45 terms

production orientation

focuses on what the firm can make instead of customers wants and needs
STUDY
PLAY
product orientation
focuses on what the firm can make instead of customers wants and needs
sales orientation
use aggressive sales tactics to sell more which will result in high profits
marketing concept
all about the customers wants and needs while meeting organizational objectives
market oriented
customer decides what they will buy
societal marketing orientation
organizations should preserve customers and societys long term interest
relationship marketing
strategy that focuses on keeping and improving relationships with current customers
strategic planning
managers have to maintain a fit between the organizations objectives and resources and the evolving market opportunities
marketing plan
written document that acts as a guidebook of marketing activities for the marketing manager
strategic business unit
subgroup to a larger company
SWOT
strength, weaknesses, opportunities, threats
environmental scanning
studying the external environment that might affect companys future
marketing objective
goals the company hopes to reach. must be realistic, measurable, time specific, compare to a benchmark
competitive advantage
having a feature that gives you an advantage over competitors
cost competitive advantage
selling for lower prices than competitors
product/service competitive advantage
firm provides something unique and valuable to buyers
niche competitive advantage
targets a single segment of the market
market penetration
trys to increase market share among existing customers. coupons
market devolopment
attracting new customers to existing products
product development
making new products for present market
diversification
making new products for new markets
4 P's
Price, Product, Promote, Place(distribute)
ethics
the moral principles or values that generally govern the conduct of an individual or group
morals
rules people develop as a result of cultural values and norms
code of ethics
guideline to help marketing managers and other employees make better decisions
corporate social responsibility
businesses concern for society
sustainability
socially responsible companies will out perform their competitors in long run
environmental management
company tries to implement strategies to shape external market
demography
study of peoples race, ethinicity, location
3 economic areas of concern for marketers
consumers income, inflation, and recession
Federal Trade Commission
agency empowered to prevent corporations from using unfair methods of competition
nationalism
government takes over company and gives it cents on the dollar
expropriation
government takes over company and gives the company nothing
uruguay round
agreement that lowered trade barriers worldwide
NAFTA
free trade between Canada, USA, and Mexico
G-20
20 most industrialized and developing economies
exporting
selling domestically produced products to buyers in other countries
buyer for export
middle man who assumes all the risk and sells globally for his own account
export broker
middle man who plays the traditional brokers role by bringing buyer and seller together
export agent
middle man who acts like a manufacturers agent for the exporter
liscensing
allowing someone to buy the rights of your product and use them. broadway shows
contract manufactoring
foreign company produces goods for a domestic company with the domestic firms brand names
one product, one message
promote the same product the same everywhere
product invention
making a whole new product for new markets
product adaptation
slightly changing a product for a foreign market
promotional adaptation
same product but alter promotional strategy
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