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| 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 |
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| people giving up somthing to recieve something they would rather have |
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| a philosphy that focuses on the internal capabiliteis of the firm rather than on the desires and needs of the marketplace |
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| the idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
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| the idea that the social economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives |
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| 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 |
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| societal marketing orientation |
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| 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 |
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| the relationship between benefits and the sacrifice necessary to obain those benefits |
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| customer's evaluation of a good or service in terms of whether it has met their needs and expectations |
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| a strategy that focuses on keeping and improving relationships with current customers |
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| delegation of authority to solve customers' problems quickly-- usually by the first person that the customer notifies regarding a problem |
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| collaborative efforts of people to accomplish common objectives |
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| the managerial process of creating and maintaing a fit between the oraganization's objectives and resources and evolving market opportunities |
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| the process of anticipating future events and determining strategies to achieve organizational objectives in the future |
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| a written document that acts as a guidebook of marketing activities for the marketing manager |
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| 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 |
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| defining a business in terms of goods and services rather than in terms of the benefits that customers seek |
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| Strategic business unit (SBU) |
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| a subgroup of a single business or a collection of related businesses within the larger organization |
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| a statement of what is to be accomplished through marketing activities |
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S- identifying internal strenghts
W- weaknesses
O- examining external opportunities
T- threats |
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| 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 |
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| 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 |
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| cost competitive advantage |
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| being the low-cost competitor in an industry while maintaining satisfactory profit margins |
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| curves that show costs declining at a predictable rate as experience with a product increases |
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| product/service differentiation competitive advantage |
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| the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's |
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| niche competition advantage |
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| the advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
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| sustainable competitive advantage |
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| an advantage that can not be copied by the competition |
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| a marketing strategy that tries to increase market share among existing customers |
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| a marketing strategy that entails attracting new customers to existing products |
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| a marketing strategy that entails the creation of new products for current customers |
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| a strategy of increasing salse by introducing new products into new markets |
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| a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate |
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| in the portfolio matrix, a business unit that is a fast-growing market leader |
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| in the portfolio matrix, a business unit that usually generates more cash than it nees to maintain its market share |
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| Problem child- question mark |
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| in the portfolio matrix, a business unit that shows rapid growth but poor profit margins |
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| in the porfolio matrix, a business unit that has low growth potential and a small market share |
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| 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 |
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| marketing opportunity analysis (MOA) |
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| 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 |
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| a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exhanges with a target market |
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| product, place, promotion, and price, which together make up the marketing mix |
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| 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 |
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| gauging the extent to which the marketing objectives have been achieved during the specified time period |
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| 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 |
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| a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization |
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| corporate social responsibility |
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| business's concern for society's welfare |
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| 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 |
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| pyramid of corporate social responsibility |
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| 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 |
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| the moral principles or values that generally govern the conduct of an individual |
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| the rules people develop as a result of cultural values and norms |
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| a guideline to help marketing managers and other employees make better decisions |
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| a defined group most likely to buy a firm's product |
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| the study of people's vital statistics, such as their age, race and ethnicity, and location |
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| people born between 1979and 1994 |
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| people born between 1965 and 1978 |
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| people born between 1946 and 1964 |
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| when all major ethnic groups in an area--such as a city, country, or census tract-- are roughly equally represented |
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| a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas |
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| a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
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| a period of economic activity characterized by negative growth, which reduces demand for goods and services |
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| pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
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| an attempt to develop new or improved products |
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| Consumer Product Safety Commission (CPSC) |
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| a federal agency established to protect the health and safety of consumers in and around their homes |
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| Federal Trade Commission (FTC) |
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| a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
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| Food and Drug Administration (FDA) |
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| a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug porducts |
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| marketing that targets markets throughout the world |
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| recognizing and reacting tho international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets |
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| multinational corporation |
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| a company that is heavily engaged in international trade, beyond exporting and importing |
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| using more capital than labor in the production process |
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| global marketing standardization |
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| production of uniform products that can be sold the same way all over the world |
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| the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay |
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| an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization |
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| World Trade Organization (WTO) |
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Definition
| a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT) |
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| General Agreement on Tariffs and Trade (GATT) |
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Definition
| a trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements |
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| North American Free Trade Agreement (NAFTA) |
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| an agreement between Canada, the United States, and Mexico that created the world's largest free trade zone |
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| Central America Free Trade Agreement (CAFTA) |
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| A trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States |
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| a free trade zone encompassing 25 European countries |
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| an international bank that offers low-interest loans, advice, and information to developing nations |
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| International Monetary Fund (IMF) |
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| 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 |
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| selling domestically produced products to buyers in another country |
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| an intermediary in the global market that assumes all ownership risks and sells globally for its own account |
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| an intermediary who plays the traditional borker's role by bringing buyer and seller together |
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| an intermediary who acts like a manufacturer's agent for the exporter. the export agent lives in the foreign market |
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| the legal process whereby an licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge |
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| private-label manufacturing by a foreign company |
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| when a domestif firm buys part of a foreign company or joins with a foreign company to create a new entity |
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| direct foreign investment |
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Definition
| active ownership of a foreign company or of overseas manufacturing or marketing facilities |
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| prices of different currencies move up and down based on the demand for and the supply of each currency |
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| 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 |
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| 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 |
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| 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 |
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| consumer decision-making process |
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| a five-step process used by consumers when buying goods or services |
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| result of an imbalance between actual and desired states |
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| any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing |
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| recognition of a unfulfilled need and a product that will satisfy it |
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