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test prep
| Question | Answer |
|---|---|
| Marketing | The process of creating, communicating, delivering, and exchanging offerings that have value for customers, organizations, and society. |
| Marketing Cycle | A continuous process where marketing satisfies customer needs and wants, creates value, facilitates exchange, affects stakeholders, and is performed by individuals or organizations. |
| Needs | Basic human requirements such as food, shelter, and safety. |
| Wants | Needs shaped by culture, personality, and marketing. |
| Exchange | The trade of things of value between a buyer and seller so that both are better off. |
| Value | The perceived benefits a customer receives relative to the costs paid. |
| Value is Subjective | Value depends on the customer’s perception, not the product itself. |
| Price | Everything a buyer gives up (money, time, energy) to obtain a product or service. |
| Marketing Mix | The controllable set of decisions firms use to satisfy target markets. |
| Product | The good, service, or idea offered to satisfy customer needs. |
| Price (4P) | The amount charged for a product based on perceived value. |
| Promotion | Activities that communicate the value of the product to customers. |
| Place | How and where a product is distributed to customers. |
| B2C Marketing | Business selling products or services directly to consumers. |
| B2B Marketing | Business selling products or services to other businesses. |
| C2C Marketing | Consumers selling products or services to other consumers. |
| Sustainability | Meeting present needs without compromising future generations’ ability to meet their needs. |
| Green Marketing | A marketing strategy that supports environmental stewardship and creates a competitive advantage. |
| Globalization | Expanding business operations into international markets. |
| Reasons to Go Global | Domestic market saturation, growth opportunities, and competitive advantage. |
| Global Market Entry Process | Decide whether to go global, which markets to enter, level of commitment, and how to adapt the marketing mix. |
| Standardization | Using the same marketing strategy across all global markets. |
| Localization | Adapting marketing strategies to local cultures, preferences, and conditions. |
| External Marketing Environment | Forces outside the firm that influence marketing decisions. |
| Economic Environment | Factors such as inflation, income levels, and the business cycle. |
| Business Cycle | Prosperity, recession, depression, and recovery. |
| Competitive Environment | The level and type of competition in an industry. |
| Technological Environment | Innovation and technological change that affect marketing activities. |
| Patent | A legal document granting exclusive rights to produce or sell an invention. |
| Political/Legal Environment | Laws, regulations, and political actions affecting business. |
| Economic Sanctions | Government restrictions on trade with specific countries. |
| Ethics | Moral standards that guide behavior in marketing decisions. |
| Ethical Relativism | The belief that ethical behavior differs across cultures. |
| Code of Ethics | A written set of standards guiding ethical behavior within an organization. |
| Triple Bottom Line | Financial, social, and environmental performance. |
| Business Planning | An ongoing decision-making process that guides a firm’s short- and long-term actions. |
| Strategic Planning | Matching a firm’s resources and capabilities to market opportunities for long-term growth. |
| Three Levels of Business Planning | Strategic, Functional, and Operational planning. |
| Strategic Planning Level | Top management defines mission, vision, and long-term objectives. |
| Functional Planning Level | Managers develop marketing strategies and plans to support strategic goals. |
| Operational Planning Level | Day-to-day execution of marketing plans using action plans and metrics. |
| Vision Statement | A firm’s aspirational description of what it wants to become in the future. |
| Mission Statement | A formal statement describing a firm’s purpose and what it hopes to achieve. |
| Situation Analysis | An evaluation of a firm’s internal and external environments. |
| SWOT Analysis | Assessment of strengths, weaknesses, opportunities, and threats. |
| Strengths | Internal capabilities that give a firm an advantage. |
| Weaknesses | Internal limitations that hinder performance. |
| Opportunities | External factors that a firm can exploit for advantage. |
| Threats | External factors that could harm the firm. |
| Strategic Business Unit (SBU) | A distinct business or product line that operates as a separate profit center. |
| Business Portfolio | The collection of SBUs owned by a firm. |
| Market Planning | Developing and executing marketing strategies focused on the 4 P’s. |
| ROMI | Return on Marketing Investment, used to evaluate marketing effectiveness. |
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