Mktg Chapters 1-11

Front 1

marketing

Back 1

determining the needs of a targeted group of consumers and satisfying those needs by using the 4 P's of marketing to create an immediate exchange of value and a long term relationship

Front 2

4 P's

Back 2

product, price, promotion, place

Front 3

exchange

Back 3

people giving up something to receive something they would rather have

Front 4

conditions of exchange

Back 4

1. at least 2 parties
2. both have something of value to the other party
3. both are capable of communication and delivery
4. both free to accept/reject the exchange offer
5. both believe its appropriate/desirable to deal with the other party

Front 5

production orientation

Back 5

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

Front 6

sales orientation

Back 6

the ideas that people will buy more goods and services if aggrassive sales techniques are used and that high sales result in high profits

Front 7

marketing concept

Back 7

the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

Front 8

market orientation

Back 8

a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; synonymous with the marketing concept

Front 9

social marketing orientation

Back 9

the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests

Front 10

customer value

Back 10

the relationship between benefits and the sacrifice necessary to obtain those benefits

Front 11

customer satisfaction

Back 11

customer's evaluation of a good or service in terms of whether it has met their needs and expectations

Front 12

relationship marketing

Back 12

a strategy that focuses on keeping and improving relationships with current customers

Front 13

empowerment

Back 13

delegation of authority to solve customers' problems quickly - usually by the first person that the customer notifies regarding the problem

Front 14

teamwork

Back 14

collaborative efforts of people to accomplish common objectives

Front 15

service

Back 15

the result of applying human or mechanical efforts to people or objects

Front 16

intangibility

Back 16

he inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed

Front 17

search quality

Back 17

a characteristic that can be easily assessed before purchase

Front 18

experience quality

Back 18

a characteristic that can be assessed only after use

Front 19

credence quality

Back 19

a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience

Front 20

inseparability

Back 20

the inability of the production and consumption of a service to be separated; consumers must be present during the production

Front 21

heterogeneity

Back 21

the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods

Front 22

perishability

Back 22

the inability of services to be stored, warehoused, or inventoried

Front 23

reliability

Back 23

the ability to perform a service dependably, accurately, and consistently

Front 24

responsiveness

Back 24

the ability to provide prompt service

Front 25

assurance

Back 25

the knowledge and courtesy of employees and their ability to convey trust

Front 26

empathy

Back 26

caring, individualized attention to customers

Front 27

tangibles

Back 27

the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service

Front 28

gap model

Back 28

a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality
Gap 1: between what customers want and what management thinks customers want
Gap 2: between what management thinks customers want and the quality specifications that management develops to provide the service
Gap 3: between the service quality specifications and the service that is actually provided
Gap 4: between what the company provides and what the customer is told it provides
Gap 5: between the service that customers receive and the service they want

Front 29

core service

Back 29

the most basic benefit the consumer is buying

Front 30

supplementary services

Back 30

a group of services that support or enhance the core service

Front 31

internal marketing

Back 31

treating employees as customers and developing systems and benefits that satisfy their needs

Front 32

new product

Back 32

a product new to the world, the market, the producer, the seller, or some combination of these

Front 33

new-product development process

Back 33

1. new-product strategy
2. idea generation
3. idea screening
4. business analysis
5. development
6. test marketing
7. commercialization

Front 34

new-product strategy

Back 34

a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

Front 35

product development

Back 35

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

Front 36

brainstorming

Back 36

the process of getting a group to think of unlimited ways to vary a product or solve a problem

Front 37

screening

Back 37

the first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason

Front 38

concept test

Back 38

a test to evaluate a new-product idea, usually before any prototype has been created

Front 39

business analysis

Back 39

the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated

Front 40

development

Back 40

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

Front 41

simultaneous product development

Back 41

a team-oriented approach to new-product development

Front 42

product

Back 42

everything, both favorable and unfavorable, that a person receives in an exchange

Front 43

business product (industrial product)

Back 43

a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers

Front 44

consumer product

Back 44

a product bought to satisfy an individual's personal wants

Front 45

convenience product

Back 45

a relatively inexpensive item that merits little shopping effort

Front 46

shopping product

Back 46

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Front 47

specialty product

Back 47

a particular item that consumers search for and are very reluctant to accept substitutes

Front 48

unsought product

Back 48

a product unknown to the potential buyer or a known product that the buyer does not actively seek

Front 49

product item

Back 49

a specific version of a product that can be designated as a distinct offering among an organization's products

Front 50

product line

Back 50

a group of closely related product items

Front 51

product mix

Back 51

all products that an organization sells

Front 52

product mix width

Back 52

the number of product lines an organization offers

Front 53

product line depth

Back 53

the number of product items in a product line

Front 54

product modification

Back 54

changing one or more of a product's characterisitics

Front 55

planned obsolescence

Back 55

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

Front 56

product line extension

Back 56

adding additional products to an existing product line in order to compete more broadly in the industry

Front 57

brand

Back 57

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitor's products

Front 58

brand name

Back 58

that part of a brand that can be spoken, including letters, words, and numbers

Front 59

brand mark

Back 59

the elements of a brand that cannot be spoken

Front 60

brand equity

Back 60

the value of company and brand names

Front 61

global brand

Back 61

a brand where at least 20% of the product is sold outside its home country or region

Front 62

brand loyalty

Back 62

a consistent preference for one brand over all others

Front 63

generic product

Back 63

a no-frills, no-brand-name, low-cost product that is simply identified by its product category

Front 64

manufacturer's brand

Back 64

the brand name of a manufacturer

Front 65

private brand

Back 65

a brand name owned by a wholesaler or retailer

Front 66

individual branding

Back 66

using different brand names for different products

Front 67

family brand

Back 67

marketing several different products under the same brand name

Front 68

cobranding

Back 68

placing 2 or more brand names on a product or its package

Front 69

trademark

Back 69

the exclusive right to use a brand or part of a brand

Front 70

service mark

Back 70

a trademark for a service

Front 71

generic product name

Back 71

identifies a product by class or type and cannot be trademarked

Front 72

persuasive labeling

Back 72

a type of package labeling that focuses on a promotional theme or logo and consumer information is secondary

Front 73

informational labeling

Back 73

a type of package labeling designed to help consumers make proper selections and lower their cognitive dissonance after the purchase

Front 74

universal product codes (UPC)

Back 74

a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers to track products

Front 75

warranty

Back 75

a confirmation of the quality or performance of a good or service

Front 76

express waranty

Back 76

a written guarantee

Front 77

implied warranty

Back 77

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

Front 78

marketing information

Back 78

everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans

Front 79

decision support system (DSS)

Back 79

an interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions

Front 80

database marketing

Back 80

the creation of a large computerized file of customers' and potential customers' profiles and purchase patterns

Front 81

marketing research

Back 81

the process of planning, collecting, and analyzing data relevant to a marketing decision

Front 82

marketing research problem

Back 82

determining what information is needed and how that information can be obtained efficiently and effectively

Front 83

3 roles of marketing research

Back 83

descriptive, diagnostic, predictive

Front 84

marketing research process

Back 84

1. Identify and formulate the problem/opportunity
2. Plan the research design and gather primary data
3. Specify the sampling procedures
4. Collect the data
5. Analyze the data
6. Prepare and present the report
7. Follow up

Front 85

marketing research objective

Back 85

the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information

Front 86

management decision problem

Back 86

a broad-based problem that uses marketing research in order for managers to take proper action

Front 87

secondary data

Back 87

data previously collected for any purpose other than the one at hand

Front 88

marketing research aggregator

Back 88

a company that acquires, catalogs, reformats, segments, and resells reports already published by marketing research firms

Front 89

research design

Back 89

specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed

Front 90

primary data

Back 90

information that is collected for the first time; used for solving the particular problem under investigation

Front 91

survey research

Back 91

the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes

Front 92

mail intercept interview

Back 92

a survey research method that involves interviewing people in the common areas of shopping malls

Front 93

computer-assisted personal interviewing

Back 93

an interviewing method in which the interviewer reads the questions from a computer screen and enters the respondent's data directly into the computer

Front 94

computer-assisted self-interviewing

Back 94

an interviewing method in which a mall interviewer intercepts and directs willing respondents to nearby computers where the respondent reads questions off a computer screen and directly keys his or her answers into a computer

Front 95

central-location telephone (CLT) facility

Back 95

a specially designed phone room used to conduct telephone interviewing

Front 96

executive interview

Back 96

a type of survey that involves interviewing businesspeople at their offices concerning industrial products or services

Front 97

focus group

Back 97

seven to ten people who participate in a group discussion led by a moderator

Front 98

open-ended question

Back 98

an interview question that encourages an answer phrased in the respondent's own words

Front 99

closed-ended question

Back 99

an interview question that asks the respondent to make a selection from a limited list of responses

Front 100

scaled-response question

Back 100

a closed-ended question designed to measure the intensity of a respondent's answer

Front 101

observation research

Back 101

a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity

Front 102

mystery shoppers

Back 102

researchers posing as customers who gather observational data about a store

Front 103

ethnographic research

Back 103

the study of human behavior in it's natural context; involves observation of behavior and physical setting

Front 104

experiment

Back 104

a method a researcher uses to gather primary data

Front 105

sample

Back 105

a subset from a larger population

Front 106

universe

Back 106

the population from which a sample will be drawn

Front 107

probability sample

Back 107

a sample in which every element in the population has a known statistical likelihood of being selected

Front 108

random sample

Back 108

a sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample

Front 109

nonprobability sample

Back 109

any sample in which little or no attempt is made to get a representative cross section of the population

Front 110

convenience sample

Back 110

a form of nonprobability sample using respondents who are convenient or readily available to the researcher - for example, employees, friends, or relatives

Front 111

measurement error

Back 111

an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process

Front 112

sampling error

Back 112

an error that occurs when a sample somehow does not represent the target population

Front 113

frame error

Back 113

an error that occurs when a sample drawn from a population differs from the target population

Front 114

random error

Back 114

an error that occurs when the selected sample is an imperfect representation of the overall population

Front 115

field service firm

Back 115

a firm that specializes in interviewing respondents on a subcontracted basis

Front 116

cross-tabulation

Back 116

a method of analyzing data that let's the analyst look at the responses to one question in relation to the responses to one or more other questions

Front 117

unrestricted internet sample

Back 117

a survey in which anyone with a computer and internet access can fill out the questionnaire

Front 118

screened internet sample

Back 118

an internet sample with quotas based on desired sample characterisitics

Front 119

recruited internet sample

Back 119

a sample in which respondents are prerecruited and must qualify to participate; they are then emailed a questionnaire or directed to a secure web site

Front 120

scanner-based research

Back 120

a system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy

Front 121

BehaviorScan

Back 121

a scanner-based research program that tracks the purchases of 3,000 households through store scanners in each research market

Front 122

InfoScan

Back 122

a scanner-based sales-tracking service for the consumer packaged-goods industry

Front 123

competitive intelligence (CI)

Back 123

an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors

Front 124

market

Back 124

people or organizations with needs or wants and the ability and willingness to buy

Front 125

market segment

Back 125

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

Front 126

market segmentation

Back 126

the process of diciding a market into meaningful, relatively similar, and identifiable segements or groups

Front 127

4 basic criteria for a useful segmentation

Back 127

substantiability
identifiability & measurability
accessibility
responsiveness

Front 128

segmentation bases (variables)

Back 128

characteristics of individuals, groups, or organizations

Front 129

geographic segmentation

Back 129

segmenting markets by region of a country or the world, market size, market density, or climate

Front 130

demographic segmentation

Back 130

segmenting markets by age, gender, income, ethnic background, and family life cycle

Front 131

family life cycle (FLC)

Back 131

a series of stages determined by a combination of age, marital status, and the presence or absence of children

Front 132

psychographic segmentation

Back 132

market segmentation on the basis of personality, motives, lifestyles, and geodemographics

Front 133

geodemographic segmentation

Back 133

segmenting potential customers into neighborhood lifestyle categories

Front 134

benefit segmentation

Back 134

the process of grouping customers into market segments according to the benefits they seek from the product

Front 135

usage-rate segmentation

Back 135

dividing a market by the amount of product bought or consumed

Front 136

80/20 principle

Back 136

a principle holding that 20% of all customers generate 80% of the demand

Front 137

target market

Back 137

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

Front 138

undifferentiated targeting strategy

Back 138

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

Front 139

concentrated targeting strategy

Back 139

a strategy used to select one segment of a market for targeting marketing efforts

Front 140

niche

Back 140

one segment of a market

Front 141

multisegment targeting strategy

Back 141

a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix

Front 142

cannibalization

Back 142

a situation that occurs when sales of a new product cut into sales of a firm's existing products

Front 143

one-to-one marketing

Back 143

an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer

Front 144

positioning

Back 144

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

Front 145

position

Back 145

the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings

Front 146

product differentiation

Back 146

a positioning strategy that many firms use to distinguish their prducts from those of competitors

Front 147

perceptual mapping

Back 147

a means of displaying or graphing, in 2 or more dimensions, the location of products, brands, or groups of products in customers' minds

Front 148

repositioning

Back 148

changing consumers' perceptions of brand in relation to competing brands

Front 149

6 steps to a segment

Back 149

1. select market
2. choose basis for segmenting the market
3. select segmentation descriptions
4. profile and analyze segments
5. select target markets
6. design, implement, and maintain appropriate marketing mixes

Front 150

consumer behavior

Back 150

processes a consumer uses to make purchase decision, as well as to use and dispose pf purchased goods and services; also includes factors that influence purchase decisions and product use

Front 151

consumer decision-making process

Back 151

a 5-step process used by consumers when buying goods or services

1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. postpurchase behavior

Front 152

need recognition

Back 152

result of an imbalance between actual and desired states

Front 153

stimulus (internal and external)

Back 153

any unit of input affecting one or more of the 5 senses: sight, smell, taste, touch, hearing
internal - occurences you experience (hunger, thirst)
external - influences from an outside source (tv ads, others' reccomendations)

Front 154

want

Back 154

recognition of an unfulfilled need and a product that will satisfy it

Front 155

internal information search

Back 155

the process of recalling past information stored in the memory

Front 156

external information search

Back 156

the process of seeking information in the outside environment

Front 157

nonmarketing-controlled information source

Back 157

a product information source that is not associated with advertising or promotion

Front 158

marketing-controlled information source

Back 158

a product information source that originates with marketers promoting the product

Front 159

evoked set (consideration set)

Back 159

a group of brands resulting from an information search, from which a buyer can choose

Front 160

cognitive dissonance

Back 160

inner tension that a consumer experiences after recognizing as inconsistency between behavior and values or opinions

Front 161

involvement

Back 161

the amount of time and effort a buyer invests in the search, evaluation, and decision processes of consumer behavior

Front 162

routine response behavior

Back 162

the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time

Front 163

limited decision making

Back 163

the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category

Front 164

extensive decision making

Back 164

the most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requires use of several criteria for evaluating options and much time for seeking information

Front 165

culture

Back 165

the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next

Front 166

values

Back 166

the enduring belief that a specific mode of conduct is personall or socially preferable to another mode of conduct

Front 167

subculture

Back 167

a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group

Front 168

social class

Back 168

a group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms

Front 169

reference groups

Back 169

a group in society that influences an individual's purchasing behavior

Front 170

opinion leader

Back 170

an individual who influences the opinions of others

Front 171

socialization process

Back 171

how cultural values and norms are passed down to children

Front 172

personality

Back 172

a way of organizing and grouping the consistencies of an individual's reaction to situations

Front 173

self-concept

Back 173

how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self-evaluations

Front 174

ideal self-image

Back 174

the way an individual would like to be

Front 175

real self-image

Back 175

the way an individual actually perceives himself or herself

Front 176

lifestyle

Back 176

a mode of living as identified by a person's activities, interests, and opinions

Front 177

perception

Back 177

the process by which people select, organize, and interpret stimuli into a meaningful and coherent picture

Front 178

selective exposure

Back 178

the process whereby a consumer notices certain stimuli and ignores others

Front 179

selective distortion

Back 179

a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beliefs

Front 180

selective retention

Back 180

a process whereby a consumer remembers only that information that supports his or her personal beliefs

Front 181

motive

Back 181

a driving force that causes a person to take action to satisfy specific needs

Front 182

Maslow's heirarchy of needs

Back 182

a method of classifying human needs and motivations into 5 categories in ascending order of importance: physiological, safety, social, esteem, and self-actualization

Front 183

learning

Back 183

a process that creates changes in behavior, immediate or expected, through experience and practice

Front 184

belief

Back 184

an organized pattern of knowledge that an individual holds trueabout his or her world

Front 185

attitude

Back 185

a learned tendency to respond consistently toward a given object

Front 186

global marketing

Back 186

marketing that targets markets throughout the world

Front 187

global vision

Back 187

recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets

Front 188

multinational corporation

Back 188

a company that is heavily engaged in international trade, beyond exporting and importing

Front 189

capital-intensive

Back 189

using more capital than labor in the production process

Front 190

global marketing standardization

Back 190

production of uniform products that can be sold the same way all around the world

Front 191

exporting

Back 191

selling domestically produced products to buyers in another country

Front 192

buyer for export

Back 192

an intermediary in the global market that assumes all ownership risks and sells globally for it's own account

Front 193

export broker

Back 193

an intermediary who plays the traditional broker's role by bringing buyer and seller together

Front 194

export agent

Back 194

an intermediary who acts like a manufacturer's agent for the exporter; export agent lives in the foreign market

Front 195

licensing

Back 195

the legal process whereby a licensor agrees to let another firm use it's manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

Front 196

contract manufacturing

Back 196

private-label manufacturing by a foreign company

Front 197

joint venture

Back 197

when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity

Front 198

direct foreign investment

Back 198

active ownership of a foreign company or of overseas manufacturing or marketing facilities

Front 199

floating exchange rates

Back 199

prices of different currencies move up and down based on the demand for and the supply of each currency

Front 200

dumping

Back 200

the sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter

Front 201

countertrade

Back 201

a form of trade in which all or part of the payment for goods or services is in the form of other goods or services

Front 202

corporate social responsibility

Back 202

business's concern for society's welfare

Front 203

sustainability

Back 203

the idea that socially responsible companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits and help the world at the same time

Front 204

pyramid of corporate social responsibility

Back 204

a model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure

Front 205

ethics

Back 205

the moral principles or values that generally govern the conduct of individuals or a group

Front 206

morals

Back 206

the rules people develop as a result of cultural values and norms

Front 207

code of ethics

Back 207

a guideline to help marketing managers and other employees make better decisions

Front 208

target market

Back 208

a defined group most likely to buy a firm's product

Front 209

environmental management

Back 209

when a company implements strategies that attempt to shape the external environment within which it operates

Front 210

component lifestyles

Back 210

the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle

Front 211

demography

Back 211

the study of people's vital statistics, such as their age, race and ethnicity, and location

Front 212

Generation Y

Back 212

people born between 1979 and 1994

Front 213

Generation X

Back 213

people born between 1965 and 1978

Front 214

baby boomers

Back 214

people born between 1946 and 1964

Front 215

multiculturalism

Back 215

when all major ethnic groups in an area - such as a city, county, or census tract - are roughly equally represented

Front 216

purchasing power

Back 216

a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas

Front 217

inflation

Back 217

a measure of the decrease in value or money, expressed as the percentage reduction in value since the previous year

Front 218

recession

Back 218

a period if economic activity characterized by negative growth, which reduces demand for goods and services

Front 219

basic research

Back 219

pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon

Front 220

applied research

Back 220

an attempt to develop new or improved products

Front 221

Food and Drug Administration (FDA)

Back 221

a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products

Front 222

Consumer Product Safety Commission (CPSC)

Back 222

a federal agency established to protect the health and safety of consumers in and around their homes

Front 223

Federal Trade Commission (FTC)

Back 223

a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

Front 224

strategic planning

Back 224

the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities

Front 225

planning

Back 225

the process of anticipating future events and determining strategies to achieve organizational objectives in the future

Front 226

marketing planning

Back 226

designing activities relating to marketing objectives and the changing marketing environment

Front 227

marketing plan

Back 227

a written document that acts as a guidebook of marketing activities for the marketing manager

Front 228

mission statement

Back 228

a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions

Front 229

marketing myopia

Back 229

defining a business in terms of goods and services rather than in terms of the benefits customers seek

Front 230

strategic business unit (SBU)

Back 230

a subgroup of a single business or collection of related business within the larger organization

Front 231

marketing objective

Back 231

a statement of what is to be accomplished through marketing activities

Front 232

SWOT analysis

Back 232

identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

Front 233

environmental scanning

Back 233

collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan

Front 234

competitive advantage

Back 234

a set of unique features of a company and it's products that are perceived by the target market as significant and superior to the competition

Front 235

cost competitive advantage

Back 235

being the low-cost competitor in an industry while maintaining satisfactory profit margins

Front 236

experience curves

Back 236

curves that show costs declining at a predictable rate as experience with a product increases

Front 237

product/service differentiation competitive advantage

Back 237

the provision of something that is unique and valuable to buyers beyond simply offering a lower price than the competitor's

Front 238

niche competitive advantage

Back 238

the advantage achieved when a firm seeks to target and effectively serve a small segment of the market

Front 239

sustainable competitive advantage

Back 239

an advantage the cannot be copied by the competition

Front 240

market penetration

Back 240

a marketing strategy that tries to increase market share among existing customers

Front 241

market development

Back 241

a marketing strategy that entails attracting new customers to existing products

Front 242

product development

Back 242

a marketing strategy that entails the creation of new products for current customers

Front 243

diversification

Back 243

a strategy of increasing sales by introducing new products into new markets

Front 244

portfolio matrix

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a tool for allocating resources among products or SBUs on the basis of relative market share and market growth rate

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star

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in the portfolio matrix, a business unit that is a fast-growing market leader

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cash cow

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in the portfolio matrix, a business unit that usually generates more cash than it needs to maintain it's market share

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problem child (question mark)

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in the portfolio matrix, a business unit that shows rapid growth but poor profit margins

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dog

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in the portfolio matrix, a business unit that has low growth potential and a small market share

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marketing strategy

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the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets

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market opportunity analysis (MOA)

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the description and estimation of the size and sales potential of market segments that are of interest to the firm and and the assessment of key competitors in these market segments

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marketing mix

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a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market

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four Ps

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product, place, promotion, and price, which together make up the marketing mix

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implementation

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the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives

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evaluation

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gauging the extent to which the marketing objectives have been achieved during the specified time period

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control

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provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines

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marketing audit

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a thorough evaluation of the objectives, strategies, structure, and performance of the marketing organization