price, Promotion, Place that can be used by the marketing manager to solve a marketing problem |
| Product | is a good, 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 |
| Relationship Marketing | links the organization to its individual customers, employees, and other partners for their mutual long-term benefit |
| Target Market | one of more specific groups of potential consumers toward which an organization directs its marketing program |
| Utility | the benefits or customer value received by users of the product |
| Business | describes the clear, broad, underlying industry or market sector of an organization's offering |
| Business Model | the strategies an organization develops to provide value to the customers it serves |
| Business Portfolio Analysis | a technique that managers sue to quantify performance measures and growth targets to analyze their firms' strategic business units (SBU) as though they were a collection of separate investments |
| Competitive Advantage | a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation |
| Core Values | the fundamental, passionate, and enduring principles that guide its conduct over time |
| Goals | or also called objectives, are statements of an accomplishment of a task to be achieved, often by a specific time |
| Market Segmentation | involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) sill respond similarly to a marketing action |
| Market Share | the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry |
| Marketing Plan | a road map for marketing activities of an organization for a specified future time period |
| Marketing Strategy | 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 |
| Marketing Tactics | detailed day to day operational decisions essential to the overall success of marketing strategies |
| Mission | a statement of the organization's functioning society that often identifies its customers, markets, products, and technologies |
| Organizational Culture | the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an orgaization |
| Profit | the money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
| Situation Analysis | 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 forces and trends affecting it |
| Strategic Business Unit (SBU) | a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers |
| Strategic Marketing Process | an organization allocates its marketing mix resources to reach its target markets |
| Strategy | an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals |
| SWOT Analysis | an acronym describing an organization's marketing plans and the external forces and trends affecting it |
| Baby Boomers | wealthiest generation in U.S. history, accounting for an estimated 50 percent of all consumer spending, the generation born between 1946 and 1964 |
| Barriers to Entry | business practices or conditions that make it difficult for new firms to enter the market |
| Blended Family | one formed by merging two previously separated units into a single household |
| Competition | refers to the alternative firms that could provide a product to satisfy a specific market's needs |
| Demographics | selected characteristics such as age, gener, ethnicity, income, and occupation |
| Discretionary Income | the money that remains after paying for taxes and necessities |
| Disposable Income | the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| Economy | pertains to the income, expenditures, and resources that affect the cost of running a business and household |
| Environmental Scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Generation X | included the 15 percent of the population born between 1965 and 1976, also known as the baby bust because the number of children born each year was declining |
| Generation Y | included the 72 million americans born between 1977 and 1994, a period of increasing births which resulted from baby boomers having children, often referred to as the echo-boom or baby-boomlet |
| Multicultural Marketing | combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
| Regulation | consists of restrictions state and federal laws place on business with regard to the conduct of its activities |
| Social forces | of the environment include the demographic characteristics of the population and its values |
| Technology | refers to inventions or innovations from applied science or engineering research |
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