Midterm 1

Question 1

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

Answer 1

Marketing

Question 2

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

Answer 2

exchange

Question 3

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

Answer 3

product orientation

Question 4

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

Answer 4

sales orientation

Question 5

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

Answer 5

marketing concept

Question 6

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

Answer 6

market orientation

Question 7

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

Answer 7

on-demand marketing

Question 8

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

Answer 8

societal marketing orientation

Question 9

the relationship between benefits and sacrifice necessary to obtain those benefits

Answer 9

customer value

Question 10

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

Answer 10

customer satisfaction

Question 11

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

Answer 11

relationship marketing

Question 12

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

Answer 12

empowerment

Question 13

collaborative efforts of people to accomplish common objectives

Answer 13

teamwork

Question 14

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

Answer 14

customer relationship management (CRM)

Question 15

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

Answer 15

strategic planning

Question 16

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

Answer 16

strategic business unit (SBU)

Question 17

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

Answer 17

market penetration

Question 18

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

Answer 18

market development

Question 19

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

Answer 19

product development

Question 20

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

Answer 20

diversification

Question 21

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

Answer 21

portfolio matrix

Question 22

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

Answer 22

star

Question 23

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

Answer 23

cash cow

Question 24

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

Answer 24

problem child (question mark)

Question 25

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

Answer 25

dog

Question 26

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

Answer 26

planning

Question 27

designing activities relating to marketing objectives and the changing marketing environment

Answer 27

marketing planning

Question 28

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

Answer 28

marketing plan

Question 29

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

Answer 29

mission statement

Question 30

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

Answer 30

marketing myopia

Question 31

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

Answer 31

SWOT analysis

Question 32

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

Answer 32

environmental scanning

Question 33

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

Answer 33

competitive advantage

Question 34

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

Answer 34

cost competitive advantage

Question 35

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

Answer 35

experience curves

Question 36

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

Answer 36

product/service differentiation competitive advantage

Question 37

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

Answer 37

niche competitive advantage

Question 38

an advantage that cannot be copied by the compeition

Answer 38

sustainable competitive advantage

Question 39

a statement of what is to be accomplish through marketing activities

Answer 39

marketing objective

Question 40

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

Answer 40

marketing strategy

Question 41

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

Answer 41

market opportunity analysis (MOA)

Question 42

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

Answer 42

marketing mix (four P's)

Question 43

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

Answer 43

implementation

Question 44

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

Answer 44

evaluation

Question 45

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

Answer 45

control

Question 46

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

Answer 46

marketing audit

Question 47

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

Answer 47

ethics

Question 48

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

Answer 48

morals

Question 49

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

Answer 49

codes of ethics

Question 50

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

Answer 50

foreign corrupt practices act (FCPA)

Question 51

a business's concern for society's welfare

Answer 51

corporate social responsibility (CSR)

Question 52

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

Answer 52

stakeholder theory

Question 53

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

Answer 53

pyramid of corporate social responsibility

Question 54

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

Answer 54

sustainability

Question 55

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

Answer 55

green marketing

Question 56

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

Answer 56

cause-related marketing

Question 57

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

Answer 57

target market

Question 58

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

Answer 58

environment management

Question 59

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

Answer 59

component lifestyles

Question 60

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

Answer 60

demography

Question 61

people born between 1979 and 199

Answer 61

millennials

Question 62

people born between 1965 and 1978

Answer 62

generation x

Question 63

people born between 1946 and 1964

Answer 63

baby boomers

Question 64

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

Answer 64

purchasing power

Question 65

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

Answer 65

inflation

Question 66

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

Answer 66

recession

Question 67

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

Answer 67

basic research

Question 68

research that attempts to develop new or improved products

Answer 68

applied research

Question 69

marketing that targets markets throughout the world

Answer 69

global marketing

Question 70

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

Answer 70

global vision

Question 71

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

Answer 71

gross domestic product (GDP)

Question 72

sending U.S jobs abroad

Answer 72

outsourcing

Question 73

returning production jobs to the United States

Answer 73

inshoring

Question 74

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

Answer 74

multinational corporation

Question 75

using more capital than labor in the production process

Answer 75

capital intensive

Question 76

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

Answer 76

global marketing standardization

Question 77

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

Answer 77

multi domestic strategy

Question 78

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

Answer 78

uruguay round

Question 79

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

Answer 79

north american free trade agreement (NAFTA)

Question 80

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

Answer 80

dominican republic-central america free trade agreement (CAFTA_DR)

Question 81

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

Answer 81

world bank

Question 82

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

Answer 82

internation monetary fund (IMF)

Question 83

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

Answer 83

group of twenty (G-20)

Question 84

selling domestically produced products to buyers in other countries

Answer 84

exporting

Question 85

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

Answer 85

buyer for export

Question 86

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

Answer 86

export broker

Question 87

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

Answer 87

export agent

Question 88

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

Answer 88

licensing

Question 89

private label manufacturing by a foreign company

Answer 89

contract manufacturing

Question 90

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

Answer 90

joint venture

Question 91

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

Answer 91

direct foreign investment

Question 92

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

Answer 92

exchange rate

Question 93

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

Answer 93

floating exchange rates

Question 94

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

Answer 94

dumping

Question 95

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

Answer 95

countertrade

Question 96

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

Answer 96

blog