Studied by 0 peopleGoal of Marketing
To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy
Six Stigma
Seeks to improve quality of output
Control
Define
Measure
Analyse
Improve
Occasion Responses
When a customer purchases product for an event such as a wedding
Keynesian theory of Unemployment
increase demand and encourage spending, this will increase business production and allow them to retain more workers
Data Encryption
What process secures a wireless network by protecting data packets being transmitted?
scrambling the data in a message in a systematic way in order to prevent competitors from electronically monitoring confidential data transmission
Negotiations
What builds long term relationships with customers, suppliers, coworkers, and other businesses?
Marketing Information
What determines target markets needs and wants?
Proposal
A complex written report that is formal and may be distributed outside the business
Service Orientation
involves expressing a positive helpful attitude with customers
People (employees, staff)
The most important resource is?
Mutual Contacts
This should be mentioned in a letter of application
Trade Publications
Magazines, newspapers, and books that relate current information about and for a specific industry.
Elimination of products must be...?
Done carefully to protect a company's image
Programmed Thinking
a process used to solve problems and generate ideas in logical, analytical, organized ways
Attribute Listing
Technique which attacks problem by listing various characteristics then thinking of ways to improve each characteristic
Service Information
A customer benefit from warranties and guarantees which could include giving customers a list of locations at which they can obtain repair or replacement.
Data Security
Keeping the organization's data safe from theft, modification, and/or destruction
Compiled Lists
lists of potential customers' names and addresses that are prepared by commercial firms from multiple sources
Exploratory Research
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
Higher than average markup occurs when?
Risk of markdown is great
Risk of markdown is great with?
Seasonal Items
Leading Question
A question phrased in a way that suggests the answer that an interviewer wants to hear.
A leading question can?
Influence the respondents answers and create bias
Sell the product online when?
It is in the decline stage
Promotional Decisions
Marketing element referring to selection of the various types of communications that marketers use to inform, persuade, or remind customers of their products.
Constitutional Law
law that involves the interpretation and application of the U.S. Constitution and state constitutions as well as constitutional rights
Patent
A _______ is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling and importing an invention for a limited period of years
Organic Marketing
occurs naturally when people become advocates because they are happy with a product and have a natural desire to share their support and enthusiasm
Product Bundling
Selling of multiple related goods/services together as one price package. This creates a sense of value.
Due Process
The concept that the government must respect the legal rights that are owed to individuals and businesses according to the law of the land
Consumer Confidence
the extent to which people are optimistic or pessimistic about the future health of the economy
Project management involves
Planning, scheduling, and monitoring the process of the project to achieve a specific goal.
Probate Law
Legal process of validating a will
Prevents accidents...?
Compliance with rules
Electronic Task Organizer
a computer-based time-management tool that helps employees keep track of their appointments and activities
Situational Analysis (SWOT)
an assessment of the strengths and weaknesses in an organization's internal environment and the opportunities and threats in its external environment
SWOT analysis
strengths, weaknesses, opportunities, threats
Experiment
A research method that tests cause and effect by test marketing new products or comparing test groups with control groups
Brokerage Firm
Facilitates the buying and selling of investments from a stock exchange (sells lists)
Problems in secondary research
It can be incomplete
Written plans help?
to keep a project on track
Tort
private or civil wrong or injury, other than breach of contract, for which the court provides a remedy in the form of an action for damages
Three elements of a tort action?
The existence of a legal duty from defendant to plaintiff, breach of that duty, and damage as a result
Tortfeasor
one who commits a tort
Compensation
Pay for work completed
Accounting Software
Creates invoices and records customer payments. Streamlines the Accounting process making it more efficient.
Property Taxes
Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories.
Interviews
person-to-person conversations for the purpose of gathering information (data) by means of questions posed to respondents
What can adding new products do?
Increase sales
Lean Production
an approach to production that emphasizes the elimination of waste in all aspects of production processes
Maximizing customer value while minimizing waste
Credit...?
Encourages customers to buy more freely
Tax Liability
the total amount of taxes owed
Channel Conflict
Occurs when channel members are competing amongst themselves for customers.
Big Data
the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies
NOT ILLEGAL
Place Decision
Choosing locations that are accessible to the target market in areas that are consistent with the retailer's positioning
Conclusive Data
Focuses on cause and effect. It tests what if theories.
Legal Procedures
Methods and processes used to protect an individual's or business's legal rights.
Many cases include providing notice.
Clearly stating a research problem...?
Helps keep the research focused and relevant
Big Q
A strategic way of thinking about quality management that focuses on ingraining quality into every aspect of an organization.
Top Quality Management
A uniform commitment to quality in all areas of an organization will promote a culture that meets customers' perceptions of quality
Information Management
The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making.
Retained Earnings
An amount earned by a corporation and not yet distributed to stockholders. Part of owner's equity.
Behavorial Segmentation
Dividing a market based on some observable actions or attributes by prospective customers, such as where they buy, what benefits they seek, how frequently they buy and why they buy.
Software
instructions that tell the computer what to do
Contract Law
an area of civil law governing the validity and enforceability of both oral and written agreements made between two or more parties that involve the exchange of goods, services, money, and or property.
Last Production Activity
Follow Up
Follow Up in production is?
Checking to make sure production was carried out according to plan
Robust Design
reducing variation in a product without eliminating the causes of the variation
Concurrent Engineering
Performing the stages of product design and development simultaneously, instead of one after another
Mail-Response Lists
The house lists of other direct-mail advertisers, and they can be rented with a wide variety of demographic breakdowns
Exclusive Dealing
A distribution strategy that forbids dealers from carrying the competitors products. Usually illegal because it prevents competition.
Brainstorming
the process of getting a group to think of unlimited ways to vary a product or solve a problem
Written Communications
Putting ideas thoughts and agreements into words and writing those into a document or letter. Often considered formal because a copy exists.
Verbal Communication
involves the use of words, spoken or written
Lateral Communication
communication that takes place among any employees on the same organizational level
Upward Communication
communication that flows from lower to higher levels in an organization
Joint Venture Agreement
Usually a short term relationships, an arrangement that involves two or more businesses entering into a relationship by combining complementary resources such as tech, skills, capital or distribution channels, for the benefit of all parties.
Channels of Distribution
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Informational Message
Main function is to provide information to readers in such a way that they understand the message
Executive Summmary
Provides an overview of the entire report and contains the most important infrmation
From Utility
involves changing raw materials or putting parts together to make them more useful
Memorandum
A frequently used form of brief written communication exchanged by people within a business. Aften distributed to employees to update them on the progress of various projects or inform them on changes in policy
Simplifying Existing Projects...?
Speeds up production
External Causes of Business Cycles
Political changes, climatic changes, international relations, discoveries and innovations, psychological changes.
Price Decision
Deciding on either high markups on lower volume or low markups on higher volume
Qualitative Research
involves collecting data that includes opinions and personal data
Focus Group
A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
Effective note taking involves writing down...?
Key Points
Ad Layout
A sketch that shows the general arrangement and appearance of a finished ad.
Advertising
any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor
Note
Flashcard