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Definition
| Customers' evaluation of a good or service in terms of whether it has met their needs and expectations. |
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| The relationship between benefits and the sacrifice necessary to obtain those benefits |
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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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| People giving up something to recieve something they would rather have |
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| A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product. It is synonymous with the marketing concept. |
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| The activity, set of instructions, and processes for creating, communicating, communiticating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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| The idea that the social and economic justification for an organization's existance is the satisfaction of customer wants and needs while meeting organizational objectives. |
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| A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. |
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| A strategy that focuses on keeping and improving relationships with current customers. |
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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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| 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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| Collaborative efforts of people to accomplish common objectives. |
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| In the portfolio matrix, a business unit that usually generates more cash than it needs to maintain its market share. |
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| One or more unique aspects of an organization that cause target consumers to patronize that firm rather than competitors. |
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| Provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. |
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| cost competitive advantage |
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Definition
| Being the low-cost competitor in an industry while maintaining satisfactory profit margins. |
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| A strategy of increasing sales by introducing new products into new markets. |
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| In the portfolio matrix, a business unit that has low growth potential and a small market share. |
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Definition
| 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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| Gauging the extent to which the marketing objectives have been achieved during the specified time period. |
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| Curves that show costs declining at a predictable rate as experience with a product increases. |
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| Product, place, promotion, and price, which together make up the marketing mix. |
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Definition
| 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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Definition
| A marketing strategy that entails attracting new customers to existing products. |
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| market opportunity analysis (MOA) |
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Definition
| 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 these market segments. |
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| A marketing strategy that tries to increase market share among existing customers. |
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| A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. |
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Definition
| A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. |
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Definition
| defining a business in terms of good and services rather than in terms of the benefits that customers seek |
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| A statement of what is to be accomplished through marketing activities. |
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| A written document that acts as a guidebook of marketing activities. |
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Definition
| Designing activities relating to marketing objectives and the changing marketing environment. |
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Definition
| The activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutally satisfying exchanges with target markets |
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Definition
| 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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Term
| niche competitive advantage |
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Definition
| The advantage achieved when a firm seeks to target and effectively serve a small segment of the market. |
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Definition
| The process of anticipating future events and determining strategies to achieve arganizational objectives in teh future. |
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Definition
| A tool for allocating resources among products of strategic business units on the basis of relative market share and market growth rate. |
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Definition
| In the portfolio matrix, a business unit that shows rapid growth but poor profit margins. (question mark) |
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| A marketing strategy that entails that creation of marketable new products; the process of converting applications for new technologies into marketable products. |
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| product/service differentiation competitve advantage |
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Definition
| 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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Definition
| In the portfolio matrix, a business unit that shows rapid growth but poop profit margins (problem child) |
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Term
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Definition
| In the portfolio matrix, a business that is a fast-growing market leader |
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Term
| strategic business unit (SBU) |
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Definition
| A subgroup of a single business of a collection of related businesses within the larger organization. |
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Definition
| The managerial process of creating and maintaining a fit between the orgainization's objectives and resources and evolving market opportunities. |
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| sustainable competitive advantage |
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Definition
| An advantage that cannot be copied by the competition. |
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Term
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Definition
| Identifying internal strengths (S) and weakness (W) and also examining external opportunities (O) and threats (T). |
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Definition
| A theory that compares a current ethical dilemma with examples of similar ethical dilemmas and the outcomes. |
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Term
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Definition
| A type of sponsorship involving the association of a for-profit company and a nonprofit organization; through the sponsorship, the company's product of service is promoted, and money is raised for the nonprofit. |
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Definition
| A guideline to help marketing managers and other employees make better decisions. |
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| corporate social responsibility |
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Definition
| Business's concern for society's welfare. |
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| A theory that states that people should adhere to their obligations and duties when analyzing an ethical dilemma. |
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| The moral principles or values that generally govern the conduct of an individual. |
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| Foreign Corrupt Practices Act |
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Definition
| A law that prohibits US corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries. |
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Definition
| Persons who believe that ethical truths depend on the individuals and groups holding them. |
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Definition
| The rules people develop as a result of cultural values and norms. |
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| pyramid of corporate social responsibility |
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Definition
| 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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Definition
| A theory that holds that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of a firm's operation. |
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Definition
| 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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Term
| utilitarian ethical theory |
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Definition
| A theory that hold that the choice that yields the greatest benefit to teh most people is the choice that is ethically correct. |
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Definition
| A character trait valued as being good. |
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