Marketing Vocabulary Flashcards
e-marketers
Marketers who use e-commerce in their strategies
marketing
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
consumer
The ultimate user of a good or service
marketing concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability
need
Recognition of any difference between a consumer’s actual state and some ideal or desired state
want
The desire to satisfy needs in specific ways that are culturally and socially influenced
benefit
The outcome sought by a customer that motivates buying behavior — that satisfies a need or want
demand
Customers’ desire for products coupled with the resources to obtain them
market
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
marketplace
Any location or medium used to conduct an exchange
exchange
The process by which some transfer of value occurs between a buyer and a seller
value proposition
A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased
product
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
consumer goods
The goods purchased by individual consumers for personal or family use
services
Intangible products that are exchanged directly from the producer to the customer
business-to-business marketing
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
industrial goods
Goods bought by individuals or organizations for further processing of for use in doing business
e-commerce
The buying of selling of goods and services electronically, usually over the Internet
not-for-profit organizations
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
marketing mix
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
promotion
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
place
The availability of the product to the customer at the desired time and location
customer relationship management (CRM)
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
marketing plan
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
mass market
All possible customers in a market, regardless of the differences in their specific needs and wants
market segment
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
target market
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
market position
The way in which the target market percieves the product on comparision to competitiors’ brands
product orientation
Managment philosophy that emphasizes the most efficient ways to produce and distribute products
selling orientation
A managerial view of marketing as a sales function, or a way to move productd out of warehouses to reduce inventory
consumer orientation
A management philosophy that focuses on ways to satisy customers’ needs and wants
New Era orientation
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
utility
The usefulness or benefit consumers recieve from a product
popular culture
The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market
business plan
A plan that includes the decisions that guide the entire organization
marketing plan
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
strategic planning
A managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long-term growth and survival
strategic business units (SBUs)
Individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors
tactiful (functional) planning
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
operational planning
A decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization’s tactical plans
cross-functional planning
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
mission statement
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
business portfolio
The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
portfolio analysis
A management tool for evaluating a firm’s business mix and assessing the potential of an organization’s strategic business units
BCG growth-market share matrix
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
SWOT analysis
An analysis of an organization’s strengths and weaknesses and the opportunities and threats in its external environments
internal environment
The controllable elements inside an organization including its people, its facilities, and how it does things that influence the operations of the organization
external environment
The uncontrollable elements outside of an organization that may affect its performance either positively or negatively
competitive advantage
The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can’t
distinnctive competency
A superior capability of a firm in comparision to its direct competitors
differential benefit
Properties of products that set them apart from competitors’ products by providing unique customer benefits
market penetration
Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets
market development
Growth strategies that introduce existing products to new markets
product development
Growth strategis that focus on selling new products in served markets
diversification
Growth strategies that emphasize both new products and new markets
situation analysis
The first part of a marketing plan that provides a thorough description of the firm’s current situation including its internal and external environments
marketing budget
A statement of the total amount to be spent on marketing and the allocation of money of each activity under the marketer’s control
controlling the marketing plan
Measuring actual performance, comparing it to planned performance and making necessary changes in plans and implementation
trend analysis
An analysis of past industry or company dales data to determine patterns of change that may continue into the future
marketing audit
A comprehensive review of a firm’s marketing function
social profit
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
business ethics
Rules of conduct for an organization
codes of ethics
Written standards of behavior to which everyone in the organization must suscribe
consumerism
A social movement that attempts to protect consumers from harmful business practices
Consumer Bill of Rights
The rights of consumers to be protected by the federal government
discriminatory pricing
A pricing practice in which different customers are charged different prices
corrective advertising
Advertising that clarifies or qualifies previous deceptive advertising claims
puffery
Claims made in advertising or product superiority that cannot be proven true or untrue
social responsibility
A management practice in which organizations seek to engage in activities that have a positive effect on society and promote the public good
environmental stewardship
A position taken by an organization to protect or enhance the natural environment as it conducts its business activities
green marketing
A marketing strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers
cause marketing
Marketing activities in which firms seek to have their corporate identity linked to a good cause through advertising, public service, and publicity
cultural diversity
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
quality
The level of performance, reliability, features, safety, cost, or other product characteristics that consumers expect to satisfy their needs and wants
total quality management (TQM)
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
ISO 9000
Criteria developed by the International Organization of Standardization to regualte product quality in Europe
ISO 14000
Standards of the International Organization of Standardization concerned with “environmental management” aimed at minimizing harmful effects on the environment
corporate culture
The set of values, norms, and beliefs that influence the behavior of everyone in the organization
business cycle
The overall patterns of change in the economy — including periods of prosperity, recession, depression, and recovery — that affect consumer and business purchasing power
consumer confidence
An indicator of future spending patterns as measured by the extent to which people are optimistic or pessimistic about the state of the economy
competitive intelligence (CI)
The process of gathering and analysizing publicly available information about rivals
discretionary income
The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing
product competition
When firms offering different products compete to satisfy the same consumer needs and wants
brand competition
When firms offering similar goods or services compete based on their brand’s reputation or percieved benefits
monopoly
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
oligopoly
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
monopolistic competition
A market structure in which many firms, each having slightly different products, offer unique consumer benefits
perfect competition
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
patent
Legal documentation granting an individual or firm exclusive rights th produce and sell a particular invention
demographics
Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
countertrade
Type of trade in which goods are paid for with other items instead of with cash
protectionism
Policy adopted by a government to give domestic companies an advantage
import quotas
Limitations set by a government on the amount of a product allowed to enter or leave a country
embargo
A quota completely prohibiting specified goods from entering or leaving a country
tariffs
Taxes on imported goods
General Agreement on Tariffs and Trade (GATT)
International treaty to reduce import tax levels and trade restrictions
World Trade Organization (WTO)
An organization that replaced GATT, the WTO sets trade ruls for its member nations and mediates disputes between nations
economic communities
Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elesewhere
European Union (EU)
Economic community that now includes most of Western Europe
North American Free Trade Agreement (NAFTA)
The world’s largest economic community composed of the United States, Canada, and Mexico
gross domestic product (GPD)
The total dollar value of goods and services produced by a nation within its borders on a year
gross national product (GNP)
The value of all goods and services produced by a country’s citizens or organizations, whether located within the country’s borders or not
economic infrastructure
The quality of a country’s distribution, financial, and communications systems
less developed country (LDC)
A country at the lowest stage of economic development
standard of living
An indicator of the average quality and quantity of goods and services consumed in a country
developing countries
Countries in which the economy is shifting its emphasis from agriculture to industry
developed country
A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services
economic sanctions
Trade prohibitions imposed by one country against another
nationalization
A domestic government’s takeover of a foreign company for its assets with some reimbursement, though often not for the full value
expropriation
A domestic government’s seizure of a foreign company’s assets without any compensation
local content rules
A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country
cultural values
A society’s deeply held beliefs about right and wrong ways to live
collectivist culture
Culture in which people subordinate their personal goals to those of a stable community
individual culture
Culture in which people tend to attach more importance to personal goals than to those of the larger community
norms
Specific rules dictating what is right or wrong, acceptable or unacceptable
custom
A norm handed down from the past that controls basic behaviors
mores
A custom with a strong moral overtone
conventions
Norms regarding the conduct of everyday life
semiotics
Field of study that examines how meaning are assigned to symbols
ethnocentrism
The tendency to prefer products or people of one’s own culture
export merchant
An intermediary used by a firm to represent it in another country
licensing (in foreign markets)
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
franchising
A form of licensing involving the right to adapt an entire system of doing business
strategic alliance
Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country
joint venture
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
gray market
An unauthorized party imports products and then sells them for a fraction of the price of the authorized imports
dumping
A company tries to get a toehold in a foreign market by pricing its products lower thn they are offered at home
marketing information system (MIS)
Procedure developed by a firm to continuously gather, sort, analyze. store, and distribute relevant and timely marketing information to its managers
intranet
An internal corporate communication network that uses Internet technology to link company departments, employees, and databases
marketing intelligence system
A method by which marketers get information about everyday happenings in the marketing environment
marketing research
The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness
syndicated research
Research by firms that collect data on a regular basis and sell the reports to multiple firms
custom research
Research conducted for a single firm to provid specific information its managers need
marketing decision support system (MDSS)
The data, analysis software, and interactive software that allow managers to conduct analyses and find the information they need
data mining
Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available
research design
A plan that specifies what information marketers will collect and what type of study they will do
secondary data
Data that have been collected for some purpose other than the problem at hand
primary data
Data from research conducted to help in making a specific decision
exploratory research
Technique that marketers use to generate insights for future, and more rigorous studies
consumer interviews
One-on-one discussions between a consumer and a researcher
focus group
A product-oriented discussion among a smal gorup of consumers led by a trained moderator
projective techniques
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
case study
A comprehensive examination of a particular firm or organization
ethnography
A detailed report based on observations of people in their own homes or communities
