Marketing Vocab 1-5

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marketing

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marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

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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, information, or experiences offered to a market to satisfy a need or want.

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market 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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act of obtaining a desired object from someone by offering something in return.

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market

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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 concepts

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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 shuld therefore devote its energy to making continuous product improvements.

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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 hold that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.

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societal marketing concept

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the idea that a company’s marketing decisions should consider consumers wants, the companys requirements, consumers long run interests and society’s long run interests.

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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 percieved value

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the customers evaluation f the difference between all the benefits and all the costs f a marketing offer relative to those of competing offers. c

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customer satisfaction

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the extent to which a products perceived performance matches a buyers expectations.

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customer 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 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 the the customer would make over a lifetime of patronage.

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share of customers

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the portion of the customers purchasing that a company gets in its product categories.

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customer equity

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- the total combined customer lifetime values of all the companys customers.

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internet

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a vast public web of computer networks, which 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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process of developing and maintaining a strategic fit between the organization goals and capabilities and its changing marketing opportunities.

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mission statement

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a statement of the organizations purpose – what it wants to accomplish in the larger environment.

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business portfolio

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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 making up the company.

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growth share matrix

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a portfolio planning method that evaluates a companys strategic business units in terms of their market growth rate and relative market share. SBUs are the classified as stars, cash cows, question marks, or dogs.

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product/market expansion grids

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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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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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products 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 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 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 firms 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 distinct needs, characteristics, or behavior and who might require separate products or marketing programs.

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market segment

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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 segments 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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marketing mix

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the set of controllable tactical marketing tool – product, price, place, and promotion- that the firm blends to produce the response it wants in the target market.

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differentiation

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actually differentiating the market offering to create superior customer value.

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SWOT analysis

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an overall evaluation of the companys strengths, weaknesses, opportunities, and threats.

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marketing implantation

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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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marketing audit

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a comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance.

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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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marketing environment

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the actors and forces outside marketing that affect marketing managements 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 organizations 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 II 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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millennials (or generation Y)

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the 83 million children of teh 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 laws

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differences noted over a century ago by ernst engel in how people shift their spending across food, housing, transportation, health care, and ther 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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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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customer insights

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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.

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marketing information system

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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.

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internal databases

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electronic collections of consumer and market information 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 information about consumers, competitors, and developments in the marketing environment.

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marketing research

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the systematic design, collection, analysis, and reporting data relevant to a specific marketing situation facing an organization.

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exploratory research

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marketing research to gather preliminary information that will help define problems and suggest hypotheses.

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descriptive research

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marketing research to better describe marketing problems, situations, or markets, such as the market protential for product or the demographics and attitudes of consumers.

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casual research

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marketing research to test hypotheses about cause and effect relationships

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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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primary data

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information collected for the specific purpose at hand.

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commercial online databases

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computerized collection of information 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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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 organization 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

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managing detailed information about individual customers and carefully managing customer touch points in order to maximize loyalty.

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consumer buyer behavior

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the buying behavior of final consumers- individuals and households who 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 value systems based on common life experiences and situations.

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social class

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relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

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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 group who, because of special skills, knowledge, personality, or other characteristics, exerts influence on others.

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online social networks

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online social communities- blogs, social networking web sites, or even virtual worlds - where people socialize or exchange info 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 environment.

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lifestyle

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a persons pattern of living as expressed in his or her activities, interests, and opinions.

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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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perception

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the process by which people select, organize, and interpret info to form a meaningful picture of the world.

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learning

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changes in an individuals 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 persons consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

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cognitive dissonance

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buyer discomfort caused by postpurchase conflict

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new product

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a good, service, or idea that is perceived by some potential customers as new.

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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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business buyer behavior

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the buying behavior f the organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at a profit.

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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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buying center

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all the individuals and units that participate in the business buying-decision process.

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straight rebuy

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a bsiness buying situation in which the buyer routinely reorders something without any modifications.

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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

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selling a complete solution to a problem, helping buyers to avoid all the seperate decisions involved in a complex buying situation.

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value analysis

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an approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production.