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mktg 6 vocab 1-6
straight from book site
| Question | Answer |
|---|---|
| customer satisfaction | customers’ evaluation of a good or service in terms of whether it has met their needs and expectations |
| customer value | the relationship between benefits and the sacrifice necessary to obtain those benefits |
| empowerment | delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding a problem |
| exchange | people giving up something in order to receive something they would rather have |
| market orientation | 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 |
| marketing | 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 |
| marketing concept | the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives |
| production orientation | a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace |
| relationship marketing | a strategy that focuses on keeping and improving relationships with current customers |
| sales orientation | the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
| societal marketing orientation | 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 |
| teamwork | collaborative efforts of people to accomplish common objectives |
| cash cow | in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share |
| competitive advantage | 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 |
| control | 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 |
| cost competitive advantage | being the low-cost competitor in an industry while maintaining satisfactory profit margins |
| diversification | a strategy of increasing sales by introducing new products into new markets |
| dog | in the portfolio matrix, a business unit that has low growth potential and a small market share |
| environmental scanning | 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 |
| evaluation | gauging the extent to which the marketing objectives have been achieved during the specified time period |
| experience curves | curves that show costs declining at a predictable rate as experience with a product increases |
| four Ps | product, place, promotion, and price, which together make up the marketing mix |
| implementation | 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 |
| market development | a marketing strategy that entails attracting new customers to existing products |
| market opportunity analysis (MOA) | 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 |
| market penetration | a marketing strategy that tries to increase market share among existing customers |
| marketing audit | a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization LO |
| marketing mix | a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| marketing myopia | defining a business in terms of goods and services rather than in terms of the benefits customers seek |
| marketing objective | a statement of what is to be accomplished through marketing activities |
| marketing plan | a written document that acts as a guidebook of marketing activities for the marketing manager |
| marketing planning | designing activities relating to marketing objectives and the changing marketing environment |
| 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 |
| mission statement | 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 |
| niche competitive advantage | the advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
| planning | the process of anticipating future events and determining strategies to achieve organizational objectives in the future |
| portfolio matrix | a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate |
| problem child (question mark) | in the portfolio matrix, a business unit that shows rapid growth but poor profit margins |
| product development | a marketing strategy that entails the creation of new products for present markets |
| product/service differentiation competitive advantage | the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition |
| star | in the portfolio matrix, a business unit that is a fast-growing market leader |
| strategic business unit (SBU) | a subgroup of a single business or collection of related businesses within the larger organization |
| strategic planning | the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities |
| sustainable competitive advantage | an advantage that cannot be copied by the competition |
| SWOT analysis | identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) |
| cause-related marketing | the cooperative marketing efforts between a for-profit firm and a nonprofit organization |
| code of ethics | a guideline to help marketing managers and other employees make better decisions |
| corporate social responsibility (CSR) | a business’s concern for society’s welfare |
| ethics | the moral principles or values that generally govern the conduct of an individual or a group |
| Foreign Corrupt Practices Act (FCPA) | a law that prohibits U.S. corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries |
| green marketing | the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment |
| morals | the rules people develop as a result of cultural values and norms |
| pyramid of corporate social responsibility | 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 |
| sustainability | 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 |
| applied research | an attempt to develop new or improved products |
| baby boomers | people born between 1946 and 1964 |
| basic research | pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
| component lifestyles | the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle |
| Consumer Product Safety Commission (CPSC) | a federal agency established to protect the health and safety of consumers in and around their homes |
| demography | the study of people’s vital statistics, such as age, race and ethnicity, and location |
| environmental management | when a company implements strategies that attempt to shape the external environment within which it operates |
| Federal Trade Commission (FTC) | a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
| Food and Drug Administration (FDA) | a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products |
| Generation X | people born between 1965 and 1978 |
| Generation Y | people born between 1979 and 1994 |
| inflation | a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
| purchasing power | a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas |
| recession | a period of economic activity characterized by negative growth, which reduces demand for goods and services |
| target market | a defined group most likely to buy a firm’s product |
| buyer for export | an intermediary in the global market who assumes all ownership risks and sells globally for its own account |
| capital intensive | using more capital than labor in the production process |
| Central America Free Trade Agreement (CAFTA) | a trade agreement, instituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States |
| contract manufacturing | private-label manufacturing by a foreign company |
| countertrade | 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 |
| direct foreign investment | active ownership of a foreign company or of overseas manufacturing or marketing facilities |
| dumping | 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 |
| European Union (EU) | a free trade zone encompassing 27 European countries |
| export agent | an intermediary who acts like a manufacturer’s agent for the exporter; the export agent lives in the foreign market |
| export broker | an intermediary who plays the traditional broker’s role by bringing buyer and seller together |
| exporting | selling domestically produced products to buyers in other countries |
| floating exchange rates | a system in which prices of different currencies move up and down based on the demand for and the supply of each currency |
| General Agreement on Tariffs and Trade (GATT) | a trade agreement that contained loopholes enabling countries to avoid trade-barrier reduction agreements |
| global marketing | marketing that targets markets throughout the world |
| global marketing standardization | production of uniform products that can be sold the same way all over the world |
| global vision | recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets |
| gross domestic product (GDP) | the total market value of all final goods and services produced in a country for a given time period |
| Group of Twenty (G-20) | a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability |
| International Monetary Fund (IMF) | an international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation |
| job outsourcing | sending U.S. jobs abroad |
| joint venture | when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity |
| licensing | the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge |
| Mercosur | the largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay |
| multidomestic strategy | when multinational firms enable individual subsidiaries to compete independently in domestic markets |
| multinational corporation | a company that is heavily engaged in international trade, beyond exporting and importing |
| North American Free Trade Agreement (NAFTA) | an agreement between Canada, the United States, and Mexico that created the world’s largest free trade zone |
| Uruguay Round | an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization |
| World Bank | an international bank that offers low-interest loans, advice, and information to developing nations |
| World Trade Organization (WTO) | a trade organization that replaced the old General Agreement on Tariffs and Trade (GATT) |
| aspirational reference group | a group that someone would like to join |
| attitude | a learned tendency to respond consistently toward a given object |
| belief | an organized pattern of knowledge that an individual holds as true about his or her world |
| cognitive dissonance | inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions |
| consumer behavior | processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use |
| consumer decision-making process | a five-step process used by consumers when buying goods or services |
| culture | the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next |
| extensive decision making | the most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information |
| external information search | the process of seeking information in the outside environment |
| ideal self-image | the way an individual would like to be |
| internal information search | the process of recalling past information stored in the memory |
| involvement | the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior |
| learning | a process that creates changes in behavior, immediate or expected, through experience and practice |
| limited decision making | the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category |
| marketing-controlled information source | a product information source that originates with marketers promoting the product |
| Maslow’s hierarchy of needs | a method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization |
| motive | a driving force that causes a person to take action to satisfy specific needs |
| need recognition | result of an imbalance between actual and desired states |
| nonaspirational reference group | a group with which an individual does not want to associate |
| nonmarketing-controlled information source | a product information source that is not associated with advertising or promotion |
| norm | a value or attitude deemed acceptable by a group |
| opinion leader | an individual who influences the opinions of others |
| perception | the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture |
| personality | a way of organizing and grouping the consistencies of an individual’s reactions to situations |
| primary membership group | a reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and co-workers |
| real self-image | the way an individual actually perceives himself or herself |
| reference group | a group in society that influences an individual’s purchasing behavior |
| routine response behavior | the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time |
| secondary membership group | a reference group with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group |
| selective distortion | a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs |
| selective exposure | the process whereby a consumer notices certain stimuli and ignores others |
| selective retention | a process whereby a consumer remembers only that information that supports his or her personal beliefs |
| self-concept | how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations |
| social class | a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms |
| socialization process | how cultural values and norms are passed down to children |
| stimulus | any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing |
| stimulus discrimination | a learned ability to differentiate among similar products |
| stimulus generalization | a form of learning that occurs when one response is extended to a second stimulus similar to the first |
| subculture | a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group |
| value | the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct |
| want | recognition of an unfulfilled need and a product that will satisfy it |
| evoked set (consideration set) | a group of brands, resulting from an information search, from which a buyer can choose |
Created by:
romoore245
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