Term
| Define the term "marketing" |
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Definition
Marketing is 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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Term
Describe four marketing management philosophies
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Definition
- A production-oriented organization focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
- A sales orientation is based on the beliefs that people will buy more products if aggressive sales techniques are used and that high sales volumes produce high profits.
- A market-oriented organization focuses on satisfying customer wants and needs while meeting organizational objectives.
- A societal marketing orientation goes beyond a market orientation to include the preservation or enhancement of individuals’ and society’s long-term best interests.
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Term
| Describe several reasons for studying marketing |
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Definition
First, marketing affects the allocation of goods and services that influence a nation’s economy and standard of living. Second, an understanding of marketing is crucial to understanding most businesses. Third, career opportunities in marketing are diverse, profitable, and expected to increase significantly during the coming decade. Fourth, understanding marketing makes consumers more informed.
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Term
Explain the components of a situation analysis
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Definition
| In the situation (or SWOT) analysis, the firm should identify its internal strengths (S) and weaknesses (W) and also examine external opportunities (O) and threats (T). When examining external opportunities and threats, marketing managers must analyze aspects of the marketing environment in a process called environmental scanning. The six most-often-studied macro environmental forces are social, demographic, economic, technological, political and legal, and competitive. |
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Term
| niche competitive advantage |
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Definition
Niche competitive advantages come from targeting unique segments with specific needs and wants. The goal of all these sources of competitive advantage is to be sustainable.
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Term
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Definition
| . The four options are market penetration, product development, market development, and diversification. In selecting a strategic alternative, managers may use a portfolio matrix, which classifies strategic business units as stars, cash cows, problem children, and dogs, depending on their present or projected growth and market share. |
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Term
| Describe the elements of the marketing mix |
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Definition
| mix (or four P's): . Place (distribution) strategies are concerned with making products available when and where customers want them. Promotion includes advertising, public relations, sales promotion, and personal selling. Price is what a buyer must give up to obtain a product and is often the easiest to change of the four marketing mix elements. |
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Term
| Identify several techniques that help make strategic planning effective |
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Definition
First, management must realize that strategic planning is an ongoing process and not a once-a-year exercise. Second, good strategic planning involves a high level of creativity. The last requirement is top management’s support and cooperation.
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Term
| situation analysis:six most-often-studied macro environmental forces |
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Definition
social, demographic, economic, technological, political and legal, and competitive.
from this information marketers create a marketing mix |
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Term
| corporate social responsibility |
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Definition
| four components: economic, legal, ethical, and philanthropic |
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Term
| situation analysis: social factors that affect marketing |
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Definition
| trends, interests, changing gender roles, & number of dual-career families |
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Term
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Definition
Generation X:
Generation Y
Baby Boomers:
Twens?: |
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Term
| mulitculutralism in the marketplace |
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Definition
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Term
| impact of technology: innovation |
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Definition
| innovation has increasingly become a global process. Without it, U.S. companies can not compete on a global level |
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Term
| Three Federal Agencies involved in regulating market activities are |
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Definition
| the consumer product safety commission, the federal trade commission, and the food and drug administration |
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Term
| importance and impact of global marketing |
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Definition
| importance: opportunities, networks, technology, resources, ... impact: overcome trade problems, save on labor, and tap new technogology |
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Term
| ways of entering the marketplace |
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Definition
| descending order of risk and profit: direct investment, joint venture, contract manufacturing, licensing and franchising, and exporting |
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Term
| Define business and describe the objective of business |
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Definition
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Term
| define the concept of professionalism and identify what it has to do without our course |
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Definition
| Professionalism is having the respect you wish to be bestowed onto you. For example, one's texting in class shows little respect for the teacher and distracts others. This is extremely unprofessional because you are taking away from others and disrespecting the teacher who determines your future. |
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Term
| describe how automobile design is influenced by the target market |
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Definition
| successful automobiles are designed with the specific target market in mind because that is the most profitable way to sell cars. Automobiles designed without keeping the target market in mind are unsucessful becuase they do not accomodate all of their audiences needs. Different audiences require and want different automobiles. |
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Term
| explain why different businesses follow different marketing strategies |
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Definition
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Term
| describe hwo a marketing paln can apply to a person, not just a good or service. |
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Definition
| a marketing plan can apply to a person who would like to advertise or promote themselves to get a job. By highlighting the individuals strengths, institutions are more inclined to hire that person |
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Term
| explain some of the reasons why marketers engage in unethical behaviors in business???? |
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Definition
| Marketers want to be successful, they think in short term not long term, when presented an opportunity it is frowned upon not to take it. |
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Term
| explain some of the ways organizations can reduce the chance of ethical mistakes in their organization |
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Definition
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Term
| explain what is necessary for an individual to get information into long term memory so that it becomes knowledge |
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Definition
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Term
| describe how a global perspective in business can foster peace and improved relations among people |
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Definition
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Term
| Understanding consumer behavior is important because |
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Definition
| it reduces uncertainty when defining a target market and designing a marketing mix |
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Term
| consumer decision making progress |
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Definition
| need recognition; additional information; purchase decision; purchase made |
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Term
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Definition
| prepurchase expectations; info search; level of self confidence; cognitive dissonance- positive reinforcement |
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