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67 Cards in this Set
- Front
- Back
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Exchange
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The idea that people give up something to receive something they would rather have
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Production orientation
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A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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Sales orientation
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The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
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Customer value
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The ratio of benefits to the sacrifice necessary to obtain those benefits
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Customer satisfaction
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Customers' evaluation of a good or service in terms of whether it has met their needs and expectaions
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Relationship marketing
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A strategy that entails forging long-term partnerships with customers.
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Empowerment
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Delegation of authority to solve customers' problems quickly-usually by the first person that the customer notifies regarding the problem.
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Teamwork
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Collaborative efforts of people to accomplish common objectives.
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Environmental scanning
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The collection and interpretation of info about forces, events, and relationships that may affect the future of an org.
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Market opportunity analysis
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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
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Marketing strategy
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A plan that involves selecting one or more target markets, setting marketing objs, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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Marketing mix
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A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
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Marketing objective
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A statement of what is to be accomplished thru marketing activites.
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Four Ps
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Product decisions, distribution (or place) decisions, promotion decisions, and pricing decisions, which together make up the marketing mix.
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Implementation
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The process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plans' 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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Corporate social responsibility
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Business's concern for society's welfare.
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Sustainability
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The idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time.
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Pyramid of corporate social responsibility
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A model that suggest corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure.
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Ethics
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The moral principles or values that generally govern the conduct of an individual.
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Morals
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The rules people develop as a result of cultural values and norms.
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Code of ethics
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A guideline to help marketing managers and other employees make better decisions.
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Target market
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A define group most likely to buy a firm's product.
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Environmental management
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When a company implements strategies that attempt to shape the external environment within which it operates.
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Component lifestyles
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The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
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Demography
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The study of people's vital statistics, such as their age, race and ethnicity, and location.
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Generation Y
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People born between 1979 and 1994.
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Generation X
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People born between 1965 and 1978.
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Baby boomer
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People born between 1956 and 1964.
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Multiculturalism
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When all major ethnic groups in an area-such as a city, county, or census tract-are roughly equally represented.
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Purchasing power
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A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas.
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Inflation
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A general rise in prices, often accompanied by a lack of increase in wages, which results in decreased purchasing power.
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Recession
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A period of economic activity characterized by negative growth, which reduces demand for goods and services.
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Basic research
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Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
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Applied research
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An attempt to develop new or improved products.
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Consumer Product Safety Commission (CPSC)
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A federal agency established to protect the health and safety of consumers in and around their homes.
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Federal Trade Commission (FTC)
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A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
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Food and Drug Administration (FDA)
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A federal agency charged with enforcing regulation against selling and distributing adulterated, misbranded, or hazardous food and drug products.
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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, being aware of threats from foreign competitors in all markets, and effectively using international distribution networks.
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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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Mercosur
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The largest Latin American trade agreement, which includes Argentina, Bolivia, Brazil, Chile, Paraguay, and Uruguay.
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Uruguay Round
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An agreement to dramatically lower trade barriers worldwide; created the World Trade Organizations.
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World Trade Organization
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A trade org that replaced the old General Agreement on Tariffs and Trade (GATT)
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General Agreement on Tariffs and Trade (GATT)
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A trade agreement that contained loopholes that enabled countries to avoid trade-barrier reduction agreements.
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North American Free Trade Agreement (NAFTA)
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An agreement between Canada, the US, and Mexico that created the world's largest free trade zone.
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Free Trade Area of the Americas (FTAA)
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A regional trade agreement that, when signed, will create a regional trading zone encompassing 34 countries in North and South America.
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European Union
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A free trade zone that encompasses 25 European countries. It aspires to created a unified European market.
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World Bank
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An international bank that offers low-interest loans, advice, and info to developing nations.
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Internal Monetary Fund (IMF)
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An international org 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 who assumes all ownership risks and sells globally for its own account.
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Export broker
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An intermediary who plays the traditional broker's role by bringing buyer and seller together.
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Export agent
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An intermediary who 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 agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge.
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Contract 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 the 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 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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Marketing
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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing concept
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The idea that the social and economic justification for an organization's existence is the satisfaction of customers wants and needs while meeting organizational objectives.
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Market orientation
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A 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. It is synonymous with the marketing concept.
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Social marketing orientation
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The idea that an org 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.
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