Marketing Chapter 1-3

Front 1

marketing

Back 1

a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization

Front 2

exchange

Back 2

idea that people give up something to recieve something they would rather have

Front 3

product orientation

Back 3

philosophy that focuses on the internal capabilities of the firm rather than the desires

Front 4

sales orientation

Back 4

ideas that people will buy more goods and services if aggressive sales techniques are used

Front 5

marketing concept

Back 5

idea that the social and economic justification for an organizations existence

Front 6

market orientation

Back 6

philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product

Front 7

social marketing orientation

Back 7

idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives

Front 8

customer value

Back 8

ratio of benefits to the sacrifice necessary to obtain those benefits

Front 9

customer satisfaction

Back 9

evaluation of good or service in terms of whether it has met their needs and expectations

Front 10

relationship marketing

Back 10

strategy that entails forging longterm partnerships with customers

Front 11

enpowerment

Back 11

delegation of authority to solve customers problems quickly

Front 12

teamwork

Back 12

collaborative efforts of people to accomplish common objectives

Front 13

environmental scanning

Back 13

collection and interpretation of info about forces, events, and relationships that may effect organization

Front 14

market opportunity analysis

Back 14

description and estimation of the size and sales potential of market segments of interest to the firm

Front 15

market strategy

Back 15

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

Front 16

marketing mix

Back 16

unique blend if product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with target market

Front 17

marketing objective

Back 17

statement of what is to be accomplished through marketing activities

Front 18

four P's

Back 18

product, place, promotion, price

Front 19

implementation

Back 19

process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives

Front 20

evaluation

Back 20

guaging the extent to which the marketing objectives have been achieved during the specified time period

Front 21

corporate social responsibility

Back 21

buisness's concern for societys welfare

Front 22

sustainability

Back 22

idea that socially responsible companies will outperform their peers by focusing on worlds social problems

Front 23

ethics

Back 23

moral principles or values that generally govern the conduct of an individual

Front 24

morals

Back 24

rules people develop as a result of cultural values and norms

Front 25

code of ethics

Back 25

guideline to help marketing managers and other employees make better decisions

Front 26

target market

Back 26

defined group most likely to buy a firms product

Front 27

environmental management

Back 27

whan a company implements strategies that attempt to shape the external environment within which it operates

Front 28

component lifestyles

Back 28

practice of choosing goods and services that meet ones diverse needs and interests

Front 29

demography

Back 29

study of peoples vital statistics, such as age, race, ethnicity, and location

Front 30

generation y

Back 30

people born between 1979-1994

Front 31

generation x

Back 31

people born between 1965-1978

Front 32

baby boomers

Back 32

people born between 1946-1964

Front 33

multiculturalism

Back 33

when all major ethnic groups in an area are roughly equally represented

Front 34

purchasing power

Back 34

comparison of income versus the relative cost of a set standard of good and services in different geographic areas

Front 35

inflation

Back 35

general rise in price which results in decreased purchasing power

Front 36

recession

Back 36

period of economic activity characterized by negative growth, which reduces demands for good and services

Front 37

basic research

Back 37

pure research that aims to confirm an existing theory

Front 38

applied research

Back 38

attempt to develop ne and improved products

Front 39

sherman act

Back 39

1890 makes trusts and conspiracies in restraint of trade illegal

Front 40

federal trade commission act(FTC)

Back 40

1914 agency empowered to prevent unfair methods of competition in commerce

Front 41

consumer product safety commission(CPSC)

Back 41

federal agency established to protect the health and safety of consumers in and around their homes

Front 42

Food and Drug Administration(FDA)

Back 42

federal agency charged with enforcing regulations against selling and distributing hazardous food

Front 43

global marketing

Back 43

marketing that targets markets throughout the world

Front 44

global vision

Back 44

recognizing and reacting to international marketing opportunities

Front 45

multinational corporation

Back 45

company that is heavily engaged in international trade

Front 46

capital-investive

Back 46

using more capital than labor in the production process

Front 47

global marketing standardization

Back 47

production of uniform products that can be sold the same way all over the world

Front 48

mercosur

Back 48

largest latin american trade agreement, includes: argentina, brazil, bolivia, chile, paraguay, and uruguay

Front 49

uruguay round

Back 49

agreement to dramatically lower trade barriers worlwide, created WTO

Front 50

world trade organization(WTO)

Back 50

organization that replaced the old general agreement on tariffs and trade

Front 51

general agreement on tariffs and trade(GATT)

Back 51

agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements

Front 52

north american free trade agreement(NAFTA)

Back 52

agreement between canada, US, and mexico that created the worlds largest free trade zone

Front 53

free trade area of the americas(FTAA)

Back 53

regional trade agreement that will created a regional trading zone between north and south americas

Front 54

european union

Back 54

free trade zone that encompasses 25 european countries

Front 55

world bank

Back 55

international bank that offers low-interest loans, advice, and info to developing nations

Front 56

international monetary fund(IMF)

Back 56

international organization that acts as a lender of last resort

Front 57

exporting

Back 57

selling domestically produced products to buyers in another country

Front 58

buyer for export

Back 58

intermediary in the global market who assumes all ownership risks and sells globally for its own account

Front 59

export broker

Back 59

intermediary who plays the traditional brokers role by bringing buyer and seller together

Front 60

export agent

Back 60

intermediary who acts like a manufacturers agent for the exporter

Front 61

liscensing

Back 61

legal process whereby a liscensor agrees to let another firm use its manufacturing process

Front 62

contract manufacturing

Back 62

private-label manufacturing by a foreign company

Front 63

joint venture

Back 63

when a domestic firm buys part of a foreign country or joins with a foreign company to create a new entity

Front 64

direct foreign investment

Back 64

active ownership of a foreign company or of overseas manufacturing or marketing facilities

Front 65

floating exchange rates

Back 65

prices of different currencies move up and down based on the demand for and the supply of each country

Front 66

dumping

Back 66

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

Front 67

countertrade

Back 67

form of trade in which all or part of a payment for goods or services is in the form of other goods or services