Chapter 2
Anyone who has a stake in a company (citizen, consumer, employee, business owner)
What is a stakeholder?
The unique blend of product distribution, promotion, and pricing strategies
What is the Marketing Mix (4 P's)?
The process used to determine profitability at various levels of sales (when revenue=cost)
What is break-even analysis?
A brand that has exclusive legal protection for both its brand name and its design
What is a trademark?
The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various groups and individuals
What is economics?
The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending (taxation, government spending)
What is fiscal policy?
A group of people for which an organization: designs, implements, and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchanges
What is a target market?
The processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
What is consumer behavior?
A firm that sells products to customers
What is a retailer?
To deal with uncertainty and risk in complex & specialized competitive markets, managers rely on: 1) planning 2) organizing 3) operating 4) controlling
What is the Management Process?
The study of how to increase resources and to create conditions that will make better use of those resources
What is Resource Development?
To divide the total market into smaller segments (based on geography, demographics, psychographics, benefits sought, and usage rate)
What is segmentation?
Everything that consumers evaluate when deciding whether to buy something (price, brand name, satisfaction, and use)
What is total product offer?
How quickly or easily a given brand name comes to mind when someone mentions a product category
What is brand awareness?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
What is marketing?
Book written by Adam Smith, the "father of modern economics", argued that freedom is vital to the survival of any economy; 1) private property 2) freedom of choice 3) fair competition 4) right to keep profits
What is the Wealth of Nations?
Marketing technique that identifies small but profitable market segments and designs or finds products for them
What is niche marketing?
A group of products that are physically similar or intended for a similar market
What are product lines?
Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C)
What are marketing intermediaries?
Degree of competition when there are many sellers in a market and none is large enough to dictate the price of a product
Marketing, Production, Finance, Administrative
What are the Areas of Management?
The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
What is customer perceived value?
Brand meaning as perceived by the target market in terms of other competing products, and perceived product characteristics
What is positioning?
What is viral marketing?
The grouping of consumers in the basis of a combination of geographic, demographic, and lifestyle characteristics
What is geodemographic segmentation?