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44 Cards in this Set

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The Marketing Conept
Seeking to make a profit by serving the needs of customer groups. Rivet the attention of marketing managers on customer orientation, rather than product or selling orientation
Marketing
The activity, set of institutions, and processed for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Major Types of Marketing
Product, service, person, place, cause, organization
Strategic Planning
Development of an organizational mission, organizational objectives, and appropriate strategies to achieve the organization's objectives
Organization's Strategic Plan
Organizational mission➡organizational objectives➡organizational strategies➡organizational portfolio plan
Organizational Mission
Developing a mission statement which should include the organization's history, distinctive competitiveness, and environment (achievable, motivating, and specific)
Organizational Objectives
Specific, measurable, and action committing: will provide direction, specific action, long run priorities, and can facilitate management control
Organizational Growth Strategies
Market penetration (use product more): present products with present customers
Market development (new users): present products with new customers
Product development: new products with present customers
Diversification: new products with new customers
Organization Strategies Based on Competitive Advantage
Cost leadership: firm focuses on being the low cost company in its industry
Differentiation: firm seeks to be unique in its industry along particular dimensions that customers value
Organizational Strategies Based on Value
Best price, best product, best service
Organizational Portfolio Plan
Identify various divisions and product lines of strategic business units (SBUs), then establish methods to determine how resources should be allocated among the SBUs
Marketing Management Process
Process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with target groups that satisfy customer and organizational objectives
Situational Analysis
Involved analysis of six major environments: cooperative, competitive, economic, social, political, and legal
Marketing Planning
Produces three outputs: establishing marketing objectives, selecting the target market, and developing the marketing mix
Marketing Mix
A set of controlled variables that must be managed to satisfy the target market and achieve organizational objectives
Buying Process
Social, marketing, and situational influences all account for psychological influences, which deals with consumer decision making
Culture in Marketing
Basic influences on an individual's wants, needs, and behavior. Transmitted through family, religious organizations, and educational institutions
Reference Groups
Groups than an individual looks to when forming attitudes and opinions (primary and secondary)
Product Influences
Brand name, quality, newness, complexity, physical appearance of the product, packaging, and labeling information
Price Influences
Value-conscious consumers buy products more on the basis of price than other attributes
Promotional Influences
Advertising, sales promotions, salespeople, and publicity
Situational Influences
All of the factors particular to a time and place that have a demonstrative and systematic effect on current behavior (including physical and social features, time, task features, and current conditions)
Product Knowledge
Amount of info a consumer has stored in his own memory about particular products and ways to purchase them
Product Involvement
A consumers perception of the importance or personal relevance of an item. If purchase is for a high involvement product, consumers are more likely to develop a high degree of product knowledge
Consumer Decision-Making Process
Need recognition➡alternative search➡alternative evaluation➡purchase decision➡post purchase evaluation
Extensive Decision Making
Requires the most time and effort since the purchase typically involves a highly complex or expensive product that is important to the customer
Limited Decision Making
Requires a moderate amount of time and effort to search for and compare alternatives
Routine Decision Making
Involves little in the way of thinking and deliberation
Need Recognition
Recognition by the consumer of a felt need or want: either internal or external stimuli may activate needs or wants
Alternative Search
Exposed to info, becomes attentive to the information, understands the information, retains the information
Alternative Evaluation
Consumer has info about a number of brands in a product class, they perceive that some of the brands are viable alternatives for satisfying a recognized need; each of these brands has a set of attributes, the brand the consumer likes best is the brand they will intend to purchase
Purchase Decision
Involves product type, brand, model, dealer selection, and method of payment. Consumers reduce risk by reducing negative consequences and uncertainty
Cognitive Dissonance
Lack of harmony among a person's thoughts after a decision has been made
Disconfirmation Paradigm
Views consumer satisfaction as the degree to which the actual performance of a product is consistent with expectations of a consumer had before purchase
Market Segmentation
Process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve
Target Market
Group or segment a company selects to serve
Relevant Dimensions of Market Segmentation
A prior vs post hoc segmentation, relevant dimensions to use for segmentation, and bases for segmenting consumer and organizational buyer markets
Model of the Market Segmentation Process
Delineate firms current situation➡determine consumer needs and wants➡divide markets on relevant dimensions➡develop product positioning➡decide segmentation strategy➡design marketing mix strategy
A Priori Segmentation
The marketing manager decides on the appropriate basis for segmentation in advance of doing any research on a market
Post Hoc Segmentation
People are grouped into segments on the basis of research findings
Benefit Segmentation
Focuses on satisfying needs and wants by grouping consumers on the basis of the benefits they are seeking in a product
Psychographic Segmentation
Focuses on consumer lifestyles as the basis for segmentation (VALS)
Geodemographic Segmentation
Identifies specific households in a market by focusing on local neighborhood geography to create classifications of actual, addressable, mappable neighborhoods where consumers live and shop
Positioning Map
Visual depiction of consumer perceptions of competitive products, brands, or models