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44 Cards in this Set

  • Front
  • Back
A firm's responses to the surrounding environment, while continuing to capitalize on differential advantages, including looking for new opportunities and responding to threats.
Earliest use of the exchange process. With barter, people trade one resource for another.
barter era
Refers to the attributes and needs of final consumers, industrial consumers, wholesalers and retailers, government institutions, international markets, and nonprofit institutions.
consumer demand
Decision elements internally directed by an organization and its marketers. Some of these factors are directed by top management; others are directed by marketers.
controllable factors
A firm's name (and/or divisional names), logos, and trade characters. They are significant parts of an overall company image.
corporate culture
The degree to which there is a match between a customer's expectations of a good or service and the actual performance of that good or service, including customer service.
customer satisfaction
The degree to which there is a match between a customer's expectations of a good or service and the actual performance of that good or service, including customer service.
customer service
The unique features in a firm's marketing program that cause consumers to patronize that firm and not its competitors.
differential advantages
When companies give their workers broad leeway to satisfy customer requests. Employees are encouraged and rewarded for showing initiative and imagination.
empowering employees
The process by which consumers and publics give money, a promise to pay, or support for the offering of a firm, institution, person, place, or idea.
The total annual value of goods and services produced in a country less net foreign investment.
Gross Domestic Product (GDP)
Communication vehicles not controlled by a firm; yet, they influence government, consumer, and publics' perceptions of that firm's products and overall image.
independent media
Refers to the general goods/service category, functions, geographic coverage, type of ownership, and specific business of a firm.
line of business
Encompasses the broad demographic, societal, economic, political, technological, and other forces that an organization faces.
Involves subdividing a market into clear subsets of customers that act in the same way or that have comparable needs.
market segmentation
The anticipation, management, and satisfaction of demand through the exchange process.
A consumer-oriented, market-driven, value-based, integrated, goal-oriented philosophy for a firm, institution, or person.
marketing concept
Stage during which the marketing department shares in company decisions but remains in a subordinate position to the production, engineering, and sales departments.
marketing department era
Consists of controllable factors, uncontrollable factors, the organization's level of success or failure in reaching its objectives, feedback, and adaptation.
marketing environment
Include environmental analysis and marketing research, broadening scope of marketing, consumer analysis, product planning, distribution planning, promotion planning, price planning, and marketing management.
marketing functions
The specific combination of marketing elements used to achieve objectives and satisfy the target market. It encompasses decisions regarding four major variables: product, distribution, promotion, and price.
marketing mix
A shortsighted, narrow-minded view of marketing and its environment.
marketing myopia
The structural arrangement that directs marketing functions. It outlines authority, responsibility, and tasks to be done.
marketing organization
The organizations or individuals that undertake one or more marketing functions. They include manufacturers and service providers, wholesalers, retailers, marketing specialists, and organizational and final consumers.
marketing performers
Outlines the way in which the marketing mix is used to attract and satisfy the target market(s) and achieve an organization's goals.
marketing strategy
Encompasses the forces close to an organization that have a direct impact on its ability to serve customers, including distribution intermediaries, competitors, consumer markets, and the capabilities of the organization itself.
A situation in which there are several firms in an industry, each trying to offer a unique marketing mix–based on price or nonprice factors.
monopolistic competition
A situation in which just one firm sells a given good or service and has a lot of control over its marketing plan.
A situation in which a few firms–usually large ones–account for most industry sales and would like to engage in nonprice competition.
Devotion to physical distribution of products due to high demand and low competition. Consumer research, product modifications, and adapting to consumer needs are not needed.
production era
The attributes and needs of employees, unions, stockholders, the general public, government agencies, consumer groups, and other internal and external forces that affect a company.
publics' demand
A situation in which many firms sell virtually identical goods or services and they are unable to create differential advantages.
pure competition
Exists when marketing activities are performed with the conscious intention of developing and managing long-term, trusting relationships with customers.
relationship marketing
Involves hiring a sales force and sometimes advertising to sell inventory, after production is maximized. The goal is to make consumer desires fit the features of the products offered.
sales era
The particular group(s) of customers a firm proposes to serve, or whose needs it proposes to satisfy, with a particular marketing program.
target market
The external elements affecting an organization's performance that cannot be fully directed by that organization and its marketers. These include consumers, competition, suppliers and distributors, government, the economy, technology, and independent media.
uncontrollable factors
never exchange for a lesser value
never pay more for something then its worth
never buy something you don't want
rule of exchange
regulations change, rules change
regulatory environment
interpretations of the law
legal environment
marketing departments to marketing businesses
marketing era
changes in society, women working, liberal vs conservative
social environment
relationships between entities
politcal environment
constant change in every industry, use it for the good of the customer
technological environment
always changing, uncontrollable factor
dynamic environment