Mkt Vocabulary

Front 1

Marketing Environment

Back 1

Encompasses the marketing team within an organization and includes all the outside factors of marketing the affect the team's ability to develop and maintain successful customer relationships with their targeted customer group.

Front 2

Ethics

Back 2

refers to a set of principles or rules for correct conduct

Front 3

Social responsibility

Back 3

requires that you must actively seek to improve the lot of others. The idea that companies should manage their businesses not just to earn profits but to advance the well-being of society

Front 4

Environmental scanning

Back 4

careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

Front 5

Consumer behavior

Back 5

considers the many reasons why - personal, situational, psychological, and social - people shop for products, buy and use them, and then dispose of them.

Front 6

Consumer Problem-solving

Back 6

5 step problem-solving process 1)becoming aware-or interested in-the problem. 2) recalling and gathering information about possible solutions. 3) Evaluating alternative solutions. 4) Deciding on the appropriate solution and 5) Evaluating

Front 7

Consumer Decision-making

Back 7

Process by which 1) consumers identify their needs 2) collect information 3) evaluate alternatives and 4) make the purchase decision. These actions are determined by psychological and economical factors, and are influenced by environmental factors such as cultural, group, and social values.

Front 8

Consumer Purchase decisions

Back 8

Six states to the consumer buying decision 1) problem recognition 2) information search 3) evaluation of alternatives 4) Purchase decision 5) Purchase and 6) Post Purchase Evaluation

Front 9

Sales Orientation

Back 9

a business approach or philosophy that focuses on promoting sales of whatever a company makes or supplies, through marketing and sales calls.

Front 10

Market Orientation

Back 10

a company philosophy focused on discovering and meeting the needs and desires of its customers through its product mix. Attempts to tailor products to meet the demands of customers.

Front 11

Marketing Myopia

Back 11

an organization does not have an accurate understanding of the business they are in.

Front 12

Marketing Position

Back 12

An effort to influence consumer perception of a brand or product relative to the perception of competing brands or products. Its objective is to occupy a clear, unique and advantageous position in the consumer's mind.

Front 13

Market Research

Back 13

the process of collecting, analyzing and reporting marketing information that can be used to answer questions or solve problems as to improve a company's bottom line.

Front 14

Marketing Strategies

Back 14

the means to the ends, or what a firm's going to do to meet its objectives. They help organizations establish and maintain a competitive advantage that competitors cannot imitate easily.

Front 15

Porter's 5 Forces Model

Back 15

1. Supplier Power: assess how easy it is for suppliers to drive up prices. 2. Buyer Power: how easy it is for buyers to drive prices down. 3. Competitive Rivalry: # and capability of competitors 4. Threat of Substitution and 5. Threat of New Entry

Front 16

Product Development

Back 16

Complete process of bringing a new product to the market.

Front 17

Product Life Cycle

Back 17

The stages the product goes through after development, from introduction to the end of the product.

Front 18

4 P's of Marketing

Back 18

1. Product 2. Promotion 3. Place and 4. Price

Front 19

Supply Chain

Back 19

all the organizations that figure into any part of the process of producing, promoting and delivering an offering to its user. Everyone who is involved in the manufacture, sale, and delivery of goods and services

Front 20

Message channels

Back 20

the way in which a message or messages travel between source and receiver. Spoken channels include face to face conversations, speeches, telephone conversations and voice mail messages, radio, public address systems and voice over internet protocol. Written channels include letters, memos, purchase orders, invoices, newspaper and magazine articles, blogs, e-mail, text messages, tweets and so forth

Front 21

Encoding

Back 21

source or sender translates a message so that it's appropriate for the message channel and shows the benefits and value of the offering

Front 22

decoding

Back 22

the receiver then interprets the message

Front 23

communication barriers

Back 23

obstacles in the workplace that prevent effective exchange of ideas or thoughts. Examples: Status differences, gender differences, cultural differences, prejudices and the organizational environment

Front 24

feedback

Back 24

composed of messages the receiver sends back to the source

Front 25

non-verbal communication

Back 25

the process of conveying a message without the use of words. Gestures and facial expressions, tone of voice, timing, poster and where you stand as you communicate.

Front 26

Knowledge management

Back 26

comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences. Such insights and experiences comprise knowledge, either embodied in individuals or embedded in organizations as processes or practices.