Section 1

Front 1

A firm's responses to the surrounding environment, while continuing to capitalize on differential advantages, including looking for new opportunities and responding to threats.

Back 1

adaptation

Front 2

Earliest use of the exchange process. With barter, people trade one resource for another.

Back 2

barter era

Front 3

Refers to the attributes and needs of final consumers, industrial consumers, wholesalers and retailers, government institutions, international markets, and nonprofit institutions.

Back 3

consumer demand

Front 4

Decision elements internally directed by an organization and its marketers. Some of these factors are directed by top management; others are directed by marketers.

Back 4

controllable factors

Front 5

A firm's name (and/or divisional names), logos, and trade characters. They are significant parts of an overall company image.

Back 5

corporate culture

Front 6

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.

Back 6

customer satisfaction

Front 7

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.

Back 7

customer service

Front 8

The unique features in a firm's marketing program that cause consumers to patronize that firm and not its competitors.

Back 8

differential advantages

Front 9

When companies give their workers broad leeway to satisfy customer requests. Employees are encouraged and rewarded for showing initiative and imagination.

Back 9

empowering employees

Front 10

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.

Back 10

exchange

Front 11

The total annual value of goods and services produced in a country less net foreign investment.

Back 11

Gross Domestic Product (GDP)

Front 12

Communication vehicles not controlled by a firm; yet, they influence government, consumer, and publics' perceptions of that firm's products and overall image.

Back 12

independent media

Front 13

Refers to the general goods/service category, functions, geographic coverage, type of ownership, and specific business of a firm.

Back 13

line of business

Front 14

Encompasses the broad demographic, societal, economic, political, technological, and other forces that an organization faces.

Back 14

macroenvironment

Front 15

Involves subdividing a market into clear subsets of customers that act in the same way or that have comparable needs.

Back 15

market segmentation

Front 16

The anticipation, management, and satisfaction of demand through the exchange process.

Back 16

marketing

Front 17

A consumer-oriented, market-driven, value-based, integrated, goal-oriented philosophy for a firm, institution, or person.

Back 17

marketing concept

Front 18

Stage during which the marketing department shares in company decisions but remains in a subordinate position to the production, engineering, and sales departments.

Back 18

marketing department era

Front 19

Consists of controllable factors, uncontrollable factors, the organization's level of success or failure in reaching its objectives, feedback, and adaptation.

Back 19

marketing environment

Front 20

Include environmental analysis and marketing research, broadening scope of marketing, consumer analysis, product planning, distribution planning, promotion planning, price planning, and marketing management.

Back 20

marketing functions

Front 21

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.

Back 21

marketing mix

Front 22

A shortsighted, narrow-minded view of marketing and its environment.

Back 22

marketing myopia

Front 23

The structural arrangement that directs marketing functions. It outlines authority, responsibility, and tasks to be done.

Back 23

marketing organization

Front 24

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.

Back 24

marketing performers

Front 25

Outlines the way in which the marketing mix is used to attract and satisfy the target market(s) and achieve an organization's goals.

Back 25

marketing strategy

Front 26

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.

Back 26

microenvironment

Front 27

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.

Back 27

monopolistic competition

Front 28

A situation in which just one firm sells a given good or service and has a lot of control over its marketing plan.

Back 28

monopoly

Front 29

A situation in which a few firms–usually large ones–account for most industry sales and would like to engage in nonprice competition.

Back 29

oligopoly

Front 30

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.

Back 30

production era

Front 31

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.

Back 31

publics' demand

Front 32

A situation in which many firms sell virtually identical goods or services and they are unable to create differential advantages.

Back 32

pure competition

Front 33

Exists when marketing activities are performed with the conscious intention of developing and managing long-term, trusting relationships with customers.

Back 33

relationship marketing

Front 34

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.

Back 34

sales era

Front 35

The particular group(s) of customers a firm proposes to serve, or whose needs it proposes to satisfy, with a particular marketing program.

Back 35

target market

Front 36

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.

Back 36

uncontrollable factors

Front 37

never exchange for a lesser value
never pay more for something then its worth
never buy something you don't want

Back 37

rule of exchange

Front 38

regulations change, rules change

Back 38

regulatory environment

Front 39

interpretations of the law

Back 39

legal environment

Front 40

marketing departments to marketing businesses

Back 40

marketing era

Front 41

changes in society, women working, liberal vs conservative

Back 41

social environment

Front 42

relationships between entities

Back 42

politcal environment

Front 43

constant change in every industry, use it for the good of the customer

Back 43

technological environment

Front 44

always changing, uncontrollable factor

Back 44

dynamic environment