Marketing Chapter 1 - 8

Front 1

Marketing

Back 1

The process by which companies createvalue for customers and build strongcustomer relationships in order to capturevalue from customers in return.

Front 2

Needs

Back 2

States of felt deprivation.

Front 3

Wants

Back 3

The form human needs take as theyare shaped by culture and individualpersonality.

Front 4

Demands

Back 4

Human wants that are backed by buyingpower.

Front 5

Market offerings

Back 5

Some combination of products, services,information, or experiences offered to amarket to satisfy a need or want.

Front 6

Marketing myopia

Back 6

The mistake of paying more attention tothe specific products a company offersthan to the benefits and experiencesproduced by these products.

Front 7

Exchange

Back 7

The act of obtaining a desired object fromsomeone by offering something in return.

Front 8

Market

Back 8

The set of all actual and potential buyersof a product or service.

Front 9

Marketing managment

Back 9

The art and science of choosingtarget markets and building profitablerelationships with them.

Front 10

Production Concept

Back 10

The idea that consumers will favorproducts that are available and highlyaffordable; therefore, the organizationshould focus on improving productionand distribution efficiency.

Front 11

Production Concept

Back 11

The idea that consumers will favorproducts that offer the most quality,performance, and features; therefore,the organization should devote itsenergy to making continuous productimprovements.

Front 12

Selling Concept

Back 12

The idea that consumers will not buyenough of the firm’s products unless the promotion effort.

Front 13

Marketing concept

Back 13

A philosophy in which achievingorganizational goals depends on knowingthe needs and wants of target marketsand delivering the desired satisfactionsbetter than competitors do.

Front 14

Societal marketing concept

Back 14

The idea that a company’s marketingdecisions should consider consumers’wants, the company’s requirements,

Front 15

Customer relationship management

Back 15

The overall process of building andmaintaining profitable customerrelationships by delivering superiorcustomer value and satisfaction.

Front 16

Customer-perceuved value

Back 16

The customer’s evaluation of thedifference between all the benefits and allthe costs of a marketing offer relative tothose of competing offers.

Front 17

Customer satisfaction

Back 17

The extent to which a product’s perceivedperformance matches a buyer’sexpectations.

Front 18

Customer-managed relationships

Back 18

Marketing relationships in whichcustomers, empowered by today’snew digital technologies, interact withcompanies and with each other to shapetheir relationships with brands.

Front 19

Consumer-generated marketing

Back 19

Brand exchanges created by consumersthemselves—both invited and uninvited—by which consumers are playing anincreasing role in shaping their ownbrand experiences and those of otherconsumers.

Front 20

Partner relationship management

Back 20

Working closely with partners in othercompany departments and outside thecompany to jointly bring greater value tocustomers.

Front 21

Customer lifetime value

Back 21

The value of the entire stream ofpurchases a customer makes over alifetime of patronage.

Front 22

Share of customer

Back 22

The portion of the customer’s purchasingthat a company gets in its productcategories.

Front 23

Customer equity

Back 23

The total combined customer lifetimevalues of all of the company’s customers.

Front 24

Internet

Back 24

A vast public web of computer networksthat connects users of all types allaround the world to each other and to anamazingly large information repository.

Front 25

Strategic planning

Back 25

The process of developing andmaintaining a strategic fit between theorganization’s goals and capabilities andits changing marketing opportunities.

Front 26

Mission statement

Back 26

A statement of the organization’spurpose—what it wants to accomplish inthe larger environment.

Front 27

Business portfolio

Back 27

The collection of businesses andproducts that make up the company.

Front 28

Portfolio analysis

Back 28

The process by which managementevaluates the products and businessesthat make up the company.

Front 29

Growth-share matrix

Back 29

A portfolio-planning method that evaluates a company’s SBUs in terms ofmarket growth rate and relative marketshare.

Front 30

Product/market expanison grid

Back 30

A portfolio-planning tool for identifying company growth opportunities throughmarket penetration, market development,product development, or diversification.

Front 31

Market penetration

Back 31

Company growth by increasing salesof current products to current marketsegments without changing the product.

Front 32

Market development

Back 32

Company growth by identifying anddeveloping new market segments forcurrent company products.

Front 33

Product development

Back 33

Company growth by offering modifiedor new products to current marketsegments.

Front 34

Diversication

Back 34

Company growth through starting upor acquiring businesses outside thecompany’s current products and markets.

Front 35

Value Chain

Back 35

The series of internal departments that design, produce, market, deliver, andsupport a firm’s products.

Front 36

Value delivery network

Back 36

The network made up of the company, itssuppliers, its distributors, and, ultimately,its customers who partner with eachother to improve the performance of theentire system.

Front 37

Marketing strategy

Back 37

The marketing logic by which thecompany hopes to create customervalue and achieve profitable customerrelationships.

Front 38

Market segmentation

Back 38

Dividing a market into distinct groupsof buyers who have different needs,characteristics, or behaviors, and whomight require separate products ormarketing programs.

Front 39

Market segment

Back 39

A group of consumers who respond ina similar way to a given set of marketingefforts.

Front 40

Market targeting

Back 40

The process of evaluating each marketsegment’s attractiveness and selectingone or more segments to enter.

Front 41

Differentiation

Back 41

Actually differentiating the market offeringto create superior customer value.

Front 42

Marketing mix

Back 42

The set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce theresponse it wants in the target market.

Front 43

SWOT analysis

Back 43

An overall evaluation of the company’sstrengths (S), weaknesses (W),opportunities (O), and threats (T).

Front 44

Market implementation

Back 44

Turning marketing strategies and plansinto marketing actions to accomplishstrategic marketing objectives.

Front 45

Marketing control

Back 45

Measuring and evaluating the resultsof marketing strategies and plans andtaking corrective action to ensure that theobjectives are achieved.

Front 46

Return on marketing investment

Back 46

The net return from a marketinginvestment divided by the costs of themarketing investment.

Front 47

Marketing environment

Back 47

The actors and forces outside marketingthat affect marketing management’sability to build and maintain successfulrelationships with target customers.

Front 48

Microenvironment

Back 48

The actors close to the company thataffect its ability to serve its customers—the company, suppliers, marketingintermediaries, customer markets,competitors, and publics.

Front 49

Macroenvironment

Back 49

The larger societal forces that affectthe microenvironment—demographic,economic, natural, technological, political,and cultural forces.

Front 50

Marketing intermediaries

Back 50

Firms that help the company to promote,sell, and distribute its goods to finalbuyers.

Front 51

Public

Back 51

Any group that has an actual or potentialinterest in or impact on an organization’sability to achieve its objectives.

Front 52

Demography

Back 52

The study of human populations in termsof size, density, location, age, gender,race, occupation, and other statistics.

Front 53

Baby boomers

Back 53

The 78 million people born during theyears following World War II and lastinguntil 1964.

Front 54

Generation X

Back 54

The 49 million people born between 1965and 1976 in the “birth dearth” followingthe baby boom.

Front 55

Millenials (Generation Y)

Back 55

The 83 million children of the babyboomers born between 1977 and 2000.

Front 56

Economic environment

Back 56

Economic factors that affect consumerpurchasing power and spending patterns.

Front 57

Natural environment

Back 57

The physical environment and the naturalresources that are needed as inputsby marketers or that are affected bymarketing activities.

Front 58

Environmental sustainability

Back 58

Developing strategies and practices thatcreate a world economy that the planetcan support indefinitely.

Front 59

Technical environment

Back 59

Forces that create new technologies,creating new product and marketopportunities.

Front 60

Political environment

Back 60

Laws, government agencies, andpressure groups that influence and limitvarious organizations and individuals in agiven society.

Front 61

Cultural environment

Back 61

Institutions and other forces that affectsociety’s basic values, perceptions,preferences, and behaviors.

Front 62

Internal Databases

Back 62

Electronic collections of consumer andmarket information obtained from datasources within the company network.

Front 63

Competitive marketing inteligence

Back 63

The systematic collection and analysisof publicly available informationabout consumers, competitors,and developments in the marketingenvironment.

Front 64

Marketing research

Back 64

The systematic design, collection,analysis, and reporting of data relevant toa specific marketing situation facing anorganization.

Front 65

Exploratory research

Back 65

Marketing research to gather preliminaryinformation that will help define problemsand suggest hypotheses.

Front 66

Descriptive research

Back 66

Marketing research to better describemarketing problems, situations,or markets, such as the market potentialfor a product or the demographics andattitudes of consumers.

Front 67

casual research

Back 67

Marketing research to test hypotheses about cause and effect relationship

Front 68

Secondary Data

Back 68

Information that already existssomewhere, having been collected foranother purpose.

Front 69

Primary Data

Back 69

Information collected for the specificpurpose at hand.

Front 70

Observational research

Back 70

Gathering primary data by observingrelevant people, actions, and situations.

Front 71

Ethnographic research

Back 71

A form of observational research thatinvolves sending trained observers towatch and interact with consumers intheir “natural environments.”

Front 72

Survey Research

Back 72

Gathering primary data by asking peoplequestions about their knowledge,attitudes, preferences, and buyingbehavior.

Front 73

Experimental Research

Back 73

Gathering primary data by selectingmatched groups of subjects, giving themdifferent treatments, controlling relatedfactors, and checking for differences ingroup responses.

Front 74

Focus group interviewing

Back 74

Personal interviewing that involves inviting6 to 10 people to gather for a few hourswith a trained interviewer to talk abouta product, service, or organization. The interviewer “focuses” the groupdiscussion on important issues.

Front 75

Online focus groups

Back 75

Gathering a small group of people onlinewith a trained moderator to chat abouta product, service, or organization andgain qualitative insights about consumerattitudes and behavior.

Front 76

Sample

Back 76

A segment of the population selectedfor marketing research to represent thepopulation as a whole.

Front 77

Customer realtionship management

Back 77

Managing detailed information aboutindividual customers and carefullymanaging customer touch points tomaximize customer loyalty.

Front 78

Consumer buyer behavior

Back 78

The buying behavior of final consumers—individuals and households that buygoods and services for personalconsumption.

Front 79

Consumer market

Back 79

All the individuals and households thatbuy or acquire goods and services forpersonal consumption.

Front 80

Culture

Back 80

The set of basic values, perceptions,wants, and behaviors learned by amember of society from family and otherimportant institutions.

Front 81

Subculture

Back 81

A group of people with shared valuesystems based on common lifeexperiences and situations.

Front 82

Social Class

Back 82

Relatively permanent and ordereddivisions in a society whose membersshare similar values, interests, andbehaviors.

Front 83

Group

Back 83

Two or more people who interact toaccomplish individual or mutual goals.

Front 84

Word-of mouth influence

Back 84

The impact of the personal words andrecommendations of trusted friends,associates, and other consumers onbuying behavior.

Front 85

Opinion leader

Back 85

A person within a reference group who,because of special skills, knowledge,personality, or other characteristics,exerts social influence on others.

Front 86

Online social networks

Back 86

Online social communities—blogs, socialnetworking Web sites, and other onlinecommunities—where people socialize orexchange information and opinions.

Front 87

Lifestyle

Back 87

A person’s pattern of living as expressedin his or her activities, interests, andopinions.

Front 88

Personality

Back 88

The unique psychological characteristicsthat distinguish a person or group.

Front 89

Motive

Back 89

A need that is sufficiently pressing todirect the person to seek satisfaction ofthe need.

Front 90

Perception

Back 90

The process by which people select,organize, and interpret information toform a meaningful picture of the world

Front 91

Learning

Back 91

Changes in an individual’s behaviorarising from experience.

Front 92

Belief

Back 92

A descriptive thought that a person holdsabout something.

Front 93

Complex buying behaviour

Back 93

Consumer buying behavior in situationscharacterized by high consumerinvolvement in a purchase and significantperceived differences among brands.

Front 94

Dissonance-reducing buying behavior

Back 94

Consumer buying behavior in situationscharacterized by high involvement butfew perceived differences among brands.

Front 95

Habitual buying behavior

Back 95

Consumer buying behavior in situationscharacterized by low consumerinvolvement and few significant perceivedbrand differences.

Front 96

Variety-seeking buying behavior

Back 96

Consumer buying behavior in situationscharacterized by low consumerinvolvement but significant perceivedbrand differences.

Front 97

Need recognition

Back 97

The first stage of the buyer decisionprocess, in which the consumerrecognizes a problem or need.

Front 98

Information search

Back 98

The stage of the buyer decision processin which the consumer is motivated tosearch for more information.

Front 99

Alternative evaluation

Back 99

The stage of the buyer decision processin which the consumer uses informationto evaluate alternative brands in thechoice set.

Front 100

Purchase decision

Back 100

The buyer’s decision about which brandto purchase.

Front 101

Postpurchase behavior

Back 101

The stage of the buyer decision processin which consumers take further actionafter purchase, based on their satisfactionor dissatisfaction.

Front 102

Cognitive dissonance

Back 102

Buyer discomfort caused bypostpurchase conflict.

Front 103

new Product

Back 103

A good, service, or idea that is perceivedby some potential customers as new.

Front 104

Adoption process

Back 104

The mental process through which anindividual passes from first hearing aboutan innovation to final adoption.

Front 105

Business buyer behavior

Back 105

The buying behavior of organizationsthat buy goods and services for use inthe production of other products andservices that are sold, rented, or suppliedto others.

Front 106

Business buying process

Back 106

The decision process by which businessbuyers determine which products andservices their organizations need topurchase and then find, evaluate, andchoose among alternative suppliers andbrands.

Front 107

Derived demand

Back 107

Business demand that ultimately comesfrom (derives from) the demand forconsumer goods.

Front 108

Supplier development

Back 108

Systematic development of networks appropriate and dependable supply ofproducts and materials for use in makingproducts or reselling them to others.

Front 109

Straight rebuy

Back 109

A business buying situation in whichthe buyer routinely reorders somethingwithout any modifications.

Front 110

Modified rebuy

Back 110

A business buying situation in whichthe buyer wants to modify productspecifications, prices, terms, or suppliers.

Front 111

New Task

Back 111

A business buying situation in which thebuyer purchases a product or service forthe first time.

Front 112

Systems selling (or solutions selling

Back 112

Buying a packaged solution to a problemfrom a single seller, thus avoiding all theseparate decisions involved in a complexbuying situation.

Front 113

Ding Dong where's my Ping pong?

Back 113

In the garage

Front 114

Buying center

Back 114

All the individuals and units that play arole in the purchase decision-makingprocess.

Front 115

users

Back 115

Members of the buying organization whowill actually use the purchased productor service.

Front 116

Influencers

Back 116

People in an organization’s buyingcenter who affect the buying decision;they often help define specifications andalso provide information for evaluatingalternatives.

Front 117

Buyers

Back 117

People in an organization’s buying centerwho make an actual purchase.

Front 118

Deciders

Back 118

People in an organization’s buying centerwho have formal or informal power toselect or approve the final suppliers.

Front 119

Gatekeepers

Back 119

People in an organization’s buying centerwho control the flow of information toothers.

Front 120

Problem recognition

Back 120

The stage of the business buying processin which the company recognizes aproblem or need that can be met byacquiring a good or a service.

Front 121

General need description

Back 121

The stage in the business buyingprocess in which a buyer describes thegeneral characteristics and quantity of aneeded item.

Front 122

Product specification

Back 122

The stage of the business buying processin which the buying organization decideson and specifies the best technicalproduct characteristics for a needed item.

Front 123

Supplier search

Back 123

The stage of the business buying processin which the buyer tries to find the bestvendors.

Front 124

Proposal solicitation

Back 124

The stage of the business buying processin which the buyer invites qualifiedsuppliers to submit proposals.

Front 125

Supplier selection

Back 125

The stage of the business buying processin which the buyer reviews proposals andselects a supplier or suppliers.

Front 126

Order-routine specification

Back 126

The stage of the business buying processin which the buyer writes the final orderwith the chosen supplier(s), listing thetechnical specifications, quantity needed,expected time of delivery, return policies,and warranties.

Front 127

Performance review

Back 127

The stage of the business buyingprocess in which the buyer assessesthe performance of the supplier anddecides to continue, modify, or drop thearrangement.

Front 128

E-procurement

Back 128

Purchasing through electronicconnections between buyers andsellers—usually online.

Front 129

Institutinal market

Back 129

Schools, hospitals, nursing homes,prisons, and other institutions thatprovide goods and services to people intheir care.

Front 130

Goverment market

Back 130

Governmental units—federal, state,and local—that purchase or rent goodsand services for carrying out the mainfunctions of government.

Front 131

Market segmentation

Back 131

Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes

Front 132

Market targeting

Back 132

Evaluating each market segment's attractivness and selecting on or more segments to enter

Front 133

Differntiation

Back 133

Differntiating the market offering to create superior customer value.

Front 134

Positioning

Back 134

Arranging for a market offering to occupy a clear, distinctive and desirable place realtive to competing products in the minds of target consumers.

Front 135

Geographic segmentation

Back 135

Dividing a market into different geographical units, such as nations states regions counties cities or even neighborhoods

Front 136

Demographic segmentation

Back 136

Dividing the market into segments based on variables such as age life cycle stage gender income occupation education religion ethnicity and generation

Front 137

Age and life cycles segmentation

Back 137

Dividing a market into differnt age and life cycle groups

Front 138

Gender segmentation

Back 138

Dividng a market into different segments based on gender

Front 139

income segmentation

Back 139

Dividing a market into differnt income segment

Front 140

Psychographic segmentation

Back 140

Dividing a market into different segments based on social class lifestyle or personality characteristics

Front 141

behavioral segmentation

Back 141

dividing market into segments based on consumer knwledge atttudes, uses or respnses to a product

Front 142

Occasion segmentation

Back 142

Dividng the market into segments according to aoccasions when buyers get the idea to guy actually make their purchase or use the purchased item

Front 143

Benefit segmentation

Back 143

Dividing the market into segments according to the different benefits that consumser seek from the product

Front 144

Intermarket (cross-market) segmentation

Back 144

Forming segments of consumers who have similar needs and buying behaviours even though they are located in different countries

Front 145

Target market

Back 145

A set of buyers sharing common needs or characteristics that the company decides to serve

Front 146

Undifferentiated marketing

Back 146

A market coverage stragey in which a firm decides to ignore market sgment differnecs and go after the whole market with one offer

Front 147

Target market

Back 147

A set of buyers sharing common needs or characteristics that the company decides to serve

Front 148

Undifferntiaded (mass) marketing

Back 148

A merket-coverage strategy in which a firm decides to ignore market segment differnces and go after the whole market with one offer

Front 149

Differntiated (segmented) marketing

Back 149

A market coverage strategy in which a firm decides to target several market segments and designs seperate offers for each

Front 150

Concentrated (niche) marketing

Back 150

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

Front 151

Micromarketing

Back 151

Tailoring procuts and marketing programs to the needs and wants of specific individuals and local customer segments> It includes local marketing and individual marketing

Front 152

Local marketing

Back 152

tailoring brands and marketing to the needs anwants of local customer segments: Cities neighborhoods and even specific stores! Like Groupon

Front 153

individual Marketing

Back 153

Tailoring products and marketing programs to the needs and preferences of individual customers. (Nike shoe creator)

Front 154

Product position

Back 154

The way a product is defined by consumers on important attributes the place the product occupies in consumers minds relative to competing products. Honest tea -> positions itself as honest tea

Front 155

Competitive advantage

Back 155

an advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices.

Front 156

Value proposition

Back 156

The full positioning of a brand - the full mix of benefits on which is positioned

Front 157

Positioning Statement

Back 157

A statement that summaries company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference)

Front 158

Possible value propositions

Back 158

Front 159

Postioning Map: large Luxery SUV's

Back 159

Front 160

Designing a customer driven marketing strategy

Back 160

Front 161

Homy where you at?

Back 161

At the gas station