Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MKTG 361 > MKTG 361 Exam 1 > Flashcards

MKTG 361 Exam 1 Flashcards

0
Q

Exchange

A

People giving up something in order to receive something they would rather have

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Marketing

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Production orientation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Sales orientation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Marketing orientation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Societal marketing orientation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

5 conditions of exchange

A

1) There must be at least two parties
2) each party has something that might be of value to the other party
3) each party is free to accept or reject the exchange offer
4) each party is capable of communication and delivery
5) each party believes it is appropriate or desirable to deal with the other party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Customer value

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Customer satisfaction

A

Customers’ evaluation of a good or service in terms of whether it had met their needs and expectations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Relationship marketing

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Empowerment

A

Delegation of authority to solve customers’ problems quickly – usually by the first person the customer notifies regarding a problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Teamwork

A

Collaborative efforts of people to accomplish common objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Customer relationship marketing (CRM)

A

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Strategic Business Unit (SBU)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Marketing Penetration

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Market Development

A

A Marketing strategy that entails attracting new customers to existing products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Product Development

A

a marketing strategy that entails the creation of new products into new markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Diversification

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Star

A

in the portfolio matrix, a business unit that is a fast-growing market leader

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Cash Cow

A

in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Problem Child (question mark)

A

in the portfolio matrix, a business unit that shows rapid growth, but poor profit margins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Dog

A

in the portfolio matrix, a business unit that has low growth potential and a small market share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Planning

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Marketing Planning

A

designing activities relating to marketing objectives and the changing marketing environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Marketing Plan

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Marketing Myopia

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

SWOT Analysis

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Competitive Advantage

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Cost Competitive Advantage

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Experience Curves

A

curves that shows costs declining at a predictable rate as experience with a product increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Niche Competitive Advantage

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Sustainable Competitive Advantage

A

an advantage that cannot be copied by the competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Marketing Objective

A

a statement of what is to be accomplished through marketing activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Market Opportunity Analysis (MOA)

A

the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments

41
Q

Marketing Mix

A

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

42
Q

four Ps

A

product, place, promotion, and price, which together make up the marketing mix

43
Q

implementation

A

the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives

44
Q

evaluation

A

gauging the extent to which the marketing objectives have been achieved during the specified time period

45
Q

Control

A

provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines

46
Q

Marketing Audit

A

a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organizations

47
Q

Ethics

A

the moral principles or values that generally govern the conduct of an individual or group

48
Q

Morals

A

the rules people develop as a result of cultural values and norms

49
Q

Code of Ethics

A

a guideline to help marketing managers and other employees make better decisions

50
Q

Foreign Corrupt Practices Act (FCPA)

A

a law that prohibits U.S. corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries

51
Q

Corporate Social Responsibility (CSR)

A

a business’s concern for society’s welfare

52
Q

pyramid of corporate social responsibility

A

a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm’s economic performance supports the entire structure

53
Q

Sustainability

A

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

54
Q

Green Marketing

A

the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment

55
Q

Cause-Related Marketing

A

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

56
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 need of that group, resulting in mutually satisfying exchanges

57
Q

Environmental Management

A

when a company implements strategies that attempt to shape the external environment within which it operates

58
Q

Component Lifestyle

A

the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional style

59
Q

Demography

A

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

60
Q

Generation Y

A

People born between 1979-1994

61
Q

Generation X

A

People born between 1965-1978

62
Q

Baby Boomers

A

People born between 1946-1964

63
Q

Purchasing Power

A

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

64
Q

Inflation

A

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

65
Q

Recession

A

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

66
Q

Basic Research

A

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

67
Q

Applied Research

A

research that attempts to develop new or improved products

68
Q

Consumer Product Safety Commission (CPSC)

A

a federal agency established to protect the health and safety of consumers in and around their homes

69
Q

Food and Drug Administration (FDA)

A

a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous foods and drug products

70
Q

Federal Trade Commission (FTC)

A

a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

71
Q

Global Marketing

A

marketing that targets markets throughout the world

72
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

73
Q

Gross Domestic Product (GDP)

A

the total market value of all goods and services produced in a country for a given time period

74
Q

Job Outsourcing

A

Sending U.S. jobs abroad

75
Q

Multinational Corporation

A

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

76
Q

Capital Intensive

A

Using more capital than labor in the production process

77
Q

Global Marketing Standardization

A

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

78
Q

Multi-domestic Strategy

A

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

79
Q

Mercosur

A

the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela

80
Q

Uruguay Round

A

an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization

81
Q

World Trade Organization (WTO)

A

a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)

82
Q

General Agreement on Tariffs and Trade (GATT)

A

a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements

83
Q

North American Free Trade Agreement (NAFTA)

A

an agreement between Canada, the US, and Mexico that created the world’s then-largest free trade zone

84
Q

Central America Free Trade Agreement (CAFTA)

A

a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the US

85
Q

European Union (EU)

A

a free trade zone encompassing twenty-seven European countries

86
Q

World Bank

A

an international bank that offers low-interest loans, advice, and information to developing nations

87
Q

International Monetary Fund (IMF)

A

an international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation

88
Q

Group of Twenty (G-20)

A

a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability

89
Q

Exporting

A

selling domestically produced products to buyers in another country

90
Q

Buyer for Export

A

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

91
Q

Export Broker

A

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

92
Q

Export Agent

A

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

93
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

94
Q

Contract Manufacturing

A

private label manufacturing by a foreign company

95
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

96
Q

Direct Foreign Investment

A

active ownership of a foreign company or of overseas manufacturing or marketing facilities

97
Q

Floating Exchange Rates

A

a system in which prices of different currencies move up and down based on the demand for and the supply of each currency

98
Q

Dumping

A

the sale of an exported product at a price lower than that charged for the same or a like product in the “home” market of the exporter

99
Q

Countertrade

A

a form of trade in which all or part of the payment for goods or services is in the form of other goods or services

100
Q

Blog

A

a publicly accessible Web page that functions as an interactive journal, where readers can post comments on the author’s entries

MKTG 361 (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions