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58 Cards in this Set

  • Front
  • Back
value
the benefits the customer receives from buying a good or service
marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
stakeholders
buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold, in other words any person or organization that has a stake in the outcome
consumer
the ultimate user of a good or service
marketing concept
a management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability
need
the recognition of any difference between a consumer's actual state and some ideal or desired state
want
the desire to satisfy needs in specific ways that are culturally or socially influenced
benefit
the outcome sought by a customer that motivates buying behavior, that satisfies a need or want
utility
the usefulness or benefit consumers receive from a product
production orientation
management philosophy that emphasizes the most efficient ways to produce and distribute products
selling orientation
managerial view of marketing as a sales function or a way to move products out of warehoueses to reduce inventory
consumer orientation
management philosophy that focuses on ways to satisfy consumers wants and needs
total quality management (TQM)
a management philosophy that involves all employees from the assembly line onward in continuous product quality improvement
instapreneur
a business person who only produces a product when it is ordered
triple bottom line orientation
business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices
customer relationship management (CRM)
strategy that involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs
social marketing concept
management philosophy that marketers must satisfy customers needs in ways that also benefit society and also deliver profit to the firm
sustainability
product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs
return on investment
direct financial impact on a firms expenditure of a resource such as time or money
value proposition
marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
lifetime value of a customer
how much profit companies expect to make from a particular customer, including each and every purchase he will make from them now and in the future. To calculate the lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain the relationship
distinctive competency
superior capability of a firm in comparison to its direct competitors
differential benefit
properties of products that set them apart from competitors products by providing unique customer benefits
consumer-generated value
everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers
wisdom of crowds
under the right circumstances groups are smarter then the smartest people in them meaning that large numbers of consumers can predict successful products
open source model
practice used in the software industry in which companies share their software codes with anyone to assist in the development of a better product
consumer addiction
physiological or psychological dependency on goods or services
marketing plan
document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
market position
way in which the target market perceives the product in comparison to competitors brands
Four P's
product
price
promotion
place
business planning
ongoing process of marketing decisions that guides the firm both in the short term and for the long term
business plan
plan the indicates the decisions that guide the entire organization
marketing plan
document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
levels of business planning
strategic planning
functional planning
operational planning
strategic planning
managerial decision process that matches an organizations resources and capabilities to its market opportunities for long-term growth and survival
strategic business units(SBU)
individual units within the firm that operate like separate business, with each having its own mission, business objectives, resources, managers and competitors
functional planning
decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organizations long-term strategic plan
Steps to strategic planning
1. define the mission
2. evaluate the internal and external environment
3. set organizational or SBU objectives
4. establish the business portfolio
5. develop growth strategies
situation analysis
an assessment of a firms internal and external environments
internal environment
controllable elements inside an organization, including its people, its facilities, and how it does things that influence the operations of the organization
external environment
uncontrollable elements outside an organization that may affect its performance either positively or negatively
SWOT analysis
analysis of an organizations strengths and weaknesses and the opportunities and threats in its external environment
business portfolio
group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities
portfolio analysis
management tool for evaluating a firm's business mix and assessing the potential of an organization's strategic business units
BCG growth-market share matrix
portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a firm can use to invest in new products, includes stars, cash cows, question marks, and dogs
stars
SBUs with products that have a dominant market share in high growth markets
cash cows
SBUs with a dominant market share in a low growth potential market
question marks
SBUs with low market shares in a fast-growth market
dogs
SBUs with a small share of slow-growth market.
market penetration strategies
growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets
existing market, existing product
market development strategy
growth strategies that introduce existing products to new markets
product growth development
growth strategies that focus on selling new products in existing markets
diversification strategies
growth strategies that emphasize both new products and new markets
Steps to marketing planning
1. perform a situation analysis
2. set marketing objectives
3. develop marketing strategies
4. implement and control the marketing plan
control
process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis
return on marketing investment (ROMI)
quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise
action plans
individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. also called marketing programs
operational plans
plans that focus on the day-to-day executions of the marketing plan, include detailed directions for specific activities, who will be responsible and the time lines