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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

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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

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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

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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

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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.

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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

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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

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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

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8
Q

Customer value

A

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

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9
Q

Customer satisfaction

A

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

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10
Q

Relationship marketing

A

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

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11
Q

Empowerment

A

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

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12
Q

Teamwork

A

Collaborative efforts of people to accomplish common objectives

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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.

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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

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15
Q

Strategic Business Unit (SBU)

A

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

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16
Q

Marketing Penetration

A

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

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17
Q

Market Development

A

A Marketing strategy that entails attracting new customers to existing products

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18
Q

Product Development

A

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

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19
Q

Diversification

A

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

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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

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21
Q

Star

A

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

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22
Q

Cash Cow

A

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

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23
Q

Problem Child (question mark)

A

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

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24
Dog
in the portfolio matrix, a business unit that has low growth potential and a small market share
25
Planning
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
26
Marketing Planning
designing activities relating to marketing objectives and the changing marketing environment
27
Marketing Plan
a written document that acts as a guidebook of marketing activities for the marketing manager
28
Mission Statement
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
29
Marketing Myopia
defining a business in terms of goods and services rather than in terms of the benefits customers seek
30
SWOT Analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and Threats (T)
31
Environmental Scanning
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
32
Competitive Advantage
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
33
Cost Competitive Advantage
being the low-cost competitor in an industry while maintaining satisfactory profit margins
34
Experience Curves
curves that shows costs declining at a predictable rate as experience with a product increases
35
Product/Service differentiation competitive advantage
the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition
36
Niche Competitive Advantage
the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
37
Sustainable Competitive Advantage
an advantage that cannot be copied by the competition
38
Marketing Objective
a statement of what is to be accomplished through marketing activities
39
Marketing Strategy
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
40
Market Opportunity Analysis (MOA)
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
Marketing Mix
a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
42
four Ps
product, place, promotion, and price, which together make up the marketing mix
43
implementation
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
evaluation
gauging the extent to which the marketing objectives have been achieved during the specified time period
45
Control
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
Marketing Audit
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organizations
47
Ethics
the moral principles or values that generally govern the conduct of an individual or group
48
Morals
the rules people develop as a result of cultural values and norms
49
Code of Ethics
a guideline to help marketing managers and other employees make better decisions
50
Foreign Corrupt Practices Act (FCPA)
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
Corporate Social Responsibility (CSR)
a business's concern for society's welfare
52
pyramid of corporate social responsibility
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
Sustainability
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
Green Marketing
the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment
55
Cause-Related Marketing
the cooperative marketing efforts between a for-profit firm and a nonprofit organization
56
Target Market
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
Environmental Management
when a company implements strategies that attempt to shape the external environment within which it operates
58
Component Lifestyle
the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional style
59
Demography
the study of people's vital statistics, such as age, race, and ethnicity, and location
60
Generation Y
People born between 1979-1994
61
Generation X
People born between 1965-1978
62
Baby Boomers
People born between 1946-1964
63
Purchasing Power
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas
64
Inflation
a measure of the decrease in the value of money, expressed as the percentage reduced in value since the previous year
65
Recession
a period of economic activity characterized by negative growth, which reduces demand for goods and services
66
Basic Research
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
67
Applied Research
research that attempts to develop new or improved products
68
Consumer Product Safety Commission (CPSC)
a federal agency established to protect the health and safety of consumers in and around their homes
69
Food and Drug Administration (FDA)
a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous foods and drug products
70
Federal Trade Commission (FTC)
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
71
Global Marketing
marketing that targets markets throughout the world
72
Global Vision
recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
73
Gross Domestic Product (GDP)
the total market value of all goods and services produced in a country for a given time period
74
Job Outsourcing
Sending U.S. jobs abroad
75
Multinational Corporation
a company that is heavily engaged in international trade, beyond exporting and importing
76
Capital Intensive
Using more capital than labor in the production process
77
Global Marketing Standardization
production of uniform products that can be sold the same way all over the world
78
Multi-domestic Strategy
when multinational firms enable individual subsidiaries to compete independently in domestic markets
79
Mercosur
the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela
80
Uruguay Round
an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
81
World Trade Organization (WTO)
a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
82
General Agreement on Tariffs and Trade (GATT)
a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements
83
North American Free Trade Agreement (NAFTA)
an agreement between Canada, the US, and Mexico that created the world's then-largest free trade zone
84
Central America Free Trade Agreement (CAFTA)
a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the US
85
European Union (EU)
a free trade zone encompassing twenty-seven European countries
86
World Bank
an international bank that offers low-interest loans, advice, and information to developing nations
87
International Monetary Fund (IMF)
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
Group of Twenty (G-20)
a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability
89
Exporting
selling domestically produced products to buyers in another country
90
Buyer for Export
an intermediary in the global market who assumes all ownership risks and sells globally for its own account
91
Export Broker
an intermediary who plays the traditional broker's role by bringing buyer and seller together
92
Export Agent
an intermediary who acts like a manufacturer's agent for the exporter; the export agent lives int he foreign market
93
Licensing
the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
94
Contract Manufacturing
private label manufacturing by a foreign company
95
Joint Venture
when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
96
Direct Foreign Investment
active ownership of a foreign company or of overseas manufacturing or marketing facilities
97
Floating Exchange Rates
a system in which prices of different currencies move up and down based on the demand for and the supply of each currency
98
Dumping
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
Countertrade
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
Blog
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)

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