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78 Cards in this Set
- Front
- Back
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Marketing |
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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Marketing Plan |
Specifies the marketing activities for a specific period of time; broken down into various components. |
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Designed/created, cost, promoted, consumer |
Marketing plan components |
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Exchange |
The trade of things of value between the buyer and the seller so that each is better off as a result |
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Product, price, place, promotion
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Marketing Mix of 4 Ps |
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Marketing Mix |
comprise the controllable set of decisions/activities that the firm uses to respond to the wants of its target markets |
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Product |
Fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs |
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Goods |
items that you can physically touch |
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Services |
Intangible customer benefits that are produced by people or machines and cannot be separated from the producer. |
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Ideas |
include concepts, opinions, and philosophies; intellectual concepts such as these also can be marketed. |
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Price |
everything the buyer gives up--money, time, energy in exchange for the product. Capturing Value |
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Place |
More commonly deals specifically with retailing and marketing channel management, also known as supply chain management |
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Supply Chain Management |
the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time while minimizing systemwide costs and satisfying the service levels required by customers. |
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Promotion |
the communication by a marketer that informs, persuades, and reminds potential buys about a product or service to influence their opinions and elicit a response. Communication the value proposition |
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B2C |
Business-to-consumers; the process in which businesses sell to consumers. |
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B2B |
Business-to-business; the process of selling merchandise or services from one business to another |
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C2C |
Consumer-to-consumer; the process in which consumers sell to other consumers |
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Production-Oriented Era |
Around the turn of the twentieth century, most firms believed that a good product would sell itself. |
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Sales-Oriented Era |
Between 1920 and 1950, production and distribution techniques became more sophisticated, and the Great Depression and World War II conditioned customers to consume less or manufacture items themselves. As a result, firms depended on heavy doses of personal selling and advertising. |
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Market-Oriented Era |
After World War II, manufacturers turned from focusing on the war effort toward making consumer products. Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. |
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Value-based Marketing Era |
Firms generally have transcended a production or selling orientation and attempt to discover and satisfy their customers' needs and wants. To compete successfully, they would have to give their customers greater value than their competitors did. |
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Value |
Reflects the relationship of benefits to costs, or what you get for what you give. |
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Value Creation |
Customers act as collaborators with a manufacturer or retailer to create the product or service |
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Needs; Wants |
Marketing is about satisfying ___ and ____. |
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Individuals and Organizations |
Who can perform marketing? |
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Relational Orientation |
A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship |
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Customer Relationship management (CRM) |
A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers. |
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Supply Chain |
The group of firms that make and deliver a given set of goods and services |
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Marketing Channel |
The set of institutions that transfer the ownership of and more goods from the point of production to the point of consumption; consists of all the institutions and marketing activities in the manufacturing process |
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Entrepreneurs |
A person who organizes, operates, and assumes the risk of a new business venture |
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Business Ethics |
Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce. |
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Marketing Ethics |
Refers to those ethical problems that are specific to the domain of marketing. |
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Ethical Climate |
The set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior. |
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Corporate Social Responsibility |
Refers to the voluntary actions taken by a company to address the ethical, social, and environment impacts of its business operations and the concerns of its stakeholders. |
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Identify Issues |
Step 1: Ethical Decision-Making Framework |
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Gather information and identify stakeholders |
Step 2: Ethical Decision-Making Framework |
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Brainstorm and evaluate alternatives |
Step 3: Ethical Decision-Making Framework |
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Choose a course of action |
Step 4: Ethical Decision-Making Framework |
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Planning Phase |
Marketers can introduce ethics at the beginning of the planning process simply by including ethical statements in the firm's mission or vision statements. |
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Implementation Phase |
When firms are identifying potential markets and ways to deliver the 4Ps to them, firms must consider several ethical issues. |
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Control Phrase |
During this phase of strategic marketing planning process, managers must be evaluated on their actions from an ethical perspective. Systems must be in place to check whether each potentially ethical issues raised in the planning process was actually successfully addressed. |
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Locational Privacy |
A person's ability to move normally in public spaces with the expectation that his or her location will not be recorded for subsequent use. |
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Employees, Customers, Marketplace, Society |
Key CSR Stakeholders |
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Immediate Environment |
Company capabilities, Competitors, Corporate Partners, Culture |
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Macroenvironmental Factors |
Aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situations, and political/regulatory environment. |
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Culture |
The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts and underlying values |
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Visible Artifacts |
Behavior, dress, symbols, physical settings, ceremonies |
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Underlying Values |
Thought processes, beliefs, and assumptions |
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Country Culture |
Entails easy-to-spot visible nuances that are particular to a country, such as dress symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify. |
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Regional Culture |
The influence of that area within a county in which people live. |
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Demographics |
Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education |
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Generational cohort |
A group of people of the same generation--typically have similar purchase behaviors because they have shared experiences and are in the same stage of life. |
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Generational Z (Gen Z) |
Also known as the "digital natives" because people in this group were born into the world that already was full of electronic gadgets and digital technologies, such as the internet and social networks. |
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Digital Native |
Also known as Generation Z, people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the internet and social networks. |
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Generation Y |
Generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom. |
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Millennials |
Consumers born between 1977 and 2000 and the children of baby boomers |
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Generation X |
Generational cohort of people born between 1965 and 1976. |
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Baby Boomers |
Generational Cohort of people born after World War II, between 1946 and 1964. |
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Thrift, Health & Wellness Concerns, Greener Consumers, Privacy Concerns, time-poor society |
Social Trends |
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Green Marketing |
Involved a strategic effort by firms to supply customers with environmentally friendly merchandise |
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Greenwashing |
Exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales |
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Inflation |
Refers to the persistent increase in the prices of goods and services |
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Foreign currency fluctuations |
Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending |
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Interest Rates |
These represent the cost of borrowing money |
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Political/regulatory environment |
Comprises political parties, government organizations, and legislation and laws |
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Culture, Demographics, Political/Legal, Economic, Technological, Social |
Macroenvironment Factors |
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Need recognition, information search, alternative evaluation, purchase, post purchase |
The Consumer Decision Process |
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Need Recognition |
The beginning of the consumer decision process; occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state |
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Functional Needs |
Pertain to the performance of a product or service |
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Psychological Needs |
Pertain to the personal gratification consumers associate with a product or service |
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Internal Search for Information |
Occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences |
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External Search for Information |
Occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision |
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Internal Locus of Control |
Refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities |
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External locus of control |
Refers to when consumers believe that fate or other external factors control all outcomes |
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Performance Risk |
Involves the perceived danger inherent in a poorly performing product or service |
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Financial Risk |
Risk associate with a monetary outlay; includes the initial cost of the purchase, as well as the costs of using the item or service. |
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Social Risk |
The fears that consumers suffer when they worry others might not regard their purchases positively |
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Retrieval Sets |
Includes those brands or stores that the consumer can readily bring forth from memory |
