chp 1-3

Question 1

big data

Answer 1

the discovery of meaningful patterns in data

Question 2

Customer relationship management

Answer 2

a business strategy that focuses on highly defined and precise customers groups

Question 3

customer satisfaction

Answer 3

customers evaluation of good service

Question 4

customer value

Answer 4

relationship between benefits and the sacrifice necessary to obtain those benefits cost

Question 5

empowerment

Answer 5

delegation of authority to solve customers’ problems quickly usually with the first person who the customer encounter with the problem

Question 6

exchange

Answer 6

giving up something to receive something

Question 7

market orientation

Answer 7

a philosophy that a sell doesn’t come from an aggressive force but because the customers decision to purchase the product

Question 8

marketing

Answer 8

the process of creating, communicating, and exchanging offerings that have value for customers, clients

Question 9

on-demand marketing

Answer 9

delivering experience throughout the customers buying process

Question 10

production orientation

Answer 10

focus more on the firm rather than the marketplace

Question 11

relationship marketing

Answer 11

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

Question 12

sales orientation

Answer 12

the belief that people will buy more if aggressive sales techniques are used.

Question 13

societal marketing orientation

Answer 13

a idea that not only does the organization exist for customers but to enhance individuals and society

Question 14

team work

Answer 14

collaborative effort of people to accomplish common objective

Question 15

cash cow

Answer 15

a business unit that generate more cash than it needs to maintain its market share

Question 16

Competitive advantage-

Answer 16

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

Question 17

control

Answer 17

provides the mechanisms for evaluating marketing results considering the plan’s objectives and for correcting actions that do not help the organizations reach those objectives within budget guidelines

Question 18

cost competitive advantage

Answer 18

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

Question 19

diversification

Answer 19

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

Question 20

dog

Answer 20

a business unit that has low growth potential and a small market share

Question 21

environmental scanning

Answer 21

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

Question 22

evaluation

Answer 22

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

Question 23

experience curve

Answer 23

curves that show cost declining at a predictable rate as experience with a product increase

Question 24

implementation

Answer 24

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

Question 25

market penetration

Answer 25

a market strategy that tries to increase market share among existing customers Marketing audit

Question 26

market mix four ps

Answer 26

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

Question 27

marketing myopia

Answer 27

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

Question 28

marketing objective

Answer 28

a statement of what is to be accomplished through marketing activities

Question 29

market plan

Answer 29

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

Question 30

marketing strategy

Answer 30

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

Question 31

mission statement

Answer 31

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

Question 32

niche competitive advantage

Answer 32

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

Question 33

planning

Answer 33

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

Question 34

portfolio matrix

Answer 34

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

Question 35

problem child

Answer 35

a business unit that generates more cash than I need to maintain its market

Question 36

product development

Answer 36

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

Question 37

product /service differentiation

Answer 37

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

Question 38

star

Answer 38

a business unit that is a fast-growing market leader

Question 39

strategic business unit

Answer 39

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

Question 40

behavioral norms

Answer 40

proper or acceptable behavior

Question 41

casuist ethical theory

Answer 41

the theory that compares a current ethical dilemma with an example of a similar ethical dilemma

Question 42

cause-related marketing

Answer 42

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

Question 43

code of ethics

Answer 43

a guideline to help managers and employees make better decisions-a law that prohibits us to make illegal payments to foreign governments to obtain business rights Corporate social responsibility (CSR)-a business concern for society’s welfare

Question 44

corporate social responsibility

Answer 44

a business concern for society’s welfare | Deontological theory-people should believe in in their obligations and duties when analyzing and ethical dilemma

Question 45

deontological theory

Answer 45

people should believe in in their obligations and duties when analyzing and ethical dilemma

Question 46

ethics

Answer 46

the moral principle that governs conduct of an individual

Question 47

green marketing

Answer 47

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

Question 48

green washing

Answer 48

adding a minimal number of green product attributes to promote it as green