BA 223 Midterm 1 Flashcards

Understand the marketplace and customer needs and wants

Design a customer value-driven marketing strategy

<p>Construct an integrated marketing program that delivers superior value</p> Signup and view all the answers

<p>Engage customers, build profitable relationships, and create customer delight</p> Signup and view all the answers

<p>Capture value from customers to create profits and customer equity</p> Signup and view all the answers

<p>State of felt deprivation</p> Signup and view all the answers

<p>The form human needs take as they are shaped by culture and individual personality</p> Signup and view all the answers

<p>Wants backed by buying power</p> Signup and view all the answers

<p>Some combination of products, services, information, or experiences offered to a market to satisfy a need or want</p> Signup and view all the answers

<p>The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products</p> Signup and view all the answers

<p>The art and science of choosing target markets and building profitable relationships with them</p> Signup and view all the answers

<p>The idea that consumers will favor products that are available and highly affordable</p> Signup and view all the answers

<p>The idea that consumers will favor products that offer the most quality, performance, and features</p> Signup and view all the answers

<p>The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort</p> Signup and view all the answers

<p>The idea that achieving organizational goals depends on knowing the needs and wants of the target markets</p> Signup and view all the answers

<p>The idea that the marketing strategy should deliver value to the consumer in a way that maintains or improves both the consumer and society's well-being</p> Signup and view all the answers

<p>Product, Price, Place, Promotion</p> Signup and view all the answers

<p>Process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction</p> Signup and view all the answers

<p>The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers</p> Signup and view all the answers

<p>The product's perceived value relative to the buyer's expectations</p> Signup and view all the answers

<p>Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community</p> Signup and view all the answers

<p>When customers themselves play a role in shaping their own brand experiences</p> Signup and view all the answers

<p>Working closely with partners in other company departments and outside the company to jointly bring greater value to customers</p> Signup and view all the answers

<p>The portion of the customer's purchasing that a company gets in its product categories</p> Signup and view all the answers

<p>The total combined customer lifetime values of all of the company's customers</p> Signup and view all the answers

<p>Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving future generation's needs</p> Signup and view all the answers

<p>An organized movement to improve the rights and powers of buyers in relation to sellers</p> Signup and view all the answers

<p>An organized movement designed to protect and improve people's current and future living environment</p> Signup and view all the answers

<p>Generating profits while helping protect the environment</p> Signup and view all the answers

<ol> <li>Consumer-oriented marketing 2. Customer value marketing 3. Innovative marketing 4. Sense-of-mission marketing 5. Societal marketing</li> </ol> Signup and view all the answers

<p>A company should view and organize its marketing activities through the consumer's point of view</p> Signup and view all the answers

<p>A company should put most of its resources into customer value-building marketing investments</p> Signup and view all the answers

<p>Requires a company to seek real product and marketing improvements</p> Signup and view all the answers

<p>A company should define its mission in broad social terms rather than narrow product terms</p> Signup and view all the answers

<p>A company should make marketing decisions by considering consumers' wants, the company's requirements, and society's long-run interests</p> Signup and view all the answers

<p>Neither immediate appeal nor long-run benefits</p> Signup and view all the answers

<p>Products that give high immediate satisfaction but may hurt consumers in the long run</p> Signup and view all the answers

<p>Products that have low immediate appeal but may benefit consumers in the long run</p> Signup and view all the answers

<p>Products that give both high immediate satisfaction and high long-run benefits</p> Signup and view all the answers

<p>High prices, deceptive practices, high-pressure selling, unsafe practices, planned obsolescence, poor service to disadvantaged consumers</p> Signup and view all the answers

<p>False wants/too much consumerism, too few social goods, cultural pollution</p> Signup and view all the answers

<p>The process of developing and maintaining a strategic fit between the organization's goals and capabilities and the changing market opportunities</p> Signup and view all the answers

<p>Defining the company mission</p> Signup and view all the answers

<p>A statement of the organization's purpose - what it wants to accomplish in the larger environment</p> Signup and view all the answers

<p>Setting company objectives and goals</p> Signup and view all the answers

<p>Designing the business portfolio</p> Signup and view all the answers

<p>The collection of businesses and products that make up the company</p> Signup and view all the answers

<p>SBUs that are high-growth, high-share businesses or products</p> Signup and view all the answers

<p>SBUs that are low growth, high-share businesses or products</p> Signup and view all the answers

<p>SBUs with low market shares in fast-growth markets</p> Signup and view all the answers

<p>SBUs with a small share of a slow-growth market</p> Signup and view all the answers

<p>Making more sales in its current product lines and markets</p> Signup and view all the answers

<p>Company growth by identifying and developing new market segments for current company products</p> Signup and view all the answers

<p>Company growth by offering modified or new products to current market segments</p> Signup and view all the answers

<p>A strategy of increasing sales by introducing new products into new markets</p> Signup and view all the answers

<p>The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products</p> Signup and view all the answers

<p>The network made up of the company, its suppliers, its distributors, and customers who partner to improve performance</p> Signup and view all the answers

<p>The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships</p> Signup and view all the answers

<p>The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors</p> Signup and view all the answers

<p>Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products</p> Signup and view all the answers

<p>Acceptability, Affordability, Accessibility, Awareness</p> Signup and view all the answers

<p>Turning marketing strategies and plans into marketing actions</p> Signup and view all the answers

<p>Evaluating results and taking corrective action to ensure that marketing objectives are attained</p> Signup and view all the answers

<p>The net return from a marketing investment divided by the costs of the marketing investment</p> Signup and view all the answers

<p>Planning marketing and other functional strategies</p> Signup and view all the answers

<p>The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships</p> Signup and view all the answers

<p>The actors close to the company that affect its ability to serve its customers</p> Signup and view all the answers

<p>The larger societal forces that affect the microenvironment</p> Signup and view all the answers

<p>People born between 1946 and 1964; wealthiest generation, a marketer's dream</p> Signup and view all the answers

<p>49 million people born between 1965 and 1976; more skeptical, prefer quality over quantity</p> Signup and view all the answers

<p>Born between 1977 and 2000; higher unemployment, more debt, accept technology</p> Signup and view all the answers

<p>People born after 2000; the future of markets, got digital in their DNA</p> Signup and view all the answers

<p>Economic factors that affect consumer purchasing power and spending patterns</p> Signup and view all the answers

<p>The physical environment and the natural resources needed as inputs by marketers or affected by marketing activities</p> Signup and view all the answers

<p>Forces that create new technologies, creating new product and market opportunities</p> Signup and view all the answers

<p>Consists of laws, government agencies, and pressure groups that influence or limit various organizations</p> Signup and view all the answers

<p>Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors</p> Signup and view all the answers

<p>Fresh understandings of customers and the marketplace derived from marketing information</p> Signup and view all the answers

<p>People and procedures dedicated to assessing information needs and helping decision makers</p> Signup and view all the answers

<p>Collections of consumer and market information obtained from data sources within the company</p> Signup and view all the answers

<p>The systematic monitoring, collection, and analysis of publicly available information</p> Signup and view all the answers

<p>The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation</p> Signup and view all the answers

<p>Defining the problem and research objectives</p> Signup and view all the answers

<p>Developing the research plan for collecting information</p> Signup and view all the answers

<p>Implementing the research plan- collecting and analyzing the data</p> Signup and view all the answers

<p>Interpreting and reporting the findings</p> Signup and view all the answers

<p>Marketing research to gather preliminary information to help define problems and suggest hypotheses</p> Signup and view all the answers

<p>Describes things, such as the market potential for a product or demographics of consumers</p> Signup and view all the answers

<p>Tests hypotheses about cause-and-effect relationships</p> Signup and view all the answers

<p>Involves gathering primary data by observing relevant people, actions, and situations</p> Signup and view all the answers

<p>A form of observational research involving sending trained observers to watch and interact with consumers</p> Signup and view all the answers

<p>Gathering primary data by selecting matched groups, giving them different treatments, and checking for differences in responses</p> Signup and view all the answers

<p>Manage detailed information about individual customers to maximize loyalty</p> Signup and view all the answers

<p>Analysis tools and processes that help marketers discover meaningful patterns in data</p> Signup and view all the answers

<p>The buying behavior of final consumers - individuals and households that buy goods and services for personal consumption</p> Signup and view all the answers

<p>All the individuals and households that buy or acquire goods and services for personal consumption</p> Signup and view all the answers

<p>The most basic cause of human needs or wants</p> Signup and view all the answers