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46 Cards in this Set
- Front
- Back
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Marketing
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The process by which companies create value for customers and build strong customer relationships in order to capture value form customers in return
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Needs
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States of felt deprivation
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Wants
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The form human needs take as shaped by culture and individual personality
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Demands
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Human wants that are backed by buying power
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Market Offerings
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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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Marketing Myopia
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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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Exchange
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: The act of obtaining a desired object from someone by offering something
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Market
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the set of all actual and potential buyers of a product or service
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Marketing Management
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the art and science of choosing target markets and building profitable relationships with them
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Production Concept
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The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency
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Product Concept
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The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements
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Marketing Concept
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The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors
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Societal Marketing Concept
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The idea that a company’s marketing decisions should consider consumer’s wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests
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Selling Concept
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: the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort
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Customer Relationship Management
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the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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Customer Perceived Value
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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
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Customer Satifaction
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The extent to which a product’s perceived performance matches a buyer’s expectations
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Customer Managed Relationships
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: Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands
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Consumer Generated 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
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Partner Relationship Management
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Customer Lifetime Value
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage
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Share Of Customer
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The portion of the customer’s purchasing that a company gets in its product categories
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Internet
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A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
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Strategic Planning
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the process of developing and maintaining a strategic fit between the organizations goal and capabilities and its changing marketing opportunities
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Mission Statement
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a statement of the organization’s purpose- what it wants to accomplish in the larger environment
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Business Portfolio
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the collection of businesses and products that make up the company
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Portfolio Analysis
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the process by which management evaluates the products and businesses that make up the company
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Growth Share Matrix
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a portfolio-planning method that evaluates a company’s strategic business units (SBU’s) in terms of its market growth rate and relative market share. SBU’s are classified as stars, cash cows, question marks, or dogs
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Product/Market Expansion Grid
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A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, products development, or diversification
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Market Penetration
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a strategy for company growth by increasing sales of current products to current market segments without changing the product
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Market Development
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: a strategy for company growth by identifying and developing new market segments for current company products
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Diversification
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a strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets
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Downsizing
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reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy
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Value Chain
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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
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Value Delivery Network
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the network made up of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system
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Marketing Strategy
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the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
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Market Segmentation
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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 market programs
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Market Segment
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a group of consumers who respond in a similar way to a given set of marketing efforts
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Market Targeting
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the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
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Positioning
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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 customers
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Differentation
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actually differentiating the market offering to create superior customer value
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Marketing Mix
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: the set of controllable tactical marketing tools-product, price, place, and promotion- that the firm blends to produce the response it wants in the target market
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SWOT analysis
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an overall evaluation of the company’s strengths, weaknesses, opportunities, and threats
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Marketing Implentation
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the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
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Marketing Control
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: the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved
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Return On Marketing Investment
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the net return from a marketing investment divided by the costs of the marketing investment
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