Term
| What are the two facets of Marketing |
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Definition
| Philosophy and and an organizational function |
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Term
| The philosophy of marketing is that it is an |
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Definition
| attitude, a perspective, or a management orientation that stresses customer satisfaction. |
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Term
| set of processes used to implement the philosophy of marketing. The second facet. |
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Definition
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Term
| 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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Definition
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Term
| What are the 5 conditions for exchange? |
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Definition
At least 2 parties
Each has something of value to the other
Each is capable of communication and delivery
Each is free to accept/reject an offer
Each wants to deal with the other party. |
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Term
| Explain the marketing concept |
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Definition
| an organization exists to satisfy customer wants and needs while meeting organizational objectives. Focuses on customer wants in the long run. |
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Term
| Name the 4 competing philosophies or orientations that influence the marketing process |
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Definition
1. Product
2. Sales
3. Market
4. Societal Marketing |
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Term
| Orientation that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. “What is easy to produce, given our equipment?” |
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Definition
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Term
| Orientation that believes people will buy more goods and services if an aggressive sales technique is used and that high sales result in high profits. Fails to understand what is important to the customer. |
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Definition
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Term
| Orientation that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product. |
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Definition
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Term
| Orientation that acknowledges that some products that customers want may not really be in their best interests or the best interests of society as a whole. |
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Definition
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Term
| Relationship between benefits and the sacrifice necessary to obtain those benefits. Customers value goods and services that are of the quality. |
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Definition
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Term
| Customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations. |
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Definition
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Term
| A strategy that focuses on keeping and improving relationships with current customers. |
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Definition
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Term
| how does marketing affect your everyday life? |
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Definition
| About half of every dollar you spend pays for marketing costs |
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Term
| The process of anticipating future events and determining strategies to achieve organizational objectives in the future. |
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Definition
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Term
| designing activities relating to marketing objectives and the changing marketing environment. |
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Definition
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Term
| a written document that acts as a guidebook of marketing activities for the marketing manager. |
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Definition
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Term
| The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. |
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Definition
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Term
| What are the 5 elements of a marketing plan? |
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Definition
| Mission statement, SWOT, objectives, target market, marketing mix |
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Term
| What does a mission statement ask |
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Definition
| “What business are we in?” |
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Term
| What is meant by “marketing Myopia?” |
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Definition
| defining a business in terms of goods and services rater than in terms of the benefits customers seek. Myopia means narrow. |
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Term
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Definition
| (S) Strengths and (W) Weaknesses and also examine external (O) Opportunities and (T) Threats |
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Term
| a subgroup of a single business or collection of related businesses within the larger organization. |
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Definition
| strategic business unit (SBU) |
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Term
| What is “environmental scanning?” |
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Definition
| Interpretation of forces in the external environment that may affect the future of the organization |
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Term
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Definition
| A statement of what is to be accomplished through marketing activities |
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Term
| What are the 4 requirements of a marketing objective? |
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Definition
Realistic
Measurable
Time specific
Compared to a benchmark |
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Term
| a 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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Definition
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Term
| being the low-cost competitor in an industry while maintaining satisfactory profit margins. |
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Definition
| Cost competitive advantage |
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Term
| the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's. Serve only a limited geographic market. |
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Definition
| Differentiation competitive advantage- |
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Term
| advantage achieved when a firm seeks to target and effectively serve a small segment of the market. |
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Definition
| Niche competitive advantage- |
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Term
| What are three types of competitive advantage |
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Definition
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Term
| What kind of competitive advantage cannot be copied by the competition |
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Definition
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Term
| Four strategic alternatives to marketing opportunities |
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Definition
Market penetration
Market development
product development
diversification |
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Term
| Tries to increase market share among existing customers |
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Definition
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Term
| Entails attracting new customers to existing products |
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Definition
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Term
| the creation of new products for present markets |
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Definition
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Term
| Increasing sales by introducing new products into new markets. |
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Definition
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Term
| 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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Definition
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Term
| The four categories of a portfolio matrix |
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Definition
| Star, Cash cow, Problem Child, Dog |
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Term
| A fast growing market leader in the portfolio matrix |
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Definition
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Term
| in the portfolio matrix they generate more cash than it needs to maintain its market share. (You should hold) |
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Definition
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Term
| In the portfolio matrix they grow rapidly but have poor profit margins (you should build it with more financing) |
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Definition
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Term
| in the portfolio matrix they have low growth potential and a small market share. (Divest) |
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Definition
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Term
| selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. |
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Definition
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Term
| Describes the market segments that are of interest to the company ( size, sales potential, assessment of competitors) |
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Definition
| Market Opportunity Analysis (MOA) |
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Term
| What is the “marketing mix?”- |
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Definition
| a unique blend of product, place, promotion, and pricing. |
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Term
| entails gauging the extent to which marketing objectives have been achieved during the specified time period. |
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Definition
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Term
| provides the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach those objectives withing budget guidelines. |
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Definition
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Term
| is the concern for society's welfare |
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Definition
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Term
| the idea that socially responsible companies will out-perform 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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Definition
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Term
| The moral principles or values that generally govern the conduct of an individual or a group. The unwritten rules we have developed for our interactions with each other. |
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Definition
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Term
| the rules people develop as a result of cultural values and norms. What is right and wrong. |
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Definition
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Term
| the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment. |
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Definition
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Term
| Three levels of ethical development |
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Definition
Pre conventional
Conventional
Post conventional |
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Term
| morality based on being self-centered |
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Definition
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Term
| Morality based on the expectation of society |
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Definition
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Term
| Morality based on judging yourself |
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Definition
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Term
| What are three factors that influence ethical decision making? |
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Definition
social consensus
Magnitude of consequences
Time between decision and consequence |
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Term
| The greater the degree of agreement among managerial peers that an action is harmful, the more likely that marketers will recognize a decision as unethical. |
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Definition
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Term
| How harmful is this to others? More harm causes professionals to recognize a decision is unethical. |
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Definition
| Magnitude of consequences |
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Term
| The shorter the time, the more likely they will think a decision is unethical. |
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Definition
| Time between decision and consequence |
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Term
| What are the social factors that affect marketing? |
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Definition
| Attitudes, Values, and Lifestyles |
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Term
| A defined group most likely to buy a firms products |
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Definition
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Term
| the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle. |
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Definition
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Term
| 3 most common economic factors of most concern to marketing |
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Definition
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Term
| What are the six environmental factors relevant to marketers |
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Definition
| social, demographic, economic, technological, political and legal, and competitive. |
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Term
| enables delivery of updated news/marketing messages to blog sites or cell phones. |
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Definition
| RSS- Really simple syndication |
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Term
| Basic research vs applied |
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Definition
| Basic confirms and existing theory, applied attempts to develop something new |
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Term
| Act that makes trusts and conspiracies in restraint of trade illegal; makes monopolies and attempts to monopolize a misdemeanor. |
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Definition
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Term
| Act that created the Federal Trade Commission to deal with antitrust mates; outlaws unfair methods of competition. |
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Definition
| Federal Trade Commission Act |
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Term
| Act that establishes protection for trademarks. |
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Definition
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Term
| Act that requires financial companies to tell their customers how they use their personal information and to have policies that prevent fraudulent access to it. |
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Definition
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Term
| Was established to protect the health and safety of consumers in and around their homes. |
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Definition
| Consumer Product Safety Commission (CPSC) |
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Term
| Is empowered to prevent persons or corporations from using unfair methods of competition in commerce. |
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Definition
| Federal Trade Commission (FTC) |
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Term
| The FTC regulates advertising on the Internet, as well as Internet abuses of privacy. |
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Definition
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Term
| Targeting markets around the world is known as |
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Definition
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Term
| recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets. |
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Definition
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Term
| What are the fears and problems related to global marketing? |
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Definition
Millions have lost their jobs and millions of others fear the same
employers often threaten to outsource jobs if workers do not accept pay cuts
service and white-collar jobs are increasingly vulnerable to operations moving offshore. |
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Term
| Outline the benefits of globalization. |
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Definition
Expands economic freedom
spurs competition
raises the productivity and living standards of people in countries that open themselves to the global marketplace. |
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Term
| What are the 4 stages of a multinational corporation |
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Definition
Stage 1: Operate in one country and sell into others
Stage 2: set up foreign subsidiaries to handle sales in one country
Stage 3: Operate an entire line of business in another country
Stage 4: Virtual. Their top corporate functions are in different countries. |
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Term
| How does culture affect global marketers |
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Definition
| cultural blunders lead to misunderstandings and often perceptions of rudeness or even incompetence. Understanding culture can save a failing product by enabling marketers to change their strategy. ( swifter mop in Italy) |
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Term
| tax on goods entering the country |
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Definition
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Term
| Limit on the product that can enter a country |
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Definition
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Term
| exclusion of all products from certain countries or companies |
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Definition
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Term
| compels companies to take the foreign currency they gain from exporting, and sell it to a bank. |
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Definition
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Term
| several countries agree to work together to form a common trade area that enhances trade opportunities. (The EU) |
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Definition
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Term
| The largest Latin American trade agreement is ______which includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay. |
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Definition
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Term
| an agreement to dramatically lower trade barriers worldwide; created the WTO. |
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Definition
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Term
| agreement between Canada, the U.S, and Mexico that created the world's largest free trade zone. |
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Definition
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Term
| Risk levels for five methods of entering the global marketplace. |
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Definition
| Exporting --> Licensing → Contract Manufacturing → Joint Venture → Direct Investment → |
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Term
| an intermediary in the global market that assumes all ownership risks and sells globally for its own account. |
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Definition
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Term
| an intermediary that plays the traditional broker's role by bringing buyer and seller together. |
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Definition
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Term
| acts like a manufacturer's agent for the exporter; lives in the foreign market. |
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Definition
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Term
| the legal process whereby a licensor allows another firm to use int manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge. |
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Definition
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Term
| when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity. |
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Definition
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Term
| 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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Definition
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Term
| 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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Definition
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