MAR3023 STUDY GUIDEChapter 1 TERMSObjective 1: The first and most important objective in this course is for every student to be able to accurately describe what marketing is and what roles it plays in organizations, and to appreciate the importance of making responsible marketing decisions and the ramifications for firms that neglect this duty.Objective 2: Students should be able to articulate at least three strategies firmscan use to assess the environment around them and how factors in the environment influence marketing decisions.Objective 3:Students should be able to distinguish between socially responsible and ethical business practices versus irresponsible and unethical practices.Marketing: The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamicenvironment.Customers: The purchasers of organizations’ products; the focal point of all marketing activities.Target market: A specific groupof customers on whom an organization focuses its marketing efforts.Marketing mix: Four marketing activities—product, pricing, distribution, and promotion—that a firm can control to meet the needs of customers within its target market.Product: A good, a service, or an idea offered for sale.Value: A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.Exchange: The provision or transfer of goods, services, or ideas in return for something of value.Stakeholders: Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes. For example, stockholders.Marketing environment: The competitive, economic, political, legal and regulatory,techno-logical, and sociocultural forces that surround the customer and affect the marketing mix.Marketing concept: A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.Market orientation: An organization-wide commitment to researching and responding to customer needs.Customer relationship: management (CRM) Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.Relationship marketing: Establishing long-term, mutually satisfying buyer–seller Relationships.Green marketing: A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.Chapter 2 TERMSObjective 1: Students should be able to articulate the process by which firmsbreak down markets and position products to fill unmet consumer needs. Objective 2: Students should be able to define the process of and three pitfalls associated with firms moving their products from domestic to international markets.Strategic marketing management: The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.Strategic planning: The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing Strategy.Corporate strategy: A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals.Strategic business unit (SBU): A division, product line, or other profit center within the parent company.Market: A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.Market share: The percentage of a market that actually buys a specific product from a particular company.Market growth/market share matrix: A helpful business tool, based on the philosophy that a product’s market growth rate and its market share are important considerations in determining its marketing strategy.Core competencies: Things a company does extremely well, which sometimes give it an advantage over its competition.Market opportunity: A combination of circumstances and timing that permits an organization to take action to reach a particular target market.Strategic windows: Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.Competitive advantage: The result of a company matching a core competency to opportunities it has discovered in the marketplace.SWOT analysis: Assessment of an organization’s strengths, weaknesses, opportunities, and threats.First-mover advantage: The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace.Late-mover advantage: The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace.Marketing objective: A statement of what is to be accomplished through marketingactivities.Marketing strategy: A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.Sustainable competitive advantage: An advantage that the competition cannot copy.Marketing implementation: The process of putting marketing strategies into action.Centralized organization: A structure in which top-level managers delegate little authority to lower levels.Decentralized organization: A structure in which decision making authority is delegated as far down the chain of command as possible.Strategic performance evaluation: Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed.Performance standard: An expected level of performance against which actual performance can be compared.Sales analysis: Analysis of sales figures to evaluate a firm’s performance.Marketing cost analysis: Analysis of costs to determine which are associated with specific marketing efforts.Marketing plan: A written document that specifies the activities to be performed toimplement and control the organization’s marketing strategies.Chapter 3 TERMSObjective 1: Students should be able to define the dimensions of a product mix
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