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24 Cards in this Set
- Front
- Back
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value
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the benefits a customer receives from buying a product/service
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value proposition
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a marketplace offering that fairly & accurately sums up the value that customer will realize if he purchases the product/service
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The challenge of marketing is to create an _______ ____ ______
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attractive value proposition
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Not every firm is about creating financial success as well, so value can be perceived differently with _______
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NFP's
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Relationship Marketing (RM)
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process of engaging in cooperative & collaborative activities & programs w/immediate and end-user customers to create/enhance mutual economic values at reduced cost
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Ethical Values we advocate in marketing:
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honesty, responsibility, fairness, respect, openness, citizenship
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The responsibilities pyramid order (bottom to top)
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Economic, legal, ethical, philanthropic
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Monopolistic Competition
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A market situation
in which many firms, each having slightly different products, offer unique consumer benefits. Ex: Athletic shoe manufacturers |
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$560Trends include an _______ _______, more
singles, another ____ ____in underway, and the increasingly multicultural nature of US society. • For example, Hispanics generate nearly ____ _______ in annual buying power. |
Aging America; baby boom; $560 Billion
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Social Profit
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The benefit an org
and society receive from the org’s ethical practices, community service, efforts to promote cultural diversity, and concern for the (minutes) natural environment |
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The three universal virtues
often seen in COC’s are |
honesty, fairness, and openness
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Consumerism
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A
social movement that attempts to protect consumers from harmful business practices. |
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Consumer Bill of
Rights: |
The rights of
consumers to be protected by the federal government. 1. The right to be 2. The right to be informed. 3. The right to be heard. 4. The right to choose freely. |
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Slotting Allowance
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A fee
paid by a manufacturer to a retailer in exchange for agreeing to place products on the retailer’s shelf. |
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Puffery
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Claims made in
advertising of product superiority that cannot be proven true or untrue. |
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Social Responsibility
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A mgt practice in which
orgs seek to engage in activities that have a positive effect on society and promote public good. |
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Green Marketing:
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A marketing
strategy that supports environmental stewardship by creating an environmentally founded differential benefit in the minds of consumers. |
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Cause Marketing:
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Marketing activities
in which firms seek to have their corporate identity linked to a good cause through advertising, public service, and publicity. |
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Counter-trade
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A type of trade in which
goods are paid for with other items instead of cash, i.e., bartering. Countertrade accounts for about 25% of all world trade. |
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Note that under
the Foreign Corrupt Practices Act of 1977, it is illegal for US firms to attempt to make... |
large payments of
bribes to influence policy decisions of foreign govts. |
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Protectionism:
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A policy adopted
by a govt to give domestic companies an advantage. |
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Import Quotas
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Limitations set
by a govt on the amount of a product allowed to enter or leave a country. |
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Embargo
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A quota completely
prohibiting specified goods from entering or leaving a country. |
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Tariffs
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taxes on imported
goods. |
