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EXAM 1
marketing CH 1-4
65
Marketing
Undergraduate 3
02/03/2009

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Term
Marketing
Definition
a philosophy, an attitude, a perspective, or a management orentation that stresses customer satisfaction. An organization function and a set of processes used to implement this philosophy.
Term
production orentation
Definition
a philosophy that focuses on the internal capabilities of the firm rather than on the desire and needs of the market place.
"field of dreams"
Term
sales orentation
Definition
based on 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
market orentation
Definition
states that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
Term
societal market orentation
Definition
states that organization exisits 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.
ex recycable mat, less toxic
Term
customer value
Definition
the realationship between benefits and the sacrafice necessary to obtain those benefits.
Term
customer satisfaction
Definition
the customer evaluation of a good or service in terms of whether that good or service has met the customers 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
Term
why study marketing?
Definition
plays an important role in society, important to buisness, carrer opp, affect everyday life.
Term
strategic planning
Definition
the managerial process of creating and maintaing a fit between the organizations objectives and resources and the evoloving market opps.
Term
strategic planning
Definition
the managerial process of creating and maintaing a fit between the organizations objectives and resources and the evoloving market opps.
Term
strategic planning
Definition
the managerial process of creating and maintaing a fit between the organizations objectives and resources and the evoloving market opps.
Term
goal of strategic planning
Definition
long run profitability and growth
Term
marketing planning
Definition
involoves designing activitues relating to marketing obj and the changing marketing enviroment
Term
marketing plan
Definition
a written document that acts as a guidebook of marketing activities for the marketing mananger
Term
mission statement
Definition
statement of firms business based on a careful analysis of benefits sought by present and potential customers and analysis of existing and anticipating enviromental conditions.
answers:"what buisness are we in?"
Term
market myopia
Definition
defining a business in terms of good and services rather than in terms of the benefits that customers seek.
Term
market myopia
Definition
defining a business in terms of good and services rather than in terms of the benefits that customers seek.
Term
market myopia
Definition
defining a business in terms of good and services rather than in terms of the benefits that customers seek.
Term
strategic business unit
Definition
a subgroup of a single business or collection of realted businesses with in the larger organization
Term
marketing objectives
Definition
statement of what is to be accomplished through marketing activities.
Term
criteria of marketing objectives
Definition
1. realistic, measurable and time specific
2. be consistent with and indicate the priorities of the organization
Term
SWOT analysis
Definition
identifying internal strengths (s) and weaknesses (w)and also examining external opportunities (o) and threats (t)
Term
enviromental scanning
Definition
collection and interpretation of info about forces, events, and relationships in the external enviroment that may affect the future organization or implementation of the marketing plan
Term
competitive advantage
Definition
set of unique features of a company and its products that are percieved by the target market as significant and superior to the competition
Term
cost competitive advantage
Definition
being the low-cost competitor in the industry while maintaining satisfactory profit margins
Term
expierence curve
Definition
curves that show costs declining at a predictable rate as expierence with a product increases.
Term
competitive advantage
Definition
the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitors.
Term
niche competitive advantage
Definition
seeks to tarket and effectively serve a single segment of the market
Term
sustainable competitive advantage
Definition
one that cannot be copied by the competition
Term
market penetration
Definition
marketing strategy that tries to increase market share through existing customers
Term
market development
Definition
attracting new customers to existing products
Term
product development
Definition
entails the creation of new products for current customers.
Term
diversification
Definition
increasing sales by introducing new products into new markets
Term
portfolio matrix
Definition
a tool for allocating resources among products or strategic business unit on the basis of relative market share and market growth rate
Term
market strategy
Definition
involves the activities of selecting and describing one or more target markets and developing and maintaing a marketing mix that will produce mutually satisfying exchanges with target market
Term
market opportunity analysis
Definition
the description and estimation of the size and sales potential of market segments that are of interest to the firms and the assessment of key competitors in these market segments.
Term
marketing mix
Definition
refers to a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
Term
implemetation
Definition
the process that turns a marketing plan into action assignments and ensures that these assignmemts are executed in a way that accomplishes the plans objectives.
Term
evaluation
Definition
entails gauging the extent to which marketing objectives have been achieved during a specific time period.
Term
control
Definition
provides the mechanisms for evaluating marketing results in light of the plans objectives with in the budget
Term
marketing audit
Definition
a thorough, systematic, periodic evaluation of the objective, stratgies, structures and performance of the marketing organization.
Term
corporate social responibility
Definition
businesses concern for social welfare
Term
sustainability
Definition
the idea that socially responsibility company will outperform their peers by focusing on the worlds social problems and viewing them as opportunities to build profits and help the world at the same time
Term
pyramid of social resp.
Definition
a model that suggests corporate social resp. is composed of economic, legal, ethical, and philanthrphic responsibilities and that the firms economic performance supports the entire structure.
Term
ethics
Definition
the moral priniciples or values that generally govern the conduct of an individual or a group.
Term
morals
Definition
rules people develop as a result of cultural values and norms
Term
code of ethics
Definition
guideline to help marketing managers and other employees make better decisions.
Term
tarket market
Definition
a defined group most likely to buy a firms products
Term
enviromental management
Definition
when a company implements stratgies that attempt to shape the external enviroment with in which it operates.
Term
component lifestyle
Definition
the practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle
Term
demography
Definition
the study of peoples vital statistics, such as their age, race, ethincity, and location
Term
tweens
Definition
8-14
Term
generation y
Definition
born between 1979-1994
college graduate to kids in tweens
Term
generation x
Definition
born between 1965-1978
Term
babyboomers
Definition
born between 1946-1964
largest demographic segement of todays u.s. population
Term
multiculturalism
Definition
occurs when all major ethnic groupd in an area are roughly equally represented
Term
purchasing power
Definition
a comparison of income verses the realtive cost of a set standards of good and services in different geographical areas
Term
inflation
Definition
a measure of the degree in the value of money, generally expressed as the percentage reduction in value since the previous year
Term
recession
Definition
a period of economic activity characterized by neg growth, which reduces demand for goods and services
Term
basic research
Definition
attempts to expand the frontiers of knowledge but is not aimed at a specific, pragmatic problem.
Term
food and drug admin (FDA)
Definition
a federal agency charged with enforcing regulations against selling and distributing misbranded, or hazerdous food and drug products.
Term
consumer -product safety comission
Definition
a federal agency est. to protect the health and safety of consumers in and around their homes.
Term
federal trade commission
Definition
a fed agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
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