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Principles of Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

(78 cards)

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1
Q

Product orientation

A

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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2
Q

sales orientation

A

the belief 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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3
Q

marketing concept

A

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

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4
Q

market orientation

A

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

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5
Q

societal marketing orientation

A

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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6
Q

customer value

A

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

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7
Q

customer satisfaction

A

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

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8
Q

relationship marketing

A

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

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9
Q

strategic planning

A

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

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10
Q

strategic business units (sbu)

A

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

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11
Q

market penetration

A

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

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12
Q

market development

A

a marketing strategy that entails attracting new customers to existing
products

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13
Q

product development

A

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

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14
Q

diversification

A

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

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15
Q

Present market includes

A

market penetration and product development

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16
Q

new market includes

A

market development and diversification

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17
Q

portfolio matrix

A

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

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18
Q

star

A

a business unit that is a fast-growing market leader

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19
Q

cash cow

A

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

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20
Q

problem child (question mark)

A

a business unit that shows rapid growth but poor profit
margins

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21
Q

dog

A

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

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22
Q

planning

A

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

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23
Q

marketing PLANNING

A

designing activities relating to marketing objectives and
the changing marketing environment

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24
Q

marketing PLAN

A

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

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25
mission statement
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
26
marketing myopia
defining a business in terms of goods and services rather than in terms of the benefits customers seek
27
swot analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
28
environmental scanning
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
29
competitive advantage
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
30
three types of competitive advantage
1. Cost 2. Product/service differentiation 3. Niche
31
cost competitive advantage
being the low-cost competitor in an industry while maintaining satisfactory profit margins
32
Product/service differentiation competitive advantage
the provision of something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition
33
niche competitive advantage
the advantage achieved when a firm seeks to target and effectively serve a small segment of the market
34
sustainable competitive advantage
an advantage that cannot be copied by the competition
35
marketing strategy
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
36
marketing mix (four p's)
a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market
37
product strategies include
The heart of the marketing mix, the starting point, is the product offering and product strategy. * The product includes not only the physical unit but also its: − Package and warranty − After-sale service − Brand name − Company image − Value
38
place (distribution) strategies include
Place, or distribution, strategies are concerned with making products available when and where customers want them. * Physical distribution involves all the business activities concerned with storing and transporting raw materials or finished products.
39
promotion strategies include
Promotion includes: − Advertising − Public relations − Sales promotion − Personal selling * Promotion’s role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organization or a product.
40
pricing strategies include
Price is what a buyer must give up in order to obtain a product. * Price is often the most flexible of the four Ps. − Marketers can raise or lower prices more frequently and easily than they can change other marketing mix variables.
41
social control
any means used to maintain behavioral norms and regulate conflict
42
deontological theory
ethical theory that states that people should adhere to their obligations and duties when analyzing an ethical dilemma
43
utilitarian ethical theory
ethical theory that is founded on the ability to predict the consequences of an action
44
act utilitarianism
In act utilitarianism, a person performs the acts that benefit the most people, regardless of personal feelings or societal constraints such as laws.
45
rule utilitarianism
A rule utilitarian seeks to benefit the most people but through the fairest and most just means available.
46
casuist ethical theory
ethical theory that compares a current ethical dilemma with examples of similar ethical dilemmas and their outcomes
47
moral relativism
a theory of time-and-place ethics; that is, the belief that ethical truths depend on the individuals and groups holding them
48
virtue
a character trait valued as being good
49
corporate social responsibility
a business’s concern for society’s welfare
50
stakeholder theory
ethical theory stating that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of a firm’s operation
51
sustainability
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
52
cause-related marketing
the cooperative marketing efforts between a for- profit firm and a nonprofit organization
53
target market
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
54
demography
the study of people’s vital statistics, such as age, race and ethnicity, and location
55
gen z
people born between 1995 and 2010
56
millennials
people born between 1979 and 1994
57
gen x
people born between 1965 and 1978
58
baby boomers
people born between 1946 and 1964
59
Three economic areas of greatest concern to most marketers are:
1. Consumers’ incomes 2. Inflation 3. Recession
60
purchasing power
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas
61
inflation
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
62
recession
a period of economic activity characterized by negative growth, which reduces demand for goods and services
63
global marketing
marketing that targets markets throughout the world
64
global vision
recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
65
absolute advantage
when a country can produce a product or service at a lower cost than any other country or when it is the only country that can provide the product or service
66
principle of competitive advantage
each country should specialize in the products or services that it can produce most readily and cheaply and trade those products or services for goods and services that foreign countries can produce most readily and cheaply
67
multinational corporation
a company that is heavily engaged in international trade, beyond exporting and importing
68
global marketing standardization
production of uniform products that can be sold the same way all over the world
69
multidomestic strategy
when multinational firms enable individual subsidiaries to compete independently in domestic markets
70
key external factors of global marketing
- Culture − Economic development − The global economy − Political structure and actions − Demographic makeup − Natural resources
71
exporting
selling domestically produced products to buyers in other countries
72
buying for export
an intermediary in the global market that assumes all ownership risks and sells globally for its own account
73
export broker
an intermediary who plays the traditional broker’s role by bringing buyer and seller together
74
export agent
an intermediary who acts like a manufacturer’s agent for the exporter; the export agent lives in the foreign market
75
licensing
the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge
76
contract manufacturing
private-label manufacturing by a foreign company
77
joint venture
when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity − Potentially very lucrative, but also potentially very risky
78

Principles of Marketing (8 decks)

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