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  1. Marketing  -The process of creating, distributing, promoting and pricing goods, service, and ideas to facilitate satisfying exchange relationship with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment 2. Marketing according to AMA -The activity, set of institutions, and the process for creating, communicating, delivering and exchanging offerings, that have value for customers, clients, partners, and society at large.3. Customers -The purchasers of the organizations products; the focal point of all marketing elements.4. Target market- The group of customerson which marketing efforts are focused.5. Marketing mix- Four marketing elements- products, distribution, promotion and pricing that a irm can control to meet the needs of customers within its target markets.6. The Product Variable- Researching customers needs and wants and designing a product that satisies them. Also involve creating or modifying brand names and packaging and it may also include decision regarding warranty and repair service.7. Product- A goods, service or idea.8.  A service- Is the application of human and mechanical efforts of people or objects to provide intangible beneits to customers.9. The Distribution Variable- Products must be available at the right time and through convenient distribution method.10. The Promotion Variable- Activities used to inform individuals or groups about the organization and its product.also to educate customers about product features.11. The Price Variable- Relates to decisionsand actions associated with establishingpricing objectives and policies and determining the product prices.12. Exchange- The provision or transfer of goods, service or ideas in return for something of value.13. Stakeholders- Constituents who have a stake or claim in some aspect’s of a company products, operations, markets,industry and outcomes.14. Marketing Environment- The competitive economic , political legal and regulatory, technological and sociocultural for that sorround the customer and affect the marketing mix.15. Marketing Concept- A philosophy that an organization should try to provide products that satisfy customers needs through a coordinated set of activities that also allow the organization to achieve its goals. 16. Market Orientation- An organizationwide commitment to researching and responding to customers needs.17. Relationship marketing- Establishing long term mutually satisfying buyes-seller relationship.18. Customer -centric marketing- Developing collaborative relationships with customers based on focusing on their individual needs and concern.19. Customer relationship management (CRM)- Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.20. Value- A customers subjective assesment of beneits relative to cost in determining the worth of a product.21. Marketing Management- The process of planning, organizing implementing and controlling marketing activities to facilitate exchanges effectively and eficiently.22. Effectiveness- Is the degree to which an exchange helps achieve an organization’s objectives.  23. Eficiency- Refers to minimizing the resources an organization must spend to achieve the speciic level of desired exchanges.24. Green Marketing- A strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining supporting and enhancing the natural environment.25. Strategic planning- The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy and a marketing plan.26. Marketing Strategy- A plan for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.27. Marketing Plan- A written document that speciies the marketing activities tobe performed to implement and control the organization’s marketing activities.28. Core Competencies- Things a company does extremely well, which sometimes give it an advantage over its competition29. Market Opportunity- A combination of circumstances and timing that permits an organization to take action to reach a particular target market.30. Strategic Windows- Temporary period of optimal it, between the key requirements of a market and the particular capabilities of a company competing in that market.31. Competitive Advantage- The result of acompany matching a core competency to opportunities it has discovered in the marketplace.32. SWOT Analysis- Assessment of an organizations strengths, weakness, opportunities and threats.33. Strengths- Refers to competitive advantages or core competencies that give the company an advantages in meeting the needs of its target markets.34. Weakness- Refers to any limitations a company face in developing or implementing a marketing strategy.35. Opportunities- Refer to favorable conditions in the environment that could produce rewards for the organizations if acted on properly.36. Threats- Refers to conditions or barriers that may prevent the company from reaching its objectives.37. Mission Statement- A long-term view or vision of what the organization wantsto become.38. Marketing Objective- A statement of what is to be accomplish through marketing activities39. Corporate Identity- Their unique symbols, personalities and philosophiesto support all corporate activities including marketing.40. Corporate Strategy- A strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals.41. Strategic Business Unit (SBU)  A devision product line, or other proit center within the parent company.42. Market- A group of individuals and /or organizations that have needs for products in a product class and have theability and willingness and authority to purchase those products43. Market Share- The percentage of a market that actually buys a speciic product from a particular company.44. Market Growth/ Market Share Matrix- A helpful business tool, based on the philosophy that a products market growth rate and its market share are important consideration in determining the marketing strategy.45. Stars- Are the products with a dominant share of the market and good prospects for growth.  46. Cash cows- Have a dominant share of the market, but low prospects for growth, typically they generate more cash than is required to maintain market share.47. Dogs Have a subordinate share of the market and low prospects for growth, these are often found in established market.48. Question marks- Sometimes called ‘problem children’ have a small share of growing market and generally require a large amount of cash to build market share. 49.Sustainable Competitive advantage- An advantage that the competition cannot copy in the foreseeable future. 50.Marketing Planning- The systematic process of assessing marketing opportunities and resources, determining marketing objectives, deining marketing strategies, and establishing guidelines for implementation and control of the marketing program. 51.Marketing implementation - The process of putting marketing strategy into action. 52.Intended Strategy  – The strategy the organization decides on during the planning phase and want to use. 53.Realize Strategy - The strategy that actually takes place. 54.Executive Summary-  One to two pages synopsis of the entire marketing plan. 55.Evaluation and Control – Explanation of how the company will measure and evaluate the result of the implemented plan. 56.Customer Relationship Management –  focuses on using information about customers to create marketing strategies that develop and sustain desirable long-term customer relationship. 57.External Customers  – Individuals whopatronize the business- the familiar deinition of customers. 58.Internal Customers  – The company’s employees. 59.Internal Marketing – A management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organizations and its customers. 60.Total Quality Management (TQM)  – A philosophy that uniform quality commitment in all areas of the organization will promote a culture that meets customers perception of quality. 61.Benchmarking – Comparing the quality of the organizations , goods , services, or process with that of the best performing companies in the industry. 62.Empowerment   – Giving customer- contact employees the authority and responsibility to make marketing decisions without seeking the approval of their supervisors. 63.Centralized Organizations – A structure in which a top- level managersdelegate little authority to lower levels. 64.Decentralized Organizations  – A structure in which decision making authority is delegate as far down the chain of command as possible. 65.Marketing Control Process  – Establishing performance standards, evaluating actual performance by comparing it with established standards, and redusing the difference between the desire and actual performance by taking corrective actions. 66.Performance Standards  – A expected level of performance against which actual performance can be compared. 67.   Environmental Scanning – The process of collecting information about forces in the marketing environment. 68.   Environmental Analysis  - The process of assessing and interpreting the information gathered through environmental scanning.  69.   Competition – Other organizations that market products that are similar to or can be substituted for a marketer’s product int he same geographic area.70.Brand Competitors – Firms that market products with similar feature and beneits to the same customers at similar price. 71.   Product Competitors  – Firms that compete in the same product class but market product with different features, beneits and price. 72.Generic Competitors – Firms that provide very different products but solve the same problem or satisfy the same customers basic needs. 73.Total Budget Competitors - Firms that compete for the limited inancial resources of the same customers. 74.Monopoly  – A competitive structure which an organizations offers a products that has no close substitutes, making that organization the sole source of supply. 75.Oligopoly  – A competitive structure in which a few sellers controls the supply of a large proportion of a product. 76.Monopolistic Competition  – A competitive structure in a irm with many potential competitors and tries to develop a marketing strategy to differentiate its product. 77.Pure Competition  – A market structurecharacterize by a large number sellers, none strong enough to inluence price or supply. 78.Buying Power  – Resources such as money, goods and services that can be traded in an exchanges. 79.Disposable income  – After tax income 80.Discretionary Income - Disposable income available for spending and saving after an individual has purchasedthe basic necessities of food, clothing and shelter. 81.Willingness to spend  – An inclation to buy because of expected satisfaction from a product, inluenced by the ability to buy a numerous psychological and social forces. 82.Business Cycle  – A pattern of economicluctuations that has advantages: prosperity, recession, depression and recovery. 83.Prosperity  – Unemployment is low and total income is relatively high. 84.Recession  – unemployment rises while total buying power declines. 85.Depression  – Unemployment is extremely high wages are very low total disposable income is at a minimum. 86.Recovery – Economy moves from Depression to recession to prosperity. 87. F ederal Trade Commission (FTC)  – Anagency that regulates a variety of business practices and cubs false advertising, misleading pricing, and deceptive packaging and labeling. 88.Better Business Bureau (BBB ) Non governmental, independent, local regulatory agencies supported by local businesses that help settle problems between customers and speciic business irms. 89.National Advertising Review Board (NARB)  – A self regulatory unit that considers challenges and issues raised by National Advertising Division about an advertisement. 90.Technology  – the application of knowledge and tools to solve problems and perform task more eficiently. 91.Sociocultural Forces  – The inluences in a society and its culture that change peoples attitudes, beliefs, norms, customs and lifestyle. 92.Social Responsibility  – An organization’s obligation to maximize its positive impact and minimize the negative impact on the society.
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