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85 Cards in this Set
- Front
- Back
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Marketing
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The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
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What are the factors influencing marketing activities?
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Research and development, Human resources, Information systems, Marketing, Finance, Manufacturing, Other organizations, Suppliers, Customers, and Shareholders
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What is needed for marketing to occur?
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1. Two or more parties w unsatisfied needs 2. desire and ability on their part to be satisfied 3. A way for the parties to communicate 4. Something to exchange
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Market
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People with both the desire and ability to buy a specific offering
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Target market
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One or more specific groups of potential consumers toward which an organization directs its marketing program
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The 4 P's
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--Product - good product or service
--Price - exchanged for product --Promotion - communication --Place - get product to customer |
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Marketing mix
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The marketing managers controllable factors--product, price, promotion, and place--that can be used to solve a marketing problem
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Environmental forces
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Social, economic, technological, competitive, and regulatory forces
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Relationship marketing
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Linking the organization to its individual customers, employees, suppliers, and other partners for their long-term benefits
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Marketing program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing concept
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The idea that an organization should (1) Strive to satisfy needs of consumer
(2) while also trying to achieve the organizations goals |
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Market orientation
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1. Continuously collecting info about customers needs
2. Sharing this info across departments 3. Using it to create customer value |
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Customer relationship management (CRM)
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The process of identifying prospective buyers, understanding them, and developing long term perceptions
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Social marketing concept
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The view that organizations should satisfy the needs of consumers in a way that provides for societies well-being
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Ultimate consumers
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People who use the goods and services purchased for a household
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Organizational buyers
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Manufacturers, wholesalers, retailers, and gov. agencies that buy goods and services for own use or for resale
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Utility
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The benefits or customer value received by users of the product
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Profit
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The money left after a business firms total expenses are subtracted from its total revenues
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Strategy
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An organizations long term course of action designed to deliver a unique customer experience while achieving its goals
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Corporate level
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Where top management directs overall strategy for the entire organization
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Strategic Business Unit (SBU)
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A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers
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Functional level
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Groups of specialists actually create value for the organization
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Cross-functional teams
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Consist of a small number of people from different departments
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Core values
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The fundamental, passionate, and enduring principles that guide its conduct
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Mission
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A statement of the organizations function in society, often identifying its customers, markets, products, and technologies
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Organizational culture
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The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
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Business
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Describes the clear, broad, underlying industry or market sector of an organizations offering
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Market share
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The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
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Marketing dashboard
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The visual computer display of the essential info related to achieving a marketing objective
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Marketing metric
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A measure of the quantitative value or trend of a marketing activity or result
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Marketing plan
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A road map for the marketing activities
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Competitive advantage
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A unique strength of an entire organization relative to competitors
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Business portfolio analysis
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To quantify performance measures and growth targets to analyze its clients strategic business units (SBUs) as though they were a collection of separate investments
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Diversification analysis
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Helps a firm search for growth opportunities among current and new markets as well as current and new products
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Strategic marketing process
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An organization allocates its marketing mix resources to reach its target markets
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3 phase of the strategic marketing process
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--Planning phase
--Implementation phase --Evaluation phase |
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Situation analysis
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Taking stock of where the firm or product has been recently, where it is now, and where it is headed
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SWOT analysis
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Acronym describing an organizations appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats
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Market segmentation
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Involves aggregating prospective buyers into groups
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Points of difference
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Those characteristics of a product that make it superior to competitive substitutes
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Marketing strategy
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The means by which a marketing goal is to be achieved; specific target market and marketing program
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Marketing tactics
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Detailed day-to-day operational decisions essential to the overall success of marketing strategies
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Environmental scanning
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Continually acquiring info on events outside the org to identify potential trends
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Environmental forces (5)
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--Social
--Economic --Technological --Competitive --Regulatory |
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Environmental forces (Social)
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--Demographic shifts
--Cultural changes |
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Environmental forces (Economic)
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--Macroeconomic conditions
--Consumer income |
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Environmental forces (Technological)
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--Changing technology
--Technology's impact on customer value --Electronic business technologies |
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Environmental forces (Competitive)
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--Alternative forms of competition
--Small businesses |
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Environmental forces (Regulatory)
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--Laws protecting competition
--Laws affecting marketing mix actions --Self-regulation |
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Demographics
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Describing a population according to age, gender, ethnicity, income, and occupation
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Baby boomers
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1946 - 1964
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Generation X
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1965 - 1976
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Generation Y
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1977 - 1994
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Millennials
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1994 - Present
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Blended family
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Merging two previously separated units into a single household
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Metropolitan Statistical Area
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50,000 people or more highly integrated
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Micropolitan Statistical Area
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At least 10,000 but less than 50,000 people
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Multicultural marketing
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Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication, preferences, and lifestyles of different races
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Culture
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Incorporates the set of values, ideas, and attitudes that are learned and shared among members of a group
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Value consciousness
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The concern for obtaining the best quality, features, and performance of a product or service
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Economy
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Income, expenditures, and resources that affect the cost of running a business and household
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Gross income
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Total amount of money made in one year by a person, household, or family unit
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Disposable income
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Money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
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Discretionary income
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Money that remains after paying for taxes and necessities
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Technology
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Inventions or innovations from applied science or engineering research
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Marketspace
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Information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication tech. and digitized offerings
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Electronic Commerce
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Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
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Competition
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The alternative firms that could provide a product to satisfy a specific markets needs
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Intranet
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An internet-based network used within the boundaries of an organization
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Extranets
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Use internet-based technologies , permit communication between a company and its supplier, distributors, and other partners (such as advertising agencies)
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Forms of competition (4)
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--Pure competition
--Monopolistic competition --Oligopoly --Pure monopoly |
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Pure competition
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Many sellers and they each have a similar product--Agribuisness
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Monopolistic competition
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Many sellers compete with substitutable products within a price range
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Oligopoly
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A common industry structure, occurs when a few companies control the majority of industry sales--Wireless cell phone companies
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Pure Monopoly
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Only one firm sells the product--Water, electricity, and cable
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Barriers to entry
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Business practices or conditions that make it difficult for new firms to enter the market
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Regulation
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Restrictions stat and federal laws place on business with regard to the conduct of its activities
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Consumerism
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A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions
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Exclusive dealing
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An arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors
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Requirement contract
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Require a buyer to purchase all or part of its needs for a product from one seller for a time period
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Exclusive territorial distributorships
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A manufacturer grants a distributor the sole rights to sell a product in a specific geographical area
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Tying arrangement
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A seller requires the purchaser of one product to also buy another item in the line
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Cease and desist order
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The FTC orders a company to stop practices the commission considers unfair
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Corrective advertising
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The FTC can require a company to spend money on advertising to correct previous misleading ads
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Self-regulation
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An alternative to government control
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