Chapter_11 Good

A set of vocabulary flashcards designed to help review key marketing concepts and terminology.

Marketing

A systematic approach to satisfying customers through activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.

Exchange Process

The act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas).

Functions of Marketing

The activities performed to accomplish marketing objectives, including buying, selling, transporting, storing, grading, financing, marketing research, and risk taking.

Marketing Concept

The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals.

Market Segmentation

A strategy whereby a firm divides the total market into groups of people who have relatively similar product needs.

Target Market

A specific group of consumers on whose needs and wants a company focuses its marketing efforts.

Marketing Mix

The four marketing activities—product, price, promotion, and distribution—that the firm can control to achieve specific goals.

Primary Data

Information that is observed, recorded, or collected directly from respondents.

Secondary Data

Information that is compiled inside or outside an organization for some purpose other than changing the current situation.

Buying Behavior

The decision processes and actions of people who purchase and use products.

Perception

The process by which a person selects, organizes, and interprets information received from the senses.

Motivation

An inner drive that directs a person’s behavior toward goals.

Learning

Changes in a person’s behavior based on information and experience.

Attitude

Knowledge and positive or negative feelings about something.

Personality

The organization of an individual’s distinguishing character traits, attitudes, or habits.

Social Roles

A set of expectations for individuals based on some position they occupy.

Reference Groups

Groups with whom buyers identify and whose values or attitudes they adopt.

Social Classes

A division of society into hierarchical social categories based on economic status.

Culture

The integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts.

Political Forces

Laws and regulators’ interpretation of laws, law enforcement, regulatory activities, and political actions of interest groups that influence marketing strategy.

Legal and Regulatory Forces

Specific laws and regulations that govern advertising, product safety, and truthful marketing practices.

Social Forces

Public opinions and attitudes toward issues such as living standards, ethics, the environment, lifestyles, and quality of life.

Competitive Forces

The dynamics of competition within an industry that affect pricing, product offerings, and marketing strategies.

Economic Forces

Conditions such as unemployment, purchasing power, and general economic conditions (prosperity, recession) that influence marketing.

Technological Forces

Advancements in technology that improve distribution, promotion, and new product development.

Supply Chain Management (SCM)

Maintaining a flow of products through logistics, procurement, inventory management, outsourcing, routing, and scheduling.

Customer Relationship Management (CRM)

Strategies to manage a company’s interactions with current and potential customers.

Market Orientation

An approach requiring organizations to gather information about customer needs and build long-term relationships based on that information.

Concentration Approach

A market segmentation strategy where a company develops one marketing strategy for a single market segment.

Multisegment Approach

A market segmentation strategy where the marketer aims its efforts at two or more segments, developing tailored marketing strategies for each.

Niche Marketing

A narrow market segment focus, where efforts are on a small and well-defined group with specific needs.

Buying Power

The ability of a market segment to purchase goods and services, often influenced by income and economic conditions.

Product

A good, service, or idea that provides satisfaction and benefits to consumers.

Price

A value placed on an object exchanged between a buyer and a seller.

Distribution

The process of making products available to customers in the quantities desired.

Promotion

A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals to accept goods, services, and ideas.

Marketing Environment

The external forces that directly or indirectly influence the development of marketing strategies.

Customer Lifetime Value (CLV)

The total worth to a business of a customer over the whole period of their relationship.

Data Analytics

The process of collecting and analyzing data to guide marketing decisions and strategies.

Market Research

A systematic, objective process of getting information about potential customers to guide marketing decisions.

value

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product.

marketing strategy

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.

market

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.

total-market approach

an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs and wants.

market segment

a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires.

marketing research

a systematic, objective process of getting information about potential customers to guide marketing decisions.