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138 Cards in this Set
- Front
- Back
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Marketing
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is managing profitable customer relationships. Create value for customers and to capture value from 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 Offering
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- some combination of products, services, info, or experiences offered to a market to satisfy a need or want.
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Marketing Myopia-
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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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Customer Relation Management
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- Overall process of building a maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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Customer- perceived value-
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Customers 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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Post-Purchase Behavior-
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Sellers following up with product satisfaction
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Consumer- generated marketing
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- Marketing Messages, ads, and other brand exchanges created by consumers themselves—both invited and uninvited.
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Partner Relationship Management
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-Working closesly with partners in other company departments and outside the company to joint bring greater value to customers.
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Supply chain Management-
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Many companies today are strengthening their connections with partners all along the supply chain.
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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 products categories.
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Customer Equity
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- The total combined customer lifetime values of all of the company’s customers.
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Consumer-generated marketing
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-marketing messages, ads and other brand exchanges created by consumers themselves-both invited and uninvited.
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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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Internet
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- A vast public web of computer networks that connects users of all types all around the world to teach each other and to an amazingly large information repository.
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Strategic Planning
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- The process of developing and maintain a strategic fit between the organizations goals 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 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, product 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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Product development
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- A strategy for company growth by offering modified or new products to current market segments.
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Diversification
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-A strategy for company growth though starting up or acquiring businesses outside the company’s current products and markets.
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Downsizing-Reducing
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the business portfolio by eliminating products of 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 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 business unit 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 marketing 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 consumers.
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Differentiation
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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 Implementation-
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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 or marketing ROI-
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The net return from a marketing investments divided by the costs of the marketing investment.
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Marketing Environment
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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.
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Microenvironment
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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.
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Macroenvironment
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-The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
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Marketing Intermediaries-
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Firms that help the company to promote, sell, and distribute its goods to final buyers.
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Public
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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.
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Demography
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- The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
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Baby Boomers
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-The 78 million people born during the baby boom following World War 2 and lasting until 1964.
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Generation X
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- The 45 million people born between 1965 and 1976 in the “birth dearth” following the baby boom
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Millenials (Generation y)
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- The 83 million children of the baby boomers, born between 1977 and 2000.
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Economic Environment-
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Factors that affect consumer buying power and spending patterns.
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Engel’s Law
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- Differences noted over a century ago by Ernst Engel in how ppl shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises.
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Natural Environment
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-Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
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Environmental Sustainability-
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Developing strategies and practices that create a world economy that the planet can support indefinitely.
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Technological Environment-
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Forces that create new technologies, creating new product and market opportunities.
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Political Environment
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- Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
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Cultural environment-
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Institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors
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5 Core Marketing Concepts:
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1.needs, wants, demands
2.market offerings 3.value satisfaction 4.exchanges and relationships 5.markets |
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Exchange-
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Act of obtaining a desired object from someone by offering something in return.
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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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Market Segmentation
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- Segments of customers
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Product Concept
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- 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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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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Marketing Concept
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- The marketing management philosophy that holds that achieving organizational goals depends on knowing the organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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Societal Marketing Concept-
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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 interest
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Product Specification
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-The stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item.
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Supplier Search
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-The stage of the business buying process in which the buyer tries to find the best vendors.
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Proposal Solicitation
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- The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals
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Supplier Selection
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- The stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers.
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Order-routine Specification-
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The stage of the business buying process in which the buyer writes the final order with the chosen supplier, listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties.
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Performance Review
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- The stage of the business buying process in which the buyer assesses the performances of the supplier and decides to continue, modify, or drop the arrangement.
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E-Procurement
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- Purchasing though electronic connections between buyers and sellers—usually online.
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Institutional Market
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- Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care.
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Government Market-
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Governmental units---federal, state, and local, that purchase or rent goods and services for carrying out the main functions of a government
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Customer insights
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- fresh understandings of customers and the marketplace derived from marketing info that become the basis for creating customer value and relationships.
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MIS Marketing Information System
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- People and procedures for assessing info needs, developing the needed info, and helping decision makers to use the info to generate and validate actionable customer and market insights.
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Internal Databases
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- Electronic collections of consumer and market info obtained from data sources within the company network.
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Marketing Intelligence
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- The systematic collection and analysis of publicly available info about consumers, competitors, and developments in the marketing environment.
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Exploratory Research
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- Marketing research to gather preliminary info that will help define problems and suggest hypotheses.
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Causal Research
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- Marketing research to test hypotheses about cause and effect relationships.
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Primary Data
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- Info collected for the specific purpose at hand.
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Commercial Online Databases
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- computerized collections f info available from online commercial sources or via the Internet.
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Observational Research
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- Gathering primary data by observing relevant people, actions, and situations
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Ethnographic Research
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- A form of observational research that involves sending trained observers to watch and interact with consumers in their natural habitat.
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Survey Research
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- Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
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Descriptive 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.
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Marketing research
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- The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Secondary Data
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-Information that already exists somewhere, having been collected for another purpose.
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Experimental 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.
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Focus Group Interviewing-
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Personal interviewing that involves inviting six to ten 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.
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Online Marketing Research
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- Collecting primary data online through internet surveys, online focus groups, web based experiments, or tracking consumers’ online behavior.
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Online Focus Groups-
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Gathering a small group of people online with a trained moderator to chat about a product, service, or group and gain qualitative insights about consumer attitudes and behavior.
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Sample
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- A segment of the population selected for marketing research to represent the population as a whole.
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Customer Relationship Management (CRM)
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- Managing detailed information about individual customers and carefully managing customer- touch points- in order to maximize customer loyalty.
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Consumer buyer behavior
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- The buying behavior of final consumers, individuals and households that buy goods and services for personal consumption.
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Consumer Market
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- All the individuals and households who buy or acquire goods and services for personal consumption
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Culture
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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.
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Subculture
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-A group of people with shared valued systems based on common life experiences and situations
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Group
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-Two or more people who interact to accomplish individual or mutual goals
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Opinion Leader
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- Person within a reference a group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
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Online Social Networks-
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Online social communities-
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blogs, social networking Web sites, or even virtual worlds, where people socialize or exchange information and opinions.
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Lifestyle
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-A person’s pattern of living as expressed in his or her activities, interests and opinions
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Personality
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- The unique psychological characteristics that lead to relatively consistent and lasting responses to one’s own environment
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Problem Recognition
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-The first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service.
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General need description
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- the stage in the business buying process in which the company describes the general characteristics and quantity of a needed item.
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Brand Personality
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- The specific mix of human traits that may be attributed to a certain brand.
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Motive
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- A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
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Learning
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- changes in an individual's behavior arising from experience
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Belief
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- A descriptive thought that a person holds about something.
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Attitude
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- A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward and object or idea.
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Complex buying Behavior
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-Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
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Dissonance
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-reducing buying behavior- consumer buying behavior in situations characterized by high involvement but few perceived differences among brands.
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Habitual Buying Behavior
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- consumer buying behavior in situations characterized by low-consumer involvement and few significantly perceived brand differences.
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Variety-seeking buying Behavior
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- Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.
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Need Recognition
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- The first stage of the buyer decision process, in which the consumer recognizes a problem or need.
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Info Search
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??
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Adoption Process
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- The mental process through which an individual passes from first hearing about an innovation to final adoption.
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New Product
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- A good, service, or idea that isperceived by some potential customers as new.
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Cognitive Dissonance
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- Buyer discomfort caused by postpurchase conflict.
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Postpurchase Behavior
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- The stage of the buyer decision process in which the consumers take further action after purchase, based on their satisfication or dissatisfaction.
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Purchase Decision
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- The buyer's decision about which brand to purchase.
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Alternative Evaluation
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- The stage of the buyer decision process in which the consumer uses info to evaluate alternative brands in the choice set.
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Business Buyer Behavior
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-the buying behavior of the organizations that buy goods and services for use in the production of other products and services or to resell or rent them to others at a profit.
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Business Buying Process
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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.
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Derived Demand
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- Business demand that ultimately comes from the demand for consumer goods.
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Supplier development
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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.
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Straight Rebuy
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- A business buying situation in which the buyer routinely reorders something without any modifications.
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Gatekeepers
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- People in the organizations buying center who control the flow of info to others
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Deciders
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- Ppl in the organization's buying center who have formal or informal power to select or approve the final suppliers
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Buyers
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- The ppl in the organization's buying center who make an actual purchase.
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Influencers
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- People in an organizations buying center who affect the buying decision; they often help define specification and also provide information for evaluating alternatives
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Users
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- Members of the buying organization who will actually use the purchased product or service
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Buying Center
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- All the individuals and units that play a role in the purchase decision-making process
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Modified Rebuy
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- A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
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New Task
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-A business buying situation in which the buyer purchases a product or service for the first time
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Systems Selling or solutions selling
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-Buying a packaged solution a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
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