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Marketing Test 1

Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
Customers
The purchasers of organizations’ products; the focal point of all marketing elements
Target market
The group of customers on which marketing efforts are focused
Marketing mix
four marketing elements – product, distribution promotion, and pricing – that a firm can control to meet the needs of customers within its target markets
Product
A good, service, or idea
Exchange
The provision or transfer of goods, services, or ideas in return for something of value
Stakeholders
constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and otucomes
Marketing environment
the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Strategic planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
Marketing strategy
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Marketing plan
A written document that specifies the activities to be performed to implement and control the organization’s marketing activities
Core competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
Market opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
Strategic windows
Temporary periods of optimal fit between the key requirement of a market and the particular capabilities of a company competing in that market
Competitive advantage
The result of a company matching a core competency to opportunities it has discovered in the marketplace
SWOT analysis
Assessment of an organization’s strengths, weaknesses, opportunities, and threats
Mission statement
A long term view, or vision, of what the organization wants to become
Marketing objective
A statement of what is to be accomplished through marketing activities
Corporate strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals
Strategic business unit (SBU)
A division, product line, or other profit center within the parent company
Market
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
Market share
The percentage of a market that actually buys a specific product from a particular company
Market growth/market share matrix
A helpful business tool, based on the philosophy that a product’s market growth rate and its market share are important considerations in determining its marketing strategy
Sustainable competitive advantage
An advantage that the competition cannot copy
Market planning
the systematic process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
Marketing implementation
The process of putting marketing strategies into action
Intended strategy
The strategy the organization decides on during the planning phase and wants to use
Realized strategy
The strategy that actually takes place
External customers
Individuals who patronize a business – the familiar definition of “customers”
Internal customers
The company’s employees
Internal marketing
A management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers
Total quality management (TQM)
A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers’ perceptions of quality
Benchmarking
Comparing the quality of the company’s goods, services, or process with that of its best-performing competitors
Empowerment
Giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors
Centralized organization
A structure in which top-level managers delegate little authority to lower levels
Decentralized organization
A structure in which decision making authority is delegated as far down the chain of command as possible
Marketing control process
Establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance
Performance standards
An expected level of performance against which actual performance can be compared
Environmental scanning
The process of collecting information about forces in the marketing environment
environmental analysis
The process of assessing and interpreting the information gathered through environmental scanning
Competition
Other organizations that market products that are similar to or can be substituted for a marketer’s products in the same geographic area
Brand competitors
Firms that market products with similar features, and benefits to the same customers at similar prices
Product competitors
Firms that compete in the same product class but market products with different features, benefits, and prices
Generic competitors
Firms that provides very different products that solve the same problem or satisfy the same basic customer need
Total budget competitors
Firms that compete for the limited financial resources of the same customers
Monopoly
A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
Oligopoly
A competitive structure in which a few sellers control the supply of a large proportion of a product
Monopolistic competition
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
Pure competition
A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
Business cycle
A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
Prosperity
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)
Recession
A stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
Depression
a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at minimum, and consumers lack confidence in the economy
Recovery
A stage of the business cycle in which the economy moves from recession or depression towards prosperity
Buying power
Resources, such as money, goods, and services, that can be traded in an exchange
Income
For an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
Disposable income
After-tax income
Discretionary income
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Wealth
The accumulation of past income, natural resources, and financial resources
Willingness to spend
An inclination to buy because of expected satisfaction from a product, influenced by ability to buy and numerous psychological and social forces
Sociocultural forces
The influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs, and lifestyles
Consumerism
Organized efforts by individuals, groups, and organizations to protect consumers’ rights
Social responsibility
An organization’s obligation to maximize its positive impact and minimize its negative impact on socieity
Marketing citizenship
The adoption of strategic focus for fulfilling the economic,legal, ethical, and philanthropic social responsibility expected by stakeholders
Marketing ethics
Principles and standards that define acceptable marketing conduct as determined by various stakeholders
Cause-related marketing
The practice of linking products to a particular social cause on an ongoing or short-term basis
Strategic philanthropy
the synergistic use of organizational core competencies and resources to address key stakeholders’ interests and achieve both organizational and social benefits
Sustainability
The 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
Green marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Ethical issues
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong ethical or unethical
Organizational (corporate) culture
A set of values, beliefs, goals, norms, and rituals that members of an organization share
Codes of conduct
Formulated rules and standards that describe what the company expects of its employees

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