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value

answer

the benefits a customer receives from buying a good or service

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marketing

answer

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

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stakeholders

answer

buyers, sellers, or investors in a company, community, community residents, and even citizens of the nations where goods and services are made or sold. in other words, any person or organization that has a "stake" in the outcome

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consumer

answer

the ultimate user of a good or service

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marketing concept

answer

a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability

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need

answer

the recognition of any difference between a consumer's actual state and some ideal or desired state

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want

answer

the desire to satisfy needs in specific ways that are culturally and socially influenced

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benefit

answer

the outcome sought by a customer that motivates buying behavior - that satisfies a need or want

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demand

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customers' desires for products coupled with the resources needed to obtain them

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market

answer

all the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make an exchange

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marketplace

answer

any location or medium used to conduct an exchange

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utility

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the usefulness or benefit consumers receive from a product

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exchange

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the process by which some transfer of value occurs between a buyer and a seller

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product orientation

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a management philosophy that emphasizes the most efficient ways to produce and distribute products

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selling orientation

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a managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory

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consumer orientation

answer

a management philosophy that focuses on ways to satisfy customers' needs and wants

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total quality management (TQM)

answer

a management philosophy that involves all employees from the assembly line onward in continuous quality improvement

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instapreneur

answer

a business person who only produces a product when it is ordered

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triple bottom line orientation

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a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices

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customer relationship management (CRM)

answer

a strategy that involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs

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social marketing concept

answer

a mangement philosophy that marketers must satisfy customer's needs in ways that also benefit society and also deliver profit to the firm

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sustainability

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a product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs

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return on investment (ROI)

answer

the direct financial impact of a firm's expenditure of a resource such as time or money

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popular culture

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the music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market

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myths

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stories containing symbolic elements that express the shared emotions and ideals of a culture

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product

answer

a tangible good, service, idea, or some combination of these that satisfies consumer or business a customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses

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consumer goods

answer

the goods individual consumers purchase for personal or family use

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services

answer

intangible products that are exchanged directly between the producer and the consumer

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business to business marketing

answer

the marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or support their operations

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industrial goods

answer

goods individuals or organizations buy for further processing or for their own use when they do business

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e-commerce

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the buying or selling of goods and services electronically, usually over the internet

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non-for-profit organizations

answer

organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members

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target market

answer

the market segments on which an organization focuses its marketing plan and toward it which it directs its marketing efforts

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value proposition

answer

a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

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lifetime value of a customer

answer

how much profit companies expect to make from a particular customer, including each and every purchase he will make from them now and in the future. to calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship

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distinctive competency

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a superior capability of a firm in comparison to its direct competitors

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differential benefit

answer

properties of products that set them apart from competitors' products by providing unique customer benefits

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value chain

answer

a series of activities involced in designing, producing, marketing, delivering, and supporting any product. each link in the cahin has the potential to either add or remove value from the product the customer eventually buys

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consumer-generated value

answer

everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

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web 2.0

answer

the new generation of the world wide web that incorporates social networking and user interactivity

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wisdom of crowds

answer

under the right circumstances, groups are smarter thatn the smartest people in them, meaning that large numbers of consumers can predict successful products

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open source model

answer

a practice used in the software industry in which companies share their software codes with anyone to assist in the development of a better product

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consumer addiction

answer

a physiological or psychological dependency on goods or services

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marketing plan

answer

a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

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mass market

answer

all possible customers in a market, regardless of the differences in their specific needs and wants

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market segment

answer

a distinct group[ of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market

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market position

answer

the way in which the target market perceives the product in comparison to competitors' brands

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marketing mix

answer

a combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers

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four p's

answer

product, price, promotion, and place

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price

answer

the assignment of value, or the amount the consumer must exchange to receive the offering

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price

answer

the assignment of value, or the amount the consumer must exchange to receive the offering

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promotion

answer

the coordination of a marketer's marketing communications efforts to influence attitudes or behavior; the coordination of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas

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place

answer

the availability of the product to the consumer at the desired time and location

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business planning

answer

an ongoing process of marking decisions that guides the firm both in the short term and for the long term

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business plan

answer

a plan that includes the decisions that guide the entire organization

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marketing plan

answer

a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy

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business ethics

answer

rules of conduct for an organization

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code of ethics

answer

written standards of behavior to which everyone in the organization must subscribe

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strategic planning

answer

a managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival

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strategic business units (SBUs)

answer

individual units within the firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors

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functional planning

answer

a decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan

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operational planning

answer

a decision process that focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans

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mission statement

answer

a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources

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situation analysis

answer

an assessment of a firm's internal and external environment

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internal environment

answer

the controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization

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external environment

answer

the uncontrollable elements outside an organization that may affect its performance either positively or negatively

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SWOT analysis

answer

an analysis of an organization's strengths and weaknesses and the opportunities and threats in its external environment

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strategic planning step 1

answer

define the mission : come up with an organization's specific plan, more specifically, the research statement

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strategic planning step 2

answer

evaluate the internal and external environment : process called situational analysis - an assessment of a firm's internal and external environment

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strategic planning step 3

answer

set organizational or SBU objectives : goals that direct outgrowth of the mission statment and broadly identify what the firm hopes to accomplish within the general time frame of the firm's long-range business plan. objectives need to be specific, measurable, attainable, and sustainable

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strategic planning step 4

answer

establish a business portfolio : how to best allocate resources across these businesses to ensure growth for the total organization. each SBU has its own focus within the firm's overall sstrategic plan, and each jas its own target market and strategies for reaching its objectives

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business portfolio

answer

the group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities

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portfolio analysis

answer

a management tool for evaluating a firm's business mix and assessing the potential of an organizations SBUs

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BCG growth-market share matrix

answer

a portfolio analysis model developed by the boston consulting group that assesses the potential of successful products ot generate cash that a firm can then use to invest in new products

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stars

answer

SBUs with products that have dominant market share in high-growth markets

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cash cows

answer

SBUs with a dominant market share in a low-growth potential market

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question marks

answer

SBUs with low markets shares in fast-growth markets

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dogs

answer

SBUs with a small share of a slow-growth market. they are businesses that offer specialized products in limited markets that are not likely to grow correctly

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strategic planning step 5

answer

develop growth strategies : strategic planning at the SBU level entails evaluating growth strategies

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market penetration strategies

answer

growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets

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market development strategies

answer

growth strategies that introduce existing products to new products

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product development strategies

answer

growth strategies that focus on selling new products in existing markets

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diversification strategies

answer

growth strategies that emphasize both new products and new markets

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marketing planning step 1

answer

perform a situation analysis : conduct an analysis of the marketing environment by building on the SWOT analysis

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marketing planning step 2

answer

set marketing objectives : develop specific marketing objectives: more specific to the firm's brands, sizes, product features, and other marketing mix-related elements

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marketing planning step 3

answer

develop marketing strategies : make make decisions about what activities they must accomplish to achieve the marketing objectives

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marketing planning step 4

answer

implement and control the marketing plan : means to determine to what degree they are actually meeting their stated marketing objectives (often called control, which is composed of measuring, comparing, and making adjustments)

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control

answer

a process that entails measuring the actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis

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return on marketing investment (ROMI)

answer

quantifying just how an investment in marketing has an impact on the firm's success, financially, and otherwise

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action plans

answer

individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. Action plans are sometimes referred to as "marketing programs"

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operational plans

answer

plans that focus on the day to day execution of the marketing plan. Operational plans include detailed directions for the specific activities to be carried out, who will be responsible for the, and time lines for accomplishing the tasks

question

corporate culture

answer

the set of values, norm, and beliefs that influence the behavior of everyone in the organization

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World Trade

answer

The flow of goods and services among different countries--the value of all the exports and imports of the world's nations.

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Countertrade

answer

A type of trade in which goods are paid for with other items instead of with cash.

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General Agreement on Tariffs and Trade (GATT)

answer

International treaty to reduce import tax levels and trade restrictions.

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World Trade Organizations (WTO)

answer

An organization that replaced GATT; the WTO sets trade rules for its member nations and mediates between nations.

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Protectionism

answer

A policy adopted by a government to give domestic companies and advantage.

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Import quotas

answer

Limitations set by a government on the amount of a product allowed to enter or leave a country.

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Embargo

answer

A quota completely prohibiting specified goods from entering or leaving a country.

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Tariffs

answer

Taxes on imported goods.

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Economic communities

answer

Group of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere.

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Gross Domestic Product (GDP)

answer

The total dollar value of goods and services produced by a nation within its borders in a year.

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Gross National Product (GNP)

answer

The value of all goods and services produced by a country's citizens or organizations, whether located within the country's borders or not.

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Economic Infrastructure

answer

The quality of a country's distribution, financial, and communications systems.

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level of economic development

answer

The broader economic picture of a country.

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Standard of living

answer

An indicator of the average quality and quantity of goods and services consumed in a country.

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Least developed country (LDC)

answer

A country at the lowest stage of economic development.

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Developing Countries

answer

Countries in which the economy is shifting its emphasis form agriculture to industry.

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BRIC countries

answer

Refers to Brazil, Russia, India, and China, the largest and fastest growing of the developing countries with over 40 percent of the world's population.

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Developed Country

answer

A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services.

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Group of 8 (G8)

answer

An informal forum of the eight most economically developed countries that meets annually to discuss major economic and political issues facing the international community.

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Business cycle

answer

The overall patterns of change in the economy-- including periods of prosperity, recession, depression, and recovery--that affect consumer and business purchasing power.

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Competitive Intelligence (CI)

answer

The process of gathering and analyzing publicly available information about rivals.

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Discretionary Income

answer

The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing.

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Product competition

answer

When firms offering different products compete to satisfy the same consumer needs and wants.

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brand competition

answer

When firms offering similar goods or services compete on the basis of their brand's reputation or perceived benefits.

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monopoly

answer

A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product.

question

oligopoly

answer

A market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers.

question

monopolistic competition

answer

A market structure in which many firms, each having slightly different products, offer unique consumer benefits.

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Perfect Competition

answer

A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product.

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nationalizaton

answer

When a domestic government reimburses a foreign company (often not for the full value) for its assets after taking it over.

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expropriation

answer

When a domestic government seizes a foreign company's assets without any reimbursement.

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local content rules

answer

A form of protectionist stipulating that a certain proportion of a product must consist of components supplied by industries in the host country or economic community.

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U.S. Generalized System of Preference (GSP)

answer

A program to promote economic growth in developing countries by allowing duty-free entry of good s into the U.S.

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Demographics

answer

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.

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Cultural Values

answer

A society's deeply held beliefs about right and wrong ways to live.

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Collectivist Cultures

answer

Cultures in which people subordinate their personal goals to those of a stable community.

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Social norms

answer

Specific rules dictating what is right or wrong, acceptable or unacceptable.

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Ethonocentrism

answer

The tendency to prefer products or people of one's own culture.

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Bribery

answer

When someone voluntarily offers payment to gen an illegal advantage.

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Extortion

answer

When someone in authority extracts payment under duress.

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Export merchants

answer

Intermediaries a firm uses to represent it in other countries.

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Licensing agreement

answer

An agreement in which one firm gives another firm the right to produce and market its product in a specific country or region in return for royalties.

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Franchising

answer

A form of licensing involving the right to adapt an entire system of doing business.

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Strategic alliance

answer

Relationship developed between a firm seeking a deeper commitment to a foreign market and a domestic firm in the target country.

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Joint Venture

answer

A strategic alliance in which a new entity owned by two or more firms allows the partners to pool their resources from common goals.

question

Straight extension strategy

answer

Product strategy in which a firm offers the same product in both domestic and foreign markets.

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Product adaptation strategy

answer

Product strategy in which a firm offers a similar but modified product in foreign markets.

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Product invention strategy

answer

Product strategy in which a firm develops a new product for foreign markets.

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Backward invention strategy

answer

Product strategy in which a firm develops a less advanced product to serve the needs of people living in countries without electricity or other elements of a developed infrastructure.

question

Free trade zones

answer

Designated areas where foreign companies can warehouse goods without paying taxes or customs duties until they move the goods into the marketplace.

question

gray market goods

answer

Items manufactured outside a country and then imported without the consent of the trademark holder.

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Dumping

answer

A company tries to get a toehold in a foreign market by pricing its products lower than it offers them at home.

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Consumer behavior

answer

:The process we use to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy needs/desires

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The Consumer Decision-Making Process Step 1

answer

Problem Recognition

question

The Consumer Decision-Making Process Step 2

answer

Information search

question

The Consumer Decision-Making Process Step 3

answer

evaluating alternatives

question

The Consumer Decision-Making Process Step 4

answer

product choice

question

The Consumer Decision-Making Process Step 5

answer

post purchase evaluation

question

Problem Recognition

answer

Occurs whenever the consumer sees a significant difference between his/her current state and the desired/ideal state

question

Information Search

answer

The process whereby a consumer searches for appropriate information to make a reasonable decision

question

search marketing

answer

Marketing strategies that involve the use of internet search engines.

question

search engine optimization

answer

a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business

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search engine marketing

answer

search marketing strategy in which marketers pay for ads or better positioning

question

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