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Marketing (Levens)
Chapter 2
22
Marketing
Undergraduate 2
09/14/2009

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Term
Internal Environment
Definition
all activities, including marketing, that occur within the organizational functions of a business
Term
Internal Marketing
Definition
the implementation of marketing practices within an organization to communicate organizational policies and practices to employees and internal stakeholders
Term
External Environment
Definition
all activities, such as supplier and customer actions, that occur outside the organizational functions of a business
Term
External Marketing
Definition
implementation of marketing practices directed outside the business to create value and to form productive customer relationships
Term
Market Environment
Definition
set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers
Term
Microenvironment
Definition
forces close to a company, yet outside its internal environment, that influence the ability of a business to serve its customers
Term
Macroenvironment
Definition
societal forces that are essentially uncontrollable and influence the microenvironment of a business
Term
Economic Environment
Definition
factors that influence consumer purchase ability and buying behavior
Term
Inflation
Definition
an increase in the price of a collection of goods that represent the overall economy
Term
Income Levels
Definition
average consumer earnings used to approximate national earnings
Term
Unemployment Levels
Definition
number of unemployed persons divided by the aggregate labor work
Term
Social and Cultural Environment
Definition
factors that relate marketing to the needs and wants of society and culture
Term
Competitive Environment
Definition
factors that relate to the nature, quantity, and potential actions of competitors
Term
Legal Environment
Definition
factors that provide rules and penalties for violations and is designed to protect society and consumers from unfair business practices and protect businesses from unfair competitive practices
Term
Political Environment
Definition
factors that select national leadership, create laws, and provide a process for discourse on a wide range of issues
Term
Technological Environment
Definition
factors that influence marketing based on scientific actions and innovation
Term
Consumer Markets
Definition
end user of the product or service and include individuals and households that are potential or actual buyers of products or services
Term
Consumer Products
Definition
products that directly fulfill the desires of consumers and are not intended to assist in the manufacture of other products
Term
Consumer's Surplus
Definition
when a customer purchases a product or service at a price less than the utility of the product or service
Term
Business Markets
Definition
individuals and organizations that are potential or actual buyers of goods and services that are used in, or in support of, the production of other products or services that are supplied to others
Term
NAICS
Definition
classifies businesses operating in North America into groups based on their activities
Term
B2B
Definition
involves sales of products and services from one business to another
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