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59 Cards in this Set

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Benchmarking
Comparing the quality of the firm's goods, services, or processes with that of its best-performing competitors
Centralized oraganization
A structure in which top-level managers delegate little authority to lower levels
Competative advantage
The result of a company's matching a core competency to opportunities it has discovered in the marketplace
Core competencies
Things a firm does extremely well, which sometimes give it an advantage over its competition
Corporate strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals.
Decentralized organization
A structure in which decision-making authority is delegated as far down the chain of command as possible
Diversified growth
Growth that occurs when new products are developed to be sold in new markets
Empowerment
Giving customer contact employees the authority and responsibility to make marketing decisions without seeking approval of their supervisors
External Customers
Individuals who patronize a business
intended strategy
The strategy the company decided on during the planning phase and wants to use.
intensive growth
Growth that occurs when current products and current markets have the potential for increasing sales
Internal customers
A company's employees
Internal marketing
A management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers
Market growth/ market share
A strategic planning tool based on the philosophy that a product's market growth rate and market share are important considerations in determining marketing strategy
Marketing control process
Establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance
Marketing Implemation
The process of putting marketing strategies into action
marketing objectives
A statement of what is to be accomplished through marketing activities
marketing plan
A written document that specifies the activities to be performed to implement and control the organization's marketing activities
marketing planning
The process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
marketing strategy
The process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
marketing opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
market share
The percentage of a market that actually buys a specific product from a particular company
mission statment
A long-term view, or vision, of what the organization wants to become
market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
performance standard
An expected level of performance against which actual performance can be compared
Realized strategy
The strategy that actually takes place
Strategic business unit (SBU)
A division, product line, or other profit center within the parent company
Strategic planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
strategic windows
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a firm competing in that market
Sustainable competitive advantage
An advantage that the competition cannot copy
SWOT analysis
Assessment of an organization's strengths, weaknesses, opportunities, and threats
Total quality management (TQM)
A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality.
APEC
An alliance that promotes open trade and economic and technical cooperation among member nations throughout the world
Asia-Pacific Economic Cooperation (APEC)
An alliance that promotes open trade and economic and technical cooperation among member nations throughout the world
balance of trade
The difference in value between a nation's exports and its imports
Common Market of the Southern Cone (MERCOSUR)
An alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in South America
Contract manufacturing
The practice of hiring a foreign firm to produce a designated volume of the domestic firm's product to specification; the final product carries the domestic firm's name
Direct ownership
A situation in which a company owns subsidiaries or other facilities overseas
Dumping
Selling products at unfairly low prices
Embargo
A government's suspension of trade in a particular product or with a given country
european union
An alliance that promotes trade among its member countries in Europe
Exchange controls
Government restrictions on the amount of a particular currency that can be bought or sold
exporting
The sale of products to foreign markets
franchising
A form of licensing in which a franchiser, in exchange for a financial commitment, grants a franchisee the right to market its product in accordance with the franchiser's standards
GATT General agreement on trades and tariffs
An agreement among nations to reduce worldwide tariffs and increase international trade
Globalization
The development of marketing strategies that treat the entire world (or its major regions) as a single entity
GDP Gross Domestic Product
The market value of a nation's total output of goods and services for a given period; an overall measure of economic standing
importing
The purchase of products from a foreign source
import tariff
A duty levied by a nation on goods bought outside its borders and brought in
International marketing
Developing and performing marketing activities across national boundaries
joint venture
A partnership between a domestic firm and a foreign firm or government
licensing
An alternative to direct investment requiring a licensee to pay commissions or royalties on sales or supplies used in manufacturing
MERCOSUR
An alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in South America
Multinational enterprise
A firm that has operations or subsidiaries in many countries
nafta North America free trade agreement
An alliance that merges Canada, Mexico, and the United States into a single market
Quota
A limit on the amount of goods an importing country will accept for certain product categories in a specific time period
stategic alliance
A partnership formed to create competitive advantage on a worldwide basis
trading company
A company that links buyers and sellers in different countries
World Trade organization WTO
An entity that promotes free trade among member nations by eliminating trade barriers and educating individuals, companies, and governments about trade rules around the world