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Marketing

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An organizational function and a set of processes for creating, capturing , communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

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Marketing Plan

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A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's action programs and projected or pro forma income ( and other financial) statements.

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Core Aspects of Marketing

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1. Marketing helps create value. 2. Marketing is about satisfying customer needs and wants 3. marketing entails an exchange 4. Marketing requires product price place and promotion decisions 5. Marketing can be performed by both individuals and organizations 6. Marketing occurs in many settings.

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Exchange

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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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Marketing Mix (Four P's)

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Product price, place and promotion- the controllable set of activities that a firm uses to respond to the wants of its target markets

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Product: Creating Value

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it's fundamental purpose it to create value by developing a variety of offerings including goods, services and ideas to satisfy customers needs.

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Goods

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items you can physically touch

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Services

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are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.

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Ideas

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intellectual concepts- thoughts, opinions, and philosophies.

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Price

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is everything the buyer gives up - money time energy- in exchange for the product.

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Place

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more commonly deals specifically with retailing and marketing channel management. Marketing channel management also known as supply chain management is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers and 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, locations, time .

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Promotion

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communication by a marketer that informs persuades and reminds potential buyers about a product or service to influence their opinions and elicit a response.

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B2C (business to consumer)

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business sells to consumers

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B2B (business to business)

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selling merchandise or service from one business to another

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C2C (Consumer to consumer)

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the process in which consumers sell to other consumers.

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Production Oriented Era

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a good product would sell itself. Manufacturers were concerned with product innovation not with satisfying the needs of individual consumers and retail stores typically were considered places to hold the merchandise until a consumer wanted it .

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Sales Oriented Era

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depended on personal selling and advising due to overstock

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Marketed Oriented Era

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began to focus on what consumers wanted and needed before they designed made or attempted to sell their products and services. ( discovered marketing )

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Value Based Marketing Era

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Generally have transcended a production or selling orientation and attempt to discover and satisfy their customers' needs and wants.

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Value

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Reflects the relationship of benefits to costs or what the consumer gets for what he or she gives

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Value cocreation

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customers act as collaborators with a manufacturer or retailer to create the product or service

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How do Marketing firms become more value driven?

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1.Share information about their customers and competitors across their own organization or other firms. 2. strive to balance their customers benefits and costs 3. concentrate on building relationships with customers 4. take advantage of new technologies and connect with their customers by using social and mobile media.

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Relational orientation

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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

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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

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the group of firms that make and deliver a given set of goods and services

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marketing channel

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the set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption; consists of all the institutions and marketing activities in the marketing process

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entrepreneurs

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a person who organizes, operates, and assumes the risk of a new business venture

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marketing strategy

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a firm's target market, marketing mix and method of obtaining a sustainable competitive advantage

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Sustainable Competitive Advantage

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something the firm can be persistently do better than its competitors

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Customer excellence

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involves a focus on retaining loyal customers and excellent customer service

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operational excellence

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involves a firm's focus on efficient operations and excellent supply chain managment

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product excellence

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involves a focus on achieving high quality products effective branding and positioning is key

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location

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a method of achieving excellence by having a strong physical location and or internet presence.

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Marketing Plan

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a written document composed of an analysis of the current marketing situation opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P's action programs and projected or pro forma income (and other financial) statements

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Planning phase

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the part of the the strategic marketing planning process when marketing executives in conjunction with other top managers 1. define the mission or vision of the business and evaluate the situation by assessing how various players both in and outside the organization affect the firm's potential for success.

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Implementation Phase

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the part of the strategic marketing planning process when marketing managers 1. identify and evaluate different opportunities by engaging in segmentation targeting and positioning and 2. implement the marketing mix using the four p's

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control phase

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the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions

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mission statement

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a broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer two main questions: what type of business is it? what does it need to do to accomplish its goals and objectives

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Marketing Plan Steps

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1. Business mission and objectives 2. situation analysis SWOT 3. Identify opportunities (segmentation targeting and positioning) STP 4. Implement Marketing Mix ( product price place and promotion) 5. evaluate performance using marketing metrics

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Situation Analysis

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second step in a marketing plan : uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of the Opportunities and Threats

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SWOT: Opportunities

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Cultural, Demographic, Social, Technological, Economic and Political.

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STP

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the processes of segmentation, targeting and positioning that firms use to identify and evaluate opportunities for increasing sales and profits

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Market segment

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a group of consumers who respond similarly to a firm's marketing efforts

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Market segmentation

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the process of dividing the market into groups of customers with different needs wants or characteristics-who therefore might appreciate products or services geared especially for them

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Target Marketing/ Targeting

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the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

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Market positioning

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involves the process of defining the marketing mix variables so that target customers have a clear distinctive desirable understanding of what the product does or represents in comparison with competing products

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products

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anything that is of value to a consumer and can be offered through a voluntary marketing exchange

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Strategic business unit

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a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives

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product lines

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groups of associated items, such as those that consumers use together or think of as part of a group of similar products

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market share

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percentage of a market accounted for by a specific entity.

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relative market share

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a measure of the products strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry

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market growth rate

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the annual rate of growth of the specific market in which the product competes.

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market penetration strategy

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A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers

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Market development strategy

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a growth strategy that employs the existing marketing offering to reach new market offering to reach new market segments whether domestic or international

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Product development strategy

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a growth strategy that offers a new product or service to a firm's current target market

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Diversification Startegy

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a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.

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related diversification

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a growth strategy whereby the current target market and or marketing mix shares something in common with the new opportunity

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unrelated diversification

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a growth strategy whereby a new business lacks any common elements with the present business.

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macro environmental factors

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aspects of the external environment that affect a company's business such as the culture demographics social issues technological advances economic situation and political/ regulatory environment

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culture

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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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country culture

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entails easy to sport visible nuances that are particular to a country such as a dress symbols ceremonies language colors and food preferences and more subtle aspects which are trickier to identify

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Regional culture

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the influence of the area within a country in which people live.

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demographics

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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

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a group of people of the same generation typically have similar purchase behaviors because they have shared experiences and are ini the same stage of life

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Generation z

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also known as the digital natives because 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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Digital native

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Also known as Generation X 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

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Generational cohort people born between 1977 and 1995 biggest cohort sine the original postwar baby boom

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Millenials

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Consumers born between 1977 and 2000 and the children of the baby boomers

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Generation X

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Generational cohort of people born between 1965 and 1976

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Baby boomers

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generational cohort of people born after world war II between 1946 and 1964

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green marketing

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involves a strategic effort by firms to supply customers with environmentally friendly merchandise

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greenwashing

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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

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refers to the persistent increase in the prices of goods and services

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foreign currency fluctuations

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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

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these represent the cost of borrowing money

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political regulatory environment

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comprises political parties government organizations and legislation and laws.

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geographic segmentation

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the grouping of consumers on the basis of where they live

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demographic segmentation

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the grouping of consumers according to easily measured objective characteristics such as age gender income and education

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psychographics

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used in segmentation ;delves into how consumers describes themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time and what underlying psychological reasons determine those choices

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self values

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goals for life, not just the goals one wants to accomplish in a day ; a component of psychographics that refers to overriding desires that drive how a person lives his or her life

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self concept

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the image a person has of him or herself a component of psychographics

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lifestyles

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a component of psychographics refers t the way a persons lives his or her life to achieve goals

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value and lifestyles survey

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a psychographic tool developed by SRI consulting business intelligence; classifies consumers into eight segments: innovators, thinkers believers, achievers strivers, experiencers makers or survivors

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benefit segmentation

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the group of consumers on the basis of the benefits they derive from products or services

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behavioral segmentation

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a segmentation method that divides customers into groups based on how they use the product or service some common behavioral measures include occasion and loyalty

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occasion segmentation

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a type of behavioral segmentation based on when a product or service is purchased or consumed

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loyalty segmentation

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strategy of investing in loyalty initiatives to retain the firm's most profitable customers

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geo demographic segmentation

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the grouping of consumers on the basis of a combination of geographic, demographic and lifestyle characteristics

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undifferentiated targeting strategy

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a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone with no need to develop separate strategies for different groups

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differentiated targeting strategy

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a strategy through which a firm targets several market segments with a different offering for each

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concentrated targeting strategy

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a marketing strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market's needs

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micromarketing

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an extreme form of segmentation that tailors a product or service to suit an individual customer's wants or needs also called one to one marketing

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cookies

answer

computer program, installed on hard drives that provides identifying information

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value proposition

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the unique value that a product or service provides to its customers and how it is better than and different from those of competitors

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perceptual map

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displays in two or more dimensions the position of products or brands in the consumer's mind

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ideal points

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the position at which a particular market segments ideal product would lie on perceptual map

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marketing research

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a set of techniques and principles for systematically collecting recording analyzing and interpreting data that can aid decision makers involved in marketing goods services or ideas

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Secondary Data

answer

pieces of information that have already been collected from other sources and usually are readily available

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Primary data

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data collected to address specific research needs

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sample

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a group of customers who represent the customers of interest in a research study

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data

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raw numbers or facts

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information

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organized analyzed interpreted data that offer value to marketers

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syndicated data

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data available for a free from commercial research firms such as information resources inc, National Purchase Diary Panel, and ACNielsen

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scanner data

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a type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check out counters

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Panel data

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information collected from a group of consumers

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data warehouses

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large computer files that store millions and even billions of pieces of individual data

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data mining

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the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables

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churn

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the number of consumers who stop using a product or service divided by the average number of consumers of that product or service

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qualitative research

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informal research methods including observation following social media sites in depth interviews focus groups and projective techniques

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quantitative research

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structured responses that can be statistically tested o confirm insights and hypotheses generated via qualitative research or secondary data

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observation

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an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny

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sentiment mining

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data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitter.

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in depth interview

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an explanatory research technique in which trained researchers ask questions listen to and record the answers and then pose additional questions to clarify or expand on a particular issue

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focus group interviews

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a research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry

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survey

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a systematic means of collecting information from people that generally uses a questionnaire

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questionnaire

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a form that features a set of questions designed to gather information from respondents and thereby accomplish the researchers objectives; questions can be either unstructured or structured

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unstructured questions

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open ended questions that allow respondents to answer in their own words

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structured questions

answer

closed ended questions for which a discrete set of response alternatives or specific answers is provided for respondents to evaluate

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experimental research

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a type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable

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biometric data

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digital scanning of physiological or behavioral characteristics of individuals as a means of identification

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product

answer

anything that is of value to a consumer and can be offered through a voluntary marketing exchange

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core customer value

answer

the basic problem solving benefits that consumers are seeking

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actual product

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the physical attributes of a product including the brand name features/design quality level and packaging

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associated services

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the non physical attributes of the product including product warranties financing product support and after sale service

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consumer products

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products and services used by people for their personal use

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specialty products/services

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products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers

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shopping products/services

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those for which consumers will spend time comparing alternatives such as apparel fragrances and appliances

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convenience products/services

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those for which the consumer is not willing to spend any effort to evaluate prior to purchase

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Unsought products/services

answer

products or services consumers either do not normally think of buying or do not know about

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product mix

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the complete set of all products offered by a firm

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product lines

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groups of associated items such as those that consumers use together or think of as part of a group of similar produce

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breadth

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number of product lines offered by a firm; also known as variety

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depth

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the number of categories within a product line

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brand equity

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the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

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brand awareness

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measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures or the various brand elements in the firm's communications to consumers

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perceived value

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the relationship between a product's or service's benefits and its cost

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brand associations

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the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan or famous personality

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brand loyalty

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occurs when a consumer buys the same brand's product or service repeatedly over time rather than buying from multiple suppliers within the same category

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manufacturer brands (national brands)

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brands owned and managed by the manufacturer

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retailer/store brands

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also called private label brads are products developed by retailers

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private label brands

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brands developed and marketed by a retailer and available only from that retailer also called store brands

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family brand

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a firm's own corporate name used to brand its product lines and products

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co branding

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the practice of marketing two or more brands together on the same package or promotion

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individual brands

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the use of individual brand names for each of a firm's products

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brand extension

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the use of the same brand name for new products being introduced same or new markets

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line extension

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the use of the same brand name within the same product line and represents an increase in a product line's depth

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brand dilution

answer

occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

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brand licensing

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a contractual arrangement between firms whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee

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brand repositioning

answer

a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences

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primary package

answer

the packaging the consumer uses such as the toothpaste tube from which he or she typically seeks convenience in terms or storage use and consumption

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secondary package

answer

the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package

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innovation

answer

the process by which ideas are transformed into new products and services that will help firms grow

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diffusion of innovation

answer

the process by which the use of an innovation whether a product or a service spreads throughout a market group over time and over various categories of adopters

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pioneers

answer

new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market also called breakthroughs

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first movers

answer

product pioneers that are the first to create a market or product category making them readily recognizable to consumers and thus establishing a commanding and early market share lead

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innovators

answer

those buyers who want to be the first to have the new product or service

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early adopters

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the second group of consumers in the diffusion of innovation model after innovators to use a product or service innovation; generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review

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early majority

answer

a group of consumers in the diffusion of innovation model that represents approximately 34 percent of the population members don't like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them

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late majority

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the last group of buyers to enter a new product market when they do , the product has achieved its full market potential

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laggards

answer

consumers who like to avoid change and rely on traditional products until they are no longer available

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reverse engineering

answer

involves taking apart a competitor's product analyzing it and creating an improved product that does not infringe on the competitors patents if any exist

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lead users

answer

innovative product users who modify existing products according to their own ideas to suit their specific needs

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concepts

answer

brief written descriptions of a product or service its technology working principles and forms and what customer needs it would satisfy

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concept testing

answer

the process in which a concept statement that describes a product or a service is presented to potential buyers or users to obtain their reactions

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product development

answer

also called product design; entails a process of balancing various engineering manufacturing marketing and economic considerations to develop a product's form and features or a service's features

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prototype

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the first physical form or service description of a new product still in rough or tentative form that has the same properties as a new product but is produced through different manufacturing processes sometimes even crafted individually

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alpha testing

answer

an attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in the firm's research and development department

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beta testing

answer

having potential consumers examine a product prototype in a real use setting to determine its functionality performance potential problems and other issues specific to its use

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pre market test

answer

conducted before a product or service is brought to market to determine how many customers will try and then continue to use it

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