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MKT Exam 1
| Question | Answer |
|---|---|
| exchange | people giving up something in order to receive something else they would rather have |
| uses of pop culture | help companies to connect with their target customers |
| Ansoff's strategic opportunity matrix | matches products with markets |
| definition of strategic planning | the managerial process of creating and maintaing a fit between the organization's objectives and resources and the evolving market opportunites |
| goal of strategic planning | long-run profitability and growth |
| ASOM - market penetration | Marketing strategy that to tries increase market share among existing customers |
| ASOM - market development | A marketing strategy that entails attracting new customers to existing products |
| ASOM - product development | A marketingstrategy that entails the creation of new products for present markets |
| ASOM - diversification | A strategy of increasing sales by introducing new products into new markets |
| Production orientation | A philosophy that focuses on the firm's internal capabilities rather than on the desires of the marketplace |
| Sales orientation | The belief that people will buy move goods and services if aggressive sales techniques are used and that high sales result in high profits |
| Market concept | The idea that the social and economic justification for an organizationâs existenceis the satisfaction of customers wants and needs whilemeeting organizational objectives |
| Market orientation | A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customerâs decision to purchase a product |
| Societal marketing orientation | The idea that an organization exists to meet only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individual's and societyâs long term best interests |
| The innovation matrix | Enables a company to see exactly what types of assets need to be developed and what types of markets are possible to grow into based on the companies core capabilities |
| portfolio matrix | A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate |
| Star | A business unit that is a fast growing market leader |
| Cash cow | A business unit that generates more cash than it needs to maintain its market share |
| problem child (question mark) | A business unit that shows rapid growth, but poor profit margins |
| dog | A business unit that has low growth potential in a small market share |
| demography | The study of peopleâs vital statistics, such as age race, gender and location |
| stakeholder theory | ethical theory stating that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of a firms operation |
| pyramid of corporate social responsibility | A model that suggests corporate, social responsibility is composed of economic, legal ethical and philanthropic responsibilities, and that affirms economic performance supports the entire structure |
| purchasing power | A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas |
| marketing myopia | defining a business in terms of goods and services rather than in terms of the benefits, customer see |
| inflation | A measure of the decrease in the value of money expressed as the percentage reduction in value since the previous year |
| recession | A period of economic activity characterized by negative growth which reduces demand for goods and services |
| SWOT analysis | identifying internal strengths weaknesses and also examining external opportunities and threats |
| 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 |
| 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 those of the competition |
| cost competitive advantage | being the low-cost competitor and an industry while maintaining satisfactory profit margins |
| experiences curves | curves that show cost declining at a predictable rate as experience with a product increases |
| sustainable competitive advantage | an advantage that cannot be copied by the competition |
| marketing objective | A statement of what is to be accomplished through marketing activities |
| marketing strategy | 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 |
| Target market | A group of people or organizations for which an organization, designs implements and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchanges |
| marketing mix | A unique blend a product place promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market |
| cause related marketing | The cooperative marketing efforts between a for-profit firm and a nonprofit organization |
| Federal corrupt practices act (FCPA) | A law that prohibits US corporations from making illegal payments to public officials for governments to obtain business rights or to enhanced their business dealings in those countries |
| corporate social responsibility (csr) | A businesses concern for societies welfare |
| stakeholder theory | ethical theory stating that social responsibility is paying attention to the interest of every effect as they hold every respective aspect of a firms operation |
Created by:
kendallgolden
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