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42 Cards in this Set

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  • Back
What is consumer satisfaction?
The feeling that a product has met or exceeded the customer's expectations.
What is customer value?
The ratio of benefits to the sacrifice neccessary to obtain those benefits.
What is empowerment?
Delegation of authority to solve customers' problems quickly - usually by the first person that the customer notifies regarding a problem
What is environmental scanning?
The collection and interpretation of information about forces, events, and relationships that may affect the future of an organization.
What is evaluation?
Gauging the extent to which the marketing objectives have been achieved during the specified time period.
What is exchange?
The idea that people give up something to recieve something they would rather have.
What are the four Ps?
Product decisions, distribution (or place) decisions, promotion decisions, and pricing decisions, which together make up the marketing mix
What is implementation?
The process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plans' objectives.
What is makret opportunity analysis?
A description and estimation of the size and sales potential of market segments of interest to a firm and assessment of key competitors in these market segments.
What is market orientation?
A philosophy that assumes that a sale does not depend on an agressive sales force but rather on a suctomer's decision to purchase a product.
What is 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 goods.
What is marketing concept?
The idea that the social and economic justification for an organization's existence is that satisfaction of customer ewants and needs while meeting organizational objectives.
What is marketing mix?
A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
What is marketing objective?
A statement of what is to be accomplished through marketing activities.
What is marketing strategy?
A plan that involves selecting one or more target markets, setting marketing objectives, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets.
What is production orientation?
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
What is relationship marketing?
A strategy that entails forging long-term partnerships with customers.
What is sales orientation?
The idea that people will buy more goods and servies if aggressive sales techniques are used and that high sales result in high profits.
What is societal marketing orientation?
The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests.
What is teamwork?
Collaborative efforts of people to accomplish common objectives.
What is ethics?
The moral principles or values that generally govern the conduct of an indivdual.
What is morals?
The rules people develop as a result of cultural values and norms.
What is code of ethics?
A guideline to help marketing managers and other employees make better decisions.
What is corporate social responsibility?
Business's concern for society's welfare.
What is pyramid of corporate social responsibility?
A model tha suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure.
What is tarket market?
A defined group most liekly to buy a firm's product.
What is environmental management?
When a company implements strategies that attempt to shape the external environment within which it operates.
What is poverty of time?
A lack of time to do anything but work, commute to work, handle family situations, do housework, shop, sleep, and eat.
What is component lifestyles?
The practice of choosing goods and servies that meet one's diverse needs adn interests rather than comforming to a single, traditional lifestyle.
What is demography?
The study of people's vital statistices, such as their age, race and ethnicity, and location.
What is Generation Y?
People born between 1979 and 1994.
What is Generation X?
People born between 1965 and 1978.
What is baby boomers?
People born between 1946-1964.
What is Personalized economy?
Delivering customized goods and servies at a good value on demand.
What is multiculturalism?
Whena all major ethnic groups in an area - such as a city, county, or census tract - are roughly equally represented
What is inflation?
A general rise in prices without a corresponding increase in wages, which results in decreased purchasing power.
What is recession?
A period of economic activity when income, production, and employment tend to fall - all of which reduce demand for goods and servies.
What is basic research?
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
What is applied research?
An attempt to develop new or improved products.
What is Consumer Product Safety Commission (CPSC)?
A federal agency established to protect the health and safety of consumers in and around their homes.
What is Federal Trade Comission (FTC)?
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
What is Food and Drug Administration (FDA)?
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.