MKT Exam 1 VOCAB

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

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

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

People giving up something to receive something they would rather have

A philosophy that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product.

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

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

A philosophy that focuses on: The internal capabilities of the firm rather than on the desires and needs of the marketplace

A strategy that focuses: on keeping and improving relationships with current customers

The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales results i high profits

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

Creating and maintaining a fit between the organization's objectives and resources and the evolving market. 
Goal: long run profitability and growth

SBU means:

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

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

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.

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.

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

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

In the portfolio Matrix a business unit that has LOW GROWTH potent ion and a small market share

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

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

The curves represent data on a chart that show costs declining at a predictable
rate as experience with a product increases

Four P's

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

A market strategy that entails attracting new customers to existing products

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.

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

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

Defining a business in terms of goods and services rather than in terms of the benefits
that customers seek.

A statement of what is to be accomplished through marketing activities

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

Designing activities relating to market objectives and the changing marketing environment

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

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.

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

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

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

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

A marketing strategy that entails the creation of new products for current customers

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

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

An advantage that cannot be copied by the competition

identifying internal Strengths (s) and Weaknesses (W) also examining external Opportunities (O) and Threats (T)