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MKTG 305 CSU Chico
Exam 1 Schifferle
| Term | Definition |
|---|---|
| Economic espionage is | The clandestine collection of trade secrets or proprietary information about a company's competitors |
| Code of ethics | a formal statement of ethical principles and rules of conduct |
| Whistle blowers | employees who report unethical or illegal actions of their employer |
| Moral Idealism | a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
| Utilitarianism | a personal moral philosophy that focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior. |
| Social responsibility | the idea that organizations are part of a larger society and are accountable to that society for their actions |
| Green marketing | marketing efforts to produce, promote, and reclaim environmentally sensitive products |
| Cause marketing | occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. |
| Protectionism | the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas. |
| Quota, Tariff | Quota: a restriction placed on the amount of a product allowed to enter or leave a country Tariff: government taxes on goods or services entering a country that primarily serve to raise the prices on imports |
| European Union | consists of 27 member countries. eliminated barriers to to the free flow of goods, services, capital and labor across their borders |
| The North American Free Trade Agreement (NAFTA) | lifted many barriers to trade between canada, US, and mexico |
| NATO (North Atlantic Treaty Organization). | |
| Multidomestic, | Multinationals use a multidomestic marketing strategy, which means they have have as many different product variations, brand names, and advertising programs as countries. |
| Global Brands | a brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs |
| Customs | what is considered normal and expected about the way people do things in a specific country |
| Cultural symbols | things that represent things and concepts |
| Back translation | the practice where a translated word or phrase is translated into the original language by a different interpreter to catch errors |
| Economic infrastructure | a country's communications, transportation, financial, and distribution systems |
| Licensing | the company offers the right to a trademark, patent, trade secret, or other similarly valued item of intellectual property in return for a royalty or a fee. |
| Product extension,product customization,product adaptation,product invention | extension: selling the exact same product in a different country Adaptation: changing a product to make it more appropriate for a new market Invention: invent totally new product for a new country |
| Dumping | when a firm sells a product in a foreign country below its domestic price or below its actual cost |
| SWOT | strengths weaknesses opportunities threats |
| Environmental Scanning | the process or continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Demographic | describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Generation X, Baby Boomers, Generation Y | Gen X: includes the 15 percent of the population born between 1965 and 1976. also called baby bust Generation y: includes the 72 million americans born between 1977 and 1994. also called echo-boom or baby boomlet Baby boomers: born 1946-1964 |
| Multicultural marketing | the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online. |
| Discretionary income | the money that remains after paying for taxes and necessities. |
| Forms of Competition | pure competition:many sellers each with a similar product monopolistic competition: many sellers with substitutable products within a price range oligopoly: few companies control the majority of a market pure monopoly: only one firm sells the product |
| Sherman Antitrust Act | forbids (1) contracts, combinations, or conspiracies in restraint of trade and (2) actual monopolies or attempts to monopolize |
| Clayton Act | forbids certain actions that are likely to lessen competition, although no actual harm has yet occurred |
| Copyright, Patent, Trademark | |
| Consumerism | a grassroots started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions |
| Doppelganger | unauthorized changes to trademarks |
| Purchase decision process–all aspects; situational, social, psychological | 1. problem recognition 2. information search 3. alternative evaluation 4. purchase decision 5. postpurchase behavior |
| Evaluative criteria | factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands |
| Cognitive dissonance. | the feeling of post-purchase psychological tension or anxiety consumers may experience when faces with two or more highly attractive alternatives. |
| Routine, limited, extended problem solving | p. 114 |
| Hierarchy of needs | bottom to top: 1. Physiological needs (food, water, etc) 2. Safety needs (freedom from harm, financial security) 3. social needs (friendship, belonging) 4. Personal needs ( status, respect) 5. Self-actualization (self-fulfillment) |
| Drive, Cue, Response, Reinforcement | Behavioral Learning: Drive: a need that moves an individual to action Cue: stimulus or symbol perceived by consumers Response: action taken by a consumer to satisfy the drive Reinforcement:the reward |
| Brand loyalty | a favorable attitude toward and consistent purchase of a single brand over time |
| Psychographics | analysis of consumer lifestyles |
| Reference groups | people to whom an individual looks as a basis for self-appraisal or as a source of personal standards |
| Ethics | the moral principles and values that govern the actions and decisions of an individual or group. |
| Culture | the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Ethical exchanges | ethical exchanges between sellers and buyers should result in both parties being better off after a transaction |
| Caveat Emptor | the legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960's |
| Marketing: definition of,primary objective of,etc. | the activity for creating, communicating, delivering and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large |
| Market:definition | people with the both the desire and the ability to buy a specific offering |
| How marketing discovers needs | THE FIRST OBJECTIVE OF MARKETING IS DISCOVERING THE NEEDS OF PROSPECTIVE CUSTOMERS. |
| Target market | one or more specific groups of potential consumers toward which an organization directs its marketing program |
| The Marketing Mix | the marketing manager's controllable factors- product, price, promotion, and place- that can be used to solve a marketing problem |
| The Five Environmental Forces | uncontrollable forces: 1. social 2. economic 3. technological 4. competitive 5. regulatory |
| Marketing Program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Marketing Eras | 1. production era: goods were scarce and buyers would accept anything 2. sales era: manufacturers could produce more goods than buyers could consume 3. marketing concept era: 4. customer relationship era (current) |
| The Four Utilities | 1. form utility: production of product or service 2. place utility: having the offering available where consumers need it 3. time utility: available when needed 4. possession utility: making an item easy to purchase |
| Industry | organizations that develop similar offerings create an industry |
| Profit | the money left after a business firm's total expenses are subtracted from its total revenues and is the rewards for the risk it undertakes in marketing its offerings |
| Core values | the fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| Railroads in the 20th century | Railroads thought they were "in the railroad business" when they should have advertised that they were "in the transportation business" |
| Market share | the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
| Marketing Dashboard | the visual computer display of the essential information related to achieving a marketing objective |
| Strategic business unit | (SBU): a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers |
| Competitive advantage | a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation |
| The Boston Consulting Group (BCG) | created the business portfolio analysis. |
| Business Portfolio Analysis; types of products | a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as though they were a collection of separate investments |
| Market penetration | market strategy to increase sales of a current product in current markets |
| Market development | marketing strategy to sell current products to new markets |
| Product development | marketing strategy of selling new products to current markets |
| Diversification | marketing strategy of developing new products and selling them in new markets |
| Transnational | Transnational marketers employ a global marketing strategy- the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
| international firm | engages in trade and marketing in different countries as an extension of the marketing strategy in its home country |
Created by:
abaxter2
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