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Principles of Marketing
Marketing: Real People, Real Choices
58
Marketing
Undergraduate 3
02/10/2010

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Term
Marketing
Definition
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 organizations and its stakeholders.
Term
Demand
Definition
Customers' desires for products coupled with the resources needed to obtain them
Term
Market
Definition
All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange
Term
Marketplace
Definition
Any location or medium used to conduct an exchange
Term
Utility
Definition
The usefulness or benefit customers receive from a product
Term
Exchange
Definition
The process by which some transfer of value occurs between a buyer and a seller
Term
Production Orientation
Definition
a management philosophy that emphasizes the most efficient ways to produce and distribute products
Term
Selling orientation
Definition
A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory
Term
Consumer orientation
Definition
A management philosophy that focuses on ways to satisfy customers' needs and wants
Term
Instapreneur
Definition
A business person who only produces a product when it is ordered
Term
Social marketing concept
Definition
A management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm
Term
Customer relationship management
Definition
A systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts.
Term
Sustainability
Definition
A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs
Term
Pop Culture
Definition
The music, movies, sports, books, celebs and other forms of entertainment consumed by the mass market
Term
Myths
Definition
stories containing symbolic elements that express the shared emotions and ideals of a culture
Term
Target market
Definition
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
Term
Value Proposition
Definition
A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
Term
Lifetime value of a customer
Definition
How much profit companies expect to make from a particular customer, including each and every purchase he will make from them now and in the future. To calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship.
Term
Distinctive Competency
Definition
A superior capability of a firm in comparison to its direct competitors
Term
Consumer-Generated value
Definition
The on-line consumer-generated comments, opinions, and product related stores available to other consumers through digital technology.
Term
Marketing plan
Definition
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
Term
Market segment
Definition
A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
Term
Marketing mix
Definition
A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers.
Term
Four Ps
Definition
Product, price, promotion, place
Term
Business plan
Definition
A plan that includes the decisions that guide the entire organization
Term
Business ethics
Definition
Rules of conduct for an organization
Term
SUs
Definition
Individual units within a firm that operate like separate businesses, whth each having its own missions, business objectives, resources, managers, and competitors.
Term
Mission statement
Definition
A formal statement in an organizations's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources
Term
Situation analysis
Definition
An assessment of a firm's internal and external environments.
Term
Control
Definition
A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis
Term
ROMI
Definition
Quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise
Term
Action plans
Definition
Individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan.
Term
Countertrade
Definition
A type of trade in which goods are paid for with other items instead of with cash
Term
Protectionism
Definition
A policy adopted by a government to give domestic companies an advantage
Term
Import quotas
Definition
Limitations set by a government on the amount of a product allowed to enter or leave a country
Term
Embargo
Definition
A quota completely prohibiting specific goods from entering or leaving a country
Term
Tariff
Definition
Taxes on imported goods
Term
Economic communities
Definition
Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere
Term
Economic infrastructure
Definition
The quality of a country's distribution, financial, and communications systems
Term
Level of economic development
Definition
The broader economic picture of a country
Term
LDC
Definition
A country at the lowest stage of economic development
Term
Competitive intelligence
Definition
The process of gathering and analyzing publicly available info about rivals
Term
Local Content Rules
Definition
A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country or economic community
Term
Conventions
Definition
Norms regarding the conduct of everyday life
Term
Gray market goods
Definition
Items manufactured outside a country and then imported without the consent of the trademark holder
Term
Dumping
Definition
A company tries to get a toehold n a foreign market by pricing its products lower than it offers them at home
Term
Marketing research
Definition
The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness
Term
Custom research
Definition
Research conducted for a single firm to provide specific info its managers need
Term
Behavioral targeting
Definition
The marketing practice by which marketers deliver advertisements for products a consumer is looking for by watching what the consumer does on-line
Term
Secondary data
Definition
Data that have been collected for something other than the problem at hand
Term
Primary data
Definition
Data from research conducted to help make a specific decision
Term
Projective technique
Definition
A test that marketers use to explore people's underlying feelings about a product; especially appropriate when consumers are unable tor unwilling to express their true reactions.
Term
Case study
Definition
A comprehensive examination of a particular firm or organization
Term
Ethnography
Definition
An approach to research based on observations of people in their own homes or communities
Term
Cross sectional design
Definition
a type of descriptive technique that involves the systematic collection of quantitative info
Term
Longitudinal design
Definition
A technique that tracks the responses of the same sample of respondents over time
Term
Causal research
Definition
A research technique that attempts to understand cause-effect relationships
Term
Mall intercept
Definition
A study in which researchers recruit shoppers in malls or other public areas
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