Levens: Marketing; Test 1

Front 1

an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that beneft the organization and its stakeholders

Back 1

Marketing

Front 2

a promise to deliver specific benefits associated with products or services to consumers

Back 2

Brand

Front 3

the financial capacity to buy what one wants

Back 3

Demand

Front 4

a necessity to meet an urgent requirement

Back 4

Need

Front 5

the satisfaction received from owning or consuming a product or service

Back 5

Utility

Front 6

the benefits that exceed the costs of products, services, or other items

Back 6

Value

Front 7

a desire for something that is not essential

Back 7

Want

Front 8

an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value

Back 8

Marketing concept

Front 9

the present value of all profits expected to be earned from a customer over the lifetime of their relationship with a company

Back 9

Customer lifetime value

Front 10

the activities that are used to establish, develop, and maintain customer relationships

Back 10

Customer relationship management (CRM)

Front 11

created when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interaction between the business and consumer

Back 11

Customer relationships

Front 12

reflects a business focus on satisfying unmet consumer needs and wants

Back 12

Consumer orientation

Front 13

reflect a business focus on efficient production and distribution with little emphasis on any marketing strategy

Back 13

Production orientation

Front 14

reflects a business focus on creating value-added relationships with suppliers and consumers

Back 14

Relationship orientation

Front 15

reflects a business focus on advertising and personal selling to create demand and move product inventory

Back 15

Sales orientation

Front 16

the most common classification of a marketing mix

Back 16

4 P's (Name them)

Hint 16

price, place, promotion, product

Front 17

activities that promote and enable transfer of ownership

Back 17

Exchange functions

Front 18

activities that assist in the execution of exchange and physical functions

Back 18

Facilitating functions

Front 19

activities that enable the flow of goods from manufacturer to consumer

Back 19

Physical functions

Front 20

a set of forces, some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers

Back 20

Marketing environment

Front 21

includes those factors that relate to the nature, quantity, and potential actions of competitors

Back 21

Competitive environment

Front 22

characteristics of human population used to identify markets

Back 22

Demographics

Front 23

includes those factors that influence consumer purchase ability and buying behavior

Back 23

Economic environment

Front 24

of a business involves all those activities that occur outside the organizational functions of a business

Back 24

External environment

Front 25

the implementation of marketing practices directed outside the business to create value and to form productive customer relationships

Back 25

External marketing

Front 26

average consumer earnings used to approximate national earnings

Back 26

Income levels

Front 27

of a business involves all those activities that occur within the organizational functions in a business

Back 27

Internal environment

Front 28

the implementation of marketing practices within an organization to communicate organizational policies and practices to employees and internal stakeholders

Back 28

Internal marketing

Front 29

includes those factors that provide rules, and penalties for violations, designed to protect society and consumers from unfair business practices and to protect businesses from unfair competitive practices

Back 29

Legal environment

Front 30

includes societal forces that are essentially uncontrollable and influence the microenvironment of a business

Back 30

Macroenvironment

Front 31

includes those forces close to a company, yet outside its internal environment, that influenced the ability of a business to serve its customers

Back 31

Microenvironment

Front 32

includes all factors that select national leadership, create laws, and provide a process for discourse on a wide range of issues

Back 32

political environment

Front 33

includes factor that relate marketing to the needs and wants of society and culture

Back 33

Social and cultural environment

Front 34

includes factors that influence marketing, based on scientific actions and innovation

Back 34

technological environment

Front 35

the number of unemployed persons divided by the aggregate labor force

Back 35

Unemployment levels

Front 36

include individuals and households that are potential or actual buyers of goods and services that assist in further production only indirectly or incidentally, if at all.

Back 36

Consumer markets

Front 37

products that directly fulfill the desires of consumers and are not intended to assist in the manufacture of other products

Back 37

Consumer products

Front 38

occurs when a consumer purchases a product or service at a price less than the utility of the product or service

Back 38

Consumer's surplus

Front 39

include individuals and organizations that are potential or actual buyers of goods and services that are used in, or in support of, the production of other products or services that are applied to others

Back 39

Business markets

Front 40

involves the sales of products and services from one business to another

Back 40

Business-to-business (B2B)

Front 41

major classifications of business buying situations

Back 41

buyclasses

Front 42

classifies businesses operating in the US, Canada, and Mexico into groups based on their activities

Back 42

North American Industrial Classification System (NAICS)

Front 43

a written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives

Back 43

Business plan

Front 44

the series of steps businesses take to determine how they will achieve their goals

Back 44

planning process

Front 45

a decision process for people and businesses to manage systems to achieve an objective

Back 45

Business planning

Front 46

groups of interacting related parts that perform a specific function

Back 46

systems

Front 47

determines the overall goals of the business and the steps the business will take to achieve these goals

Back 47

strategic planning

Front 48

a statement that identifies the purpose of a business and what makes that business different from others

Back 48

Business mission

Front 49

something that a business attempts to achieve in support of an overarching strategy

Back 49

business objective

Front 50

a statement in a strategic plan that identifies an idealized picture of a future state a business is aiming to achieve

Back 50

business vision

Front 51

products or services with high market share and low market opportunities

Back 51

Cash Cows

Front 52

products or services with low relative market share in a low growth sector

Back 52

Dogs

Front 53

a written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives

Back 53

Business plan

Front 54

the series of steps businesses take to determine how they will achieve their goals

Back 54

planning process

Front 55

a decision process for people and businesses to manage systems to achieve an objective

Back 55

Business planning

Front 56

groups of interacting related parts that perform a specific function

Back 56

systems

Front 57

determines the overall goals of the business and the steps the business will take to achieve these goals

Back 57

strategic planning

Front 58

a statement that identifies the purpose of a business and what makes that business different from others

Back 58

Business mission

Front 59

something that a business attempts to achieve in support of an overarching strategy

Back 59

business objective

Front 60

a statement in a strategic plan that identifies an idealized picture of a future state a business is aiming to achieve

Back 60

business vision

Front 61

products or services with high market share and low market opportunities

Back 61

Cash Cows

Front 62

products or services with low relative market share in a low growth sector

Back 62

Dogs

Front 63

the process a business uses to evaluate the different combinations of products and services that the business offers based its objectives

Back 63

portfolio analysis

Front 64

products or services with low relative market share in a sector with high growth

Back 64

Question marks

Front 65

represent products or services with high growth and high market share

Back 65

Stars

Front 66

the process of developing actions for various functions within a business to support implementing a business's strategic plan

Back 66

tactical planning

Front 67

a management system that relates a business's vision and mission to individual business activities

Back 67

The balanced scorecard

Front 68

the part of business planning devoted to connecting a business to the environment in which that business functions in order to accomplish the business's goals

Back 68

Marketing Planning

Front 69

the comprehensive review and assessment of a business's marketing environment

Back 69

marketing audit

Front 70

a group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market

Back 70

marketing mix

Front 71

something that a marketing function is attempting to achieve in support of a strategic business plan

Back 71

Marketing objective

Front 72

a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives

Back 72

Marketing plan

Front 73

identifies where, how, and when products and services are made available to target consumers

Back 73

place strategy

Front 74

a statement of how a business intends to achieve its marketing objectives

Back 74

Marketing strategy

Front 75

identifies what a business will charge for its products or services

Back 75

pricing strategy

Front 76

identifies the product and service portfolio, including packaging, branding, and warranty for its target market

Back 76

Product strategy

Front 77

identifies how a business communicates product or service benefits and value to its target market

Back 77

promotion strategy

Front 78

the impact on business performance resulting from executing specific marketing activities

Back 78

Return on marketing investment (ROMI)

Front 79

a tool that helps identify business strengths, weaknesses, opportunities, and threats

Back 79

SWOT analysis

Front 80

a group of consumers that a business determines to be the most viable for its products or services

Back 80

Target markets

Front 81

a community, nation, or group that shares common traditions, institutions, activities, and interests

Back 81

Society

Front 82

measures the total dollar value of goods and services a country produces within a given year

Back 82

Gross Domestic Product (GDP)

Front 83

groups of private individuals that monitor the behavior of marketers or governments

Back 83

Nongovernmental organizations (NGOs)

Front 84

the shared values, beliefs, and preferences of a particular society

Back 84

Culture

Front 85

happen when consumers refuse to do business with a company or nation in order to signal their disapproval of its actions and encourage change

Back 85

Boycotts

Front 86

the organized efforts on the part of consumer groups or governments to improve the rights and power of buyers in relation to sellers

Back 86

Consumerism

Front 87

an organized movement of citizens, businesses, and government agencies to protect and improve our living environment

Back 87

Environmentalism

Front 88

refers to marketing efforts to product more environmentally responsible products and services

Back 88

Green marketing

Front 89

foods grown naturally without the use of pesticides or synthetic fertilizers

Back 89

Organic foods

Front 90

rules of conduct or action prescribed by an authority, or the binding customs or practices of a community

Back 90

Laws

Front 91

extravagent statements made in advertising, either explicitly or implicitly, that have no substantiation or reasonable basis in truth

Back 91

exaggerated claims

Front 92

refers to claims of product superiority that cannot be proven true or false

Back 92

Puffery

Front 93

rules or orders issued by an official government agency with proper authority that carries the force of law

Back 93

Regulations

Front 94

refers to a concern for how a person's (or company's) actions might affect the interest of others

Back 94

social responsibility

Front 95

a philosophy that encourages decision makers to take into account the social consequences of their business

Back 95

Corporate social responsibility (CSR)

Front 96

a system of moral principles and values, as well as moral duties or obligations

Back 96

Ethics

Front 97

rules for evaluating marketing decisions and actions based on marketers' duties or obligations to society

Back 97

Marketing ethics

Front 98

asserts that marketing techniques may be employed for more than selling things and making a profit

Back 98

Social marketing concept

Front 99

a term used to describe practices that combine economic growth with careful stewardship of our natural resources and the environment

Back 99

Sustainability

Front 100

includes all marketing activities conducted at an international level by individuals or businesses

Back 100

Global marketing

Front 101

manufacturing firms that a company hires to manufacture products on its behalf

Back 101

contract manufacturers

Front 102

occurs when a firm establishes its own overseas sales branches to export to a foreign country

Back 102

direct exporting

Front 103

occurs when a firm establishes its own foreign-based manufacturing operations and businesses

Back 103

direct investment

Front 104

occurs when a company produces in its home market and then transports its products to other nations for sale

Back 104

Exporting

Front 105

occurs when a company sells the rights to use its brand or processes in a service business

Back 105

franchising

Front 106

occurs when a firm exports its products through intermediaries in a host country

Back 106

indirect exporting

Front 107

the effect of an intermingling of international cultures sharing experiences, news, and commerce

Back 107

Globalization

Front 108

a slang term used to describe the tension between uniform global and customized local business strategies

Back 108

Glocal

Front 109

occurs when a company joins with an investor to buil its own local business

Back 109

Joint ownership

Front 110

refers to the situation in which one company teams with another for the purposes of conducting business and marketing

Back 110

Joint venture

Front 111

the practice of a company receiving fees or royalties from partner firms for the right to use a brand, manufacturing process, or patent

Back 111

Licensing

Front 112

refers to a place, either physical or virtual, where buyers and sellers come together to exchange goods and services

Back 112

Market