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M301 Exam 1
| Term | Definition |
|---|---|
| Utility | The power of a good or service to satisfy the wants of consumers |
| Marketing | The process for creating, communicating, and delivering value to customers |
| Target Market | The group of people toward whom the firm aims its marketing efforts and ultimately its merchandise |
| Marketing Mix | Product, price, place (distribution), and promotion |
| Product | Refers to a good, service, or idea |
| Price | The method of setting profitable and justifiable prices |
| Place (Distribution) | The decision involving modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels |
| Promotion | Communication to a firm's buyers about their products |
| Seller's Market | When there are more buyers for fewer products |
| Buyer's Market | When there are more products than people willing to buy them |
| Consumer Orientation | Where the focus is on satisfying the needs and wants of consumers rather than simply producing and selling products |
| Marketing Concept | A companywide consumer orientation with the objective of achieving long-term success |
| Transaction-Based Marketing | Traditional view of marketing as a simple exchange process |
| Relationship Marketing | Refers to the development, growth, and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit |
| Mobile Marketing | Marketing messages sent to wireless devices, such as phones and tablets |
| Social Marketing | The use of online social media as a communications channel for marketing messages |
| Product Marketing | Involves efforts designed to communicate the benefits of a good or service |
| Planning | The overall process of anticipating conditions and determining the best way to achieve organizational objectives |
| Marketing Planning | The process devoted specifically to achieving marketing objectives |
| Strategic Planning | The process of determining an organization's long-term primary objectives and adopting courses of action that will achieve these objectives |
| Tactical Planning | Defines how activities specified in the strategic plan will be implemented |
| Operational Planning | Where managers develop specific programs to meet goals in their area of responsibility |
| Marketing Plan | A written plan that outlines the strategic marketing goals of an organization |
| Mission | The essential purpose that differentiates one company from others |
| SWOT Analysis | An important strategic planning tool that helps managers analyza the internal and external environment to assess strengths, weaknesses, opportunities, and threats |
| Strengths | Represent a firm's core competencies or points of differentiation from the competition |
| Weaknesses | Limitations that place the company at a disadvantage |
| Opportunities | Factors that could potentially be exploited by the company |
| Threats | Factors that could limit the company's success |
| Strategic Business Units (SBUs) | Key business units within diversified firms |
| Boston Consulting Group (BCG) Matrix | A portfolio analysis framework that enables managers to plot the relative position of each business unit, brand, or product on the basis of industry growth rate and relative market share |
| Competitive Environment | Where marketers of directly competitive products of substitute products compete for consumer purchases |
| Direct Competition | Occurs among marketers of similar products |
| Indirect Competition | Involves products that are easily substituted with others |
| Competitive Strategy | An effective strategy for dealing with the competitive environment |
| Political-Legal Environment | The component of the marketing environment consisting of laws and regulations to maintain competitive conditions and protect consumer rights |
| Antitrust | Laws that help maintain a competitive business environment by preventing the concentration of industry power in the hands of a small number of competitors |
| Sherman Antitrust Act | Prohibits restraint of trade and monopolization; identifies a competitive marketing system as a national policy goal |
| Federal Trade Commissions Act (FTC) | Prohibits unfair methods of competition; establishes the Federal Trade Commission, an administrative agency that investigates business practices and enforces the FTC Act |
| Digital Millenium Copyright Act | Protects intellectual property rights by prohibiting copying or downloading of digital files |
| Federal Food and Drug Act | Prohibits adulteration and misbranding of food and drugs involved in interstate commerce; strengthened by the Food, Drug, and Cosmetic Act (1938) and the Kefauver-Harris Drug Amendment (1962) |
| Consumer Product Safety Act | Created the Consumer Product Safety Commission, which has authority to specify safety standards for most products |
| Telecommunications Act | Significantly deregulates the telecommunications industry by removing barriers to competition in the phone and television broadcasting markets |
| Economic Environment | Consists of factors that influence consumer buying power and marketing strategies |
| Gross Domestic Product (GDP) | The sum of all goods and services produced by a nation in a year |
| Inflation | An increase in prices causes by some combination of excess demand and the increasing cost of raw materials, labor, and/or other factors of production |
| Deflation | A general decrease in prices |
| Unemployment | The proportion of people in the economy who are actively seeking work but do not have jobs |
| Discretionary Income | The amount of money people have to spend after buying necessities such as food, clothing, and housing |
| Technological Environment | The application of knowledge based on discoveries in science, inventions, and innovations |
| Social-Cultural Environment | The relationship between marketing, society, and culture |
| Consumerism | A social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government |
| Marketing Ethics | The marketers' standards of conduct and value |
| Social Responsibility | Accepting an obligation to give equal weight to profits, consumer satisfaction, and social well-being in evaluating a firm's performance |
| E-Business | Using the Internet to provide services to customers and communicate with employees and business partners |
| E-Commerce | The buying and selling of products online |
| Digital Marketing | The process of marketing goods and services over the Internet by utilizing digital tools |
| Interactive Marketing | Delivering more relevant marketing messages to customers based on event triggers |
| Business-to-Business (B2B) | Transactions that happen between organizations (company to company) |
| Electronic Data Interchange (EDI) | One of the oldest applications of technology for business transactions and includes direct, computer-to-computer exchanges of price quotations, purchase orders, invoices, and other sales information |
| Extranet | A secure network used for e-business and accessible through the firm's website by external customers, suppliers, or other authorized users |
| Intranet | A secure internal network that helps companies share information among employees, no matter the number or location |
| Private Exchange | A secure website where a company and its suppliers share all types of data, from product design through order delivery |
| Business-to-Consumer (B2C) | Business conducted directly between a business and a consumer |
| Encryption | The process of encoding data for security purposes |
| Phishing | A high-tech scam that uses e-mail or pop-up messages that claim to be from familiar businesses or even government agencies |
| Channel Conflicts | Conflicts between producers, wholesalers, and retailers |
| User Experience (UX) | The overall experience customers have when visiting a website |
| Revenue Maximization | Website strategies designed to increase the size of each customer transaction and encourage repeat visits by the customer |
| Unique Visitors | The number of individuals who visit a website |
| Engagement | How much time users spend on the site and which pages they visit |
| Conversion Rate | The percentage of visitors to a website who make a purchase |
| Click-Through Rate | The percentage of users who click on an ad |
| Conversion Cost | The total cost of each sale |
Created by:
rplaney
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