MAR3023 TEST #1 VOCAB

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MAR3023 TEST #1 VOCAB
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Test #1 Vocabulary
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  1. Marketing
    The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
  2. Exchange
    People giving up something in order to receive something they would rather have.
  3. Production Orientation
    A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
  4. Sales Orientation
    The ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
  5. Marketing Concept
    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.
  6. Market Orientation
    A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer�s decision to purchase a product; it is synonymous with the marketing concept.
  7. Societal Marketing Orientation
    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 individual�s and society�s long term best interests.
  8. Customer Value
    The relationship between benefits and the sacrifice necessary to obtain those benefits.
  9. Customer Satisfaction
    Customers� evaluation of a good or service in terms of whether it has met their needs and expectations.
  10. Relationship Marketing
    A strategy that focuses on keeping and improving relationships with current customers.
  11. Empowerment
    Delegation of authority to solve customers� problems quickly�usually by the first person the customer notifies regarding a problem.
  12. Teamwork
    Collaborative efforts of people to accomplish common objectives.
  13. Strategic Planning
    The managerial process of creating and maintaining a fit between the organization�s objectives and resources and the evolving market opportunities.
  14. Planning
    The process of anticipating future events and determining strategies to achieve organizational objectives in the future.
  15. Market Planning
    Designing activities relating to marketing objectives and the changing marketing environment.
  16. Marketing Plan
    A written document that acts as a guidebook of marketing activities for the marketing manager.
  17. Mission Statement
    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.
  18. Marketing Myopia
    Defining a business in terms of goods and services rather than in terms of the benefits customers seek.
  19. Strategic Business Unit (SBU)
    A subgroup of a single business or collection of related businesses within the larger organization.
  20. SWOT Analysis
    Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T).
  21. Environmental Scanning
    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.
  22. Marketing Objective
    A statement of what is to be accomplished through marketing activities.
  23. Competitive Advantage
    A set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
  24. Cost Competitive Advantage
    Being the low-cost competitor in an industry while maintaining satisfactory profit margins.
  25. Experience Curves
    Curves that show costs declining at a predictable rate as experience with a product increases.
  26. Product/Service Differentiation Competitive Advantage
    The provision o something that is unique and valuable to buyers beyond simply offering a lower price than that of the competition.
  27. Niche Competitive Advantage
    The advantage achieved when a firm seeks to target and effectively serve a small segment of the market.
  28. Sustainable Competitive Advantage
    An advantage that cannot be copied by the competition.
  29. Market Penetration
    A marketing strategy that tries to increase market share among existing customers.
  30. Market Development
    A marketing strategy that entails attracting new customers to existing products.
  31. Product Development
    A marketing strategy that entails the creation of new products for present markets.
  32. Diversification
    A strategy of increasing sales by introducing new products into new markets.
  33. Portfolio Matrix
    A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.
  34. Star
    In the portfolio matrix, a business unit that is a fast-growing market leader.
  35. Cash Cow
    In the portfolio matrix, a business unit that generates more cash than it needs to maintain its market share.
  36. Problem Child (Question Mark)
    In the portfolio matrix, a business unit that shows rapid growth but poor profit margins.
  37. Dog
    In the portfolio matrix, a business unit that has low growth potential and a small market share.
  38. Marketing Strategy
    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.
  39. Market Opportunity Analysis (MOA)
    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.
  40. Marketing Mix
    A unique blend of product, place (distribution), promotion, and pricing strategies designed to product mutually satisfying exchanges with a target market.
  41. Four P�s
    Product, place, promotion, and price, which together make up the marketing mix.
  42. Implementation
    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.
  43. Evaluation
    Gauging the extent to which the marketing objectives have been achieved during the specified time period.
  44. Control
    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.
  45. Marketing Audit
    A thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization.
  46. Ethics
    The moral principles or values that generally govern the conduct of an individual or a group.
  47. Morals
    The rules people develop as a result of cultural values and norms.
  48. Code of Ethics
    A guideline to help marketing managers and other employees make better decisions.
  49. Foreign Corrupt Practices Act (FCPA)
    A law that prohibits U.S. corporations from making illegal payments to public officials of foreign governments to obtain business rights or to enhance their business dealings in those countries.
  50. Corporate Social Responsibility CSR)
    A business�s concern for society�s welfare.
  51. Sustainability
    The idea that socially responsible companies will outperform their peers by focusing on the world�s social problems and viewing them as opportunities to build profits and help the world at the same time.
  52. Pyramid of Corporate Social Responsibility
    A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm�s economic performance supports the entire structure.
  53. Green Marketing
    The development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment.
  54. Target Market
    A defined group most likely to buy a firm�s product.
  55. Environmental Management:
    When a company implements strategies that attempt to shape the external environment within which it operates.
  56. Component lifestyles
    The practice of choosing goods and services that meet one�s diverse needs and interests rather than conforming to a single, traditional lifestyle.
  57. Demography
    The study of people�s vital statistics, such as age, race and ethnicity, and location.
  58. Generation Y
    People born between 1979 and 1994.
  59. Generation X
    People born between 1965 and 1978.
  60. Baby Boomers
    People born between 1946 and 1964.
  61. Purchasing Power
    A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas.
  62. Inflation
    A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
  63. Recession
    A period of economic activity characterized by negative growth, which reduces demand for goods and services.
  64. Basic Research
    Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
  65. Applied Research
    An attempt to develop new or improved products.
  66. Consumer Product Safety Commission (CPSC)
    A federal agency established to protect the health and safety of consumers in and around their homes.
  67. Food and Drugs Administration (FDA)
    A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
  68. Federal Trade Commission (FTC)
    A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
  69. Consumer Behavior
    Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use.
  70. Consumer Decision-Making Process
    A five-step process used by consumers when buying goods or services.
  71. Need Recognition
    Result of an imbalance between actual and desired states.
  72. Want
    Recognition of an unfulfilled needs and a product that will satisfy it.
  73. Stimulus
    Any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing.
  74. Internal Information Search
    The process of recalling past information stored in the memory.
  75. External Information Search
    The process of seeking information in the outside environment.
  76. Nonmarketing-controlled information source
    A product information source that is not associated with advertising or promotion.
  77. Marketing-Controlled Information Source
    A product information source that originates with marketers promoting the product.
  78. Evoked Set (Consideration Set)
    A group of brands, resulting from an information search, from which a buyer can choose.
  79. Cognitive Dissonance
    Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions.
  80. Involvement
    The amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior.
  81. Routine Response Behavior
    The type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time.
  82. Limited Decision Making
    The type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category.
  83. Extensive Decision Making
    The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information.
  84. Culture
    The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next.
  85. Value
    The enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct.
  86. Subculture
    A homogeneous group of people who share elements of the overall culture as well as unique elements of their own group.
  87. Social Class
    A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms.
  88. Reference Group
    A group in society that influences an individual�s purchasing behavior.
  89. Primary Membership Group
    A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, and co-workers.
  90. Secondary Membership Group
    A reference group with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group.
  91. Aspirational Reference Group
    A group that someone would like to join.
  92. Norm
    A value or attitude deemed acceptable by a group.
  93. Nonaspirational Reference Group
    A group with which an individual does not want to associate.
  94. Opinion leader
    An individual who influences the opinions of others.
  95. Socialization Process
    How cultural values and norms are passed down to children.
  96. Personality
    A way of organizing and grouping the consistencies of an individual�s reactions to situations.
  97. Self-Concept
    How consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations.
  98. Ideal Self-Image
    The way an individual would like to be.
  99. Real Self-Image
    The way an individual actually perceives himself or herself.
  100. Perception
    The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture.
  101. Selective Exposure
    The process whereby a consumer notices certain stimuli and ignores others.
  102. Selective Distortion
    A process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs.
  103. Selective Retention
    A process whereby a consumer remembers only that information that supports his or her personal beliefs.
  104. Motive
    A driving force that causes a person to take action to satisfy specific needs.
  105. Maslow�s Hierarchy of Needs
    A method of classifying human needs and motivations into five categories in ascending order of importance: Physiological, Safety, Social, Esteem, and Self-Actualization.
  106. Learning
    A process that creates changes in behavior, immediate or expected, through experience and practice.
  107. Stimulus Generalization
    A form of learning that occurs when one response is extended to a second stimulus similar to the first.
  108. Stimulus Discrimination
    A learned ability to differentiate among similar products.
  109. Belief
    An organized pattern of knowledge that an individual holds as true about his or her world.
  110. Attitude
    A learned tendency to respond consistently toward a given object.
  111. Business Marketing
    The marketing of goods and services to individuals and organizations for purposes other than personal consumption.
  112. Business-to-Business Electronic Commerce
    The use of the Internet to facilitate the exchange of goods, services, and information between organizations.
  113. Stickiness
    A measure of a Web site�s effectiveness; calculated by multiplying the frequency of visits by the duration of a visit by the number of pages viewed during each visit (site reach).
  114. Disintermediation
    The elimination of intermediaries such as wholesalers or distributers from a marketing channel.
  115. Reintermediation
    The reintroduction of an intermediary between producers and users.
  116. Strategic Alliance (Strategic Partnership)
    A cooperative agreement between business firms.
  117. Relationship Commitment
    A firm�s belief that an ongoing relationship with another firm is so important that the relationship warrants maximum efforts at maintaining it indefinitely.
  118. Trust
    The condition that exists when one part has confidence in an exchange partner�s reliability and integrity.
  119. Keiretsu
    A network of interlocking corporate affiliates.
  120. Original Equipment Manufacturers (OEMs)
    Individuals that buy business goods and incorporate them into the products they produce for eventual sale to other producers or to consumers.
  121. North American Industry Classification System (NAICS)
    A detailed numbering system developed by the United States, Canada, and Mexico to classify North American business establishments by their main production processes.
  122. Derived Demand
    The demand or business products.
  123. Joint Demand
    The demand for two or more items used together in a final product.
  124. Multiplier Effect (Accelerator Principle)
    Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product.
  125. Business-to-Business Online Exchange
    An electronic trading floor that provides companies with integrated links to their customers and suppliers.
  126. Reciprocity
    A practice where business purchases choose to buy from their own customers.
  127. Major Equipment (Installations)
    Capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings.
  128. Accessory Equipment
    Goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment.
  129. Raw Materials
    Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables and fish.
  130. Component Parts
    Either finished items ready for assembly or products that needs very little processing before becoming part of some other product.
  131. Processed Materials
    Products used directly in manufacturing other products.
  132. Supplies
    Consumable items that do not become part of the final product.
  133. Business Services
    Expense items that do not become part of a final product.
  134. Buying Center
    All those people in an organization who become involved in the purchase decision.
  135. New Buy
    A situation requiring the purchase of a product for the first time.
  136. Modified Rebuy
    A situation in which the purchase wants some change in the original good or service.
  137. Straight Rebuy
    A situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers.

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