MKT 3301 Exam 1
global warming
A warming of the planet Earth that will have disastrous effects on the planet.
standard of living
An indicator of the average quality and quantity of goods and services consumed in a country.
group of 7 (G7)
An informal forum of the seven most economically developed countries that meets annually to discuss major economic and political issues facing the international community. Formerly the G8, Russia was excluded from the group as a result of its invasion of Crimea in 2014
world bank
An international lending institution that seeks to reduce poverty and better people's lives by improving economies and promoting sustainable development.
International Monetary Fund (IMF)
An international organization that seeks to ensure the stability of the international monetary exchange by controlling fluctuations in exchange rates.
World Trade Organization (WTO)
An organization that replaced GATT; the WTO sets trade rules for its member nations and mediates disputes between nation
marketplace
Any location or medium used to conduct an exchange.
services
Intangible products that are exchanged directly between the producer and the customer.
lifetime value of a customer
The potential profit a single customer's purchase of a firm's products generates over the customer's lifetime.
foreign exchange rate
The price of a nation's currency in terms of another currency.
exchange
The process by which some transfer of value occurs between a buyer and a seller.
competitive inteligence
The process of gathering and analyzing publicly available information about rivals
economic infrastructure
The quality of a country's distribution, financial, and communications system
need
The recognition of any difference between a consumer's actual state and some ideal or desired state.
web 2.0
The second generation of the World Wide Web that incorporated social networking and user interactivity via two-way communication.
channel of distribution
The series of firms or individuals that facilitates the movement of a product from the producer to the final customer
wisdom of crowds
Under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products.
haul videos
Videos consumers post on YouTube that detail the latest stuff they bought.
Nationalization
When a domestic government seizes a foreign company's assets without any reimbursement.
product competition
When firms offering different products compete to satisfy the same consumer needs and wants.
brand competition
When firms offering similar goods or services compete on the basis of their brand's reputation or perceived benefits.
countertrade
A type of trade in which goods are paid for with other items instead of with cash.
consumer orientation
A business approach that prioritizes the satisfaction of customers' needs and wants
tripple bottom line orientation
A business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices.
Folksonomy
A classification system that relies on users rather than preestablished systems to sort contents.
marketing mix
A combination of the product itself, the price of the product, the promotional activities that introduce it, and the places where it is made available that together create a desired response among a set of predefined consumers.
least developed country (LDC)
A country at the lowest stage of economic development
developed country
A country that boasts sophisticated marketing systems, strong private enterprise, and bountiful market potential for many goods and services.
market segment
A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market
marketing scorecards
A feedback vehicle that reports (often in quantified terms) how the company or brand is actually doing in achieving various goals)
competitive advantage
A firm's edge over its competitors that allows it to have higher sales, higher profits, and more customers and enjoy greater success year after year
patent
A legal mechanism to prevent competitors from producing or selling an invention, aimed at reducing or eliminating competition in a market for a period of time.
marketing concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability
product orientation
A management philosophy that emphasizes the most efficient ways to produce and distribute products
Total Quality Management (TQM)
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
societal marketing concept
A management philosophy that marketers must satisfy customers' needs in ways that also benefit society and deliver profit to the firm
selling orientation
A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventor
Monopoly
A market situation in which one firm, the only supplier of a particular product, is able to control the price, quality, and supply of that product
Oligopoly
A market structure in which a relatively small number of sellers, each holding a substantial share of the market, compete in a market with many buyers.
monopolistic competition
A market structure in which many firms, each having slightly different products, offer unique consumer benefits
perfect competition
A market structure in which many small sellers, all of whom offer similar products, are unable to have an impact on the quality, price, or supply of a product.
green marketing
A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consu
value proposition
A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchase
consumer addiction
A physiological or psychological dependency on goods or services, including alcohol, drugs, cigarettes, shopping, and use of the Internet.
Protectionism
A policy adopted by a government to give domestic companies an advantage
Crowdsourcing
A practice where firms outsource marketing activities (such as selecting an ad) to a community of users
accountability
A process of determining just how much value an organization's marketing activities create and their impact on the bottom line.
sustainability
A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their need
Embargo
A quota completely prohibiting specified goods from entering or leaving a country
self driving (autonomous) vehicle
A self-driving or autonomous car (also known as a driverless car or robotic car) and unmanned ground vehicle is a vehicle that is capable of sensing its environment and navigating without human input
value chain
A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.
Arab Spring
A series of anti-government protests and uprisings in a number of Arab countries facilitated by new social media tools available to people in the region
balance of payments
A statement of how much trade a country has going out compared to how much it has coming in. If a country is buying more than it is selling, it will have a negative balance of payments
distinctive competency
A superior capability of a firm in comparison to its direct competitors.
product
A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses.
sachet
Affordable one-use packages of cleaning products, fabric softeners, shampoo, and other items for sale to consumers in least developed and developing countries.
mass market
All possible customers in a market, regardless of the differences in their specific needs and wants
market
All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange
BRICS countries
Also referred to as the BRICS, Brazil, Russia, India, China, and South Africa are the fastest growing of the developing countries. With more than 3 billion people, they represent over 41 percent of the world's population and about 22 percent of the gross world product
stakeholders
Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold—in other words, any person or organization that has a "stake" in the outcome
developing countries
Countries in which the economy is shifting its emphasis from agriculture to industry.
demand
Customers' desires for products coupled with the resources needed to obtain them.
rentrepreneurs
Enterprising consumers who make money by renting out their possessions when they aren't using them
brandfests
Events that companies host to thank customers for their loyalty.
industrial goods
Goods that individuals or organizations buy for further processing or for their own use when they do business.
economic communities
Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere.
import quota
Limitations set by a government on the amount of a product allowed to enter a country.
branded content
Marketing communication developed by a brand to provide educational or entertainment value rather than to sell the brand in order to develop a relationship with consumers; may indicate the brand is the sponsor
consumer-generated content
Marketing content and activities created by consumers and users of a brand such as advertisements, online reviews, blogs, social media, input to new product development, or serving as wholesalers or retailers.
marketing
Marketing is 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.1
metrics
Measurements or "scorecards" that marketers use to identify the effectiveness of different strategies or tactics
social networking platforms
Online platforms that allow a user to represent himself or herself via a profile on a website and provide and receive links to other members of the network to share input about common interests.
not-for-profit organizations, or nongovernmental organizations (NGOs)
Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members.
four Ps
Product, price, promotion, and place
differential benefit
Properties of products that set them apart from competitors' products by providing unique customer benefits.
corporate citizenship, or corporate social responsibility
Refers to a firm's responsibility to the community in which they operate and to society in general
Tariffs
Taxes on imported goods.
Brexit
Term used to refer to the U.K.'s (Britain's) exit from the European Union
price
The assignment of value, or the amount the consumer must exchange to receive the offerin
place
The availability of the product to the customer at the desired time and location.
Web 1.0
The beginning phase of the Internet that offered static content provided by the owner of the site.
level of economic development
The broader economic picture of a country
e-commerce
The buying or selling of goods and services electronically, usually over the Internet.
bottom of the pyramid (BOP)
The collective name for the group of consumers throughout the world who live on less than $2 a day
promotion
The coordination of a marketer's communication efforts to influence attitudes or behavior
anticonsumption
The deliberate defacement of products.
want
The desire to satisfy needs in specific ways that are culturally and socially influenced.
Return on Investment (ROI)
The direct financial impact of a firm's expenditure of a resource, such as time or money.
world trade
The flow of goods and services among different countries—the value of all the exports and imports of the world's nation
consumer goods
The goods individual consumers purchase for personal or family use.
business-to-business marketing (B2B)
The marketing of goods and services from one organization to another.
benefit
The outcome sought by a customer that motivates buying behavior that satisfies a need or want
business cycle
The overall patterns of change in the economy—including periods of prosperity, recession, depression, and recovery—that affect consumer and business purchasing powe
discresionary income
The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing
Gross Domestic Product (GDP)
The total dollar value of goods and services produced by a nation within its borders in a year
greenhouse effect
The turning of our atmosphere into a kind of greenhouse as a result of the addition of carbon dioxide and other greenhouse gasses.
consumer
The ultimate user of a good or service.
External Environment
The uncontrollable elements outside an organization that may affect its performance either positively or negatively
utility
The usefulness or benefit that consumers receive from a product.
General Agreement on Tariffs and Trade (GATT)
international treaty to reduce import tax levels and trade restrictions.