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B103
Marketing
| Question | Answer |
|---|---|
| Marketing | An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in a way that benefit the organization and its stakeholders |
| exchange | People giving up something to receive something they would rather have |
| production orientation | a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace |
| sales orentation | the idea that people will buy more goods and services if aggressive sale techniques are used and that high sales result in high profits |
| marketing concept | the idea that the social and economic justification for an organization's existence is the satisfaction of the customer wants and needs while meeting organizational objectives |
| market orientation | A philosophy that assumes that the sale does not depend on aggressive sales force but rather on a customers decision to purchase product. It is synonymous with the marketing concept |
| societal market orientation | the idea that an organization exists not only to satisfy coustomer wants and needs and to meet organizational objectives but also to preserve or enhance individuals and society's long-term best interests |
| Customer value | the relationship between benefits and the sacrifice necessary to obtain thoes benefits |
| customer satisfaction | customers evaluation of a good or service in terms of whether it has net thier needs and expectations |
| relationship marketing | A strategy that focuses on keeping and improving relationships whit current customers |
| empowerment | Delegation of authority to solve customers' problems quickly - usally the first person that the customer notifies regarding a problem |
| teamwork | Collabrative efforts of people to accomplish common objectives |
| Strategic Planning | the managerial process of creating and maintianing a fit between the organization's objectives and resources and evolvong market opportunities |
| planning | the process of anticipating future events and determining strategies to achieve organizational objectives in the future |
| marketin plan | a written documant that acts as a guidebook of marketing activities for the marketing manager |
| marketing planning | desiging activities relating to marketing objectives and the changing marketing enviorment |
| mission statement | a statement of the firm's bussiness basedon a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmeantal conditions |
| marketing myopia | defining a business in terms of goods and services rather than in termsof the benifits that the coustomer seek |
| strtegic Business unit (SBU) | a subgroup of a single business or collectionof a related businesses within a lagrger organization |
| marketing objective | a statement of what is to be accomplished through marketing activies |
| SWOT analysis | idenifying internal strengths (S) and weaknesses (W) and also examining external opportunties (O) and threats (T) |
| enviormental scanning | collection and interpretation of informationabout forces, events and relationships in the external enviorment that may affect the future of the organization or the implementation of the marketing plan |
| competitive advantage | the set of unique features of a company and its products that are preceived by the target market as significant and superior ti the competition |
| cost competitive advantage | being the low-cost competitor in an industrywhile maintaining satisfactory profit margians |
| experince curves | curves that show costs declining at a perdictable rate as experince wit hthe product increases |
| product/service differentiation competitive advantage | the provision of some thing that is unique and valuable to buyersbeyond simply offering a lower price than the competitions |
| niche competitive advantage | the advantage achieved whan a firm seeks to target and effectively serve a small segment of the market |
| sustanable competitive advantage | an advantage that can not be copied by the competition |
| market penetration | a market strategy that tries to increase market share among existing coustomers |
| market development | a marketing stratgey that entails attracting new coustomers to existing products |
| product development | a marketing trategy that entails the creation of new products for current customers |
| diversification | a stratgey of increasing sales by introducing new products into new markets |
| portfolio matrix | a tool for allocating resources among products or strategic business units on the basis of realtitive market share and market growth rate |
| star | in the portfolio matrix, a business unit that is a fast-growing market leader |
| cash cow | in the portfolio matrix, a business unit that usally generates more cash then it needs to maintain its market share |
| problem child (question mark) | in the portfolio matrix, a business unit that rapingd growth but poor profit margian |
| dog | in the portfolio matrix, a business unit that has low growth potential and a small market share |
| marketing strategy | the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
| market opportunity analysis (MOA) | the description and estimation of the size and sales potential of market segments that are of intrest to the firm and the assessment of key competitors in the market segments |
| marketing mix | a unique blend of product, place , promotion and pricing strategies designed to produce mutually satisfying exchanges with a tearget market |
| four P's | product place promotion and price which together make up the marketing mix |
| implementation | the process that turns a marketing plan into actionassignments and ensures that these assignments are excutedin a way that accomplishes the plan's objectives |
| evaluation | gauging the extent to which the marketing objectives have been achieved during the specifed time period |
| control | provids the mechanisms for evaluating marketing results in light of the plans objectives and for correcting actions that do not help the organization reach thoes objectives within the budget guidelines |
| marketing audit | a thorough systematic, periodic evaluation of the objectives strtegies, structure, and preformance of the marketing organization |
| corporate social responsibility | business's concern for society's welfare |
| sustainability | the idea that socially responsible companies will outpreform thier 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 |
| pyramid of corporate social responsibility | a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthrepic responsibilities and that the firm's economic performance supports the entire structure |
| ethics | the moral principles or values that generally govern the conduct of an individual or a group |
| morals | the rules people develop as a result of cultrual values and norms |
| code of ethics | a guideline to help marketing managers and other employees make better decisions |
| target market | a defined group most likely to buy the firms product |
| environmental management | when a company implements strategies that attempt to shape the external enviroment within which it operates |
| component lifestyles | the practice of choosing goods and service that meet one's diverse needsand interests rather than conforming to a single traditional lifestyle |
| demography | the study of people's vital statistics, such as thier age, race and ethnicity and location |
| Generation Y | people born between 1979 and 1994 |
| Generation X | people born between 1965 and 1978 |
| baby boomers | people born between 1946 and 1964 |
| implementation | the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives |
| evaluation | gauging the extent to which the marketing objectivies have been achieved during the specified time period |
Created by:
RBDoonz
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