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Principles of Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Product orientation

A

a philosophy that focuses on the internal capabilities
of the firm rather than on the desires and needs of the marketplace

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2
Q

sales orientation

A

the belief that people will buy more goods and services if
aggressive sales techniques are used and that high sales result in high profits

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3
Q

marketing concept

A

the idea that the social and economic justification for an
organization’s existence is the satisfaction of customer wants and needs while
meeting organizational objectives

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4
Q

market orientation

A

a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer’s decision to purchase a product; it is synonymous with the
marketing concept

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5
Q

societal marketing orientation

A

the idea that an organization exists not only
to satisfy customer wants and needs and to meet organizational objectives but
also to preserve or enhance individuals’ and society’s long-term best interests

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6
Q

customer value

A

the relationship
between benefits and the sacrifice
necessary to obtain those benefits

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7
Q

customer satisfaction

A

customers’ evaluation of a good or service in terms of
whether it has met their needs and expectations

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8
Q

relationship marketing

A

a strategy that focuses on keeping and improving
relationships with current customers

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9
Q

strategic planning

A

the managerial process of creating and maintaining a fit
between the organization’s objectives and resources and the evolving market
opportunities

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10
Q

strategic business units (sbu)

A

a subgroup of a single business or collection
of related businesses within the larger organization

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11
Q

market penetration

A

a marketing strategy that tries to increase market share among existing
customers

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12
Q

market development

A

a marketing strategy that entails attracting new customers to existing
products

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13
Q

product development

A

a marketing strategy that entails the creation of new products for present
markets

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14
Q

diversification

A

a strategy of increasing sales by introducing new products into new markets

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15
Q

Present market includes

A

market penetration and product development

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16
Q

new market includes

A

market development and diversification

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17
Q

portfolio matrix

A

a tool for allocating resources among products or strategic
business units on the basis of relative market share and market growth rate

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18
Q

star

A

a business unit that is a fast-growing market leader

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19
Q

cash cow

A

a business unit that generates more cash than it needs to maintain its market
share

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20
Q

problem child (question mark)

A

a business unit that shows rapid growth but poor profit
margins

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21
Q

dog

A

a business unit that has low growth potential and a small market share

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22
Q

planning

A

the process of anticipating future events and determining strategies
to achieve organizational objectives in the future

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23
Q

marketing PLANNING

A

designing activities relating to marketing objectives and
the changing marketing environment

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24
Q

marketing PLAN

A

a written document that acts as a guidebook of marketing
activities for the marketing manager

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25
Q

mission statement

A

a statement of the firm’s
business based on a careful analysis of
benefits sought by present and potential
customers and an analysis of existing and
anticipated environmental conditions

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26
Q

marketing myopia

A

defining a business in terms of goods and services rather
than in terms of the benefits customers seek

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27
Q

swot analysis

A

identifying internal strengths (S) and weaknesses (W) and
also examining external opportunities (O) and threats (T)

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28
Q

environmental scanning

A

collection and interpretation of information about
forces, events, and relationships in the external environment that may affect the
future of the organization or the implementation of the marketing plan

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29
Q

competitive advantage

A

a set of unique features of a company and its
products that are perceived by the target market as significant and superior to
those of the competition

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30
Q

three types of competitive advantage

A
  1. Cost
  2. Product/service differentiation
  3. Niche
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31
Q

cost competitive advantage

A

being the low-cost competitor in an industry
while maintaining satisfactory profit margins

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32
Q

Product/service differentiation competitive advantage

A

the provision of
something that is unique and valuable to buyers beyond simply offering a lower
price than that of the competition

33
Q

niche competitive advantage

A

the advantage achieved when a firm seeks to
target and effectively serve a small segment of the market

34
Q

sustainable competitive advantage

A

an advantage that cannot be copied by the competition

35
Q

marketing strategy

A

the activities of selecting and describing one or more
target markets and developing and maintaining a marketing mix that will
produce mutually satisfying exchanges with target markets

36
Q

marketing mix (four p’s)

A

a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying
exchanges with a target market

37
Q

product strategies include

A

The heart of the marketing mix, the starting point, is the product offering and
product strategy.
* The product includes not only the physical unit but also its:
− Package and warranty
− After-sale service
− Brand name
− Company image
− Value

38
Q

place (distribution) strategies include

A

Place, or distribution, strategies are concerned with making products available
when and where customers want them.
* Physical distribution involves all the business activities concerned with storing
and transporting raw materials or finished products.

39
Q

promotion strategies include

A

Promotion includes:
− Advertising
− Public relations
− Sales promotion
− Personal selling
* Promotion’s role in the marketing mix is to bring about mutually satisfying
exchanges with target markets by informing, educating, persuading, and
reminding them of the benefits of an organization or a product.

40
Q

pricing strategies include

A

Price is what a buyer must give up in order to obtain a product.
* Price is often the most flexible of the four Ps.
− Marketers can raise or lower prices more frequently and easily than they can change other
marketing mix variables.

41
Q

social control

A

any means used to maintain behavioral norms and regulate
conflict

42
Q

deontological theory

A

ethical theory that states that people should adhere to their obligations
and duties when analyzing an ethical dilemma

43
Q

utilitarian ethical theory

A

ethical theory that is founded on the ability to
predict the consequences of an action

44
Q

act utilitarianism

A

In act utilitarianism, a person performs the acts that benefit the most people, regardless of
personal feelings or societal constraints such as laws.

45
Q

rule utilitarianism

A

A rule utilitarian seeks to benefit the most people but through the fairest and most just means
available.

46
Q

casuist ethical theory

A

ethical theory that compares a current ethical dilemma
with examples of similar ethical dilemmas and their outcomes

47
Q

moral relativism

A

a theory of time-and-place ethics; that is, the belief that ethical truths depend
on the individuals and groups holding them

48
Q

virtue

A

a character trait valued as being good

49
Q

corporate social responsibility

A

a business’s concern for society’s
welfare

50
Q

stakeholder theory

A

ethical theory stating that social responsibility is paying
attention to the interest of every affected stakeholder in every aspect of a firm’s
operation

51
Q

sustainability

A

the idea that socially responsible companies will outperform
their peers by focusing on the world’s social problems and viewing them as
opportunities to build profits and help the world at the same time

52
Q

cause-related marketing

A

the cooperative marketing efforts between a for-
profit firm and a nonprofit organization

53
Q

target market

A

a group of people or organizations for which an organization designs,
implements, and maintains a marketing mix intended to meet the needs of that group, resulting in
mutually satisfying exchanges

54
Q

demography

A

the study of people’s vital statistics, such as age, race and
ethnicity, and location

55
Q

gen z

A

people born between 1995
and 2010

56
Q

millennials

A

people born between 1979 and 1994

57
Q

gen x

A

people born between 1965 and 1978

58
Q

baby boomers

A

people born between 1946 and 1964

59
Q

Three economic areas of greatest concern to most marketers are:

A
  1. Consumers’ incomes
  2. Inflation
  3. Recession
60
Q

purchasing power

A

a comparison of income versus the relative cost of a standard set of
goods and services in different geographic areas

61
Q

inflation

A

a measure of the decrease in the value of money, expressed as the
percentage reduction in value since the previous year

62
Q

recession

A

a period of economic activity characterized by negative growth,
which reduces demand for goods and services

63
Q

global marketing

A

marketing that targets markets throughout the world

64
Q

global vision

A

recognizing and reacting to international marketing
opportunities, using effective global marketing strategies, and being aware of
threats from foreign competitors in all markets

65
Q

absolute advantage

A

when a country can produce a product or service at a
lower cost than any other country or when it is the only country that can provide
the product or service

66
Q

principle of competitive advantage

A

each country should specialize in the
products or services that it can produce most readily and cheaply and trade
those products or services for goods and services that foreign countries can
produce most readily and cheaply

67
Q

multinational corporation

A

a company that is heavily engaged in international
trade, beyond exporting and importing

68
Q

global marketing standardization

A

production of uniform products that can
be sold the same way all over the world

69
Q

multidomestic strategy

A

when multinational firms enable individual
subsidiaries to compete independently in domestic markets

70
Q

key external factors of global marketing

A
  • Culture
    − Economic development
    − The global economy
    − Political structure and actions
    − Demographic makeup
    − Natural resources
71
Q

exporting

A

selling domestically produced products to buyers in other countries

72
Q

buying for export

A

an intermediary in the global market that assumes all ownership
risks and sells globally for its own account

73
Q

export broker

A

an intermediary who plays the traditional broker’s role by bringing
buyer and seller together

74
Q

export agent

A

an intermediary who acts like a manufacturer’s agent for the
exporter; the export agent lives in the foreign market

75
Q

licensing

A

the legal process whereby a
licensor allows another firm to use its
manufacturing process, trademarks,
patents, trade secrets, or other proprietary
knowledge

76
Q

contract manufacturing

A

private-label manufacturing by a foreign company

77
Q

joint venture

A

when a domestic firm buys part of a foreign company or joins
with a foreign company to create a new entity
− Potentially very lucrative, but also potentially very risky

78
Q
A

Principles of Marketing (7 decks)

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