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Marketing Exam/1
Ch1-5
| Question | Answer |
|---|---|
| Is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. | Marketing |
| "Sine Qua Non of Business" | Without this nothing |
| Philosophy that focuses on the internal capabilities of the firm rather than on the desires & needs of the marketplace. | Production Orientation |
| Based on the ideas that people will buy more goods & services if aggressive sales techniques are used and that high sales result in high profits. | Sales Orientation |
| Simple and Intuitively appealing philosophy that articulates a market orientation. It states that the social & economic justification for an organization's existence is the satisfaction of customer wants & needs while meeting organizational objectives. | Marketing Concept |
| A sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product. | Market Orientation |
| Extends the Marketing Concept by acknowledging that some products that customers want may not really be in their best interests or the interest of society as a whole. | Social Marketing Orientation |
| Personnel in sales-oriented firms tend to be? | "Inward Looking" "Focus on selling what the organization makes rather than making what the market wants" |
| Relationship between benefits and the sacrifice necessary to obtain those benefits. | Customer Value |
| Customers evaluation of a good or service in terms of whether that good or service has met their needs & expectations. | Customer Satisfaction |
| Strategy that focuses on keeping & improving relationships with the current customers. | Relationship Marketing |
| A Market-Oriented organization aims at ____ and tries making a profit by adding ____. | Specific groups of people Customer Value |
| A Sales-Oriented organization targets ____ and places a higher premium on ____ | Everybody or average customer Making a sale |
| Need to differentiate your product from competitors | Positioning |
| What are the 4 P's ? | Product, Price, Promotion, Place |
| Managerial process of creating & maintaing a fit between the organization's objectives and resources and the evolving market opportunities | Strategic Planning |
| Involves designing activities relating to marketing objectives & the changing environment. | Marketing Planning |
| Written Document that acts as a guidebook of marketing activities for the marketing manager. | Marketing Plan |
| Foundation of any marketing plan, and answers the question of what business we are in. | Mission Statement |
| Defining a Business in terms of goods & services rather than in terms of the benefits customers seek. | Marketing Myopia |
| Subgroup of a single business or collection of related businesses within the larger organization. Should have a distinct mission & specific target market. | Strategic Business Unit (SBU) |
| What does SWOT analysis stand for? | Strengths, Weaknesses, Opportunities, Threats Helps identify internal strengths |
| The 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. | Environmental Scanning |
| Statement of what is to be accomplished through marketing activities | Marketing Objective |
| Set of unique features of a company and its products that are perceived by the target market as significant & superior to the competition | Competitive Advantage |
| Exists when a firm provides something that is unique & valuable to buyers beyond simply offering a lower price than the competition's. (example Lexus) | Product/Service differentiation competitive advantage |
| The advantage achieved when a firm seeks to target & effectively serve a small segment of the market | Niche competitive advantage |
| An advantage that cannot be copied by the competition | Sustainable competitive advantage |
| A tool for allocating resources among products or strategic business units on the basis of relative market share & market growth rate | Portfolio Matrix |
| Long-term Overall plan = Sig Tactics | Strategy |
| Short-Term Action-oriented Narrow, immediate goal | Tactics |
| The Firm itself | Internal analysis |
| The Market The Competition The Environment | External analysis |
| Overall Cost Leader Differentiation Niche Middle-of-the-Road | Porter's Strategies |
| Emphasize a continuous search for competitive advantage | Strategic Marketing Management |
| Low motivation to plan Poor planning abilities Unanticipated environment changes | Potential Pitfalls of Planning |
| Convince customers that brand is better than others in product form (Ragu taste better than prego) | Product form/Brand |
| Convince consumers that product form is best in category (Water is better than Soda) | Product class/Category |
| Convince consumers that product category is best way to satisfy a need | Generic |
| Convince consumers that generic benefits are the best way to spend discretionary budget | Total Budget |
| Fairly Revolutionary Disruptive impact on buyer patterns | Discontinuous (Innovation) |
| Most Common Little or no disruption | Continuous (Innovation) |
| Some disruptive effects Generally same ways to satisfy needs ex: Evolution of Cell Phones | Dynamically Continuous (Innovation) |
| Replicate someone else's idea | Imitation (Innovation) |
| Restaurant service is great, but your food is cold | Process quality vs. Outcome quality |
| The moral principles or values that generally govern the conduct of an individual or group. | Ethics |
| The rules people develop as a result of cultural values & norms. | Morals |
| A guideline to help marketing managers & other employees make better decisions | Code of Ethics |
| The idea that socially responsible companies will outperform their peers by focusing on the world's social problems & viewing them as opportunities to build profits & help the world at the same time. | Sustainability |
| A businesses concern for society's welfare | Corporate & Social Responsibility |
| A model that suggest corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure | Pyramid of corporate social responsibility |
| The development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment | Green Marketing |
| A defined group most likely to buy a firm's product | Target Market |
| When a company implements strategies that attempt to shape the external environment within which it operates | Environmental Management |
| The practice of choosing goods and services that meet one's diverse needs & interest rather than conforming to a single, traditional lifestyle. | Component Lifestyles |
| The study of people's vital statistics, such as age, race and ethnicity, and location | Demography |
| People born between 1946-1964 | Baby Boomers |
| People born between 1965-1978 | Generation X |
| People born between 1979-1994 | Generation Y |
| When all major ethnic groups in an area-such as a city, county, or census tract are roughly equally represented. | Multiculturalism |
| A comparison of income versus the relative cost of a set standard of goods & services in different geographic areas. | Purchasing Power |
| A measure of the decrease in the value of money | Inflation |
| A period of economic activity characterized by negative growth, which reduces demand for goods & services | Reccesion |
| Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon | Basis Research |
| An attempt to develop new or improved products | Applied Research |
| A Federal Agency charged with enforcing regulations against selling & distributing adulterated, misbranded, or hazardous food and drug products. | FDA |
| A Federal Agency established to protect the health and safety of consumers in and around their homes | Consumer Product Safety Commission (CPSC) |
| A Federal Agency empowered to prevent persons or corporations from using unfair methods of competition in commerce | Federal Trade Commission (FTC) |
| Taking steps to adapt to environmental factors that can not be controlled or influenced | Reactive |
| Seek ways to influence your environment when you think you can influence certain factors | Proactive |
| Marketing that targets markets throughout the world | Global Marketing |
| Recognizing and reacting to international marketing opportunities, using effective global marketing strategies and being aware of threats from foreign competitors in all markets | Global Vision |
| A company that is heavily engaged in international trade, beyond exporting & importing | Multinational Corporation |
| Using more capital than labor in the production process | Capital-Intensive |
| Production of uniform products that can be sold the same way all over the world | Global Marketing Standardization |
| The largest Latin American trade agreement | Mercosur |
| Trade organization that replaced the old General agreement on Tariffs and Trade | World Trade Organization (WTO) |
| An agreement between Canada, the United States, and Mexico that created the world's largest free trade zone | North American Free Trade Agreement (NAFTA) |
| An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade though financial cooperation | International Monetary Fund (IMF) |
| Selling domestically produced products to buyers in another country | Exporting |
| When a domestic firm buys part of a foreign company to create a new entity | Joint Venture |
| Active ownership of a foreign company or of oversees manufacturing or marketing facilities | Direct Foreign Investment |
| The legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge | Licensing |
| The sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter | Dumping |
| A form of trade in which all or part of the payment for goods or services is in the form of other goods or services | Countertrade |
Created by:
jrosettu
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