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Sara's BUSI 330
Marketing
101
Business
Undergraduate 3
06/02/2015

Additional Business Flashcards

 


 

Cards

Term
MARKETING
Definition
the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stake holders, and society at large.
Term
Two things Marketing seeks to accomplish:
Definition

1. Discover the needs and wants of prospective customers.

2. satisfy customers.

Term
EXCHANGE
Definition
trade of things of value between a buyer and a seller so that each is better off after the trade.
Term
MARKET
Definition
People with both the desire and the ability to buy a specific offering. (p.9)
Term
TARGET MARKET
Definition
One or more specific groups of potential consumers toward which an organization directs its marketing program. (p.9)
Term
MARKETING MIX
Definition
The controllable factors - product, price, promotion, and place - that the marketing manager can use to solve a marketing problem. (p.10)
Term
ENVIRONMENTAL FORCES
Definition
The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision. (p.10)
Term
CUSTOMER VALUE
Definition
Buyers' benefits, including quality, convenience, on-time delivery, and before- and after-sale service at a specific price. (p.10)
Term
RELATIONSHIP MARKETING
Definition
Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. (p.11)
Term
MARKETING PROGRAM
Definition
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. (p.12)
Term
MARKETING CONCEPTS
Definition
The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals. (p14)
Term
MARKETING ORIENTATION
Definition
Focusing organizational efforts to collect and use information about customers' needs to create customer value. (p.14)
Term
SOCIAL MARKETING CONCEPT
Definition
The view that organizations should satisfy the needs of consumers in a way that also provides for society's well-being. (p.15)
Term
ULTIMATE CONSUMERS
Definition
The people who use the goods and services purchased for a household. (p.16)
Term
ORGANIZATIONAL BUYERS
Definition
Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or resale. (p.16)
Term
UTILITY
Definition
The benefits or customer value received by users of the product. (p.16)
Term
PROFIT
Definition
The reward to a business firm for the risk it undertakes in marketing its offerings. (p.22)
Term
STRATEGY
Definition
An organization's long-term course of action that delivers a unique customer experience while achieving its goals. (p.22)
Term
CORE VALUES
Definition
The fundamental, passionate, and enduring principles that guide an organization. (p.25)
Term
MISSION
Definition
A statement or vision of an organization's function in society. (p.25)
Term
ORGANIZATIONAL CULTURE
Definition
The set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization. (p.26)
Term
BUSINESS
Definition
The underlying industry or market sector of an organization's offering. (p.26)
Term
GOALS (OBJECTIVES)
Definition
Targets of performance to be achieved, often by a specific time. (p.26)
Term
MARKET SHARE
Definition
Ratio of a firm's sales to the total sales of all firms in the industry. (p.27)
Term
MARKETING DASHBOARD
Definition
The visual computer display of essential marketing information. (p.27)
Term
MARKETING METRIC
Definition
A measure of the value or trend of a marketing activity or result. (p.28)
Term
MARKETING PLAN
Definition
A road map for the marketing activities of an organization for a specified future time period. (p.28)
Term
BUSINESS PORTFOLIO ANALYSIS
Definition
A technique that managers use to quantify performance measures and growth targets of their firms' strategic business units. (p.31)
Term
DIVERSIFICATION ANALYSIS
Definition
A technique a firm uses to search for growth opportunities from among current and new products and markets. (p.33)
Term
STRATEGIC MARKETING PROCESS
Definition
An approach whereby an organization allocates its marketing mix resources to reach its target markets. (p.34)
Term
SITUATION ANALYSIS
Definition
Taking stock of where a firm or product has been recently, where it is now, and where it is headed. (p.34)
Term
SWOT ANALYSIS
Definition
An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. (p.35)
Term
MARKET SEGMENTATION
Definition
The sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action. (35)
Term
POINT OF DIFFERENCE
Definition
Those characteristics of a product that make it superior to competitive substitutes. (p.36)
Term
MARKET STRATEGY
Definition
The means by which a marketing goal is to be achieved. (p.38)
Term
MARKETING TACTICS
Definition
Detailed day-to-day operational decisions essential to the overall success of marketing strategies. (p.38)
Term
ENVIRONMENTAL SCANNING
Definition
The process of acquiring information on events outside the organization to identify and interpret potential trends. (p.60)
Term
SOCIAL FORCES
Definition
The demographic characteristics of the population and its values. (p.60)
Term
DEMOGRAPHICS
Definition
Description of a population to characteristics such as age, gender, ethnicity, income, and occupation. (p.60)
Term
BABY BOOMERS
Definition
The generation of children born between 1946 and 1964. (p.62)
Term
GENERATION Y
Definition
Members of the U.S. population born between 1965 and 1976. (p.62)
Term
GENERATION Y
Definition
The 72 million Americans born between 1977 and 1994. (p.63)
Term
MULTICULTURAL MARKETING
Definition
Marketing programs that reflect unique aspects of different races. (p.64)
Term
CULTURE
Definition
The set of values, ideas, and attitudes that is learned and shared among the members of a group. (p.64)
Term
ECONOMY
Definition
Pertains to the income and resources that affect the cost of running a business or household. (p.65)
Term
TECHNOLOGY
Definition
Inventions from applied science or engineering research. (p.67)
Term
MARKET SPACE
Definition
An information- and communication-based electronic exchange environment occupied by digitized offerings. (p.69)
Term
COMPETITION
Definition
Alternative firms that could provide a product to satisfy a specific market's need. (p.69)
Term
REGULATION
Definition
Restrictions that state and federal laws place on business. (p.70)
Term
CONSUMERISM
Definition
A movement started to increase the influence, power, and rights of consumers in dealing with institutions. (p.71)
Term
SELF-REGULATION
Definition
An alternative to government control, whereby an industry attempts to police itself. (p.73)
Term
ETHICS
Definition
The moral principles and values that govern the actions and decisions of an individual or a group. (p.80)
Term
LAWS
Definition
Society's standards and values that are enforceable in the courts. (p.80)
Term
CONSUMER BILL OF RIGHTS
Definition
Codified the ethics of exchange between buyers and sellers, including rights to safety; to be informed, to choose, and to be heard. (p.82)
Term
CODE OF ETHICS
Definition
A formal statement of ethical principles and rules of conduct. (p.84)
Term
MORAL IDEALISM
Definition
A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. (p.85)
Term
UTILITARIANISM
Definition
A personal moral philosophy that focuses on the "greatest good for the greatest number." (p.85)
Term
SOCAIL RESPONSIBILITY
Definition
The idea that organizations are part of a larger society and are accountable to that society for their actions. (p.86)
Term
GREEN MARKETING
Definition
Marketing efforts to produce, promote, and reclaim environmentally sensitive products. (p.87)
Term
CAUSE MARKETING
Definition
Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products. (p.87)
Term
SOCIAL AUDIT
Definition
A systematic assessment of a firm's objectives, strategies, and performance in the domain of social responsibility. (p.88)
Term
CONSUMER BEHAVIOR
Definition
The actions a person takes in purchasing and using products and services. (p.96)
Term
PURCHASE DECISION PROCESS
Definition
The stages a buyer passes through in making choices about which products or services to buy. (p.96)
Term
INVOLVMENT
Definition
The personal, social, and economic significance of a purchase to the consumer. (p.99)
Term
MOTIVATION
Definition
The energizing force that stimulates behavior to satisfy a need. (p.102)
Term
PERSONALITY
Definition
A person's consistent behaviors or responses to recurring situations. (p.102)
Term
PERCEPTION
Definition
The process by which a person selects, organizes, and interprets information to create a meaningful picture of the world. (p.103)
Term
PERCEIVED RISK
Definition
The anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase. (p.103)
Term
LEARNING
Definition
Behaviors that result from repeated experience or reasoning. (p.104)
Term
BRAND LOYALTY
Definition
A favorable attitude toward and consistent purchase of a single brand over time. (p.106)
Term
ATTITUDE
Definition
A tendency to respond to something in a consistently favorable or unfavorable way. (p.106)
Term
BELIEFS
Definition
A consumer's perceptions of how a product or brand performs. (p.106)
Term
OPINION LEADERS
Definition
Individuals who have social influence over others. (p.108)
Term
WORD OF MOUTH
Definition
People influencing each other in personal conversation. (p.109)
Term
REFERENCE GROUPS
Definition
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards. (p.110)
Term
FAMILY LIFE CYCLE
Definition
A family's progression from formation to retirement, each phrase bringing with it distinct purchasing behaviors. (p.111)
Term
SUBCULTURES
Definition
Subgroups within the larger, or national, culture with unique values, ideas, and attitudes. (p.113)
Term
BUSINESS MARKETING
Definition
The Marketing of products and services to firms, governments, or not-for-profit organizations. (p.120)
Term
North American INdustry Classification System (NAICS)
Definition
Provides common industry definitions for Canada, Mexico, and the United States. (p.121)
Term
DERIVED DEMAND
Definition
The demand for industrial products and services is driven by demand for consumer products and services. (p.122
Term
ORGANIZATIONAL BUYING BEHAVIOR
Definition
The process by which organizations determine the need for goods and then choose among alternative suppliers. (p.126)
Term
BUYING CENTER
Definition
The group of people in an organization who participates in the buying process. (p.126)
Term
BUYING CLASSES
Definition
Three types of organizational buying situations: new buy, straight rebuy, modified rebuy. (p.128)

Term

E-Marketplace

Definition

Online trading communities that bring together buyers and supplier organizations. (p.129)

Term

Traditional Auction

Definition

Occurs when a seller puts an item up for sale and would-be buyers bid in competition with each other. (p.131)

Term

Reverse Auction

Definition

Occurs when a buyer communicates a need for something and would-be suppliers bid in competition with each other. (p.131)

Term

Protectionism

Definition

The practice of shielding one or more industries within a country's economy from foreign competition through use of tariffs and quotas. (p.138)

Term

Tariff

Definition

A government tax on goods or services entering a country, primarily serving to raise prices on imports. (p.138)

Term

Quota

Definition

A restriction placed on the amount of a product allowed to enter or leave a country. (p. 138)

Term

World Trade Organization (WTO)

Definition

Institution that sets rules governing trade between its members through a panel of trade experts. (p.138)

Term

European Union

Definition

Consists of 27 member countries that have eliminated most barriers to the free flow of goods, services, capital, and labor across their borders. (p.139)

Term

North American Free Trade Agreement (NAFTA)

Definition

Lifted many trade barriers between Canada, Mexico, and the UNited States and created a marketplace with more than 450 million consumers. (p.139)

Term

Global Competition

Definition

Exists when firms originate, produce, and market their products and services worldwide. (p.140)

Term

Multidomestic Marketing Strategy

Definition

A multinational firm's strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business. (p.141)

Term

Global Marketing Strategy

Definition

The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. (p.141)

Term

International Firm

Definition

Engages in trade and marketing in different countries as an extension of the marketing strategy in its home country. (p.141)

Term

Multinational Firm

Definition

Views the world as consisting of unique parts and markets to each part differently. (p.141)

Term

Transnational Firm

Definition

Views the world as one market and emphasizes universal consumer needs and wants more than differences among cultures. (p.141)

Term

Global Brand

Definition

A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. (p.142)

Term

Global Consumers

Definition

Consumer groups living around the world who have similar needs or seek similar benefits from products or services. (p.143)

Term

Cross-Cultural Analysis

Definition

The study of similarities and differences among consumers in two or more nations or societies. (p.144)

Term

Values

Definition

A society's personally or socially preferable modes of conduct or states of existence that tend to persist over time. (p.144)

Term

Customs

Definition

Norms and expectations about the way people do things in a specific country. (p.145)

Term

Foreign Corrupt Practices Act (1977)

Definition

A law that makes it a crime for U.S. corporations to bribe an official of a foreign government or political party to obtain or retain business. (p.145)

Term

Cultural Symbols

Definition

Things that represent ideas or concepts in a specific culture. (p.145)

Term

Back Translation

Definition

Retranslation a word or phrase back into the original language using a different interpreter to catch errors. (p.147)

Term

Economic Infrastructure

Definition

A country's communications, transportation, financial, and distribution systems. (p.147)

Term

Currency Exchange Rate

Definition

The price of one country's currency expressed in terms or another country's currency. (p.148)

Term

Exporting

Definition

Producing goods in one country and selling them in another country. (p.150)

Term

Indirect Exporting

Definition

When a firm sells its domestically produced goods in a foreign country through an intermediary. (p.150)

Term

Direct Exporting

Definition

When a firm sells its domestically produced goods in a foreign country without intermediaries. (p.150)

Term

Licensing

Definition

A company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or fee. (p.151)

Term

Joint Venture

Definition

When a foreign company and a local firm invest together to create a local business, sharing ownership, control, and the profits of the new company. (p.151)

Term

Direct Investment

Definition

When a domestic firm actually invests in and owns a foreign subsidiary or division. (p.152)

Term

Product Extension

Definition

Selling virtually the same product in other countries. (p.153)

Term

Product Adaptation

Definition

Changing a product in some way to make it more appropriate fora country's climate or consumer preferences. (p.153)

Term

Product Invention

Definition

When a company invents a totally new product designed to satisfy common needs across countries. (p.153)

Term

Dumping

Definition

When a firm sells a product in a foreign country below its domestic price below its actual cost. (p.155)

Term

Gray Market

Definition

A situation in which products are sold through unauthorized channels of distribution. (p.155)

Term

Marketing Research

Definition

The process of collecting and analyzing information in order to recommend actions. (p.162)

Term

Measures of Success

Definition

Criteria or standards used in evaluating proposed solutions to a problem. (p.163)

Term

Constraints

Definition

Restrictions placed on potential solutions to a problem. (p.164)

Term

Concepts

Definition

Ideas about productsnor services. (p.165)

Term

Methods

Definition

The approaches that can be used to collect data to solve all or part of a problem. (p.165)

Term

Data

Definition

The facts and figures related to a problem. (p.166)

Term

Secondary Data

Definition

Facts and figures that have already been recorded before the project at hand. (p.166)

Term

Primary Data

Definition

Facts and figures that are newly collected for a project. (p.166)

Term

Observational Data

Definition

Facts and figures obtained by watching, either mechanically or in person, how people behave. (p.168)

Term

Questionnaire Data

Definition

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. (p.170)

Term

Sales Forecast

Definition

The total slaes of a product that a firm expects to sell during a specified time period under specified conditions. (p.181)

Term

Market Segmentation

Definition

Aggregates potential buyers into groups that have common needs and will respond similarly to a marketing action. (p.188)

Term

Market Segments

Definition

The relatively homogenous groups of prospective buyers that result from the market segmentation process. (p.188)

Term

Product Differentiation

Definition

The strategy of using different marketing mix activities to help consumers perceive a product as being different and better than competing products. (p.188)

Term

Usage Rate

Definition

The quantity consumed or the number of store visits during a specific period. (p.193)

Term

80/20 Rule

Definition

The idea that 80 percent of a firm's sales are obtained from 20 percent of its customers. (p.194)

Term

Market-Product Grid

Definition

A framework relating the segments of a market to products or marketing actions of the firm. (p.197)

Term

Product Positioning

Definition

The place a product occupies in consumers' minds on important features relative to competitive products. (p.202)

Term

Product Repositioning

Definition

Changing the placea product occupies in consumers' minds relative to competitive products. (p.202)

Term

Perceptual Map

Definition

A means of displaying the position of products or brands in consumers' minds. (p.203)
Term
E-MARKET PLACE
Definition
Online trading communities that bring together buyers and supplier organizations. (p.129)
Term
TRADITIONAL AUCTION
Definition
Occurs when a seller puts an item up for sale and would-be buyers bid in competition with each other. (p.131)
Term
REVERSE AUCTION
Definition
Occurs when a buyer communicates a need for something and would-be suppliers bid in competition with each other. (p.131)
Term
PROTECTIONISM
Definition
The practice of shielding one or more industries within a country's economy from foreign competition through use of tariffs and quotas. (p.138)
Term
TARIFF
Definition
A government tax on goods or services entering a country, primarily serving to raise prices on imports. (p.138)
Term
QUOTA
Definition
A restriction placed on the amount of a product allowed to enter or leave a country. (p. 138)
Term
WORLD TRADE ORGANIZATION (WTO)
Definition
Institution that sets rules governing trade between its members through a panel of trade experts. (p.138)
Term
EUROPEAN UNION
Definition
Consists of 27 member countries that have eliminated most barriers to the free flow of goods, services, capital, and labor across their borders. (p.139)
Term

North American Free Trade Agreement (NAFTA)

\

Definition
Lifted many trade barriers between Canada, Mexico, and the UNited States and created a marketplace with more than 450 million consumers. (p.139)
Term
GLOBAL COMPETITION
Definition
Exists when firms originate, produce, and market their products and services worldwide. (p.140)
Term
Multidomestic Marketing Strategy

Definition
A multinational firm's strategy of offering as many different product variations, brand names, and advertising programs as countries in which it does business. (p.141)
Term
GLOBAL MARKETING STRATEGY
Definition
The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. (p.141)
Term
INTERNATIONAL FIRM
Definition
Engages in trade and marketing in different countries as an extension of the marketing strategy in its home country. (p.141)
Term
MULTIINTERNATIONAL FIRM
Definition
Views the world as consisting of unique parts and markets to each part differently. (p.141)
Term
TRANSNATIONAL FIRM
Definition
Views the world as one market and emphasizes universal consumer needs and wants more than differences among cultures. (p.141)
Term
GLOBAL BRAND
Definition
A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. (p.142)
Term
GLOBAL CONSUMERS
Definition
Consumer groups living around the world who have similar needs or seek similar benefits from products or services. (p.143)
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