MidTerm Marketing Definitions

  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
  2. a philosophy that focuses on the internalcapabilities of the firm rather than on the desires and needs of the marketplace
    Production Orientation
  3. the idea that people will buy more goods andservices if aggressive sales techniques are used and that high sales results inhigh profits
    Sales Orientation
  4. the idea that the social and economicjustification for an organization’s existence is the satisfaction of customerwants and needs while meeting organizational objectives
    Marketing Concept
  5. a philosophy that assumes that a sale does notdepend on an aggressive sales force but rather on a customer’s decision topurchase product. It is synonymous with the marketing concept
    Market Orientation
  6. the idea that an organization exists not only tosatisfy customer wants and needs and to meet organizational objectives but alsoto preserve or enhance individuals’ and society’s long-term best interests
    Societal Marketing Orientation
  7. the relationship between benefits and thesacrifice necessary to obtain those benefits
    Customer Value
  8. customer’s evaluation of a good or service interms of whether it has met their needs and expectations
    Customer Satisfaction
  9. a strategy that focuses on keeping and improvingrelationships with current customers
    Relationship Marketing
  10. delegation of authority to solve customers’problems quickly-usually by the first person that the customer notifiesregarding a problem
  11. the managerial process of creating andmaintaining a fit between the organization’s objectives and resources andevolving market opportunities
    Strategic Planning
  12. designing activities relating to marketingobjectives and the changing marketing environment
    Marketing Planning
  13. a statement of the firm’s business based on acareful analysis of benefits sought by present and potential customers and ananalysis of existing and anticipated environmental conditions
    Mission Statement
  14. a statement of what is to be accomplishedthrough marketing activities
    Marketing Objective
  15. collection and interpretation of informationabout forces, events, and relationships in the external environment that mayaffect the future of the organization or the implementation of the marketingplan
    Environmental Scanning
  16. the set of unique features of a company and itsproducts that are perceived by the target market as significant and superior tothe competition
    Competitive Advantage
  17. A unique blend of product, place, promotion, andpricing strategies designed to produce mutually satisfying exchanges with atarget market
    Marketing Mix
  18. the process that turns a marketing plan intoaction assignments and ensure that these assignments are executed in a way thataccomplishes the plan’s objectives
  19. provides the mechanisms for evaluating marketingresults in light of the plan’s objectives and for correcting actions that donot help the organization reach those objectives within budget guidelines
  20. a thorough, systematic, periodic evaluation ofthe objectives, strategies, structure, and performance of the marketingorganization
    Marketing Audit
  21. the idea that socially responsible companieswill outperform their peers by focusing on the world’s social problems andviewing them as opportunities to build profits and help the world at the sametime
  22. a model that suggests corporate socialresponsibility is composed of economic, legal, ethical, and philanthropicresponsibilities and that the firm’s economic performance supports the entirestructure
    Pyramid of Corporate Social Responsibility
  23. When a company implements strategies thatattempt to shape the external environment within which it operates
    Environmental Management
  24. The practice of choosing goods and services thatmeet one’s diverse needs and interests rather than conforming to a single,traditional lifestyle
    Component Lifestyles
  25. the study of people’s vital statistics, such astheir age, race and ethnicity, and location
  26. a measure of the decrease in the value of money,expressed as the percentage reduction in the value since the previous year
  27. a period of economic activity characterized bynegative growth, which reduces demand for goods and services
  28. a federal agency charged with enforcingregulations against selling and distributing adulterated, misbranded, orhazardous food and drug products
    Food and Drug Administration (FDA)
  29. a federal agency established to protect thehealth and safety of consumers in and around their homes
    Consumer Product Safety Commission (CPSC)
  30. a federal agency empowered to prevent persons orcorporations from using unfair methods of competition in commerce
    Federal Trade Commission
  31. the largest Latin American trade agreement;includes Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru,and Uruguay
  32. an agreement to dramatically lower tradebarriers worldwide; created the World Trade Organization
    Uruguay Round
  33. a trade organization that replaced the oldGeneral Agreement on Tariffs and Trade (GATT)
    World Trade Organization (WTO)
  34. a trade agreement that contained loopholes thatenabled countries to avoid trade-barrier reduction agreements
    General Agreement on Tariffs and Trade (GATT)
  35. an agreement between Canada, the United States,and Mexico that created the world’s largest free trade zone
    North-American Free Trade Agreement (NAFTA)
  36. a free trade zone encompassing 27 Europeancountries
    European Union
  37. an international bank that offers low-interestloans, advice, and information to developing nations
    World Bank
  38. an international organization that acts as alender of last resort, providing loans to troubled nations, and also works topromote trade through financial cooperation
    International Monetary Fund (IMF)
  39. price of different currencies move up and downbased on the demand for and the supply of each currency
    Floating Exchange Rates
  40. the sale of an exported product at a price lowerthan that charged for the same or a like product in the home market of theexporter
  41. a group of brands, resulting from an informationsearch, from which a buyer can choose
    Evoked Set (consideration set)
  42. inner tension that a consumer experiences afterrecognizing an inconsistency between behavior and values or opinions
    Cognitive Dissonance
  43. a group in society that influences anindividual’s purchasing behavior
    Reference Group
  44. an individual who influences the opinions ofothers
    Opinion Leader
  45. how cultural values and norms are passed down tochildren
    Socialization Process
  46. the process whereby a consumer notices certainstimuli and ignores others
    Selective Exposure
  47. a process whereby a consumer changes or distortsinformation that conflicts with his or her feelings or beliefs
    Selective Distortion
  48. a process whereby a consumer remembers only thatinformation that supports his or her personal beliefs
    Selective Retention
  49. a method of classifying human needs andmotivations into five categories in ascending order of importance:physiological, safety, social, esteem, and self-actualization
    Maslow’s Hierarchy of Needs
  50. an organized pattern of knowledge that anindividual holds as true about his or her world
  51.  acooperative agreement between business firms
    Strategic Alliance (Strategic Partnership)
  52. a network of interlocking corporate affiliates
  53. individuals and organizations that buy businessgoods and incorporate them into the products that they produce for eventualsale to other producers or to consumers
    Original Equipment Manufacturers (OEMs)
  54.  adetailed numbering system developed by the United States, Canada, and Mexico toclassify North American business establishments by their main productionprocesses
    North American Industry Classification System(NAICS)
  55. the demand for business products
    Derived Demand
  56. phenomenon in which a small increase or decreasein consumer demand can produce a much larger change in demand for thefacilities and equipment needed to make the consumer product
    Multiplier Effect (accelerator principle)
  57. a practice where business purchasers choose tobuy from their own customers
  58. capital goods such as large or expensivemachines, mainframe computers, blast furnaces, generators, airplanes, andbuildings
    Major Equipment (installations)
  59. either finished items ready for assembly orproducts that need very little processing before becoming part of some otherproduct
    Component Parts
  60. expense items that do not become part of a finalproduct
    Business services
  61. segmenting markets by age, gender, income, ethnic background, and family life cycle
    Demographic segmentation
  62. market segmentation on the basis of personality, motives, lifestyles, and      geodemographics
    Psychographic segmentation
  63. a principle holding that 20% of all customers generate 80 percent of the      demand
    80/20 principle
  64. business customers who place an order with thefirst familiar supplier to satisfy product and delivery requirements
  65. business customers who consider numeroussupplies, both familiar and unfamiliar, solicit bids, and study all proposalscarefully before selecting one
  66. a group of people or organizations for which anorganization designs, implements, and maintains a marketing mix intended tomeet the needs of that group, resulting in mutually satisfying exchanges
    Target market
  67. a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
    Undifferentiated targeting strategy
  68. a strategy that chooses two or more well-definedmarket segments and develops a distinct marketing mix for each
    Multisegment targeting strategy
  69. developing a specific marketing mix to influencepotential customers overall perception of a brand, product line, ororganization in general
  70. a means of displaying or graphing, in two ormore dimensions, the location of products, brands, or groups of products incustomers’ minds
    Perceptual mapping
  71. an interactive, flexible computerized information system that enables mangers      to obtain and manipulate information as they are making decisions
    Decision support system (DSS)
  72. the creation of a large computerized file ofcustomers’ and potential customers’ profiles and purchase patterns
    Database marketing
  73. a company that acquires, catalogs, reformats, segments, and resells reports      already published by marketing research firms
    Marketing research aggregator
  74. an interview question that encourages an answerphrased in the respondent’s own words
    Open-ended question
  75. the study of human behavior in its natural context; involves observation of behavior and physical setting
    Ethnographic research
  76. the population from which a sample will be drawn
  77. a firm that specializes in interviewing respondents on a subcontracted basis
    Field service firm
  78. a method of analyzing data that lets the analystlook at the responses to one question in relation to the responses to one ormore other questions
    Cross- tabulation
  79. a system for gathering information from a singlegroup of respondents by continuously monitoring the advertising, promotion, andpricing they are exposed to and the things they buy
    Scanner-based research
  80. an intelligence system that helps managersassess their competition and vendors in order to become more efficient andeffective competitors
    Competitive intelligence (CI)
  81. a group of closely related product items
    Product line
  82. all products that an organization sells
    Product mix
  83. the number of product lines an organizationoffers
    Product mix width
  84. the number of product items in a product line
    Product line depth
  85. adding additional products to an existing productline in order to compete more broadly in the industry
    Product line extension
  86. a name, term, symbol, design, or combination thereof that identifies a      seller’s products and differentiates them from competitors’ products
  87. the value of company and brand names
    Brand equity
  88. a confirmation of the quality or performance ofa good or service
  89. a written guarantee
    Express warranty
  90. an unwritten guarantee that the good or service is fit for the purpose for which it was sold
    Implied warranty
  91. a product new to the world, the market, theproducer, the seller, or some combination of these
    New Product
  92. a plan that links the new-product developmentprocess with the objectives of the marketing department, the business unit, andthe corporation
    New Product Strategy
  93. the second stage of the screening process wherepreliminary figures for demand, cost, sales, and profitability are calculated
    Business analysis
  94. the decision to market a product
  95. the process by which the adoption of an innovationspreads
  96. a concept that provides a way to trace thestages of a product’s acceptance, from its introduction (birth) to its decline(death)
    Product life cycle (PLC)
  97. the full-scale launch of a new product into themarketplace
    Introductory stage
  98. the second stage of the product life cycle whensales typically grow at an increasing rate, many competitors enter the market,large companies may start to acquire small pioneering firms, and profits arehealthy
    Growth stage
  99. a period during which sales increase at adecreasing rate
    Maturity stage
  100. a long-run drop in sales
    Decline stage
Card Set
MidTerm Marketing Definitions
MidTerm Marketing Definitions