Mark3000

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marketing

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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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exchange

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people giving up something to receive something they would rather have

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production orientation

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a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

falls short-does not consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace

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conditions of exchange

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1. at least 2 parties
2. each party has something that might be of value to the other party
3. each party is capable of communication and delivery
4. each party is free to accept or reject the exchange ofer
5. each party believes it is appropriate or desirable to deal with the other party

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sales orientation

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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

problem: lack of understanding of the needs and wants of the marketplace

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marketing concept

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the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

includes: focusing on customer wants and needs, integrating all the acivity of organization to satisfy wants, achieving long-term goals y satisfying wants

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marketing orientation

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philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product, synonymous with marketing concept

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societal marketing orientation

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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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customer value

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the relationship between benefits and the sacrifice necessary to obtain those benefits

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customer satisfaction

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customer's evaluation of a good or service in terms of whether it has met their needs and expectations

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relationship marketing

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strategy that focuses on keeping and improving relationships with current customers

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empowerment

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delegation of authority to solve customer's problems quickly usually by the first person that the customr notifies regarding a problem

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teamwork

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collaborative efforts of people to accomplish common objectives

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ethics

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the moral principles or values that generally govern the conduct of an individual or a group

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morals

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the rules people develop as a result of cultural values and norms

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code of ethics

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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 welfare

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sustainability

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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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pyramid of corporate social responsibility

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model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure

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green marketing

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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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target market

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a defined group most likely to buy a firm's product

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environmental management

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when a company implements strategies that attempt to shape the external enviroment within which it operates

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component lifestyles

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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 lifestyle

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demography

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the study of people's vital statistics, such as their age, race and ethnicity and location

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Generation Y

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people born between 1979 and 1994

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Generation X

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people born between 1965 and 1978

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baby boomers

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people born between 1946 and 1964

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multicultrualism

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when all major ethnic groups in an area such as a city, county or census tract, are roughly equally represented

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purchasing power

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a comparision of income versus the relative cost of set standard of goods and services in different geographic areas

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inflation

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a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

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recession

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period of economic activity characterized by negative growth, which reduces demnd for goods and services

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basic research

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pure research that aims to confirm an exisitng theory or to learn more about a concept of phenomenom

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applied research

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an attempt to develop new or improved prducts

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FDA

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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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CPSC-consumer product safety commision

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federal agency established to protect the health and safety of consumers in and around their homes

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FTC-federal trade commission

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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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consumer behavior

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processes a consumer uses to make purchase decisions as well as to use and dispose of purchase goods or services; also includes factors that influence purchase decisions and product use

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consumer decision making process

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five-step process used by consumers when buying goods or services

1. need recognition
2.information search
3. evaluation of alternatives
4. purchase
5. postpurchase behavior

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need recognition

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result of an imbalance between actual and desired states

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want

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recognition of an unfulfilled need and a product that will satisfy it

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stimulus

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any unit of input affecting one or more of the five senses: sight, smell, taste, touch, hearing

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internal information search

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the process of recalling past information stored in the memory

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external information search

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the process of seeking information in the outside environment

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nonmarketing controlled information source

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a product information source that is not associated with advertising or promotion

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marketing controlled information source

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a product information source that originates with marketers promoting the product

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evoked set (consideration set)

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a group of brands resulting from an inofrmation search, from wich a buyer can choose

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cognitive dissonance

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inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions

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involvement

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the amount of time and effort a buyer invests in the search, evaluation and decision processes of consumer behavior

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routine response behavior

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the type of decision making exhibited by consumers buying frequently purchased low-cost goods and services, requires little search and deicion time

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market

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people or organizations with needs or wants and the ability and willingness to buy