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Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 4: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 14 Created: 09/18/2007 16:48:20	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term 3 Goals for setting a firm's objectives Definition 1. Engage in specific activities that will perform a socially and economically useful function 2. Develop an organization to carry on the business and implement its strategies 3. Earn enough profit to survive Term mission statement Definition sets out the organization's basic purpose for being Term Competitive Environment Definition affects the number and types of competitiors the marketing manager must face and how they may behave Term Competitor Analysis Definition An organized approached for evaluating the strenghts and weaknesses of current or potential competitors' marketing strenghs - what competitors are likely to do in repsonse to your strategy Term Competitive Rivals Definition firms that will be the closest competitors Term competitive barriers Definition the conditions that may make it difficult or even impossible, for a firm to compete in a market Term Economic Environment Definition - Economies around the world are linked, even though the economic environment may vary from one country to antother - The economic environment can and does change qutie rapidly - often accompanied by changes in the interest rate Term Technology Definition The application of science to convert an economy's resources to output Effects economy in 2 ways: - New products - New processes Term nationalism Definition an emphasis on a country's interests before everything else; the "Buy American" policy is an example Term North American Free Trade Agreement (NAFTA) Definition lays out a plan to reshape the rules of trade among the United States, Canada and Mexico Term Consumerism Definition a social movement that seeks to increase the rights and powers of consumers Term Culltural and Social Environment Definition affects how and why people live and behave as they do; marketing managers need to pay attention to changes in these areas because it can change the marketing environment Term Strategic Business Unit (SBU) Definition an organizational unit (within a large company) that focuses on some product-makrets and is treated as a separate profit center Term Portfolio Management Definition treats alternative products, divisions, or strategic business units as thought they were stock investments