Marketing Principles Lecture Review

A comprehensive set of vocabulary flashcards covering key marketing concepts, orientations, research methods, and strategic terms derived from the lecture transcript.

Marketing Concept

The marketing orientation that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Production Concept

The marketing management orientation that focuses primarily on improving efficiencies along the supply chain and holds that consumers will favor products that are available and affordable.

Product Concept

A philosophy that suggests consumers will favor products that offer the most in quality, performance, and innovative features, leading the organization to focus on continuous product improvements.

Selling Concept

An orientation that calls for aggressive promotional efforts and focuses on generating transactions to obtain profitable sales, often used for unsought products.

Societal Marketing Concept

An orientation that holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well-being.

Marketing Myopia

The mistake of being preoccupied with a company's own products and losing sight of underlying consumer needs.

Customer-Perceived Value

The customer's personal assessment of the benefits and costs of a market offering relative to those of competing offers.

Customer Satisfaction

The extent to which a product's perceived performance matches a buyer's expectations.

Customer Lifetime Value

The value of the entire stream of future purchases that a customer is likely to make if they remain loyal to a company.

Marketing Intermediaries

Firms that help a company promote, sell, and distribute its goods to final buyers, including resellers, physical distribution firms, and marketing services agencies.

Public

Any group that has an actual or potential interest in, or impact on, an organization's ability to achieve its objectives.

Secondary Data

Information that already exists somewhere but was collected for a purpose other than the current research objective.

Primary Data

Information gathered directly from respondents in order to specifically address a question or research project at hand.

Exploratory Research

Marketing research used to gather preliminary information that will help define problems and suggest hypotheses.

Descriptive Research

Marketing research used to better describe marketing problems, situations, or markets, such as the market potential for a product.

Causal Research

Marketing research used to test hypotheses about cause-and-effect relationships.

Ethnographic Research

A form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments.

Black Box

The part of the buyer's mind where stimuli are changed into responses, consisting of the buyer's characteristics and the decision process.

Subculture

A group of people with shared value systems based on common life experiences and situations within a larger culture.

Derived Demand

Business demand that ultimately comes from the demand for consumer goods.

Buying Center

The decision-making unit of a buying organization, consisting of all individuals and units involved in the purchasing decision process.

Market Segmentation

The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies.

Micromarketing

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Core Customer Value

The most basic level of a product that addresses 'What is the buyer really buying?' by identifying the problem-solving benefits sought.

Augmented Product

The non-physical part of a product that includes additional consumer services and benefits such as delivery, credit, warranty, and after-sale service.

Product Line Filling

Adding more items within the present range of the product line to increase profits or use excess capacity.

Fad

A brand or product that falls in and out of favorability with customers very quickly; a temporary period of unusually high sales.

Break-even Pricing (Target Return Pricing)

Setting a price at which the firm will break even or make the target profit it is seeking.

Captive Product Pricing

Setting a price for products that must be used along with a main product, such as blades for a razor or film for a camera.

Dynamic Pricing

Adjusting prices continually to meet the characteristics and needs of individual customers and situations, especially common on the Internet.

Disintermediation

A trend where product and service producers bypass intermediaries and go directly to final buyers, or where radically new types of intermediaries displace traditional ones.

Vertical Marketing System (VMS)

A distribution channel structure in which producers, wholesalers, and retailers act as a unified system.

Intensive Distribution

A strategy used to stock products in as many outlets as possible, typically used for convenience goods like chewing gum.

Public Relations (PR)

Promotional tool used to build a positive corporate image and handle unfavorable stories, events, or rumors.

Slice of Life

An advertising execution style that depicts average people using a product in an everyday, normal setting.

Technical Expertise

A message execution style that focuses on the company's skill and knowledge in making the product.

Personal Selling

The element of the promotion mix that involves making personal connections with customers for the purpose of making sales.

Sales Quota

The standard that establishes the amount each salesperson should sell and how sales should be divided among the company's products.

VMS - Corporate

A vertical marketing system that combines successive stages of production and distribution under single ownership.