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| 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. |
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| A philosophy that focuses on the internal capabilities of the firm rather than on the desire and needs of the marketplace. |
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| A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; it is synoonymous with the marketing concept. |
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| The ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. |
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| Societal Marketing Orientation |
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| 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. |
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| The relationship between benefits and the sacrifice necessary to obtain those benefits. |
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| Customer's evaluation of a good or service in terms of whether it has met their needs and expections. |
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| A strategy that focuses on keeping and improving relationships with current customers. |
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| Delegation of authority to solve customer's problems quickly, usually by the first person that the customer notifies regarding a problem. |
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| Collaborative efforts of people to accomplish common objectives. |
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| People giving up something to recieve something they would rather have. |
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| The mangerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. |
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| Written document that acts as a guidebook of marketing activities for the marketing manager. |
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| 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. |
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| Defining a business in terms of goods and services rather than in terms of the benefits customers seek. |
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| Identifying strengths and weaknesses and also examining external opportunities and threats. |
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| A set of unique features of a company and its products that are percieved by the target market as significant and superior to the competition. |
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| Collecion 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. |
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| A statement of what is to be accomplished through marketing activities. |
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| Sustainable Competitive Advantage |
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| An advantage that cannot be copied by the competition. |
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| 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. |
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| A unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. |
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| Product, place, promotion, and price, which together make up the marketing mix. |
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| The process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plans objectives. |
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| the moral principles or values that generally govern the conduct of an individual or a group. |
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| the rules people develop as a result of cultural values and norms. |
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| A guideline to help marketing managers and other employees make better decisions. |
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| Corporate Social Responsibility |
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| A business's concern for society's wellfare. |
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| 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. |
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| The development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment. |
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| A defined group most likely to buy a firms product. |
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| The Practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single traditional style. |
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| The study of peoples vital statistics, such as their age, race and ethnicity, and location |
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| People born between 1979 and 1994 |
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| People born between 1965 and 1978 |
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| People born between 1946 and 1964 |
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| A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products. |
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| Consumer Product Safety Commission (CPSC) |
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| A federal agency established to protect the health and safety of consumers in and around their homes. |
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| Federal Trade Comission (FTC) |
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| A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce. |
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| Marketing that targets markets throughout the world |
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| Multinational Corporation |
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| A company that is heavily engaged in international trade, beyond exporting and importing. |
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| Global Market Standardization |
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| Production of uniform products that can be sold the same way all over the world. |
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| The largest Latin American trade agreement; includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, and Uruguay |
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| An agreement to dramatically lower trade barriers worldwide; created the World Trade Organization. |
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| An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation. |
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| An intermediary in the global market that assumes all ownership risk and sells globally for its own account. |
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| An intermediary that acts like a manufacturer's agent for the export; the export agent lives in the foreign market. |
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| Prices of different currencies move up and down based on the demand for and the supply of each currency. |
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| North American Free Trade Agreement (NAFTA) |
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| An agreement between Canada, the United States, and Mexico that created the world's largest free trade zone. |
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| A free trade zone encompassing 27 European countries. |
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| When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity. |
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| The marketing of goods and services to individuals and organizations for purposes other than personal consumption. |
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| Business-to-Business Electronic Commerce |
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| The use of the internet to facilitate the exchange of goods, services, and information between organizations. |
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| A measure of a website's effectiveness; calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit (site reach). |
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| A practice where business purchasers choose to buy from their own customers. |
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| Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish. |
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| Products used directly in manufacturing other products. |
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| Consumable items that do not become part of the final product. |
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| A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. |
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| The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. |
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| Segmenting markets by region of a country or the world, market size, market density, or climate. |
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| Segmenting markets by age, gender, income, ethnic background, and family life cycle. |
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| Psychographic Segmentation |
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| Market segmentation on the basis of personality, motives, lifestyles, and geodemographics. |
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| Geodemographic Segmentation |
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| Segmenting potential customers into neighborhood lifestyle categories. |
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| A principle holding that 20 percent of all customers generate 80 percent of the demand. |
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| A group of people or organization for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. |
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| The process of grouping customers into market segments according to the benefits they seek from the product. |
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| A situation that occurs when sales of a new product cut into sales of a firm's existing products. |
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| An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships, with each customer. |
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| A positioning strategy that some firms use to distinguish their products from those of competitors. |
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| Changing consumers' perceptions of a brand in relation to competing brands. |
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| Sending U.S. jobs abroad. |
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World Trade Organization
(WTO) |
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Definition
| Trade organization that replaced the old General Agreement on Tariffs and Trade (GATT). |
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General Agreement on Tariffs and Trade
(GATT) |
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| A trade agreement that contained loopholes that enables countries to avoid trade-barrier reduction agreements. |
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| An intermediary that plays the traditional broker's role by bringing buyer and seller together. |
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