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.