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Marketing > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

A

Marketing

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2
Q

people giving up something in order to receive something else they would rather have

A

exchange

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3
Q

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

A

product orientation

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4
Q

the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

A

sales orientation

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5
Q

the idea that the social and economic justification for an organization’s existence is the satisfaction of the customer wants and needs while meeting organizational objectives

A

marketing concept

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6
Q

a philosophy that assumes that a sale does not depends on an aggressive sales force but rather on a customer’s decision to purchase a product; it is synonymous with the marketing concept

A

market orientation

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7
Q

delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer’s decision and buying process

A

on-demand marketing

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8
Q

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

A

societal marketing orientation

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9
Q

the relationship between benefits and sacrifice necessary to obtain those benefits

A

customer value

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10
Q

customers’ evaluation of a good or service in terms of whether it has met their needs and expectations

A

customer satisfaction

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11
Q

a strategy that focuses on keeping and improving relationships with current customers

A

relationship marketing

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12
Q

delegation of authority to solve customers’ problems quickly-usually by the first person the customer notifies regarding a problem

A

empowerment

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13
Q

collaborative efforts of people to accomplish common objectives

A

teamwork

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14
Q

a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

A

customer relationship management (CRM)

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15
Q

the managerial process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities

A

strategic planning

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16
Q

a subgroup of a single business or collection of related businesses within the larger organization

A

strategic business unit (SBU)

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17
Q

a marketing strategy that ties to increase market share among existing customers

A

market penetration

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18
Q

a marketing strategy that that entails attracting new customers to existing products

A

market development

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19
Q

aa marketing strategy that entails the creation of new products for present markets

A

product development

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20
Q

a strategy of increasing sales by introducing new products into new markets

A

diversification

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21
Q

a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate

A

portfolio matrix

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22
Q

in the portfolio matrix, a business unit that is a fast-growing market leader

A

star

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23
Q

in the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share

A

cash cow

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24
Q

in the portfolio matrix, a business unit that shows rapid growth but poor profit margins

A

problem child (question mark)

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25
Q

in the portfolio matrix, a business unit that has low growth potential and a small market share

A

dog

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26
Q

the process of anticipating future events and determining strategies to achieve organizational objectives in the future

A

planning

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27
Q

designing activities relating to marketing objectives and the changing marketing environment

A

marketing planning

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28
Q

a written document that acts as a guidebook or marketing activities for the marketing manager

A

marketing plan

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29
Q

a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

A

mission statement

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30
Q

defining a business in terms of goods and services rather than in terms of the benefits customers seek

A

marketing myopia

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31
Q

identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

A

SWOT analysis

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32
Q

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

A

environmental scanning

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33
Q

a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

A

competitive advantage

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34
Q

being the low-cost competitor in an industry while maintaining satisfactory profit margins

A

cost competitive advantage

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35
Q

curves that show costs declining at a predictable rate as experience with a product increases

A

experience curves

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36
Q

the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition

A

product/service differentiation competitive advantage

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37
Q

the advantage achieved when a firm seeks to target and effectively serve a small segment fo the market

A

niche competitive advantage

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38
Q

an advantage that cannot be copied by the compeition

A

sustainable competitive advantage

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39
Q

a statement of what is to be accomplish through marketing activities

A

marketing objective

40
Q

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

A

marketing strategy

41
Q

the description and estimation of the size and sales potential of market segments that are of interest to the firm and assessment of key competitors in these market segments

A

market opportunity analysis (MOA)

42
Q

a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market

A

marketing mix (four P’s)

43
Q

the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan’s objectives

A

implementation

44
Q

gauging the extent to which the marketing objectives have been achieved during the specified time period

A

evaluation

45
Q

provides the mechanisms for evaluating marketing results in light of the plan’s objectives and for correcting actions that do not help the organization reach those objectives within the budget guidelines

A

control

46
Q

a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization

A

marketing audit

47
Q

the moral principles or values that generally govern the conduct of an individual or a group

A

ethics

48
Q

the rules people develop as a result of cultural values and norms

A

morals

49
Q

a guideline to help marketing managers and other employees make better decisions

A

codes of ethics

50
Q

a law that prohibits U.S corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries

A

foreign corrupt practices act (FCPA)

51
Q

a business’s concern for society’s welfare

A

corporate social responsibility (CSR)

52
Q

ethical theory stating that social responsibility if paying attention to the interest of every affected stakeholder in every aspect of a firm’s operation

A

stakeholder theory

53
Q

a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm’s economic performance supports the entire structure

A

pyramid of corporate social responsibility

54
Q

the idea that socially responsible companies will outperform their peers by focusing on the world’s social problems and viewing them as opportunities to build profits and help the world at the same time

A

sustainability

55
Q

the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment

A

green marketing

56
Q

the cooperative marketing efforts between a for-profit firm and a nonprofit organization

A

cause-related marketing

57
Q

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges

A

target market

58
Q

when a company implements strategies that attempt to shape the external environment within which it operates

A

environment management

59
Q

the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle

A

component lifestyles

60
Q

the study of people’s vital statistics, such as age, race and ethnicity, and location

A

demography

61
Q

people born between 1979 and 199

A

millennials

62
Q

people born between 1965 and 1978

A

generation x

63
Q

people born between 1946 and 1964

A

baby boomers

64
Q

a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas

A

purchasing power

65
Q

a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

A

inflation

66
Q

a period of economic activity characterized by negative growth, which reduces demand for goods

A

recession

67
Q

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

A

basic research

68
Q

research that attempts to develop new or improved products

A

applied research

69
Q

marketing that targets markets throughout the world

A

global marketing

70
Q

recognizing and reacting to international marketing opportunities using effective global marketing strategies, and being aware of threats from foreign competitors in all markets

A

global vision

71
Q

the total market value of all final goods and services produced in a country for a given time period

A

gross domestic product (GDP)

72
Q

sending U.S jobs abroad

A

outsourcing

73
Q

returning production jobs to the United States

A

inshoring

74
Q

a company that is heavily engaged in international trade, beyond exporting and importing

A

multinational corporation

75
Q

using more capital than labor in the production process

A

capital intensive

76
Q

production of uniform products that can be sold the same way all over the world

A

global marketing standardization

77
Q

when multinational firms enable individual subsidiaries to compete independently in domestic markets

A

multi domestic strategy

78
Q

a trade agreement to dramatically lower trade barriers worldwide; created the world trade organization

A

uruguay round

79
Q

an agreement between canada, U.S, and mexico that created the world’s then largest free trade zone

A

north american free trade agreement (NAFTA)

80
Q

a trade agreement instituted in 2005 that includes costa rica, the dominican republic, el salvador, guatemala, honduras, nicaragua, and U.S

A

dominican republic-central america free trade agreement (CAFTA_DR)

81
Q

an international bank that offers low-interest loans, advice, and information to developing nations

A

world bank

82
Q

an international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation

A

internation monetary fund (IMF)

83
Q

a forum for international economic development that promotes discussion between industrial and emerging-market countries on key issues related to global economic stability

A

group of twenty (G-20)

84
Q

selling domestically produced products to buyers in other countries

A

exporting

85
Q

an intermediary in the global market assumes all ownership risks and sells globally for its own account

A

buyer for export

86
Q

an intermediary who plays the traditional broker’s role by bringing buyer and seller together

A

export broker

87
Q

an intermediary who acts like a manufacturer’s agent for the exporter; the export agent lives in the foreign market

A

export agent

88
Q

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary

A

licensing

89
Q

private label manufacturing by a foreign company

A

contract manufacturing

90
Q

when a domestic firm buys part of a foreign company or join with a foreign company to create a new entity

A

joint venture

91
Q

active ownership of a foreign company or of overseas manufacturing or marketing facilities

A

direct foreign investment

92
Q

the price of one country’s currency in terms of another country’s currency

A

exchange rate

93
Q

a system in which prices of different currencies move up and down based on the demand for and the supply of each currency

A

floating exchange rates

94
Q

the sale of an exported product at a price lower than that charged for the same or a like product in the “home” market of the exporter

A

dumping

95
Q

a form of trade in which all or part of the payment for goods or services is in the form of other goods or services

A

countertrade

96
Q

a publicly accessible web page that functions as an interactive journal, where readers can post comments on the author’s entries

A

blog

Marketing (4 decks)

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