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Marketing Definitions
Definitions for Vocabulary-Chapter 4: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co.
14
Marketing
Undergraduate 3
09/18/2007

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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
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