1
Q
Marketing
A
An organizational function and a set of processes for creating, communicating, and delivering value to customers
2
Q
Customer relationship management (CRM)
A
The ongoing process of acquiring, maintaining, and growing profitable customer relationships
3
Q
Value
A
A customer perception that a product has a better relationship between cost and benefits than its competitors
4
Q
Customer satisfaction
A
When customers perceive that a good or service delivers value above their expectations
5
Q
Customer loyalty
A
When customers buy a product from the same supplier repeatedly
6
Q
Marketing plan
A
A formal document defining marketing objectives and strategies
7
Q
Market segmentation
A
Dividing potential customers into groups of similar people
8
Q
Target market
A
The group of people most likely to buy a particular product
9
Q
Consumer marketers (B2C)
A
Marketers directing efforts toward people buying for personal consumption
10
Q
Business marketers (B2B)
A
Marketers directing efforts toward those buying products to produce other products
11
Q
Demographic segmentation
A
Dividing the market based on measurable characteristics like age or income
12
Q
Geographic segmentation
A
Dividing the market based on where consumers live
13
Q
Psychographic segmentation
A
Dividing the market based on consumer attitudes, interests, and values
14
Q
Behavioral segmentation
A
Dividing the market based on how people behave toward products
15
Q
Marketing mix
A
The blend of product, price, distribution, and promotion strategies
16
Q
Environmental scanning
A
Continually collecting information from the external marketing environment
17
Q
Market share
A
The percentage of a market controlled by a given marketer
18
Q
Consumer behavior
A
Description of how people act when buying, using, and discarding goods and services
19
Q
Cognitive dissonance
A
Consumer discomfort with a purchase decision, often for high-priced items
20
Q
Business buyer behavior
A
How people act when buying products for business use
21
Q
Marketing research
A
The process of gathering and applying information to uncover marketing opportunities
22
Q
Secondary data
A
Existing data gathered or purchased for a research project
23
Q
Primary data
A
New data compiled for a specific research project
24
Q
Observation research
A
Research that does not require interaction with the subject
25
Survey research
Research that requires interaction with the subject
26
Green marketing
Promoting environmentally sound products to gain a competitive edge
27
Mass customization
Creating products tailored for individual consumers on a mass basis
28
Product
Anything an organization offers to satisfy consumer needs and wants
29
Consumer products
Products purchased for personal use or consumption
30
Business products
Products purchased to use directly or indirectly to produce other products
31
Product differentiation
Attributes that make a product different from competitors
32
Quality level
How well a product performs its core functions
33
Product consistency
How reliably a product delivers its promised level of quality
34
Product features
Specific characteristics of a product
35
Customer benefit
The advantage a customer gains from specific product features
36
Product line
A group of products that are closely related
37
Product mix
The total number of product lines and individual items sold by a firm
38
Cannibalization
When a new product takes sales away from a firm's existing products
39
Brand
A product’s identity, including name, symbol, design, and reputation
40
Brand equity
The overall value of a brand to an organization
41
Line extensions
Similar products offered under the same brand name
42
Brand extension
A new product in a new category under an existing brand name
43
Licensing
Purchasing the right to use another company’s brand name or symbol
44
Cobranding
When established brands from different companies join forces
45
National brands
Brands that the producer owns and markets
46
Store brands
Brands that the retailer produces and distributes
47
Promotion
Marketing communication designed to influence purchase decisions
48
Integrated marketing communication
Coordination of marketing messages through every promotional vehicle
49
Positioning statement*
A brief statement articulating how a marketer wants the target market to envision a product
50
Promotional channels
Specific marketing communication vehicles
51
Advertising
Paid, nonpersonal communication designed to influence an audience
52
Sales promotion
Activities designed to stimulate immediate sales
53
Consumer promotion
Activities designed to generate immediate consumer sales
54
Trade promotion
Activities designed to stimulate wholesalers and retailers to push products
55
Public relations (PR)
Ongoing effort to create positive relationships with the public
56
Publicity
Unpaid stories in the media that influence perceptions
57
Personal selling
Person-to-person presentation of products to potential buyers
58
Distribution strategy
A plan for delivering the right product to the right person at the right place and time
59
Channel of distribution
The network that links producers to consumers
60
Physical distribution
The actual movement of products along the distribution pathway
61
Direct channel
A distribution process with no intermediaries
62
Channel intermediaries
Organizations that facilitate the movement of products.
63
Independent wholesaling businesses
Independent distributors buying and selling to various customers
64
Merchant wholesalers
Independent distributors who take legal possession (title) of goods
65
Agents/brokers
Independent distributors who do not take title of the goods
66
Multichannel retailing
Providing multiple distribution channels for consumers
67
Supply chain
All organizations and processes involved in the flow of goods from raw materials to consumers
68
Supply chain management (SCM)
Planning and coordinating movement along the supply chain
69
Logistics
Tactics involved in moving products along the supply chain
70
Modes of transportation
Options such as planes and trains for moving products
71
Skimming pricing
Offering new products at a premium price to maximize profitability
72
Penetration pricing
Capturing the market through rock-bottom prices
73
Everyday-low pricing (EDLP)
Long-term discount pricing designed for high sales volume
74
High/low pricing
Special sales on limited products with higher everyday prices on others
75
Loss-leader pricing
Pricing a handful of items temporarily below cost to drive traffic
76
Breakeven analysis
Determining the number of units a firm must sell to cover all costs
77
Profit margin
The gap between the cost and price of an item
78
Odd pricing
Ending prices in numbers below even dollars to create a perception of value
79
Management
Achieving goals through planning, organizing, leading, and controlling resources
80
Planning
Determining organizational goals and action plans
81
Organizing
Determining structure for jobs and the overall organization
82
Leading
Directing and motivating people to achieve goals
83
Controlling
Monitoring performance and making adjustments
84
Top management
Managers who set the overall direction and articulate a vision
85
Middle management
Managers who supervise lower-level managers
86
First-line (supervisory) management
Managers who directly supervise nonmanagement employees
87
Technical skills
Expertise in a specific functional area
88
Human skills
The ability to work effectively with and through other people
89
Conceptual skills
The ability to grasp a big-picture view of the overall organization
90
Maslow’s hierarchy of needs theory
A theory suggesting human needs fall into a hierarchy
91
Theory X and Theory Y
A theory regarding management assumptions about worker capabilities
92
Job enrichment
Creating jobs with more meaningful content to motivate employees
93
Expectancy theory
Theory concerning the relationship between effort, performance, and reward
94
Equity theory
Theory proposing that perceptions of fairness affect worker motivation
95
Strategic planning
High-level, long-term planning establishing a firm's vision
96
Tactical planning
Specific, shorter-term planning applying to functional areas
97
Operational planning
Short-term planning applying to daily or monthly operations
98
Contingency planning
Planning for unexpected events
99
Mission
The definition of an organization’s purpose and core goals
100
SWOT analysis
Tool to evaluate internal strengths/weaknesses and external opportunities/threats
101
Strategic goals
Concrete benchmarks used to measure performance
102
Strategies
Action plans to forge the best fit between the firm and the environment
103
Degree of centralization
The extent to which decision power is held by a few at the top
104
Span of control
The number of people a manager supervises
105
Departmentalization
Dividing workers into logical groups
106
Line organizations
Organizations with a clear, simple chain of command
107
Line-and-staff organization
Organization where staff departments work alongside line departments
108
Matrix organizations
Flexible structures bringing specialists together for temporary projects
109
Human resource (HR) management
Maximizing workforce effectiveness through recruiting and strategy
110
Job analysis
Examination of specific tasks assigned to a position
111
Job description
Explanation of responsibilities for a specific position
112
Job specifications
Specific qualifications necessary for a position
113
Internal recruitment
Seeking employees currently within the firm
114
External recruitment
Seeking new employees from outside the firm
115
Structured interviews
Asking the same questions in the same order to each candidate
116
Probationary period
Time frame for a new hire to prove their worth
117
Contingent workers
Employees not expecting regular, full-time jobs
118
Orientation
First step in training, introducing company culture
119
On-the-job training
Learning while beginning the job
120
Apprenticeships
Structured programs where beginners assist fully trained workers
121
Compensation
Combination of pay and benefits in exchange for work
122
Wages
Pay in exchange for hours or days worked
123
Salaries
Pay received over a fixed period
124
Benefits
Noncash compensation like health insurance or vacation
125
Cafeteria-style benefits
Approach giving employees a set dollar amount to spend on benefits
126
Flextime
Option allowing workers to choose their start and finish times
127
Compressed workweek
Working full-time hours in less than a standard workweek
128
Civil Rights Act of 1964
Federal legislation prohibiting discrimination in terms of employment
129
Title VII
Portion of the Civil Rights Act prohibiting discrimination for employers with 15+ workers
130
Equal Employment Opportunity Commission (EEOC)
Federal agency enforcing Title VII provisions
131
Affirmative action
Policies increasing opportunities for historically marginalized groups
132
Sexual harassment
Workplace discrimination based on gender
133
Applications software
Software helping a user perform a desired task
134
Internet
The world’s largest network of computer networks
135
Broadband internet connection
Connection capable of transmitting large amounts of data quickly
136
Internet2 (I2)
High-tech internet with speed exceeding the current internet
137
Intranet
Private network limiting access to a single firm’s employees
138
Extranet
Intranet allowing limited access to selected stakeholders
139
Cloud computing
Use of internet-based storage and processing capacity
140
Data
Raw, unprocessed facts and figures
141
Information
Data processed in a way that makes them meaningful
142
Database
File of related data organized according to a logical system
143
Decision support system (DSS)
System giving managers processing power to convert data into information
144
Business intelligence system
System helping decision makers discover previously hidden information
145
Data warehouse
Large database storing data in a centralized location
146
Data mining
Use of statistical techniques to discover hidden patterns in data
147
Expert system (ES)
DSS helping managers make decisions where they lack expertise
148
E-commerce
Marketing, buying, and selling products over a network
149
Business-to-consumer (B2C) e-commerce
Interaction between businesses and final consumers
150
Business-to-business (B2B) e-commerce
Businesses buying from and selling to other businesses
151
Web 2.0
Websites incorporating interactive and collaborative features
152
Discussion channels and chat rooms
Web or app-based tools for team or private discussions
153
E-marketplace
Specialized internet site for B2B commerce
154
Radio frequency identification (RFID)
Technology storing information on microchips for transmission
155
Malware
General term for malicious software
156
Spyware
Software installed without permission to track behavior
157
Computer virus
Software spreading between computers by attaching to files
158
Worm
Malicious software that spreads on its own through vulnerabilities
159
Spam
Unsolicited email advertisements
160
Phishing
Scam using official-looking emails to get private information
161
Pharming
Scam seeking to steal identities by routing traffic to fake websites
162
Hacker
User gaining unauthorized access to computer systems
163
Firewall
Software/hardware designed to prevent unwanted access
164
Operations management
Managing activities that produce and distribute goods and services
165
Efficiency
Producing output at the lowest cost
166
Effectiveness
Using resources to create value and better price-to-benefit relationships
167
Goods
Tangible products
168
Services
Intangible products
169
Process
Related activities that transform inputs into outputs
170
Critical path method (CPM)
Tool identifying activities likely to take the longest to complete a project
171
Outsourcing
Arranging for other organizations to perform supply chain functions
172
Offshoring
Moving production or support processes to foreign countries
173
Enterprise resource planning (ERP)
Software-based approach integrating information flows
174
Automation
Replacing human operation of machinery with programmed control
175
Robot
Reprogrammable machine performing a variety of tasks
176
Computer-aided design (CAD)
Software for creating blueprints and design drawings
177
Computer-aided manufacturing (CAM)
Software creating programmed instructions for robots
178
Computer-integrated manufacturing (CIM)
Combination of CAD/CAM systems to automate design and production
179
Total quality management (TQM)
Approach calling for everyone to take responsibility for quality improvement
180
Six Sigma
Quality improvement approach with ambitious goals and extensive training
181
Baldrige National Quality Program
National program to encourage firm focus on quality
182
ISO 9000
Generic standards for quality management system
183
Lean production
Approach emphasizing the elimination of waste in all processes
184
Just-in-time (JIT) production
System emphasizing production to meet actual current demand
BUS-101
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Decks in class (3)
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