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MKTG1 151G
MKTG1 151G Explaining
| Question | Answer |
|---|---|
| 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
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