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Marketing Vocabulary
Chp.1-5
95
Marketing
Undergraduate 3
09/28/2009

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Term
Marketing
Definition
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Term
exchange
Definition
people giving up somthing to recieve something they would rather have
Term
production orientation
Definition
a philosphy that focuses on the internal capabiliteis of the firm rather than on the desires and needs of the marketplace
Term
sales orientation
Definition
the idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Term
Marketing concept
Definition
the idea that the social economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
Term
Market orientation
Definition
a philosophy that assumes that a sale does not depend on an aggresive sales force but rather on a customer's decision to purchase a product. It is synonymous with the marketing concept
Term
societal marketing orientation
Definition
the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
Term
customer value
Definition
the relationship between benefits and the sacrifice necessary to obain those benefits
Term
customer satisfaction
Definition
customer's evaluation of a good or service in terms of whether it has met their needs and expectations
Term
relationship marketing
Definition
a strategy that focuses on keeping and improving relationships with current customers
Term
empowerment
Definition
delegation of authority to solve customers' problems quickly-- usually by the first person that the customer notifies regarding a problem
Term
teamwork
Definition
collaborative efforts of people to accomplish common objectives
Term
strategic planning
Definition
the managerial process of creating and maintaing a fit between the oraganization's objectives and resources and evolving market opportunities
Term
Planning
Definition
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
Term
marketing plan
Definition
a written document that acts as a guidebook of marketing activities for the marketing manager
Term
mission statement
Definition
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
Term
Marketing myopia
Definition
defining a business in terms of goods and services rather than in terms of the benefits that customers seek
Term
Strategic business unit (SBU)
Definition
a subgroup of a single business or a collection of related businesses within the larger organization
Term
Marketing objective
Definition
a statement of what is to be accomplished through marketing activities
Term
SWOT analysis
Definition

S- identifying internal strenghts

W- weaknesses

O- examining external opportunities

T- threats

Term
environmental scanning
Definition
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
Term
competitive advantage
Definition
the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
Term
cost competitive advantage
Definition
being the low-cost competitor in an industry while maintaining satisfactory profit margins
Term
Experience curves
Definition
curves that show costs declining at a predictable rate as experience with a product increases
Term
product/service differentiation competitive advantage
Definition
the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's
Term
niche competition advantage
Definition
the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
Term
sustainable competitive advantage
Definition
an advantage that can not be copied by the competition
Term
market penetration
Definition
a marketing strategy that tries to increase market share among existing customers
Term
market development
Definition
a marketing strategy that entails attracting new customers to existing products
Term
product development
Definition
a marketing strategy that entails the creation of new products for current customers
Term
diversification
Definition
a strategy of increasing salse by introducing new products into new markets
Term
portfolio matrix
Definition
a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
Term
star
Definition
in the portfolio matrix, a business unit that is a fast-growing market leader
Term
cash cow
Definition
in the portfolio matrix, a business unit that usually generates more cash than it nees to maintain its market share
Term
Problem child- question mark
Definition
in the portfolio matrix, a business unit that shows rapid growth but poor profit margins
Term
dog
Definition
in the porfolio matrix, a business unit that has low growth potential and a small market share
Term
marketing strategy
Definition
the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exhanges with target markets
Term
marketing opportunity analysis (MOA)
Definition
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 theses market segments
Term
marketing mix
Definition
a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exhanges with a target market
Term
Four P's
Definition
product, place, promotion, and price, which together make up the marketing mix
Term
implementation
Definition
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
Term
evaluation
Definition
gauging the extent to which the marketing objectives have been achieved during the specified time period
Term
control
Definition
provides the mechisims for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the oranization reach those objectives within budget guidelines
Term
marketing audit
Definition
a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
Term
corporate social responsibility
Definition
business's concern for society's welfare
Term
sustainability
Definition
the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time
Term
pyramid of corporate social responsibility
Definition
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
Term
Ethics
Definition
the moral principles or values that generally govern the conduct of an individual
Term
morals
Definition
the rules people develop as a result of cultural values and norms
Term
code of ethics
Definition
a guideline to help marketing managers and other employees make better decisions
Term
target market
Definition
a defined group most likely to buy a firm's product
Term
demography
Definition
the study of people's vital statistics, such as their age, race and ethnicity, and location
Term
generation y
Definition
people born between 1979and 1994
Term
Generation C
Definition
people born between 1965 and 1978
Term
baby boomers
Definition
people born between 1946 and 1964
Term
muliticulturalism
Definition
when all major ethnic groups in an area--such as a city, country, or census tract-- are roughly equally represented
Term
purchasing power
Definition
a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
Term
inflation
Definition
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
Term
recession
Definition
a period of economic activity characterized by negative growth, which reduces demand for goods and services
Term
basic research
Definition
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
Term
applied research
Definition
an attempt to develop new or improved products
Term
Consumer Product Safety Commission (CPSC)
Definition
a federal agency established to protect the health and safety of consumers in and around their homes
Term
Federal Trade Commission (FTC)
Definition
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
Term
Food and Drug Administration (FDA)
Definition
a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug porducts
Term
global marketing
Definition
marketing that targets markets throughout the world
Term
global vision
Definition
recognizing and reacting tho international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
Term
multinational corporation
Definition
a company that is heavily engaged in international trade, beyond exporting and importing
Term
capital-intensive
Definition
using more capital than labor in the production process
Term
global marketing standardization
Definition
production of uniform products that can be sold the same way all over the world
Term
Mercosur
Definition
the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay
Term
Uruguay Round
Definition
an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
Term
World Trade Organization (WTO)
Definition
a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT)
Term
General Agreement on Tariffs and Trade (GATT)
Definition
a trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements
Term
North American Free Trade Agreement (NAFTA)
Definition
an agreement between Canada, the United States, and Mexico that created the world's largest free trade zone
Term
Central America Free Trade Agreement (CAFTA)
Definition
A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States
Term
European Union
Definition
a free trade zone encompassing 25 European countries
Term
World Bank
Definition
an international bank that offers low-interest loans, advice, and information to developing nations
Term
International Monetary Fund (IMF)
Definition
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
Term
Exporting
Definition
selling domestically produced products to buyers in another country
Term
buyer for export
Definition
an intermediary in the global market that assumes all ownership risks and sells globally for its own account
Term
export broker
Definition
an intermediary who plays the traditional borker's role by bringing buyer and seller together
Term
export agent
Definition
an intermediary who acts like a manufacturer's agent for the exporter. the export agent lives in the foreign market
Term
licensing
Definition
the legal process whereby an licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
Term
contract manufacturing
Definition
private-label manufacturing by a foreign company
Term
joint venture
Definition
when a domestif firm buys part of a foreign company or joins with a foreign company to create a new entity
Term
direct foreign investment
Definition
active ownership of a foreign company or of overseas manufacturing or marketing facilities
Term
floating exchange rates
Definition
prices of different currencies move up and down based on the demand for and the supply of each currency
Term
dumping
Definition
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
Term
countertrade
Definition
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
Term
consumer behavior
Definition
processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
Term
consumer decision-making process
Definition
a five-step process used by consumers when buying goods or services
Term
need recognition
Definition
result of an imbalance between actual and desired states
Term
stimilus
Definition
any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing
Term
want
Definition
recognition of a unfulfilled need and a product that will satisfy it
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