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88 Cards in this Set
- Front
- Back
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AMA definition of marketing
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The activity, set of institutions, and processes for creating, communicating, and delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Customer satisfaction
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customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations
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market orientation
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a philosophy that assumes a sale does not depend on an aggressive sales force but rather on a customer/s decision to purchase product; it is synonymous with the marketing concept.
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relationship marketing
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a strategy that focuses on keeping and improving relationships with current customers
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customer value marketing
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the relationship between benefits and the sacrifice necessary to obtain those benefits
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sales orientation
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the ideas 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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empowerment marketing concept
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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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societal marketing orientation
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the idea that an organization 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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exchange
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people giving 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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teamwork
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collaborative efforts of ppl to accomplish common objectives.
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marketing mix
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product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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SWOT Analysis
4 P’s |
Strengths
Weaknesses Opportunities Threats |
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marketing myopia
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defining a business in terms of goods and services rather than in terms of the benefits customers seek
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marketing objective
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a statement of what is to be accomplished through marketing activities
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marketing plan
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designing activities relating to marketing objectives and the changing market environment.
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competitive advantage
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a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
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strategic planning
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the managerial process of creating and maintaining a fit between the organizations objectives and resources and the evolving market opportunities
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sustainable competitive advantage
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an advantage that cannot be copied by the competition
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marketing strategy
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the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets
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mission statement
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A statement of the firms business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.
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implementation
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the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives
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environmental scanning
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collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
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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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corporate social responsibility
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a business's concern for societies welfare
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Ethics
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the moral principles or values that generally govern the conduct of an individual or a group
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Green marketing
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strategy- products minimize negative effects on the physical environment or to improve the environment
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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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Sustainability
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the idea that socially responsible companies will outperform their peers by focusing on the worlds social problems and viewing them as opportunities to build profits and help the world at the same time.
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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
buy: computers, cars, homes, mp3 players, cell phones, dvds, sneakers they are impatient family oriented inquisitive opinionated diverse connected...etc. |
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Baby Boomers
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1946-1964
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Tweens
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ages 8 to 14
largest group? |
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Generation X
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born between 1965-1978
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Food and Drug Administration
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federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded or hazardous food and drug products
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Target market
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defined group most likely to buy a firms product
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Consumer Product Safety Commision
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federal agency established to protect the health and safety of consumers in and around their homes
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component lifestyles
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the practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle
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Export broker
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intermediary that plays the traditional broker's role by bringing buyer and seller together
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Federal Trade Commission
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a federal agency empowered to prevent persons or corporation from using unfair methods of competition in commerce
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Job outsourcing
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sending u.s. jobs abroad
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(WTO)
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Trade organization that replaced the old General agreement of Tariffs and Trade
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(GATT)
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a trade agreement that contained loopholes that enables countries to avoid trade-barrier reduction agreements
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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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Multinational corporation
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a company that is heavily engaged in international trade, beyond exporting and importing.
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European Union (EU)
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a free trade agreement insituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the U.S.
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(NAFTA)
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agreement between the U.S. Canada and Mexico that created the world's largest free trade zone
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Global marketing
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targets markets throughout the world
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Export agent
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an intermediary that acts like a manufacturers agent for the exporter; the export agent lives in the foreign market
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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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Job outsourcing
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sending u.s. jobs abroad
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(WTO)
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Trade organization that replaced the old General agreement of Tariffs and Trade
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(GATT)
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a trade agreement that contained loopholes that enables countries to avoid trade-barrier reduction agreements
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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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Multinational corporation
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a company that is heavily engaged in international trade, beyond exporting and importing.
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European Union (EU)
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a free trade agreement insituted in 2005, that includes Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and the U.S.
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(NAFTA)
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agreement between the U.S. Canada and Mexico that created the world's largest free trade zone
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Global marketing
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targets markets throughout the world
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Export agent
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an intermediary that acts like a manufacturers agent for the exporter; the export agent lives in the foreign market
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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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Buyer for export
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an intermediary in the global market that assumes all ownership risks and sells globally for its own account
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Uruguay Round
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an agreement to dramatically lower trade barriers worldwide; created the world trade organization
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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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Mercosur
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the largest Latin American trade agreement; Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay
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Floating exchange rate
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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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Business Marketing
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the marketing of goods services to individuals and organizations for purposes other than personal consumption
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Business- to- business electronic commerce
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the use of the internet to facilitate the exchange of goods and services and info between organizations
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Stickiness
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a measure of a Web site's effectiveness; calculated by multiplying the frequency of visits times the duration of a visits times the number of pages viewed during each visit.
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Raw materials
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unprocessed extractive of agricultural products such as mineral ore, lumber, wheat, veggies, fish etc.
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Component parts
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either finished items ready for assembly or products that need very little processing before becoming part of some other product
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Component parts
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either finished items ready for assembly or products that need very little processing before becoming part of some other product
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Processed materials
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products used directly in manufacturing other products
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Supplies
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consumable items that do not become part of the final product
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Reciprocity
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a practice where business purchasers choose to buy from their own customers
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Benefit segmentation
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the process of grouping customers into market segments according to the benefits they seek from the product
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Cannibalization
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a situation that occurs when sales of a new product cut into sales of a firm's existing products
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Geodemographic segmentation
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segmenting potential customers into neighborhood lifestyle categories
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Niche
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one segment of a market
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80/20 principal
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a principle holding that 20 percent of all customers generate 80 percent of the demand
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One-to-one marketing
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an individualized marketing method that utilizes customer info to build long-term, personalized and profitable relationships with each customer
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Demographic segmentation
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segmenting markets by age, gender, income, ethnic background, and family life cycle
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Geographic segmentation
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segmenting markets by region of a country or the world, market size, market density, or climate
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Market segment
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A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
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Market segmentation
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the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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Psychographic segmentation
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market segmentation on the basis of personality, motives, lifestyles, and geodemographics
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Product differentiation
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a positioning strategy that some firms use to distinguish their products from those of competitors
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Repositioning
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changing consumers' perceptions of a brand in relation to competing brands.
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Target market
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a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group resulting in mutually satisfying exchanges
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