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67 Cards in this Set

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marketing
a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization
exchange
idea that people give up something to recieve something they would rather have
product orientation
philosophy that focuses on the internal capabilities of the firm rather than the desires
sales orientation
ideas that people will buy more goods and services if aggressive sales techniques are used
marketing concept
idea that the social and economic justification for an organizations existence
market orientation
philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product
social marketing orientation
idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives
customer value
ratio of benefits to the sacrifice necessary to obtain those benefits
customer satisfaction
evaluation of good or service in terms of whether it has met their needs and expectations
relationship marketing
strategy that entails forging longterm partnerships with customers
enpowerment
delegation of authority to solve customers problems quickly
teamwork
collaborative efforts of people to accomplish common objectives
environmental scanning
collection and interpretation of info about forces, events, and relationships that may effect organization
market opportunity analysis
description and estimation of the size and sales potential of market segments of interest to the firm
market strategy
plan that involves selecting one or more target markets, setting market objectives, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target market
marketing mix
unique blend if product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with target market
marketing objective
statement of what is to be accomplished through marketing activities
four P's
product, place, promotion, price
implementation
process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives
evaluation
guaging the extent to which the marketing objectives have been achieved during the specified time period
corporate social responsibility
buisness's concern for societys welfare
sustainability
idea that socially responsible companies will outperform their peers by focusing on worlds social problems
ethics
moral principles or values that generally govern the conduct of an individual
morals
rules people develop as a result of cultural values and norms
code of ethics
guideline to help marketing managers and other employees make better decisions
target market
defined group most likely to buy a firms product
environmental management
whan a company implements strategies that attempt to shape the external environment within which it operates
component lifestyles
practice of choosing goods and services that meet ones diverse needs and interests
demography
study of peoples vital statistics, such as age, race, ethnicity, and location
generation y
people born between 1979-1994
generation x
people born between 1965-1978
baby boomers
people born between 1946-1964
multiculturalism
when all major ethnic groups in an area are roughly equally represented
purchasing power
comparison of income versus the relative cost of a set standard of good and services in different geographic areas
inflation
general rise in price which results in decreased purchasing power
recession
period of economic activity characterized by negative growth, which reduces demands for good and services
basic research
pure research that aims to confirm an existing theory
applied research
attempt to develop ne and improved products
sherman act
1890 makes trusts and conspiracies in restraint of trade illegal
federal trade commission act(FTC)
1914 agency empowered to prevent unfair methods of competition in commerce
consumer product safety commission(CPSC)
federal agency established to protect the health and safety of consumers in and around their homes
Food and Drug Administration(FDA)
federal agency charged with enforcing regulations against selling and distributing hazardous food
global marketing
marketing that targets markets throughout the world
global vision
recognizing and reacting to international marketing opportunities
multinational corporation
company that is heavily engaged in international trade
capital-investive
using more capital than labor in the production process
global marketing standardization
production of uniform products that can be sold the same way all over the world
mercosur
largest latin american trade agreement, includes: argentina, brazil, bolivia, chile, paraguay, and uruguay
uruguay round
agreement to dramatically lower trade barriers worlwide, created WTO
world trade organization(WTO)
organization that replaced the old general agreement on tariffs and trade
general agreement on tariffs and trade(GATT)
agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements
north american free trade agreement(NAFTA)
agreement between canada, US, and mexico that created the worlds largest free trade zone
free trade area of the americas(FTAA)
regional trade agreement that will created a regional trading zone between north and south americas
european union
free trade zone that encompasses 25 european countries
world bank
international bank that offers low-interest loans, advice, and info to developing nations
international monetary fund(IMF)
international organization that acts as a lender of last resort
exporting
selling domestically produced products to buyers in another country
buyer for export
intermediary in the global market who assumes all ownership risks and sells globally for its own account
export broker
intermediary who plays the traditional brokers role by bringing buyer and seller together
export agent
intermediary who acts like a manufacturers agent for the exporter
liscensing
legal process whereby a liscensor agrees to let another firm use its manufacturing process
contract manufacturing
private-label manufacturing by a foreign company
joint venture
when a domestic firm buys part of a foreign country or joins with a foreign company to create a new entity
direct foreign investment
active ownership of a foreign company or of overseas manufacturing or marketing facilities
floating exchange rates
prices of different currencies move up and down based on the demand for and the supply of each country
dumping
sale of an exported product at a price lower than charged for the same or a liek product in the "home" market of the exporter
countertrade
form of trade in which all or part of a payment for goods or services is in the form of other goods or services