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107 Cards in this Set

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  • Back
Marketing
the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Exchange
people give up something to receive something they would rather have.
Production Orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
Sales Orientation
The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Customer Satisfaction
The feeling that a product has met or exceeded the customer’s expectations.
Customer Value
The ratio of benefits to the sacrifice necessary to obtain those benefits.
Market Orientation
Philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product.
Relationship Marketing
A strategy that entails forging long-term partnerships with
customers.
Societal Marketing Orientation
The idea that an organization exists not only to satisfy customer wants/needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests.
Competitive Advantage
The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
Diversification
A strategy of increasing sales by introducing new products into new markets.
Environmental Scanning
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
Four Ps
Product, place, promotion, and price, which together make up the marketing mix.
Market Development
Attracting new customers to existing products.
Market penetration
A marketing strategy that tries to increase market share among existing customers.
Marketing plan
A written document that acts as a guidebook of marketing activities for the marketing manager.
Mission Statement
The firm’s long-term vision based on a careful analysis of benefits sought by present and potential customers and analysis of existing and anticipated environmental conditions.
Product development
Marketing strategy that entails the creation of new products for present markets; process of converting applications for new technologies into marketable products.
Strategic planning
The managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities.
Sustainable competitive advantage
A differential advantage that cannot be copied by the competition.
SWOT analysis
One that identifies internal strengths (S) and weaknesses (W) and also examines external opportunities (O) and threats (T).
Applied Research
Attempts to develop new or improved products.
Basic research
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
Component lifestyles
Practice of choosing goods/services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.
Consumer Product Safety Commission (CPSC)
A federal agency established to protect the health and safety of consumers in and around their homes.
Corporate social responsibility
Business’s concern for society’s welfare
Demography
The study of people’s vital statistics, such as their age, race and ethnicity, and location
Ethics
The moral principles or values that generally govern the conduct of an individual.
Federal Trade Commission (FTC)
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
Inflation
A general rise in prices without a corresponding increase in wages, which results in decreased purchasing power.
Morals
The rules people develop as a result of cultural values and norms.
Multiculturalism
A situation in which all major ethnic groups in an area-such as a city, county, or census tract-are roughly equally represented
Poverty of time
Lack of time to do anything but work, commute to work, handle family situations, do housework, shop, sleep, and eat
Recession
A period of economic activity when income, production, and employment tend to fall0all of which reduce demand for goods and services
Target Market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
Value
strongly held and enduring belief
Culture
underlies the family, the educational system, religion, and the social class system
Contract manufacturing
Private label manufacturing by a foreign company
Countertrade
A form of trade in which all or part of the payment for goods/services is in the form of other goods/services
Direct foreign investment
Active ownership of a foreign company or of overseas manufacturing or marketing facilities
Dumping
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
Exporting
Selling domestically produced products to buyers in another country.
Global marketing
Marketing to target markets throughout the world.
Global marketing standardization
Production of uniform products that can be sold the same way all over the world.
Joint venture
A venture in which a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity.
Licensing
The legal process whereby a licensor aggress to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.
Multinational corporation
A company that is heavily engaged in international trade, beyond exporting and importing
North American Free Trade Agreement (NAFTA)
An agreement between Canada, the United States, and Mexico that created the world’s largest free-trade zone.
Uruguay Round
An agreement to dramatically lower trade barriers worldwide.
Tariff
a tax levied on the goods entering a country
Quota
a limit on the amount of a specific product that can enter a country.
Boycott
the exclusion of all products from certain countries or companies.
Exchange control
a law compelling a company earning foreign exchange from its exports to sell it to a control agency, usually a central bank.
Market grouping
also known as a common trade alliance; occurs when several countries agree to work together to form a common trade area that enhances trade opportunities.
Trade agreement
an agreement to stimulate international trade
Attitude
Learned tendency to respond consistently toward a given object.
Belief
Organized pattern of knowledge that an individual holds as true about his or her world.
Cognitive dissonance
Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions
Consumer behavior
Processes a consumer uses to make purchase decisions as well as to use and dispose of purchased goods/services; also includes factors that influence purchase decisions and the use of products.
Consumer decision-making process
A five step process used by consumers when buying goods/services.
Culture
Set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.
Evoked set (consideration set)
Group of brands, resulting from an information search, from which a buyer can choose.
Extensive decision making
Most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluation options and much time for seeking information
External Information Search
Process of seeking information in the outside environment.
Internal information search
Process of recalling past information stored in the memory.
Involvement
Amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior.
Learning
Process that creates changes in behavior, immediate or expected, through experience and practice.
Lifestyle
Mode of living as identified by a person’s activities, interests, and opinions.
Limited decision making
Type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category.
Marketing-controlled information source
Product information source that originates with marketers promoting the product.
Maslow’s hierarchy of needs
Method of classifying human needs and motivations into five categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization.
Need recognition
Result of an imbalance between actual and desired states.
Nonmarketing-controlled information source
Product information source that is not associated with advertising or promotion.
Norm
Value or attitude deemed acceptable by a group
Opinion leader
Individual who influences the opinions of others
Perception
Process by which people select, organize, and interpret stimuli into a meaningful and coherent picture
Reference group
Group in society that influences an individual’s purchasing behavior.
Routine response behavior
Type of decision making exhibited by consumers buying frequently purchased, low-cost goods/services; requires little search and decision time.
Self-concept
How a consumer perceived himself/herself in terms of attitudes, perceptions, beliefs, and self-evaluations
Social class
Group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
Subculture
Homogeneous group of people who share elements of the overall culture as ell as unique elements of their own group
Value
Enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct
Accessory equipment
Goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment
Business marketing
The marketing of goods/services to individuals and organizations for purposes other than personal consumption
Business services
Expense items that do not be come part of a final product
Buying center
All those persons in an organization who become involved in the purchase decision
Component parts
Either finished items ready for assembly or products that need very little processing before becoming part of some other product.
Derived demand
The demand for business products
Keiretsu
A network of interlocking corporate affiliates
Major equipment (installations)
Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings.
Modified rebuy
Situation in which the purchaser wants some change in the original good/service.
New buy
A situation requiring the purchase of a product for the first time.
North American Industry Classification System (NAICS)
A detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes.
Processed materials
Products used directly in manufacturing other products.
Raw materials
Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish.
Straight rebuy
Buying situation in which the purchaser reorders the same goods/services without looking for new information or investigating other suppliers.
Strategic alliance (strategic partnership)
A cooperative agreement between business firms.
Supplies
Consumable items that do not become part of the final product.
Producers
includes profit-oriented individuals and organizations that use purchased goods/services to produce other products, to incorporate into other products, or to facilitate the daily operations of the organizations. (i.e. construction, manufacturing, transportation, finance, real estate, and food service firms).
Resellers
includes retail and wholesale businesses that buy finished goods and resell them for a profit.
Governments
include thousands of federal, state, and local buying units. Put up for bid.
Initiator
the person who first suggests making a purchase
Influencers/evaluators
people who influence the buying decision
Gatekeepers
group members who regulate the flow of information
Decider
the person who has the formal or informal power to choose or approve the selection of the supplier or brand.
Purchaser
the person who actually negotiates the purchase.
Users
members of the organization who will actually use the product.