BA101z Mideterm 1

shareholder

business owners / people who own a part of the company

stakeholders

citizens, consumers, emlployees

management process

POOC - planning, organizing, operating, control

areas of management

marketing, production, finance, administrative

economics

the study of how society employs resources to produce goods and services for consumption among various groups and individuals

macroeconomics

concentrates on the operation’s of a nation’s economy as a whole

microeconomics

concentrates on the behavior of people and businesses in markets for particular products

capitalism

all or most of the land, factores, and stores are owned by individuals, not the government, and operated for profit

free market economies

market largely determines what goods and services are produced, who gets them, and how the economy grows

command economies

government largely determines what goods and services are produced, who gets them, and how the economy will grow

capitalism’s big 4

right to own property, right to own a business and retain profits, right to freedom of competition, right to freedom of choice

business cycles

periodic rises and fals that occur in economies over time - boom, recession, depression, recovery

fiscal policy

government efforts to stablize economy - through taxes or government spending

monetary policy

actions taken by the Federal Reserve to manage money supply and interest rates - by lowing or raising interest rates

marketing

the activity and delivery of creating value for customers

Customer Relationship Management

learning as much as you can about customers and satisfying or exceeding their expectations
seeking to enhance customer satisfaction and build long-term relationships

customer perceived vaclue

a customer’s evaluation of the benefits and costs of a marketing offer relative to those of competing offers

marketing mix

price, product, place, promotion

secondary data

data previously collected for any purpose other than the one at hand - usually first option since it’s cheaper

primary data

information collected for the first time

observational research

a research method that relies on three types of observation - people watching people, people watching an activity, machines watching people

marketing research: segmentation

creating target markets based on certain factors, such as geography, demographics, psychographics, benefits sought, usage rate

consumer behavior

processes a consumer uses to make purchase decisions and to use and dispose of purchased goods or services

demographic segmentation

age, gender, income, family life cycle

psychographic segementation

personality, motives, lifestyles, geodemographic

consumer market (b2c)

businesses selling to consumers

business market (b2b)

businesses selling to other businesses, includes manufacturers, wholesalers and retailers, hospitals, gov, etc

niche marketing

identifies small but profitable market segments and designs or find products for them

one-to-one marketing

developing a unique mix of goods and services for each indivdual consumer

product lines

a group of products that are physically similar or intended for a similar market

product mix

combination of all product lines offered by a manufacturer or service provider

product differentiation

creation of real or perceived product differences

positioning

brand meaning perceived by the target market in terms of other competing products and perceived product characteristics

brand

a name, symbol, or design that identifies the goods or services and distinguishes them from competitors’ offerings

brand equity

the value of the brand name and associated symbols

brand loyalty

the degree to which consumers are satisfied and committed to further purchases

product life cycle stages

introduction, growth, maturity, decline

price skimming

when a company sets a high introductory price to maximize profit margins and recover initial development costs

price penetration

when a company sets a low introductory price to capture market share and build a large, loyal customer base quickly

marketing intermediaries

organizations that assist in moving goods and services from B2B or B2C

channel of distribution

a group of marketing intermediaries that join together to transport and store goods from producers to consumers

agents and brokers

intermediaries who bring buyers and sellers together to help negotiate an exchange, do not take title to goods

wholesaler

an intermediary that sells products to other firms

retailer

firm that sells products to customers

intensive distribution

puts products into as many retail outlets as possible

selective distribution

uses only a preferred group of avaialble retailers

exclusive distribution

uses only one retail outlet in a given geographical area

direct selling

selling goods and services to customers in their homes or workplaces

multilevel marketing

uses salespeople who work as independent contractors

direct marketing

any activity that directly links manufacturers or intermediaries with customers

viral marketing

people communicate on the internet to share possible information about a product or service