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Marketing Exam/1

Ch1-5

QuestionAnswer
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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