MKTG 300 CSULB FALL 2025

Vocab terms for MKTG 300 to study!

Marketing

A set of institution and process for creating, delivering, exchanging, and communicating products and services that create value for customers, clients, and society at large

Market orientation

A company’s philosophy of marketing

Production orientation

A company looks inward to production’s ability (doing the best it can w/ it’s own supplies)

Sales orientation

A company’s focus on sale force (sale strategies)

Marketing orientation

A company looks at what customers are looking from and what competition is offering (what most companies do now)

Societal Marketing orientation

A company that gives back or support social causes, care about profits and about their social impact

Which orientations are internal?

Production and Sales production

Which orientations are external?

Marketing and Societal marketing

Hedonic benefit

An emotional and psychological from product or services

Utilitarian benefit

A functional item

Customer dissatisfaction

if expectations are higher than performance

Customer satisfaction

If expectation and performance match

Customer delight

If performance is higher than expectations

Underpromising

Lower customer expectations to match w/ performance

Behavior loyalty

Buying something because it works accordingly resulting in repeat purchase

Affective loyalty

Strong attachment to brands

Normative loyalty

Expected loyalty to brand that’s an unsaid rules

Strategic Planning

Mangerial process of creating and maintaining a fit between company’s objective and resources and evolving market opportunities (gameplan)

Transactional Marketing

Based on a single transaction with no commitments from either customer or company

Relationship Marketing

Based on creating a long term, beneficial relationship between customer and company.

Demimimis

Too small or insignificant to worry about

BCG Matrix

BCG (Boston Consulting Group) is used to accordingly allocating resources and classify the SBU’s

Strategic Business Unit

A collection of related business within a larger organization

Star

The most profitable and huge market share

Question Mark

Rapid growth but poor profit margin

Cash Cow

It generates more cash than it needs to maintain its market share

Dog

It has low growth potiential and small market share

Anoff’s Matrix

Matches products with markets

New Market Development

Strategy that involves attracting new customers to existing products

Diversify

A strategy of increasing sales by introducing new products into new markets

Market Penetration

A strategy that tries to increase market share among existing customers

New Product Development

A strategy that involves the creation of new products for present markets

Marketing plan

Strategize a plan

Vision statement

What the company aspires to become in the future

Mission statement

Informs what types of business the company is involved in

SWOT analysis

Identify the strength and weakness of a company and the opportunities and threats the company faces

What are internal factors for an analysis?

Strengths and weaknesses as it is in their control

What are external factors for an analysis?

Opportunities and threats as it does not control over it

Competitive advantage

The edge a company has or does better than it’s competitors

Product/Service differentiation

Products/services that are considered superior

Cost differentiation

A company that stands out for having lower or quality prices

Niche

Focusing on a particular market that is small. Tries to be different from the rest

Marketing objectives

Realistic, measurable, time specific and benchmarked

The Marketing Mix AKA 4 P’s

Product, price, place, and promotion

What is the most important out of the 4 P’s

Product as without there’s nothing, as the other 3 P’s are dependent on teh product to do anything

Follow up

Includes implementation, evaluation and control

What is a civil society?

It has ethical values, laws, formal and informal groups, self regulation, and media

Deontology

Professional must abide by obligation and duties even if it’s not right

Utilitarism

Make a choice that benefits to the most people

Casuism

Where individuals compare the outcome of past decisions to make decision; although think context or if there’s no record of past decisions

Moral relativism

Time and place, do what is accepted there

Virtue ethics

Universal ethic belief of courage, honesty, and justice

Preconventional morality

Only acting on selfish behaviors with little regard of others or consequences

Conventional morality

Becoming aware of how to act and what is acceptable behaviors

Post conventional morality

Virtue ethics

What are the 4 CSR?

The 4 corporate social responsibilities are economic, legal, philanthropic, and ethical responsibility

Economic responsibility

To be profitable

Legal responsibility

Obey the laws and play by the rules of the game

Philanthropic responsibility

Contribute resources to community and improve quality of life

Ethical responsibility

Do what is right and fair and avoid harm

Stakeholder theory

Anyone that is impacted by company’s choices, mainly internal stakeholders

Who count as internal stakeholders?

Employees, managers, and owners

Who count as external stakeholders?

Suppliers, society, government, creditors, shareholders, customers

Sustainability theory

Socially responsible companies will outperform

Green marketing

Uses sustainability as a selling point

Greenwashing

Not sustainable but makes itself appear green to sell

Cause-related marketing

Support of social issues that benefits the commonly and partnership

Co-opt social justice movement

Brands associated with social issues but don’t support them entirely

What are environments that affects marketing?

Economic, competitive, technological, social and cultural, and political environments

What are external factors to consider in marketing?

Company needs to understand:

Customers needs and wants

How they make decisions

Who are the most desirable customers and their needs

Understand their competition

What’s is the 80/20 rule?

20% of a company’s top customer produce 80% of the sales

Component lifestyle

Allow for more variety that’s possible w/ more disposable income

Demographic factors

Social description of a population like age, gender, race, education, martial status, life stage

Psychographic

Not visible factors like attitudes, lifestyles, and beliefs

How can religion be a demographic factor?

If religion is just a label, if not religion alligns with attitudes

Disposable income

Whatever income is left after paying bills

Purchasing power

How far the dollar will go

Inflation

Loss of a countries currency and increase in prices

Recession

Period of negative job growth and fewer jobs being created