Mrkt

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Communication of a message for the purpose of influencing opinions or behaviors

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What is marketing

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is the activity for creating,communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

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What is marketing?

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consists of one or more specific groups of potential consumers toward which an organization directs its marketing program

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TargetMarket

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consists of the marketing manager’s controllable factors - product,price, promotion, and place -that can be used to solve a marketing problem.

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MarketingMix

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is a good,service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs.

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Product

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is the cluster of benefits that an organization promises customers to satisfy their needs.

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Customer Value Proposition

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is the unique combination of benefits received by targeted buyers that includes quality,convenience, on-time delivery, and both before-saleand after-sale service at a specific price.

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Customer Value

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links the organization to its individual customers, employees, suppliers, and otherpartners for theirmutual long-term benefits.

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Relationship Marketing

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is the process of identifying prospective buyers,understanding them, and developing favorable long-term perceptions of theorganization. This relationship will lead customers to develop loyalty to thefirm and make repeat purchases.

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CustomerRelationship Management (CRM)

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is the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.

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Societal Marketing Concept

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consist of the peoplewho use the goodsand services purchased for a household. Also called consumers, buyers, or customers.

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Ultimate Consumers

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arethose manufacturers,wholesalers, retailers, and government agencies that buy goodsand services for their own use or for resale.

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Organizational Buyers

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consists of the benefitsorcustomer value received by users of the product.

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Utility

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is the money left after a business firm’stotal expenses are subtracted from its total revenues and is the reward for therisk it undertakes in marketing its offerings.

Revenues - Costs

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Profit

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is thelevelin an organization where top management directs overall strategy for theentire organization.

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Corporate Level

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isa subsidiary, division, or unit of an organization that markets a set ofrelated offerings to a clearly defined group of customers.

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Strategic Business Unit (SBU)

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is thelevelin an organization where groupsof specialists actually create value for the organization.

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Functional Level

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consist of asmall number of people from different departments in an organization who aremutually accountable to accomplish a task or common set of performance goals.

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Cross-Functional Teams

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consistsof the set of values, ideas, attitudes, and norms of behavior that is learnedand shared among the members ofan organization.

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Organizational Culture

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is a measure ofthe quantitative value or trend of a marketing activity or result.

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Marketing Metric

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is the ratio of salesrevenue of the firm to the total sales revenue of all firms in the industry,including the firm itself.

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Market Share

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is anunique strength relative to competitors that provides superior returns, oftenbased on quality, time, cost, or innovation.

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Competitive Advantage

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Selling more Ben & Jerry's super premium ice cream to Americans

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Market Penetration

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Selling Ben & Jerry's super premium ice cream to Brazillians for the first time

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Market Development

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Selling a new product such as children's clothing under the Ben & Jerry's brand to Americans

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Product Development

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Selling a new product such as childern's clothing under the Ben and Jerry's brand to brazilians for the first time

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Diversification

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Strengths, Weakness, Opportunities, and Threats

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SWOT Analysis

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involvesaggregating prospective buyers into groups, or segments, that

(1) have common needs and

(2) will respond similarly to a marketing action.

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Market Segmentation

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•Market Penetration

•Market Development

•Product Development

•Diversification

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DiversificationAnalysis

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Production Era, Sales Era, Marketing Concept Era, Customer Relationship Era.

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Fourdifferent orientations in the history of American business

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Social, Economic, Competitive, Regulatory, Tech.

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EnvironmentalForces

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Product, Promotion, Price, Place.

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The 4 Ps: Controllable MarketingMixFactors

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describe a population according to selected characteristics such as age,gender, ethnicity, income, and occupation.

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Demographics

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consists of the set of values, ideas, and attitudes that are learned and sharedamongthe members of a group.

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Culture

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is the total amount of money made in one year by a person, household, orfamily unit. Also known as money income at the Census Bureau.

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Gross Income

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is the money a consumer has left after paying taxes to use fornecessities such as food, housing, clothing, and transportation.

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Disposable Income

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is the money that remains after paying for taxes and necessities.

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Discretionary Income

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are the moral principles andvalues that govern the actions and decisions of an individual or group.

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Ethics

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are society’s values and standardsthat are enforceablein the courts.

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LAWS

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is the legal concept of “let thebuyer beware” that was pervasive in the American business culture priorto the 1960s.

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Caveat emptor

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isa law that codified the ethics of exchange between buyers and sellers,including the rights to safety, to be informed,to choose, and to be heard.

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ConsumerBill of Rights (1962)

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is a formal statement of ethicalprinciplesand rules of conduct.

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Code of Ethics

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are employees who reportunethical or illegal actions of their employers.

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Whistle-blowers

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a personal moral philosophy that considers certain individual rights orduties as universal, regardless of the outcome

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Moral Idealism

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isa personal moral philosophy that focuses on the “greatest good for the greatestnumber” by assessing the costs and benefits of the consequences of ethicalbehavior.

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Utilitarianism

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is the idea thatorganizations are part of a larger society and are accountable to that societyfor their actions.

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Social Responsibility

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is the recognitionof the need for organizations to improve thestate of people, the planet, and profit simultaneously if they areto achieve sustainable, long-term growth.

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Triple-Bottom Line

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consists of marketingefforts to produce, promote, and reclaim environmentally sensitive products.

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Green marketing

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occurs when thecharitable contributions of a firm are tied directly to the customer revenuesproduced through the promotion of one ofits products.

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Cause marketing

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consists of a systematic assessment of a firm’s objectives,strategies, and performance in terms of social responsibility.

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A social audit

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consists ofconducting businessin a way that protects the natural environment while making economic progress.

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Sustainable development

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consistsof the actions a person takes in purchasing and using products and services,including the mental and social processes that come before and after theseactions

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Consumer Behavior

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consists of the five stages a buyerpasses through in making choices about which products and servicesto buy: (1) problem recognition,(2) information search, (3) alternative evaluation, (4) purchasedecision,and (5) postpurchasebehavior.

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The purchase decision process

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arethe factors that represent both the objectiveattributes of a brand and the subjective onesa consumer uses to compare different products and brands.

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Evaluative criteria

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isthe group of brands that a consumer would consider acceptable fromamong all the brands in the product class of which he or she is aware.

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A consideration set

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isthe feeling of postpurchasepsychological tension or anxiety consumers may experience whenfaced with two or more highly attractive alternatives.

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Cognitive dissonance

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isthe personal, social, and economic significance of the purchase to theconsumer.

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Involvement

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is the energizing force that stimulates behavior to satisfy a need.

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Motivation

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is aperson’sconsistent behaviors or responses to recurring situations.

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Personality

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is the way people see themselves and the way they believe others see them.

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Self-concept

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is the process by which an individual selects, organizes, and interpretsinformation to create ameaningful picture of the world.

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Perception

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involves seeing or hearing messages without being aware of them.

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Subliminal perception

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is the anxietyfelt because the consumer cannot anticipate the outcomes of a purchase butbelieves that there may be negative consequences.

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Perceived risk

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consists of those behaviors that result from(1) repeated experience and(2) reasoning.

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Learning

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is a favorable attitude toward and consistent purchase of a single brand over time.

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Brand loyalty

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is alearned predisposition to respond to an object or classof objects in a consistently favorable or unfavorable way.

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An attitude

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are a consumer’ssubjective perception of how a product or brand performs on differentattributes based on personal experience, advertising, and discussions withother people.

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Beliefs

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is a mode of living thatis identified by how people spend their time and resources, what they considerimportant in their environment, and what they think of themselves and the worldaround them.

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Lifestyle

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are individuals who exert direct or indirect social influence overothers.

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Opinion leaders

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involves the influencing of people during conversations.

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Word of mouth

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is the process by which people acquire the skills, knowledge, and attitudesnecessary to functionas consumers.

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Consumer socialization

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consistsofthe distinct phases that a family progresses through fromformation to retirement, each phase bringing with it identifiable purchasingbehaviors.

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A family life cycle

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is the relatively permanent, homogeneous divisions in a society into whichpeople sharing similar values, interests, and behavior can be grouped.

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Social class

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arethe subgroups within the larger, or national, culture with unique values,ideas, and attitudes.

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Subcultures

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is the practice of using barter rather than moneyfor making global sales.

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Countertrade

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is the monetary value of all goods and services producedin a country during one year.

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Gross domestic product (GDP)

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is the differencebetween the monetary value of a nation’s exports and imports.

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Balance of trade

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is alaw that makes the theft of trade secrets by foreign entities a federal crimein the United States.

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The Economic Espionage Act (1996)

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is the practice ofshielding one or more industries within a country’seconomy from foreign competition through the use of tariffs or quotas.

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Protectionism

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are government taxes on goods orservices entering a country that primarily serve toraise prices on imports.

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Tariffs

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is a restriction placed on the amount of a product allowedto enter or leave a country.

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A quota

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is apermanent institution that sets rules governing trade betweenits members through panels of trade experts who decide on trade disputesbetween members and issue binding decisions.

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The World Trade Organization (WTO)

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exists when firmsoriginate, produce, and market their products andservices worldwide.

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Global competition

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are agreements among two or more independent firms tocooperatefor the purpose of achieving common goals.

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Strategic alliances

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strategy involves multinational firms that have as many differentproduct variations, brand names, and advertising programs as countries in whichthey do business.

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A multidomestic marketing

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involves transnational firms that employ the practiceof standardizing marketing activities when there are cultural similarities andadapting them when cultures differ.

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A global marketing strategy

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involves the study of similarities and differences among consumers intwo or more nations or societies.

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Cross-cultural analysis

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is a law, amended by the International Anti-Dumping and Fair Competition Act (1998),that makes it a crime for U.S. corporations to bribe an official of a foreigngovernment or political party to obtain or retain business in a foreigncountry.

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The Foreign Corrupt Practices Act (1977)

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is a field of study that examines the correspondence between symbols and theirrolein the assignment of meaning for people.

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Semiotics

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is the practice where a translated word or phrase is retranslatedinto the original language by a different interpreter to catch errors.

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Back translation

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is the tendency tobelieve that it is inappropriate, indeed immoral, to purchase foreign-madeproducts.

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Consumer ethnocentrism

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is the practice of offering small, collateral-freeloans to individuals who otherwise would not have access to the capitalnecessary to begin small businesses or other income-generating activities.

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Microfinance

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is a global market-entry strategy in which a foreign company and alocal firm invest together to create a local business in order to shareownership, control, and profits of the new company.

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Joint venture

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is a global market-entry strategy that entails a domestic firmactually investing in and owning a foreign subsidiary or division.

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Direct investment

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occurs when a firmsells a product in a foreign country below its domestic price or below itsactual cost.

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Dumping

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is a situation where products are sold through unauthorized channels ofdistribution. Also called parallel importing.

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A gray market

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is the process of defining a marketing problem and opportunity, systematicallycollecting and analyzing information, and recommending actions.

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Marketing research

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research provides ideas about a relatively vague problem

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Marketing Exploratory

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research generally involves trying to find the frequency that some-thing occurs or the extent of a relationship between two factors.

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Marketing Descriptive

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the most sophisticated, tries to determine the extent to whichthe change in one factor changes another one

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Marketing Causal research,

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are the factsand figures that have already been recorded before the project at hand.

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Secondary data

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are the factsand figures that are newly collected for the project.

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Primary data

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are the factsand figures obtained by watching, either mechanically or in person, how peopleactually behave.

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Observational data

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are thefacts and figures obtained by asking people about their attitudes, awareness,intentions, and behaviors.

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Questionnaire data

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is the extraction of hidden predictive information from large databases to findstatistical links between consumer purchasing patterns and marketing actions.

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Data mining

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consistsof the total sales of a product that a firm expects to sell during a specifiedtime period under specified environmental conditions and its own marketingefforts.

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A sales forecast

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involvesaggregating prospective buyers into groups that

(1) have common needs and

(2)will respond similarly to a marketing action.

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Market segmentation

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are the relativelyhomogeneous groupsof prospective buyers that result from the market segmentation process.

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Market segments

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is amarketing strategy that involvesa firm using different marketing mix activities to help consumers perceive theproduct as being different and better than competing products.

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Product differentiation

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is aframework to relate the market segments of potential buyersto products offered or potential marketing actions by an organization.

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A market-product grid

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isthe quantity consumed or patronage (store visits) during a specificperiod. Also called frequencymarketing.

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Usage rate

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is a conceptthat suggests 80 percent of a firm’s sales are obtained from20 percent of its customers.

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The 80/20 rule

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is theplace an offering occupies in a consumer’s mind on important attributes relativeto competitive products.

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Product positioning

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involves changing the place an offering occupies in a consumer’s mind relative to competitive products.

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Product repositioning

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is a means of displaying or graphing in two dimensions thelocation of products or brands in the minds of consumers to enable a manager tosee how consumers perceive competing products or brands, as well as the firm’s own product or brand.

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A perceptual map

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involves themarketing of goods and services to companies, governments, or not-for-profitorganizations for use in the creation of goods and services that they canproduce and market to others.

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Business marketing

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are those manufacturers, wholesalers, retailers, and government agenciesthat buy goods and services for their own use or for resale.

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Organizational buyers

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provides common industrydefinitions for Canada, Mexico, and the United States, which makes it easier tomeasure economic activity in the three member countries of the North AmericanFree Trade Agreement (NAFTA).

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The North American Industry Classification System (NAICS)

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is the demand forindustrial products and services that is driven by, or derived from, the demandfor consumer products and services.

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Derived demand

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is an industrialbuying practice in which two organizations agree to purchase each other’s products and services.

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Reciprocity

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is a relationship that exists when a buyer and its supplier adoptmutually beneficial objectives, policies, and procedures for the purpose oflowering the cost or increasing the value of products and services delivered tothe ultimate consumer.

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Supply partnership

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involves anevaluation of whether components and assemblies will be purchased from outsidesuppliers or built by the company itself.

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A make-buy decision

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involves asystematic appraisal of the design, quality, and performance of a product toreduce purchasing costs.

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Value analysis

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consists of a listof firms believed to be qualifiedto supply a given item.

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A bidder’s list

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are online trading communities that bring together buyers and supplierorganizations to make possible the real time exchange of information, money,products, and services. Also called B2Bexchanges or e-hubs.

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E-marketplaces

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inan e-marketplace, is an online auction in which a seller puts an item up forsale and would-be buyers are invited to bid in competition with each other.

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A traditional auction

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inane-marketplace, is an online auction in which a buyer communicates a need for aproduct or service and would-be suppliers are invited to bid in competitionwith each other.

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A reverse auction