1. Customers evaluation of a good or service in terms of whether it has met their needs and expectations
    Customer Satisfaction
  2. The relationship between benefits and the sacrifice necessary to obtain those benefits
    Customer Value
  3. Delegation of authority to solve customers problems quickly - usually by the first person that the customer notifies regarding a problem
  4. People giving up something to receive something they would rather have
  5. A philosophy that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product.
    Market orientation
  6. The activity set of institutions and processes fir creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
  7. 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
    Marketing Concept
  8. A philosophy that focuses on: The internal capabilities of the firm rather than on the desires and needs of the marketplace
    Product Orientation
  9. A strategy that focuses: on keeping and improving relationships with current customers
    Relationship marketing
  10. The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales results i high profits
    Sales Orientation
  11. 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' long term best interest
    Social Marketing Orientation
  12. Creating and maintaining a fit between the organization's objectives and resources and the evolving market. 
    Goal: long run profitability and growth
    Strategic Planning
  13. SBU means:
    Strategic Business Unit
  14. a subgroup of a single business or a collection of related businesses within the larger organization
    SBU- Strategic Business unit
  15. In the portfolio matrix, a business unit that usually generates more cash than it
    needs to maintain its market share.
    Cash Cow
  16. The set of unique features of a company and its products that is perceived by the
    target market as significant and superior to the competition.
    Competitive Advantage
  17. 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 budget guidelines.
  18. Being the low-cost competitor in an industry while maintaining satisfactory profit
    Cost competitive advantage
  19. A strategy of increasing sales by introducing new products into new markets
  20. In the portfolio Matrix a business unit that has LOW GROWTH potent ion and a small market share
  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
    Environmental Scanning
  22. Gauging the extent to which the marketing objectives have been achieved during the specified time period
  23. The curves represent data on a chart that show costs declining at a predictable
    rate as experience with a product increases
    experience curves
  24. Four P's
    Product, Place, Promotion and Price. ( Make up the Marketing Mix)
  25. 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
  26. A market strategy that entails attracting new customers to existing products
    Market development
  27. The description and estimation of the size and sales potential of market segments
    that are of interest to the firm and the assessment of key competitors in these
    market segments.
    Market Opportunity Analysis (MOA)
  28. A marketing strategy that tries to increase market share among existing customers
    Market Penetration
  29. A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing
    Marketing audit
  30. Defining a business in terms of goods and services rather than in terms of the benefits
    that customers seek.
    Marketing Myopia
  31. A statement of what is to be accomplished through marketing activities
    Marketing objective
  32. A written document that acts as a guidebook of marketing activities or the marketing manager
    Marketing Plan
  33. Designing activities relating to market objectives and the changing marketing environment
    Marketing planning
  34. 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
    Marketing strategy
  35. 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.
    Mission Statement
  36. The advantage achieved when a firm seeks to target and effectively serve a small
    segment of the market.
    Niche competitive advantage
  37. The process of anticipating future events and determining strategies to achieve organizational objectives in the future.
  38. A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
    Portfolio model
  39. In the portfolio matrix, a business unit that shows rapid growth but poor profit margins
    Problem Child
  40. A marketing strategy that entails the creation of new products for current customers
    Product development
  41. The provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competition’s.
    product/service differentiation competitive advantage
  42. In the portfolio matrix, a business unit that is a fast-growing market leader.
  43. An advantage that cannot be copied by the competition
    Sustainable competitive advantage
  44. identifying internal Strengths (s) and Weaknesses (W) also examining external Opportunities (O) and Threats (T)
    SWOT analysis
Card Set