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MKTG1 151G

MKTG1 151G Explaining

Marketing an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders
brand a promise to deliver specific benefits associated with products or services to customers
demand financial capacity to buy what one wants
need necessity to meet an urgent requirement
utility satisfaction received from owning or consuming a product or service
value the benefits that exceed the cost of products, services, or other items
want desire for something that is not essential
Marketing concept an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value
consumer orientation reflects a business focus on satisfying unmet consumer needs and wants
customer lifetime value the present value of all profits expected to be gained from the customer over the lifetime of the customers relationship with a company
customer relationship management (CRM) activities that are used to establish, develop and maintain customer relationships
customer relationship created when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interaction between the business and customer
production orientation reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy
relationship orientation reflects a business focus on creating value-added relationships with suppliers and customers
sales orientation reflects a business focus on advertising and personal selling to create demand and move a product inventory
Marketing Functions activities performed both by consumers and by businesses involved in value creation for specific products or services
4 Ps most common classification of a marketing mix and consist of product, price, place and promotion
Exchange functions activities that promote and enable transfer of ownership
Facilitating functions activities that assist in the execution of exchange and physical functions
Physical functions activities that enable the flow of goods from manufacturer to consumer
Marketing Environment set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers
competitive environment factors that relate to nature, quantity and potential actions of competitors.
Demographics characteristics of human population used to identify markets
economic environment factors that influence consumer purchase ability and buying behaviour
external marketing implementation of marketing practices directed outside the business to create value and to form productive customer relationships
income levels average consumer earnings used to approximate national earnings
inflation increase in price of a collection of goods that represent an overall economy
internal environment business involves all those activities that occur within the organization to communicate organizational functions in a business
internal marketing implementation of marketing practices within an organization to communicate organizational policies and practices to employees and internal stakeholders.
legal environment factors that provide rules and penalties for violations, designed to protect society and consumers from unfair business practices and to protect businesses from unfair competitive practices.
macroenvironment societal forces that are essentially uncontrollable and influence the microenvironment of a business
microenvironment forces close to a company, yet outside its internal environment, that influence the ability of a business to serve its customers
political environment factors that select national leadership, create laws and provide a process for discourse on a wide range of issues.
social and cultural environment factors that relate marketing to the needs and wants of society and culture
technological environment factors that influence marketing, based of scientific action and innovation
unemployment levels number of unemployed persons divided by the aggregate labor force
consumer markets individuals and households that are potential or actual buyers of goods and services that assist in further production only indirectly or incidentally, if at all.
consumer products products that fulfill the desires of consumers and are not intended to assist in the manufacture of other products
consumer's surplus occurs when a consumer purchases a product of service at a price less than the utility of the product or service
Business Markets individuals and organizations that are potential or actual buyers of goods and services that are used in, or in support of, the production of other products or services that are supplied to other.
business-to-business (B2B) involves that sales of products and services from one business to another
buyclasses - New tasks - Modified rebuy - Straight rebuy major classifications of business buying situations. first-time or unique purchase desision thatt requires extensive effort buyer considers alternative sources for the company's purchasing requirements buyer continue existing relation with no hesitatio
Buying center collection of individuals that perform specific roles in the procurement process. Initiator - influencers - buyer - decider - users - gatekeeper
derived demand demand for a product of service that results from the demand for another product or service
North American Industrial Classification System (NAICS) classifies businesses operating in the United States, Canada and Mexico into groups based on their activities
Planning Process series of steps businesses take to determine how they will achieve their goals
Business Plan written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives
Business planning decision process for people and businesses to manage systems to achieve an objective
elevator pitch brief description of a product or service designed to gain attention of desired parties and to generate interest in achieving a desired outcome
systems groups of interacting related parts that perform a specific function
Strategic Planning determines the overall goals of the business and the steps the business will take to achieve those goals
Balanced scorecard management system that relates a business's version and mission to individual business activities - customer perspective - internal business perspective - innovation and learning perspective - financial perspective
business mission statement that identifies the purpose of a business and what makes that business different from the others
business objectives - SMART something that a business attempts to achieve in support of an overarching strategy - specific - measurable - achievable - relevant - time-bound
business vision statement in a strategic plan that identifies an idealized picture of a future state a business is aiming to achieve
cash cows products or services with high market share and low growth opportunities
Dogs products or services with low relative market share in a low growth sector
Portfolio analysis process of business uses to evaluate the different combinations of products and services that the business offers based on its objectives
Question Marks products or services with low relative market share in a sector with high growth
Stars products or services with high growth and high market share
Tactical planning process of developing actions for various functions within a business to support implementing a business's strategic plan
Marketing Planning part of business planning devoted to connecting a business to the environments in which that business functions in order to accomplish the business's goals marketing objectives - marketing audit - marketing strategies - allocating resources and monitorin
Marketing audit comprehensive review and assessment of a business's marketing environment
marketing mix group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market - product - price - promotion - place
marketing objective something that a marketing function is attempting to achieve in support of a strategic business plan
marketing plan document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives
marketing strategy statement of how a business intend to achieve its marketing objectives - selecting target market - create an appropriate marketing mix for the target market
place strategy identifies where, how, and when products and services are made available to target consumers
pricing strategy identifies what a business will charge for its products or services
product strategy identifies the product and service portfolio, including packaging, branding, and warranty for its target market
promotion strategy identifies how a business communicates product or service benefits and value to its target market
return on marketing investment (ROMI) impact on business performance resulting from executing specific marketing activities
SWOT analysis tool that helps identify business strengths, weaknesses, opportunities and threats
target market group of consumers that a business determines to be the most viable for it products or services
Marketing and Society - Society community, nation or group that shares common traditions, institutions, activities and interests
gross domestic product (GDP) measure of total dollar value of goods and services a country produces within a given year
Nongovernmental organizations (NGOs) groups of private individuals who monitor the behaviour of marketers or governments
Marketing and Culture - Culture shared values, beliefs and preferences of a particular society
Boycotts happens when consumers refuse to do business with a company or nation in order to signal their disapproval of its actions and encourage change
consumerism organized efforts on the part of consumer groups or governments to improve the rights and power of buyers in relation to sellers
Environmental sustainability achieving financial objectives while promoting longterm wellbeing of the earth
environmentalism organized movement of citizens, businesses and government agencies to protect and improve our living environment
green marketing marketing efforts to produce more environmentally responsible products and services - value added processes (new techno in a manufacturing tool) - management systems (enviro health, safety objectives) - products/services (redesign product use materials
organic foods foods grown naturally without the use of pesticides or synthetic fertilizers
five core groups based on health and sustainability LOHAS - health of themselves and planet Naturalites - focus on nature and organic products Drifters - mean well, price sensitive and trendy regarding their purchases. Conventionals - practical, dont overtly green attitude. Unconcerned - no green prior
Marketing and the Law - Laws rules and conduct or action prescribes by an authority or the binding customs or practices of a community
exaggerated claims extravagant statements made in advertising, either explicitly or implicitly, that have no substantiation or reasonable basis in truth
puffery claims of product superiority that cannot be proven as true or false
regulations rules or orders issued by an official government agency with proper authority and which carry the force of law
Marketing and social responsibility - social responsibility concern for how a person's (or company's) actions might affect the interest of others
Corporate social responsibility (CSR) philosophy that encourages decision makers to take into account the social consequences of their business actions
Ethics system of moral principles and values, as well as moral duties or obligations
marketing ethics rules for evaluating marketing decisions and actions based on marketers' duties or obligations to society - do no harm - foster trust in the marketing system - embrace ethical values: honesty, responsibility, fairness, respect, openness, citizenship
social marketing concept asserts that marketing techniques may be employed for more than selling things and making a profit
social responsibility sustainability used to describe practices that combine economic growth with careful stewardship of our natural resources and the environment
Global Marketing all marketing activities conducted at an international level by individuals or businesses
Globalization outcome of cultures intermingling, sharing experiences, new and commerce
Glocal describes a company that acts either globally, locally or both as needed
Global Marketing environment environment in different sovereign countries, with characteristics distinct to the home environment of an organization, influencing decisions on marketing activities.
Balance of trade difference between the monetry value of exports and inports of output in an economy over a specific period
bribery practice of offering something of financial value to someone in a position of authority to alter behaviour and gain an illicit advantage
Counterfeiting unauthorized copying of products, packaging or other intellectual property of a registered brand
countertrade legal agreement where goods are paid for in a form other than cash
culture shared values, beliefs, and preferences of a particular society
Democracy form of government in which the supreme power is retained by the people, but which is usually exercised indirectly through a system of representation and delegated authority periodically renewed
Dominican Republic-Central American-United States Free Trade Agreement (CAFTA-DR) trading partnership among the United States, the Dominican Republic, Coasta Rica, El Salvador, Guatemala, Honduras and Nicaragua [6]that represents the first free trade agreement between the United States and a group of smaller developing economies
Dumping practice of selling a product in a foreign country for a proce less than either the cost to make the product or the price in the home country
Economic communities groups of countries that agree to take certain actions to manage resources of goods and services by lowing tariff barriers and promoting trade among members
European Union (EU) an economic and political partnership among 27 European countries
Exchange controls types of controls that governments put in place to ban or restrict the amount of a specific currency that is permitted to be traded or purchased
Extraterritoriality holds certain individuals such as diplomats accountable to the laws of their home country while exempting them from the jurisdiction of a foreign country in which they may be operating
Foreign Corrupt Practices Act act passes in 1977 that makes it "unlawful for certain classes of persons and entities to make payments to foreign government officals to assist in obtaining or retaining business"
Global companies companies that maintain assets and operations in more than one country and concentrate on penetrating multiple countries with a minimally customized marketing mix
Gross Domestic Product measure of total dollar value of goods and services an economy produces within a given year
Income distribution way in which income and wealth are devided among the members of the economy
Industrial economies countries with robust manufacturing, service and financial sectors that are actively engaged in international trades
industrializing economies countries where the manufacturing sector accounts for a small but growing share of the total economy and an increasing number of imported raw material are required to support manufacturing
Instability condition of being erratic or unpredictable
international companies companies that have no investment outside their home country other than direct purchase of products and services and are essenrially importers and exporters
international law body of rules and customs by which countries are guided in their relations with other countries and recognized international organizations
jurisdiction power or right of a legal or political entity to exercise its authority over a specific geographical area
monarchy form over government un which the supreme power is held by a monarch who reigns over a state or territory, usually for life and by hereditary right; the monach may be either the sole or absolute ruler or a sovereign with constitutionally limited authority
Multinational companies companies that maintain assets and operations in more that one country and concentrate on adapting products and services to the specific needs of each country
nationalization transfer of control or ownership of private property to the government
non-tariff barriers (NTBs) restrictions on imports that are not in the usual for of a tariff
North American Free Trade Agreement (NAFTA) trading partnership among the united states, Canada, Mexico
Offshoring type of outsourcing in which business activities are completed in another country
Outsourcing procurring certain services from third-party suppliers to decrease labour costs, access human capital not readily avaliable within the business or implement specific strategies
Parliamentary democracy political system in which the legislature selects the government according to party strength as expressed in elections; by this system the government acquires a dual reponsibility to the people as well as to the the parliament
post-industrial economies countries where the manufactoring sector diminishes while service and information sectors become promary sources in economic growth
privatization transfer of government functions to the private sector that creates new business oportunities
Purchassing power parity (PPP) model of exchange rate determination stating that the price of the smae good and service in another country, exchanged at the current rate
quotas limits on the amount of product that can be imported into a country
raw material exporting economies countries that are plentiful in a particular raw material, yet deficient in other resources and rely on the export of the raw materials for the majority of revenue
risk the potential for loss of investment
subsistence economies agarian societies where enough is grown, hunted, and crafted to provide for the essential needs of the people and any surplus is bartered for basic goods and services
tariffs scheduals of duties (or fees) applied to goods and services from foreign countries
totalitarisanism form of government that seeks to suborginate the individual to the state by controlling not only political and economic matters, but also the attitudes, values and beliefs of its population
trade agreement treaties between contries to create a free trade area where business can be conducted without tariffs or other barriers
Trade defits occur when the value of inports exceeds the value of exports
trade surplus occur when the value of exports exceeds the value of inports
world trade organization(WTO) established in 1995 as the preeminent organization dealing with the rules of trade at a global or near global level
zero-sum game when one or more parties benefit to the smae degree as one or more other parties lose
Global Marketing Processes series of strategic marketing decisions including deciding to go global, determining which markets to enter, deciding how to enter the markets and selecting the global marketing program
born global business that from its inception, intends to derive significant competitive advantage from the application of resources and commercial transactions in multiple countries
contract manufacturer entry strategy in which a company directly hires a company in the host nation to manufacture products on its behalf
direct exporting form of exporting in which a firm establishes its own overseas sale branches
direct investment entry strategy in which a company establishes foreign based manufacturing facilities
exporting common form of market entry the occurs when a company produces in its home market then transports its products to other nations for sale
franchising entry strategy in which a local company purchases the right to use the processes and brand of another company
indirect ownership form of exporting in which a firm sells its product through intermediaries
joint ownership entry strategy in which a company joins with a foreign investor to build a local business
joint venture entry strategy in which a company teams with a host company in the particular market they are entering
licensing practice of a company receiving fees or royalties from partner firms for the right to use a brand, manufacturing process or patent
market place, either physical or virtual, where buyers and sellers come together to exchange goods and services
Created by: sper244