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114 Cards in this Set
- Front
- Back
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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Marketing |
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States of felt deprivation
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Needs |
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The form human needs take as they are shaped by culture and individual personality
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Wants |
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Human wants that are backed by buying power
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Demands |
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Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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Market Offerings |
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The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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Marketing Myopia |
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The act of obtaining a desired object from someone by offering something in return
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Exchange |
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The set of all actual and potential buyers of a product or service
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Market |
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The art and science of choosing target markets and building profitable relationships with them |
Marketing Management |
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The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
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Production Concept |
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The idea that consumers will favor products that offer the most quality performance, and features; therefore, the organization should devote its energy to making continuous product improvements |
Product Concept |
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The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort |
Selling Concept |
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A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
Marketing Concept |
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The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests |
Societal Marketing Concept |
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
Customer Relationship Management |
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The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers |
Customer-Perceived Value |
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The extent to which a product's perceived performance matches a buyer's expectations |
Customer Satisfaction |
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Marketing the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community |
Customer-Engagement Marketing |
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Brand exchanges created by consumers themselves-both invited and uninvited-by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers |
Consumer-Generated Marketing |
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
Partner Relationship Management |
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The value of the entire stream of purchases a customer makes over a lifetime of patronage |
Customer Lifetime Value |
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The portion of the customer's purchasing that a company gets in its product categories |
Share of Customer |
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The total combined customer lifetime values of all the company's customers |
Customer Equity |
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Using digital marketing tools such as web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices |
Digital and Social Media Marketing |
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The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities |
Strategic Planning |
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A statement of the organization's purpose-what it wants to accomplish in the larger environment |
Mission Statement |
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The collection of businesses and products that make up the company |
Business Portfolio |
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The process by which management evaluates the products and businesses that make up the company |
Portfolio Analysis |
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A portfolio-planning method that evaluates a company's SBU in terms of market growth rate and relative market share |
Growth-Share Matrix |
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A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification |
Product/Market Expansion Grid |
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Company growth by increasing sales of current products to current market segments without changing the product |
Market Penetration |
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Company growth by identifying and developing new market segments for current company products |
Market Development |
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Company growth by offering modified or new products to current market segments |
Product Development |
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Company growth through starting up or acquiring businesses outside the company's current products and markets |
Diversification |
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The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products |
Value Chain |
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The network made up of the company, its suppliers, its distributors, and ultimately its customers who partner with each other to improve the performance of the entire system |
Value Delivery Network |
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The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
Marketing Strategy |
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Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs |
Market Segmentation |
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A group of consumers who respond in a similar way to a given set of marketing efforts |
Market Segment |
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
Market Targeting |
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Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
Positioning |
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Actually differentiating the market offering to create superior customer value |
Differentiation |
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The set of tactical marketing tools-product, price, place, and promotion-that the firm blends to produce the response it wants in the target market |
Marketing Mix |
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An overall evaluation of the company's strengths, weaknesses, opportunities, and threats |
SWOT Analysis |
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Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
Marketing Implementation |
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Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved |
Marketing Control |
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The net return from a marketing investment divided by the costs of the marketing investment |
Marketing Return On Investment |
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The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers |
Marketing Environment |
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The actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
Microenvironment |
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The larger societal forces that affect the microenvironment-demographic, economic, natural, technological, political, and cultural forces |
Macroenvironment |
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Firms that help the company to promote, sell, and distribute its goods to final buyers |
Marketing Intermediaries |
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Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives |
Public |
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The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics |
Demography |
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The 78 million people born during the years following World War II and lasting until 1964 |
Baby Boomers |
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The 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boomers |
Generation X |
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The 83 million children of the baby boomers born between 1977-2000 |
Millennials (Generation Y) |
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People born after 2000 who make up the kids, tweens, and teens markets |
Generation Z |
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Economic factors that affect consumer purchasing power and spending patterns |
Economic Environment |
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The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities |
Natural Environment |
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Developing strategies and practices that create a world economy that the planet can support indefinitely |
Environmental Sustainability |
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Forces that create new technologies, creating new product and market opportunities |
Technological Environment |
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Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society |
Political Environment |
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Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors |
Cultural Environment |
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Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships |
Customer Insights |
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People and procedures dedicated to accessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights |
Marketing Information System |
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Electronic collections of consumers and market information obtained from data sources within the company network |
Internal Databases |
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The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment |
Competitive Marketing Intelligence |
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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
Marketing Research |
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Marketing research to gather preliminary information that will help define problems and suggest hypotheses |
Exploratory Research |
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Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers |
Descriptive Research |
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Marketing research to test hypotheses about cause-and-effect relationships |
Causal Research |
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Information that already exists somewhere, having been collected for another purpose |
Secondary data |
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Information collected for the specific purpose at hand |
Primary Data |
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Gathering primary data by observing relevant people, actions, and situations |
Observational Research |
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A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment" |
Ethnographic Research |
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Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior |
Survey Research |
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Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses |
Experimental Research |
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Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues |
Focus Group Interviewing |
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Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior |
Online Marketing Research |
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Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior |
Online Focus Groups |
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Using online consumer tracking data to target advertisements and marketing offers to specific consumers |
Behavioral Targeting |
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A segment of the population selected for marketing research to represent the population as a whole |
Sample |
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Managing detailed information about individual consumers and carefully managing customer touch points to maximize customer loyalty |
Customer Relationship Management |
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The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption |
Consumer Buyer Behavior |
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All the individuals and households that buy or acquire goods and services for personal consumption |
Consumer Market |
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The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions |
Culture |
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A group of people with shared value systems based on common life experiences and situations |
Subculture |
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Including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultures rather than differences |
Cross-Cultural Marketing |
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Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors |
Social Class |
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Two or more people who interact to accomplish individual or mutual goals |
Group |
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The impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior |
Word-of-Mouth Influence |
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A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others |
Opinion Leader |
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Online social communities-blogs, social networking web sites, and other online communities-where people socialize or exchange information and opinions |
Online Social Networks |
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A person's pattern of living as expressed in his or her activities, interests, and opinions |
Lifestyle |
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The unique psychological characteristics that distinguish a person or group |
Personality |
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A need that is sufficiently pressing to direct the person to seek satisfaction of the need |
Motive |
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The process by which people select, organize, and interpret information to form a meaningful picture of the world |
Perception |
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Changes in an individual's behavior arising from experience |
Learning |
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A descriptive thought that a person holds about something |
Belief |
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A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea |
Attitude |
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Buyer discomfort caused by post-purchase conflict |
Cognitive Dissonance |
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A good, service, or idea that is perceived by some potential customers as new |
New Product |
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The mental process through which an individual passes from first hearing about an innovation to final adoption |
Adoption Process |
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The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others |
Business Buyer Behavior |
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The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands |
Business Buying Process |
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Business demand that ultimately comes from the demand for consumer goods |
Derived Demand |
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Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others |
Supplier Development |
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A business buying situation in which the buyer routinely reorders something without any modifications |
Straight Rebuy |
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A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers |
Modified Rebuy |
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A business buying situation in which the buyer purchases a product or service for the first time |
New Task |
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Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation |
Systems Selling |
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All the individuals and units that play a role in the purchase decision-making process |
Buying Center |
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Carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value |
Product Value Analysis |
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Purchasing through electronic connections between buys and sellers-usually online |
E-Procurement |
