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100 Cards in this Set

  • Front
  • Back
Marketing
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Needs
States of felt deprivation
Wants
The form human needs to take as shaped by culture and individual personality
Demands
Human wants that are backed by buying power
Market Offering
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing Myopia
The mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products
Exchange
The act of obtaining a desired object from someone by offering something in return
Market
The set of all actual and potential buyers of a product or service
Marketing Management
The art and science of choosing target markets and building profitable relationships among them
Production Concept
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.
Product Concept
The idea that consumers will favor products that offer the most quality, performance, and features that the organization should therefore devote its energy to making continuous product improvements
Selling Concept
The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
Marketing Concept
The marketing mgt 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 do.
Societal Marking Concept
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
Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer-Perceived Value
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 Satisfaction
The extent to which a product's perceived performance matches a buyer's expectations.
Partner Relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Consumer Generated marketing
Marketing messages, ads, and other brand exchanges created by consumers themselves, both invited and uninvited.
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime exchange
Share of Customer
the portion of the customer's purchasing that a company gets in its product categories
customer equity
the total combined customer lifetime values of all of the company's customers
Strategic Planning
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
Mission Statement
A statement of the organization's purpose- what it wants to accomplish in the larger environment
Business Portfolio
The collection of businesses and products that make up the company
Portfolio Analysis
The process by which management evaluates the products and businesses that make up the company
Growth-Share Matrix
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
Product/Market Expansion Grid
A portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
Market Penetration
A strategy for company growth by increasing sales of current products to current market segments without changing the product
Market Development
A strategy for company growth by identifying and developing new market segments for current company products
Product Development
A strategy for company growth by offering modified or new products to current market segments
Diversification
A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets
Downsizing
Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
Value Chain
The series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm's products.
Value Delivery Network
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.
Marketing Strategy
The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships
Market Segmentation
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 Segment
A group of consumers who respond in a similar way to a given set of marketing efforts.
Market Targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Differentiation
Actually differentiating the market offering to create superior customer value
marketing mix
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.
SWOT Analysis
An overall evaluation of the company's strengths, weaknesses, opportunities, and threats
Marketing Implementation
The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
Marketing Control
The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
Return on Marketing Investment
The net return from a marketing investment divided by the costs of the mkt investment
Customer Driving Marketing
Understanding customer needs even better than customers themselves do and creating products that meet existing and latent needs
JNJ Credo
Company document which stresses integrity, honesty and putting people before profits
Selective relationship Mgt
Companies use profitability analysis to weed out unprofitable customers and focus on pampering its most profitable clients
SBU/Strategic Business Unit
A company division, product line, or single product
Boston Consulting Group (BCG) Approach
Company classifies all its SBUs according to growth share matrix
problems with matrix approaches
can be difficult, time consuming, costly to implement, only focuses on current business, not future planning
Functional Organization
Different marketing activities are headed by a functional specialist, such as sales manager, advertising manager
geographic organization
sells worldwide, uses sales+mkt people assigned to specific locations or countries
product mgt organization
product manager develops and implements a complete strategy and mkt program for a specific product or brand
Operating Control
Involves checking ongoing performance against the annual plan and taking corrective action when necessary
Marketing Dashboards
Meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance
Peter Drucker
"Marketing is so basic that it cannot be considered a separate function. it is the whole business seen frmo the point of view of its final result, that is, from the customer's point of view."
-"The business enterprise has two functions: marketing and innovation. Marketing and innovation product results, all the rests are costs".
Philip Kotler
"Marketing takes a day to learn, unfortunately it takes a lifetime to master"
-"Your company does not belong in any market where it cannot be the best"
Marketing Environment
The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
Microenvironment
The actors close to the company that affect its ability to serve its customers- the company, suppliers, marketing intermediaries, etc
Macroenvironment
the larger societal forces that affect the microenvironment
Marketing Intermediaries
Firms that help the company promote, sell, and distribute its goods to final buyers
Public
Any group that has an actual or potential interest in or impact on an organization's ability to achieve it's objectives
Demography
Study of human populations in terms of size, density, location, age, gender, race
Baby Boomers
The 78 mil people born after WWII, until 1964
GenerationX
45mil people born btwn 1965 and 1976
Millennials(Gen Y)
83 mil people born 1977-2000
Economic Environment
Factors that affect consumer buying power and spending patterns
engel's laws
differences noted over a century ago by Ernst Engel, in how people shift their spending across food, housing, transportation, etc as family income rises
Natural Environment
Natural resources that are needed as inputs by markets or that are affected by marketing activities
Environmental Sustainability
developing strategies and practices that create a world economy that the planet can support indefinitely
Technological Environment
forces that create new technologies creating new product and market opportunities
Political Environment
laws, government agencies, and pressure groups that influence various organizations and individuals in a given society.
Cultural Environment
insitutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
Marketing Services Agencies
Mkt research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote it's products to the right markets
Customer Insights
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
Marketing Information System(MIS)
People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
Internal Databases
Electronic collections of consumer and market information obtained from data sources within the company network
Marketing Intelligence
The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Exploratory research
marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Descriptive Research
Marketing research to better describe marketing programs, situations, or markets such as the market potential for a product
Casual research
marketing research to test hypotheses about cause and effect relationships
Secondary data
information that already exists somewhere, having been collected for another purpose
Primary Data
information collected for the specific purpose at hand
Commercial Online Databases
Computerized collections of information available from online commercial sources or via the internet
Observational Research
gathering primary data by observing relevant people, actions, situations
Ethnographic Research
a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural habitat"
Survey research
Gathering primary data by asking people questions
Experimental research
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling factors, and checking for differences in group responses
Focus group interviewing
personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization.
Online Marketing research
collecting primary data online through internet surveys, online focus groups, web based experiments, or tracking consumer's online behavior
Online Focus Groups
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
Sample
a segment of the population selected for marketing research to represent the population as a whole
Simple Random Sample
every member of the population has a known and equal chance of selection
Stratified random sample
the population is divided into mutually exclusive groups and random samples are drawn from each group
Convenience Sample
the researcher selects the easier population members from which to obtain information
Judgment sample
the researcher uses his or her judgment to select population members who are good prospect for accurate information
Quota Sample
the researcher finds and interviews a prescribed number of people in each of several categories