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25 Cards in this Set
- Front
- Back
Marketing
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the activity, set of institutions, and processesfor creating, communicating, delivering, and exchanging offerings that have valuefor customers, clients, partners, and society at large
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What are the conditions for an marketing exchange?
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There must be at least 2 parties, Parties must have something of value, Parties must want to deal, Parties must be free to accept or reject, Parties must be able to communicate
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Product Concept
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inside => outside game
focus: existing products means: aggressive sales profit: sales volume |
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Marketing Concept
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outside => inside game
focus: consumer need means: IMC profits: satisfaction |
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Form Utility
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offering tangible features
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Task Utility
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rendering a service or performance
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Possession Utility
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having the right to use or consume a product
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Time Utility
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having a product available when consumers want it
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Place Utility
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having a product available where consumers want it
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Value-Driven Marketing
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focus on developing & delivering superior value to consumers to achieve success
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Value Principles
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Customer Principle
Competitor Principle Proactive Principle, Cross-Functional Principle, Continuous Improvement Principle, Stakeholder Principle |
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Marketing Strategy
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a game plan to reach consumers, articulates what the firm wants to do
specifies how the firm will accomplish it, has a target market& marketing mix |
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Marketing Mix
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product, price, place, promotion
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Micro-Marketing
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firm=>consumer flow of goods & services
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Macro-Marketing
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how an economy works to benefit society
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What income is marketing worried about?
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Discretionary Income
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Sherman Act
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Prohibits monopolies, Prohibits conspiracies in restraint of trade
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Clayton Act
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Prohibits tying contracts, Makes pooling ownership of stock by competing firms illegal
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Federal Trade Commission Act
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Allows FTC to investigate, monitor, and remedy unfair business practices
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Robinson-Patman Act
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Empowers FTC to set limits on quantity discounts, Prohibits promotional allowances except when made available on a proportionately equal basis
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Wheeler-Lea Act
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Prohibits deceptive, misleading, and unfair practices even if competition is not injured, Places advertising of food & drugs under FTC jurisdiction
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Lanham Trademark Act
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Protects and regulates distinctive brand names and trademarks, Allows companies to secure rights to a name before actual use
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satisficers
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business customers who place an order with the first familiar suppiler to satisfy a product and delivery requirements
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optimizers
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customers who look around before buying a certain product
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cannibalization
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a situation that new products cut into sales of existing products
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