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marketing

answer

the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationship with stakeholders in a dynamic environment

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customers

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the purchasers of organizations' products; the focal point of all marketing activities

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target market

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a specific group of customers on whom an organization focuses its marketing efforts

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marketing mix

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four marketing activities that a firm can control to meet the needs of customers within its target market

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product

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a good, service, or idea

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marketing mix activities

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product, place, price, promotion

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value

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customer's subjective assessment of benefits relative to costs in determining the worth of a product

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exchanges

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provision or transfer of goods, services, or ideas in return for something of value

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stakeholders

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constituents who have a "stake", or claim, in some aspect of a company's products, operations, markets, industry, and outcomes

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marketing environment

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competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix

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marketing concept

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a managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

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Production Orientation

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manufactured goods in high demand, but intense competition

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Sales Orientation

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Need to focus on selling products to many buyers

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Market Orientation

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an organization wide commitment to researching and responding to customer needs

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customer relationship management (CRM)

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using information about customers to create marketing strategies that develop and sustain desirable customer relationships

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relationship marketing

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establishing long-term, mutually satisfying buyer-seller relationships

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customer lifetime value

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a key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts

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green marketing

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a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

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strategic marketing management

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the process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently

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strategic planning

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the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy

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mission statement

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a long-term view, or vision, of what the organization wants to become

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corporate strategy

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a strategy that determines the means for utilizing resources int he various functional areas to reach the organization's goals

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strategic business unit (SBU)

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a division, product line, or other profit center within the parent company

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market

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a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products

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market share

answer

the percentage of a market that actually buys a specific product from a particular company

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market growth/market share matrix

answer

a helpful business tool, base don the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy.

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stars

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dominant share of the market and good prospects for growth (BCG)

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cash cows

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dominate share of the market, but low prospects for growth (BCG)

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dogs

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subordinate share of the market and low prospects for growth

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question marks

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small share of a growing market and require a large amount of cash to build market share

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core competencies

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things a company does extremely well, which sometimes give it an advantage over its competition

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market opportunity

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a combination fo circumstances and timing that permits an organization to take action to reach a particular target market

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strategic windows

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temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market

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competitive advantage

answer

the result of a company matching a core competency to opportunities it has discovered in the marketplace

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SWOT analysis

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assessment of an organization's strengths, weaknesses, opportunities, and threats

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opportunities

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favorable conditions in the environment that could produce rewards for the organization if acted upon

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threats

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barriers that could prevent the company from reaching its objectives

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first-mover advantage

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the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace

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late-mover advantage

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the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace

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marketing objective

answer

statement of what is to be accomplished through marketing activities

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marketing strategy

answer

plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

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sustainable competitive advantage

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an advantage that the competition cannot copy

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marketing implementation

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the process of putting marketing strategies into action

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centralized organization

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a structure in which top-level managers delegate little authority to lower levels

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decentralized organization

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decision-making authority is delegated as far down the chain of command as possible

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strategic performance evaluation

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establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed

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performance standard

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an expected level of performance against which actual performance can be compared

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sales analysis

answer

analysis of sales figures to evaluate a firm's performance

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marketing cost analysis

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analysis of costs to determine which are associated with specific marketing efforts

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marketing plan

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a written condiment that specifies the activities to be performed to implement and control the organization's marketing strategies

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environmental scanning

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the process of collecting information about forces in the marketing environment

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environmental analysis

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process of assessing and interpreting the information gathered through environmental scanning

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competition

answer

other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographic area

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brand competitors

answer

firms that market products with similar features and benefits to the same customers at similar prices; Coke v Pepsi

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product competitors

answer

firms that compete in the same product class but market products with different features, benefits, and prices; Coke v. juice

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generic competitors

answer

firms that provide very different products that solve the same problem or satisfy the same basic customer need; Coke v. tap water

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total budget competitors

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firms that compete for the limited financial resources of the same customers; Coke v. gum

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monopoly

answer

competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply

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oligopoly

answer

a competitive structure in which a few sellers control the supply

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monopolistic competition

answer

a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product

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pure competition

answer

a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply

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businss cycle

answer

a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

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prosperity

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a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)

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recession

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a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending

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depression

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a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy

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recovery

answer

a stage of the business cycle in which the economy moves from recession or depression toward prosperity

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buying power

answer

resources, such as money, goods, and services, that can be traded in an exchange

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income

answer

for an individual the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period

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disposable income

answer

after-tax income

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discretionary income

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disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

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credit

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enables people to spend future income now or in the near future

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wealth

answer

the accumulation of past income, natural resources, and financial resources

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willingness to spend

answer

an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces

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Federal Trade Commission (FTC)

answer

an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling

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Better Business Bureau (BBB)

answer

system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms

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National Advertising Review Board (NARB)

answer

self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement

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technology

answer

application of knowledge and tools to solve problems and perform tasks more efficiently

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dynamics of technology

answer

constant change that often challenges the structures of social institutions, including social relationships, the legal system, religion, education, business, and leisure

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reach of technology

answer

broad nature as technology moves through society

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self-sustaining nature of technology

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technology acts as a catalyst to spur even faster development

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technology assessment

answer

managers attempt to foresee effects of new products and processes their firm's operations, on other business organizations, and on society in general

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sociocultural forces

answer

influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles

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consumerism

answer

organized efforts by individuals, groups, and organizations to protect consumers' rights

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social responsibility

answer

organization's obligation to maximize its positive impact and minimize its negative impact on society

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marketing citizenship

answer

adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

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stakeholder orientation

answer

companies that consider the diverse perspectives of stakeholders in their daily operations and strategic planning

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marketing ethics

answer

principles and starboards that define acceptable marketing conduct as determined by various stakeholders

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cause-related marketing

answer

the practice of linking products to a particular social cause on an ongoing or short-term basis

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strategic philanthropy

answer

synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits

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sustainability

answer

potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies

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Consumerism rights

answer

informed, choose, heard

question

ethical issue

answer

identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical

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product recalls

answer

Companies ask customers to return products found to be defective

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bribery

answer

incentive offered in exchange for an illicit advantage

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price gouging

answer

pricing products at exorbitant levels

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bait and switch pricing

answer

gain consumer interest with a low-priced product, but then switch the buyer to a more expensive item or add-on

question

channel stuffing

answer

shipping surplus inventory to wholesalers and retailers at an excessive rate

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Organizational/corporate culture

answer

set of values, beliefs, goals, norms, and rituals that members of an organization share

question

codes of conduct

answer

formalized rules and standards that describe what the company expects of its employees

question

ethics

answer

individual and group decisions

question

social responsibility

answer

total effect of marketing decisions on society

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