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88 Cards in this Set
- Front
- Back
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Service
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the result of applying human or mechanical efforts to people or objects
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intangibility
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the inability of services to be seen, touched, tasted, heard or felt in the same manner that goods can be sensed
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Search Quality
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a characteristic that can be easily assessed before purchase
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Experience Quality
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a characteristic that can be assessed only after use
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Credence Quality
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a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
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Inseparability
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The inability of the production and consumption of a service to be separated; consumers must be present during the production
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Heterogeneity
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the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
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Perishability
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The inability of services to be stored, warehoused or inventorized
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Reliability
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the ability to perform a service dependably, accurately, and consistently
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Responsiveness
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the ability to provide prompt service
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Assurance
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the knowledge and courtesy of employees and their ability to convey trust
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Empathy
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caring, individualized attention to customers
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Tangibles
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the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
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Gap Model
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a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality
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Gap 1
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the gap between what customers want and what management thinks customers want
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Gap 2
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between what management thinks customers want and the quality specifications that management develops to provide service
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Gap 3
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the gap between the service quality specifications and the service that is actually provided
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Gap 4
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between what the company provides and what the customer is told it provides. Clearly a communication gap
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Gap 5
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the gap between the service that customers receive and the service they want
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Core Service
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the most basic benefit the consumer is buying
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Supplementary Services
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a group of services that support or enhance the core service
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Mass Customization
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a strategy that uses technology to deliver customized services on a mass basis
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4 Different Promotion Strategies
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1. Stressing Tangible Cues
2. Using Personal Information Sources 3. Creating a Strong Organizational Image 4. Engaging in Post Purchase Communication |
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Internal Marketing
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treating employees as customers and developing systems and benefits that satisfy their needs
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Strategic Planning
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the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities
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Planning
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the process of anticipating future events and determining strategies to achieve organizational objectives in the future
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Marketing Planning
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designing activities relating to marketing objectives and the changing marketing environment
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Marketing Plan
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a written documentation that acts as a guidebook of marketing activities for the marketing manager
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Mission Statement
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a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions
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Marketing Myopia
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defining a business in terms of goods and services rather than in terms of the benefits customers seek
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Strategic Business Unit
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a subgroup of a single business or collection of related businesses within the larger organization
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SWOT Analysis
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identifying internal strengths and weaknesses and also examining external opportunities and threats
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Environmental Scanning
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collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
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Marketing Objective
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a statement of what is to be accomplished through marketing activities
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Competitive Advantage
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a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
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Cost Competitive Advantage
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being low-cost competitor in an industry while maintaining satisfactory profit margins
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Experience Curves
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curves that show costs declining at a predictable rate as experience with a product increases
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Product/Service Differentiation Competitive Advantage
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provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition's
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Niche Competitive Advantage
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the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
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Sustainable Competitive Advantage
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an advantage that cannot be copied by the competition
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Market Penetration
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a marketing strategy that tries to increase market share among existing customers
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Market Development
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a marketing strategy that entails attracting new customers to existing products
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Product Development
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a marketing strategy that entails the creation of new products for present markets
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Diversification
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a strategy of increasing sales by introducing new products into new markets
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Portfolio Matrix
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a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate
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Star
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In the portfolio matrix, a business unit that is fast growing market leader
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Cash Cow
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in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share
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Problem Child
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portfolio matrix, a business unit that shows rapid growth but poor profit margins
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Dog
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in the portfolio matrix, a business unit that has low growth potential and a small market share
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Marketing Strategy
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activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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Market Opportunity Analysis
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the description and estimation of the size and sales potential of market segments that are of interest to the firm and assessment of key competitors in these market segments
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Marketing Mix
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a unique blend of product, place, promotion, and pricing strategies designed to produce mutually exchanges with a target market
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Four P's
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product, place, promotion, and price, which together make up the marketing mix
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Implementation
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the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives
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Evaluation
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gauging the extent to which the marketing objectives have been achieved during the specified time period
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Control
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provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines
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Marketing Audit
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a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization
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Global Marketing
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marketing that targets markets throughout the world
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Global Vision
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recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
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Job Outsourcing
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sending US jobs abroad
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Multinational Corporation
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a company that is heavily engaged in international trade, beyond exporting and importing
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Capital-Intensive
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using more capital than labor in the production process
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Global Marketing Standardization
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production of uniform products that can be sold the same way all over the world
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Environment Factors in Global Markets
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1. Culture
2. Economic and Technological Development 3. Political Structure and Actions |
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Tariff
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a tax levied on the goods entering a country
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Quota
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a limit on the amount of a specific product that can enter a country
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Boycott
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exclusion of all products from certain countries or companies
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Exchange Control
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a law compelling a company earning foreign exchange from its exports to sell it to a control agency, usually a central bank
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Market Grouping (also known as a common trade alliance)
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occurs when several countries agree to work together to form a common trade area that enhances trade opportunities
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Mercosur
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The largest Latin American trade agreement, includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay
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Uruguay Round
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an agreement to dramatically lower trade barriers worldwide; created the World Trade Organization
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World Trade Organization
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trade organization that replaced the old General Agreement on Tariffs and Trades
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General Agreement on Tariffs and Trade
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a trade agreement that contained loopholes that enables countries to avoid trade-barrier reduction agreements
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North American Free Trade Agreement
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an agreement between Canada, the United States, and Mexico that created the world's largest free trade zone
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Central America Free Trade Agreement
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a trade agreement instituted in 2005, that includes Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the United States
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European Union
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a free trade zone encompassing 27 European countries
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World Bank
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an international bank that offers low interest loans, advice, and information to developing nations
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International Monetary Fund
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an international organization that acts as a lender of last resort, providing loans to troubled nations and also works to promote trade through financial cooperation
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Exporting
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selling domestically produced products to buyers in another country
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Buyer for Export
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an intermediary in the global market that assumes all ownership risks and sells globally for its own account
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Export Broker
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an intermediary that acts like a manufacturer's agent for the exporter; the export agent lives in the foreign market
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Licensing
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the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
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Contact Manufacturing
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private label manufacturing by a foreign company
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Joint Venture
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when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
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Direct Foreign Investment
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active ownership of a foreign company or of overseas manufacturing or marketing facilities
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Floating Exchange Rates
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prices of different currencies move up and down based on demand for and the supply of each currency
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Dumping
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the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter
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Countertrade
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A form of trade in which all or part of the payment for goods or services is in the form of other goods or services
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