100 terms

Environmental Scanning

Environmental scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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Environmental Scanning
Environmental scanning is the process of continually acquiring information to identify and interpret potential trends
Social Forces
Social forces are the demographic characteristics of the population and its values
Demographics
Demographics describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Baby Boomers
The generation of children born between 1946 and 1964
Generation X
Children born between 1965 and 1976. 15%
Generation Y
Children born between 1977 and 1994. 72 million
Marketspace
Marketspace is an information-and communication- based electronic exchange environment mostly occupied by sophisticated computer technologies and digitized offerings
Competition
Alternative firms that could provide a product to satisfy market's needs
Regulation
Restrictions state and federal laws place on business with regard to the conduct of its activities
Consumerism
Grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions
Self-Regulation
Alternative to government control where an industry attempts to police itself
Ethics
Ethics are the moral principles and values that govern the actions and decisions of an individual or group
Consumer Bill of Rights (1962)
Law that codified ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard
Code of Ethics
Formal statement of ethical principles and rules of conduct
Moral Idealism
Personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
Utilitarianism
Personal moral philosophy that focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior
Social Responsiblity
Idea that organizations are part of a larger society and are accountable to that society for their actions
Green Marketing
Consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products
Cause Marketing
Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products
Sustainable Development
Consists of conducting business in a way that protects the natural environment while making economic progress
Involvement
The personal, social, and economic significance of the purchase to the consumer
Personality
a person's consistent behaviors or responses to recurring situations
Perception
process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world
Perceived Risk
The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences
Consumer Behavior
Consists of the actions a person takes in purchasing and using products and services
Purchase Decision Process
1. Problem recognition
2. Information search
3. Alternative evaluation
4. Purchase decision
5. Postpurchase behavior
Motivation
Energizing force that stimulates behavior to satisfy a need
Learing
Repeated Experience and Reasoning
Brand Loyalty
Favorable attitude toward consistent purchase of a single brand over time
Attitude
learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way
Beliefs
Subjective perception of how a product or brand performs on different levels
Opinion Leaders
Individuals who exert direct or indirect social influence over others
Reference Groups
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards
Family Life Cycle
The distinct phases that a family progresses through from formation to retirement
Subcultures
Subgroups within the larger or national culture with unique values ideas and attitudes
Business Marketing
Involves the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others
North American Industry Classification System
Provides common industry definitions in Canada, Mexico, and the United States which makes it easier to measure economic activity in the three member countries of the North Atlantic Free Trade Agreement
Derived Demand
demand for industrial products and services that is driven by the demand for consumer products and services
Buying Center
Consists of the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge to a purchase decision
Buy Classes
Consists of three types of organizational buying situations: 1. Straight Rebuy 2. New Buy 3. Modified Rebuy
Organizational Buying Behavior
The decision making process that organizations use to establish the need for products and services and identify evaluate and choose alternative brands and suppliers
E-marketplaces
Online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services
Tradition Auction
Seller puts an item up for sale and would-be buyers are invited to bid in competition with each other
Reverse Auction
A buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other
Protectionism
Practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs and quotas
Tariffs
Government taxes on goods or services entering a country that primarily serve to raise prices on imports
Quota
Restriction placed on the amount of a product allowed to enter or leave a country
World Trade Organization
Permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions
Global Competition
Exists when firms originate, produce, and market their products worldwide
Multidomestic Marketing Strategy
involves multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business
Global Marketing Strategy
Involves firms that employ the practice of standardized marketing activities when there are cultural similarities and adapting them when cultures differ
Global Brand
brand that is marketed under the same name in multiple countries with similar coordinated marketing programs
Global Consumers
groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services
Values
Society's personally or socially preferable modes of conduct or states of existence that tend to persist over time
Customs
what is considered normal to a group
Foreign Corrupt Practices Act (1997)
law, amended by the International Anti-Dumping and Fair Competition Act, that makes it a crime for US corporations to bribe an official of foreign government or political party to obtain or retain business in a foreign country
Cultural Symbols
Things that represent ideas and concepts
Back Translation
Practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors
Microfinance
Practice of offering small, collateral free loans to individual who otherwise would not have access to the capital necessary to begin small business or other income generating activities
Currency Exchange Rate
price of one country's currency expressed in terms of another countries currency
Joint Venture
Global market entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits
Marketing
activity for creating communicating delivering and exchanging offerings that benefit the organization its stakeholders and society at large
Exchange
trade of things of value between buyer and seller so that each is better off
Market
Consists of people with both the desire and ability to buy goods or services
Target Market
Consists of one or more specific groups of potential consumers toward which an organization directs its marketing program
Marketing Mix
Consists of the marketing manager's controllable factors. IE place, product, promotion, price
Environmental Forces
Consists of the marketing manager's uncontrollable forces in a marketing decision involving social economic technological competitive and regulatory forces
Customer Value
the unique combination of benefits received by targeted buyers that includes quality convenience on time delivery and both before sale and after sale service at a specific price
Relationship Marketing
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefits
Marketing Program
plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Marketing Concept
1. Strive to Satisfy the needs of Consumers
2. Try to achieve the organizations goals
Marketing Orientation
1. Continuously collecting information about customer needs
2. Sharing this information across departments
3. using it to create customer value
Customer Relationship Management
process of identifying prospective buyers, understanding them intimately, and developing favorable long term benefits for both parties
Customer Experience
Internal Response that customers have to all aspects of an organization and its offerings
Social Marketing Concept
View that organizations should satisfy the needs of consumers in a way that provides for society's well being
Ultimate Consumers
Consumers who buy goods and services for their households
Organizational Buyers
Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or resale
Utility
Benefits or customer value received by users of the product
Strategy
Organization's long term plan of action designed to give the buyer a unique customer experience
Corporate Level
Level in an organization where top management directs overall strategy for the entire organization
Strategic Business Unit
subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
Functional Level
Level in an organization where groups of specialists actually create values for the organization
Cross-Functional Teams
consist of a small number of people form different departments who are mutually accountable to accomplish a task or common set of performance goals
Core Values
Fundament, passionate, and enduring principles of an organizaton that guide its conduct over time
Mission
statement of the organization's function in society, often identifying its customers, markets, products, and technologies
Organizational Behavior
Consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
Business
the clear, broad, underlying industry or market sector of an organization's offering
Market Share
ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself
Marketing Dashboard
Visual display of the essential information related to achieving a marketing objective
Marketing Metric
measure of the quantitative value or trend of a marketing activity or result
Marketing Plan
road map for the marketing activities of an organization for a specified future time period such as one year or five years
Competitive Advantage
unique strength relative to competitors that provides superior returns. Based on quality, time, cost, or innovation
Business Portfolio Analysis
technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units
Diversification Analysis
tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products
Strategic Marketing Process
approach whereby an organization allocates its marketing mix resources to reach its target markets
SWOT Analysis
acronym describing an organization's appraisal of its Strengths Weaknesses and its external Opportunities and Threats
Market Segmentation
aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action
Points of Difference
Characteristics of a product that make it superior to competitive substitutes
Marketing Tactics
detailed day-to-day operational decisions essential to the overall success of marketing strategies
Marketing Strategy
the means by which a marketing goal is to be achieved
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