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Marketing Exam Chapters 1-6

front 1

Marketing

back 1

an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

front 2

Marketing Plan

back 2

a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives, and strategy specified in terms of the four P's.

front 3

Marketing Mix (Four P's)

back 3

Product, price, place, promotion......The controllable set of activities that a firm uses to respond to the wants of its target markets.

front 4

B2B marketing

back 4

the process of selling merchandises or services from one business to another.

front 5

Marketing strategy

back 5

a firms target market, marketing mix, and method of obtaining a sustainable competitive advantage.

front 6

Sustainable competitive advantage

back 6

something the firm can persistently do better than its competitors.

front 7

situation analysis

back 7

second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats.

front 8

marketing segmentation

back 8

the process of dividing the market into two groups of customers with different needs, wants, or characteristics - who therefore might appreciate products or services geared especially for them.

front 9

Targeting market

back 9

the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.

front 10

Market positioning

back 10

involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

front 11

market penetration strategy

back 11

growth strategy that employs the existing marketing mix and focuses the firms efforts on existing customers.

front 12

market development strategy

back 12

growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international.

front 13

product development strategy

back 13

growth strategy that offers a new product or service to a firm's current target market.

front 14

relative market share

back 14

a measure of the products strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.

front 15

business ethics

back 15

refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.

front 16

Corporate social responsibility

back 16

refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.

front 17

baby boomers

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generational cohort of people born after WWII, between 1946 and 1964.

front 18

Generation X

back 18

generational cohort of people born between 1965 and 1976.

front 19

Generation Y

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generational cohort of people born between 1977 and 1995; biggest cohort since the original post war baby boom.

front 20

Millennials

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consumers born between 1977 and 2000 and the children of the baby boomers.

front 21

demographics

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information about the characteristics of human populations and segments, especially those used to identify consumer markets such as age, gender, income, and education.

front 22

Macro-environmental factors

back 22

aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situations, and political/regulatory environment.

front 23

Tweens

back 23

the younger edge of Generation Y.

front 24

Perception

back 24

the process by which people select, organize, and interpret information to form a meaningful picture of the world.

front 25

lifestyle

back 25

a component of psychographics; refers to the way a person lives his or her life to achieve goals.

front 26

Involvement

back 26

consumer's interest in a product or service.

front 27

B2B marketing

back 27

the process of buying and selling goods or services to be used in the production of other goods or services, for consumption by the buying organization, or for resale by wholesalers and retailers.

front 28

Request for proposals (RFP)

back 28

a process through which buying organizations invite alternative suppliers to bid on supplying their required components.

front 29

Organizational Culture

back 29

reflects the set of values, traditions, and customs that guide a firm's employees' behavior.

front 30

Generation C

back 30

subgroup of the millennials.