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Mktg Exam 1
| Term | Definition |
|---|---|
| Environmental Scanning | The process of collecting information about the external environment in order to identify and interpret potential trends |
| Environmental Management | An effort to attain organizational objectives by predicting and influencing the firm’s external environment |
| Competitive Environment | The interactive exchange in the marketplace influenced by actions of others |
| Time-Based Compensation | A strategy of developing and distributing goods and services more quickly than competitors can achieve |
| Political-Legal Environment | A component of the marketing environment defined by laws and their interpretations that require firms to operate under certain competitive conditions and to protect consumer rights |
| Economic Environment | Economic forces that influence consumer buying power and marketing strategies |
| Technological Environment | The application to marketing of discoveries in science, inventions, and innovations |
| Socio-Cultural Environment | The component of the marketing environment defined by the relationship of marketers to society and its culture |
| Social Issues in Marketing | Consumerism, Consumer Rights, Marketing Ethics, Social Responsibility, Green Marketing, |
| Consumerism | Social forces within the environment that aim to protect buyers by exerting legal, moral, and economic pressures on businesses and government |
| Consumer Rights | The consumer's right to choose freely, to be informed, to be heard, and to be safe |
| Marketing Ethics | Marketers' standards of conduct and moral values |
| Social Responsibility | The realization that marketing activities must be aimed at societal well-being as well as be profitable and satisfy customers' needs |
| Green Marketing | Production, promotion, and reclamation of environmentally friendly products |
| Business purpose | To create a customer |
| Marketing definition | Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that satisfy individual and organizational objectives |
| 4 Eras in the History of Marketing | 1. Production Orientation (before '20s), 2. Sales Orientation ('20s-'50s), 3. Consumer Orientation ('50s+), 4. Relationship Marketing ('90s+) |
| Production Orientation | Stresses efficiency in a producing a quality product, "a good product will sell itself" |
| Sales Orientation | Business assumption that consumers will resist purchasing nonessential goods and services - creative advertising and personal selling should be used |
| Consumer Orientation | Emphasizes first determining unmet consumer needs and then designing a system for satisfying them |
| Relationship Marketing | Development and maintenance of long-term, cost-effective exchange relationships with individual customers, suppliers, employees, and other partners for mutual benefit |
| Viral Marketing | A web-enabled strategy that encourages individuals to forward marketing messages to others via e-mail and social networking websites |
| Person Marketing | Marketing efforts designed to cultivate the attention, interest, and preference of a target market toward a person |
| Person Marketing example | Political candidates during an election |
| Place Marketing | Marketing efforts to attract people and organizations to a particular geographic area |
| Place Marketing example | 1-800-Jamaica, "South Africa - A World in One Country" |
| Cause Marketing | Identification and marketing of a social issue, cause, or idea to selected target markets |
| Cause Marketing example | "Say No to Drugs" "Buckle Up for Safety" |
| Event Marketing | The marketing of sporting, cultural, and charitable activities to selected target markets |
| Event Marketing example | 2022 Winter Olympics Beijing |
| Organization Marketing | Marketing by various types of organizations intended to influence others to accept their goals, receive their services, or contribute to them in some way |
| Organization Marketing example | "United Way Brings Out the Best in All of Us" |
| Marketing Mix Variables | Product, Price, Promotion, Distribution (Place) |
| Marketing's Environmental Framework | Competitive, Socio-Cultural, Technological, Economic, Political-Legal |
| Target Market | Group of people toward whom a firm markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences |
| Marketing Mix | Blending the four strategy elements of marketing decision making -- Product, Price, Distribution, Promotion -- to satisfy chosen consumer segments |
| Product Strategy | Developing the right good or service for the firm's customers, including package design, branding, trademarks, warranties, and new-product development |
| Pricing Strategy | Methods of setting profitable and justifiable prices |
| Distribution Strategy | Activities and marketing institutions that get the right good or service to the firm's customers |
| Promotion Strategy | Involves appropriate blending of personal selling, advertising, sales promotion, direct marketing, and PR to communicate with and seek to persuade potential customers |
| 4 Elements of Marketing Decision Making | Product, Pricing, Promotion, Distribution |
| Importance of Quality | Marketing in today's competitive environment must emphasize quality in order to accomplish long-term success |
| 2 Exchange Functions (of the 8 universal marketing functions) | Buying and Selling |
| 2 Physical Distribution Functions (of the 8 universal marketing functions) | Transporting and storing |
| 4 Facilitating Functions (of the 8 universal marketing functions) | Standardizing (quality control), financing, risk taking, securing information |
| International Marketing | Involves finding and satisfying customer needs in more than one country better than the competition, both domestic and international, and of coordinating marketing activities within the constraints of the global environment |
| International marketing is becoming important because of... | 1. Increasing foreign competition in domestic markets, 2. Global presence of major competitors, 3. Gradual opening up of markets; reducing trade barriers, 4. Opportunities in several emerging markets; first-mover advantages |
| Areas of Focus When Entering a Foreign Market | Demand, Competition, Economic Environment, Social-Cultural Environment, Political-Legal Environment |
| Political-Legal Factors in International Marketing | political systems and trade relations; laws and regulations; trade barriers such as tariffs, quotas, labeling and packaging regulations, etc. |
| Financial Factors in Int. Marketing | Analyze commercial risk of doing business, availability of various sources of financing, roles of foreign exchange rates |
| Foreign Market Entry Strategies (Low to High Risk, less control to high control) | Exporting --> Contractual Agreements (licensing/franchising, subcontracting) --> International Direct Investment (Acquisitions, joint-ventures, overseas divisions) |
| Exporting | Marketing domestically produced goods and services in foreign countries |
| Importing | Domestic purchase of goods, services, and raw materials produced in foreign countries |
| Foreign Licensing | A contractual agreement that grants foreign marketers the right to use a firm's intellectual property in a specified geographic area for a specified time period |
| Franchising | A contractual agreement in which a franchisor grants a separate entity (the franchisee) the right to do business in a prescribed manner in exchange for royalties |
| Foreign Direct Investment | This option involves greater involvement and greater risk as compared to the other options; possibility of greater rewards; full ownership/joint ventures |
| Standardization | Looks at similar segments across the world and tries to formulate a standardized marketing program for them |
| Adaptation | Approach tries to tailor the firm's marketing program (including marketing mix variables) to individual markets taking into account differences between market characteristics |
| Marketing Mix Strategy | Based upon the overall strategic orientation, the marketing mix elements on be standardized or adapted |
| Product Strategies | Straight extension, product adaptation, product invention, global products |
| Distribution Strategy | Distribution systems can vary widely across international environments, both in terms of type of outlets, popularity of outlets, and availability of outlets |
| Pricing Strategy | standard worldwide pricing, dual-pricing, market-differentiated pricing |
| AHT | Average Handled Time |
| PEC | Personal Emotional Connection |
| Straight Extension | Product remains the same when being taken to a new country |
| Product Adaptation | adapt/change product based on situation/how it’s used, not huge modification (most used) |
| Product Invention | Dramatically change product based on other’s preferences |
| Global Products | start from scratch, designing from ground zero, take into consideration people’s preferences from around the world |
| Standard Worldwide Pricing | translate price into currency where you want to sell product, not price-sensitive |
| Dual-pricing | One price for home market, another for foreign markets |
| Market-Differentiated Pricing | take every situation in consideration… creating prices based on consumers’ willingness to pay, purchasing power, consider cost structure, exchange rate |
Created by:
lexi.welte
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