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Basic Knowledge > Marketing Vocabulary > Flashcards

Marketing Vocabulary Flashcards

1
Q

e-marketers

A

Marketers who use e-commerce in their strategies

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2
Q

marketing

A

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

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3
Q

consumer

A

The ultimate user of a good or service

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4
Q

marketing concept

A

A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability

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5
Q

need

A

Recognition of any difference between a consumer’s actual state and some ideal or desired state

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6
Q

want

A

The desire to satisfy needs in specific ways that are culturally and socially influenced

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7
Q

benefit

A

The outcome sought by a customer that motivates buying behavior — that satisfies a need or want

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8
Q

demand

A

Customers’ desire for products coupled with the resources to obtain them

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9
Q

market

A

All of the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange

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10
Q

marketplace

A

Any location or medium used to conduct an exchange

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11
Q

exchange

A

The process by which some transfer of value occurs between a buyer and a seller

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12
Q

value proposition

A

A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased

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13
Q

product

A

A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses

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14
Q

consumer goods

A

The goods purchased by individual consumers for personal or family use

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15
Q

services

A

Intangible products that are exchanged directly from the producer to the customer

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16
Q

business-to-business marketing

A

Marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations

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17
Q

industrial goods

A

Goods bought by individuals or organizations for further processing of for use in doing business

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18
Q

e-commerce

A

The buying of selling of goods and services electronically, usually over the Internet

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19
Q

not-for-profit organizations

A

Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members

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20
Q

marketing mix

A

A combination of the product itself, the price of the product, the place where it is made available, and the activities that creates a desired response among a set of predefined consumers

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21
Q

promotion

A

The coordination of a marketer’s marketing communications efforts to influence attitudes or behavior; the coordination of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas

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22
Q

place

A

The availability of the product to the customer at the desired time and location

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23
Q

customer relationship management (CRM)

A

A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back

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24
Q

marketing plan

A

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

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25
Q

mass market

A

All possible customers in a market, regardless of the differences in their specific needs and wants

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26
Q

market segment

A

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market

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27
Q

target market

A

The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts

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28
Q

market position

A

The way in which the target market percieves the product on comparision to competitiors’ brands

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29
Q

product orientation

A

Managment philosophy that emphasizes the most efficient ways to produce and distribute products

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30
Q

selling orientation

A

A managerial view of marketing as a sales function, or a way to move productd out of warehouses to reduce inventory

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31
Q

consumer orientation

A

A management philosophy that focuses on ways to satisy customers’ needs and wants

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32
Q

New Era orientation

A

A management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the customer plus the firm’s employees, shareholders, and communities

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33
Q

utility

A

The usefulness or benefit consumers recieve from a product

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34
Q

popular culture

A

The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market

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35
Q

business plan

A

A plan that includes the decisions that guide the entire organization

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36
Q

marketing plan

A

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

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37
Q

strategic planning

A

A managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long-term growth and survival

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38
Q

strategic business units (SBUs)

A

Individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors

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39
Q

tactiful (functional) planning

A

A decision process that concentrates on developing detailed plans for strategies and tactics for the short term that support an organization’s long-term strategic plan

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40
Q

operational planning

A

A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization’s tactical plans

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41
Q

cross-functional planning

A

An approach to tactical planning in which managers work together in developing tactical plans for each functional area in the firm so that each plan considers the objectives of the other areas

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42
Q

mission statement

A

A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

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43
Q

business portfolio

A

The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities

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44
Q

portfolio analysis

A

A management tool for evaluating a firm’s business mix and assessing the potential of an organization’s strategic business units

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45
Q

BCG growth-market share matrix

A

A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can then use to invest in new products

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46
Q

SWOT analysis

A

An analysis of an organization’s strengths and weaknesses and the opportunities and threats in its external environments

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47
Q

internal environment

A

The controllable elements inside an organization including its people, its facilities, and how it does things that influence the operations of the organization

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48
Q

external environment

A

The uncontrollable elements outside of an organization that may affect its performance either positively or negatively

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49
Q

competitive advantage

A

The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can’t

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50
Q

distinnctive competency

A

A superior capability of a firm in comparision to its direct competitors

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51
Q

differential benefit

A

Properties of products that set them apart from competitors’ products by providing unique customer benefits

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52
Q

market penetration

A

Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets

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53
Q

market development

A

Growth strategies that introduce existing products to new markets

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54
Q

product development

A

Growth strategis that focus on selling new products in served markets

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55
Q

diversification

A

Growth strategies that emphasize both new products and new markets

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56
Q

situation analysis

A

The first part of a marketing plan that provides a thorough description of the firm’s current situation including its internal and external environments

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57
Q

marketing budget

A

A statement of the total amount to be spent on marketing and the allocation of money of each activity under the marketer’s control

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58
Q

controlling the marketing plan

A

Measuring actual performance, comparing it to planned performance and making necessary changes in plans and implementation

59
Q

trend analysis

A

An analysis of past industry or company dales data to determine patterns of change that may continue into the future

60
Q

marketing audit

A

A comprehensive review of a firm’s marketing function

61
Q

social profit

A

The benefit an organization and society recieve from the organization’s ethical practices, community service, efforts to promote cultural diversity, and concern for the natural environment

62
Q

business ethics

A

Rules of conduct for an organization

63
Q

codes of ethics

A

Written standards of behavior to which everyone in the organization must suscribe

64
Q

consumerism

A

A social movement that attempts to protect consumers from harmful business practices

65
Q

Consumer Bill of Rights

A

The rights of consumers to be protected by the federal government

66
Q

discriminatory pricing

A

A pricing practice in which different customers are charged different prices

67
Q

corrective advertising

A

Advertising that clarifies or qualifies previous deceptive advertising claims

68
Q

puffery

A

Claims made in advertising or product superiority that cannot be proven true or untrue

69
Q

social responsibility

A

A management practice in which organizations seek to engage in activities that have a positive effect on society and promote the public good

70
Q

environmental stewardship

A

A position taken by an organization to protect or enhance the natural environment as it conducts its business activities

71
Q

green marketing

A

A marketing strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers

72
Q

cause marketing

A

Marketing activities in which firms seek to have their corporate identity linked to a good cause through advertising, public service, and publicity

73
Q

cultural diversity

A

A management practive that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization’s employees, customers, suppliers, and distribution channel partners

74
Q

quality

A

The level of performance, reliability, features, safety, cost, or other product characteristics that consumers expect to satisfy their needs and wants

75
Q

total quality management (TQM)

A

A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

76
Q

ISO 9000

A

Criteria developed by the International Organization of Standardization to regualte product quality in Europe

77
Q

ISO 14000

A

Standards of the International Organization of Standardization concerned with “environmental management” aimed at minimizing harmful effects on the environment

78
Q

corporate culture

A

The set of values, norms, and beliefs that influence the behavior of everyone in the organization

79
Q

business cycle

A

The overall patterns of change in the economy — including periods of prosperity, recession, depression, and recovery — that affect consumer and business purchasing power

80
Q

consumer confidence

A

An indicator of future spending patterns as measured by the extent to which people are optimistic or pessimistic about the state of the economy

81
Q

competitive intelligence (CI)

A

The process of gathering and analysizing publicly available information about rivals

82
Q

discretionary income

A

The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing

83
Q

product competition

A

When firms offering different products compete to satisfy the same consumer needs and wants

84
Q

brand competition

A

When firms offering similar goods or services compete based on their brand’s reputation or percieved benefits

85
Q

monopoly

A

A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product

86
Q

oligopoly

A

A market structure in which a relatively small number of sellers, each holding a substantial share of the market, in a market with many buyers

87
Q

monopolistic competition

A

A market structure in which many firms, each having slightly different products, offer unique consumer benefits

88
Q

perfect competition

A

A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product

89
Q

patent

A

Legal documentation granting an individual or firm exclusive rights th produce and sell a particular invention

90
Q

demographics

A

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure

91
Q

countertrade

A

Type of trade in which goods are paid for with other items instead of with cash

92
Q

protectionism

A

Policy adopted by a government to give domestic companies an advantage

93
Q

import quotas

A

Limitations set by a government on the amount of a product allowed to enter or leave a country

94
Q

embargo

A

A quota completely prohibiting specified goods from entering or leaving a country

95
Q

tariffs

A

Taxes on imported goods

96
Q

General Agreement on Tariffs and Trade (GATT)

A

International treaty to reduce import tax levels and trade restrictions

97
Q

World Trade Organization (WTO)

A

An organization that replaced GATT, the WTO sets trade ruls for its member nations and mediates disputes between nations

98
Q

economic communities

A

Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elesewhere

99
Q

European Union (EU)

A

Economic community that now includes most of Western Europe

100
Q

North American Free Trade Agreement (NAFTA)

A

The world’s largest economic community composed of the United States, Canada, and Mexico

101
Q

gross domestic product (GPD)

A

The total dollar value of goods and services produced by a nation within its borders on a year

102
Q

gross national product (GNP)

A

The value of all goods and services produced by a country’s citizens or organizations, whether located within the country’s borders or not

103
Q

economic infrastructure

A

The quality of a country’s distribution, financial, and communications systems

104
Q

less developed country (LDC)

A

A country at the lowest stage of economic development

105
Q

standard of living

A

An indicator of the average quality and quantity of goods and services consumed in a country

106
Q

developing countries

A

Countries in which the economy is shifting its emphasis from agriculture to industry

107
Q

developed country

A

A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services

108
Q

economic sanctions

A

Trade prohibitions imposed by one country against another

109
Q

nationalization

A

A domestic government’s takeover of a foreign company for its assets with some reimbursement, though often not for the full value

110
Q

expropriation

A

A domestic government’s seizure of a foreign company’s assets without any compensation

111
Q

local content rules

A

A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country

112
Q

cultural values

A

A society’s deeply held beliefs about right and wrong ways to live

113
Q

collectivist culture

A

Culture in which people subordinate their personal goals to those of a stable community

114
Q

individual culture

A

Culture in which people tend to attach more importance to personal goals than to those of the larger community

115
Q

norms

A

Specific rules dictating what is right or wrong, acceptable or unacceptable

116
Q

custom

A

A norm handed down from the past that controls basic behaviors

117
Q

mores

A

A custom with a strong moral overtone

118
Q

conventions

A

Norms regarding the conduct of everyday life

119
Q

semiotics

A

Field of study that examines how meaning are assigned to symbols

120
Q

ethnocentrism

A

The tendency to prefer products or people of one’s own culture

121
Q

export merchant

A

An intermediary used by a firm to represent it in another country

122
Q

licensing (in foreign markets)

A

Agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties

123
Q

franchising

A

A form of licensing involving the right to adapt an entire system of doing business

124
Q

strategic alliance

A

Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country

125
Q

joint venture

A

Strategic alliance in which a new entity owned by two or more firms is created to allow the partners to pool their resources for common goals

126
Q

gray market

A

An unauthorized party imports products and then sells them for a fraction of the price of the authorized imports

127
Q

dumping

A

A company tries to get a toehold in a foreign market by pricing its products lower thn they are offered at home

128
Q

marketing information system (MIS)

A

Procedure developed by a firm to continuously gather, sort, analyze. store, and distribute relevant and timely marketing information to its managers

129
Q

intranet

A

An internal corporate communication network that uses Internet technology to link company departments, employees, and databases

130
Q

marketing intelligence system

A

A method by which marketers get information about everyday happenings in the marketing environment

131
Q

marketing research

A

The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness

132
Q

syndicated research

A

Research by firms that collect data on a regular basis and sell the reports to multiple firms

133
Q

custom research

A

Research conducted for a single firm to provid specific information its managers need

134
Q

marketing decision support system (MDSS)

A

The data, analysis software, and interactive software that allow managers to conduct analyses and find the information they need

135
Q

data mining

A

Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available

136
Q

research design

A

A plan that specifies what information marketers will collect and what type of study they will do

137
Q

secondary data

A

Data that have been collected for some purpose other than the problem at hand

138
Q

primary data

A

Data from research conducted to help in making a specific decision

139
Q

exploratory research

A

Technique that marketers use to generate insights for future, and more rigorous studies

140
Q

consumer interviews

A

One-on-one discussions between a consumer and a researcher

141
Q

focus group

A

A product-oriented discussion among a smal gorup of consumers led by a trained moderator

142
Q

projective techniques

A

Tests that marketers use to explore people’s underlying feelings about a product, especially appropriate when consumers are unable or unwilling to express their true reactions

143
Q

case study

A

A comprehensive examination of a particular firm or organization

144
Q

ethnography

A

A detailed report based on observations of people in their own homes or communities

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