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Marketing

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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

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Stakeholders

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All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

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Consumer

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A person who purchases goods and services for personal use

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Marketing Concept

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A business philosophy that makes customer satisfaction - now and in the future - the central focus of the entire organization

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Need

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The recognition of any difference between a consumer's actual state and some ideal or desired state

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Want

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The desire to satisfy needs in specific ways that are culturally and socially influenced

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Benefit

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The outcome sought by a customer that motivates buying behavior that satisfies a need or want

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Demand

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Customer's desire for products coupled with the resources needed to obtain them

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Market

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All the customers and potential customers who share a common need that can be satisfied by a specific product who have the purchasing power to exchange for it

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Marketplace

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Any location or medium used to conduct an exchange

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Virtual goods

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Digital products consumers buy for use in online contexts

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Utility

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The usefulness or benefit consumers receive from a product

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Exchange

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The process by which some transfer of value occurs between a buyer and a seller

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Product

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A tangible good, service, idea, or combination of these that satisfies consumer or business needs through the exchange process

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Production orientation

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Most efficient way to produce and distribute products (demand>supply)

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Selling orientation

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A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory

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Consumer orientation

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A business approach that prioritizes the satisfaction of customers' needs and wants

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Total Quality Management

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A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

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instapreneur

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A businessperson who only produces a product when it is ordered

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Triple bottom line orientation

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a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices

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Customer relationship management

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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

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Attention economy

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A company's success is measured by its share of mind rather than share of market, where companies make money when they attract eyeballs rather than just dollars

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Social marketing concept

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Marketers must satisfy customers' needs in way that also benefit society and also deliver profit to the firm

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Sustainability

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Being able to meet the needs of the present without compromising the ability of future generations to meet their own needs.

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Green marketing

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A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of the consumers

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Return on investment

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The direct financial impact of a firm's expenditure of a resource such as time or money

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Popular culture

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The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market

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Consumer goods

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The goods individual consumers purchase for personal or family use

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Services

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Intangible products that are exchanged directly between producer and consumer

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Business-to-business marketing

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The marketing of goods and services from one organization to another

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Industrial goods

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Goods individuals or organizations buy for further processing or for their own use when they do business

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e-commerce

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The buying or selling of goods on the internet

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Shrinkage

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Losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise

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Anticonsumption

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The deliberate defacement of products

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Value proposition

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A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

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Brandfests

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Events companies host to thank customers for their loyalty

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Lifetime value

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The potential profit a single customer's purchase of a firm's products generates over the customer's lifetime

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Distinctive competency

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A superior capability of a firm in comparison to its direct competitors

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Differential benefit

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Properties of products that set them apart from competitor's products by providing unique customer benefits

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Value chain

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A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.

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Inbound logistics

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Bringing in materials to make the product

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Operations

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Converting materials into final product

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Outbound logistics

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Shipping the final product

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Marketing scorecards

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Feedback vehicles that report how the company or brand is actually doing in achieving various goals

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Metrics

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Measurements or scorecards marketers use to identify the effectiveness of different strategies or tactics

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Amafessionals

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Consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is psychic income versus financial income

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Consumer-generated content

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Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

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Web 2.0

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The new generation of the web that incorporates social networking and user interactivity

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Folksonomy

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A classification system that relies on users rather than preestablished systems to sort contents (ie Pandora radio stations)

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Wisdom of crowds

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Under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products

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Open source model

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Companies share their software codes with one another to assist int he development of a better product

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Marketing plan

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A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out the strategy

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Mass market

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All possible customers in a market, regardless of the differences in their specific wants and needs

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Market segment

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A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market

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Market position

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The way in which the target market perceives the product in comparison to competitors' brands

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Marketing mix

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Product, Price, Place, Promotion

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Strategic planning

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A managerial decision process that matches an organization's resources and capabilities to its market opportunities for long-term growth and survival

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Strategic business units (SBUs)

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Individual units within the firm that operate like separate businesses, each having its own mission, business objectives, resources, managers, and competitors

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Functional planning

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A decision process that concentrates on developing detailed plans for strategies and tactics for the short term, supporting an organization's long-term strategic plan

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Operational planning

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Focuses on developing detailed plans for day-to-day activities that carry out an organization's functional plans

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Steps to strategic planning

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Defining the mission, SWOT analysis, setting objectives, establishing a business portfolio, developing growth strategies

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Business portfolio

answer

The group of different products or brands owned by an organization and characterized by different income-generating and growth capabilities

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BCG growth-market share matrix

answer

A portfolio analysis model developed by BCG that assesses the potential of successful products to generate cash that a firm can then use to invest in new products

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Stars

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SBUs with products that have high market share in high growth markets

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Cash Cows

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SBUs with a high market share in low growth markets

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Question Marks

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SBUs with low market shares in fast growth markets

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Dogs

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SBUS with low market shares in low growing market

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Market penetration strategies

answer

Growth strategies designed to increase sales of existing products to current customers, nonusers, and users of competitive brands in served markets (existing markets and existing products)

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Product development strategies

answer

Growth strategies that focus on selling new products in existing markets (existing markets and new products)

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Market development strategies

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Growth strategies that introduce existing products to new markets (new markets and existing products)

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Diversification strategies

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Growth strategies that emphasize both new products and new markets

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Control

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A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives

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Return on marketing investment

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Quantifying just how an investment in marketing has an impact on the firm's success

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Action plans (marketing programs)

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Individual support plans included in a marketing plan that provide guidance for implementation and control of the various marketing strategies within the plan

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Marketing environment

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The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

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Microenvironment

answer

The actors close to the company that affect its ability to serve its customers- that company, suppliers, marketing intermediaries, customer markets, competitors, and publics

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Macroenvironment

answer

The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces

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Marketing intermediaries

answer

Firms that help the company to promote, sell, and distribute its goods to final buyers

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Public

answer

Any group that has an actual or potential interest or impact on an organization's ability to achieve its objectives

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Demography

answer

Scientific study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

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Baby Boomers

answer

78 million people born during the baby boom following World War II and lasting until 1964; most influential; wealthiest generation

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Generation X

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49 million people born between 1965-1976; "latch-key" generation; less materialistic, more focused on family values; most educated generation to date

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Millenials

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The 83 million children of the baby boomers, born between 1977 and 2000. Also called echo-boomers. Fluency in technology

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Lifestyle

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A person's pattern of living as expressed in his or her activities, interests, and opinions

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Economic environment

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Economic factors that affect consumer purchasing power and spending patterns

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Natural environment

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Natural resources that are needed as inputs by marketers or that are affected by marketing activities

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Technological environment

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Forces that create new technologies, creating new product and market opportunities

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Political environment

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Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

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Cause-related marketing

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Marketing partnerships between businesses and nonprofit organizations, designed to spike sales for the company and raise money for the nonprofit.

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Cultural environment

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Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors

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Customer insights

answer

Fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships

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Marketing information systems (MIS)

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People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

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Internal databases

answer

Collections of consumer and market information obtained form data sources within the company network

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Competitive marketing intelligence

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The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

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Marketing research

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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

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Exploratory research

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Marketing research used to gather preliminary information that will help define problems and suggest hypotheses

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Descriptive research

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Marketing research used to better describe marketing problems, situations, or markets

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Causal research

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Marketing research used to test hypotheses about cause-and-effect relationships

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Secondary data

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Information that already exists somewhere, having been collected for another purpose

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Primary data

answer

Information collected for the specific purpose at hand

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Ethnographic research

answer

A form of observational research that involves sending trained observers to watch and interact with customers in their natural environments

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Survey research

answer

Gathering preliminary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

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Experimental research

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Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

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Focus group interviewing

answer

Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues

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Sample

answer

A segment of the population selected for marketing research to represent the population as a whole

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Simple random sample

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Probability sample; every member of the population has a known and equal chance of selection

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Stratified random sample

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Probability sample; the population is divided into mutually exclusive groups (such as gender), and samples are drawn from each group

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Cluster (area) sample

answer

Probability sample; The population is divided into mutually exclusive groups (such as blocks) and the researcher draws a random sample of the groups to interview

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Convenience sample

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Non-probability sample; The researcher selects the easiest population members from which to obtain information

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Judgment sample

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Non-probability sample; the researcher uses his or her best judgment to select population members

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Quota sample

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Non-probability sample; the researcher finds and interviews a prescribed number of people in each of several categories

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Consumer behavior

answer

Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use

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Consumer decision-making process

answer

Problem recognition; information search; evaluation of alternatives; product choice; postpurchase evaluation

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Involvement

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The relative importance of perceived consequences of the purchase to a consumer

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Perceived risk

answer

The belief that choice of a product has potentially negative consequences, whether financial, physical, and/or social

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Problem recognition

answer

Consumer sees a difference between current state of affairs and desired or ideal state

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Search marketing

answer

Marketing strategies that involve the use of internet search engines, including (S)earch (E)ngine (O)ptimization and ads

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Behavioral targeting

answer

Marketers deliver advertisements for products which a consumer is looking for by watching what a consumer does online

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Evaluative criteria

answer

The dimensions consumers use to compare competing product alternatives

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Heuristics

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"Rule-of-thumb" that leads to a speedy decision by simplifying the process

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Cognitive dissonance

answer

The anxiety or regret a consumer may feel after choosing from among several similar attractive choices

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Hierarchy of Needs

answer

Physiological>Safety>Belongingness>Ego>Self-Actualization

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Classical conditioning

answer

A type of learning in which one learns to link two or more stimuli and anticipate events

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Operant conditioning

answer

Learning that occurs as the result of rewards or punishment

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Attitude

answer

A predisposition to respond favorably or unfavorable to stimuli on the basis of affects, cognition, and behavior

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Affect

answer

The feeling component of attitude

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Cognition

answer

Knowing component of attitude

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Behavior

answer

Doing component of attitude

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Personality

answer

The set of unique psychological characteristics that consistently influences the way a person behaves

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Self-Concept

answer

Composed of a mixture of beliefs, observations, and feelings about personal attributes

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Family Life Cycle

answer

Characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older

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Psychographics

answer

The use of psychological, sociological, and anthropological factors to construct market segments

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AIOS

answer

Activities, Interests, Opinions

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Sensory marketing

answer

Marketing techniques that link distinct sensory experiences such as a unique fragrance with a product or service

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Time poverty

answer

Consumers' belief that they are more pressed for time than ever before

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Culture

answer

The values, beliefs, customs, and tastes a group of people values

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Subculture

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A group within society whose members share a distinctive set of beliefs, characteristics, or common experiences

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Microcultures

answer

Groups of consumers who identify with a specific activity or art form

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Consumerism

answer

A social movement that attempts to protect consumers from harmful business practices

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Environmentalism

answer

A social movement dedicated to protecting the earth's life support systems for us and other species.

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Kyoto Protocol

answer

controlling global warming by setting greenhouse gas emissions targets for developed countries

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Environmental stewardship

answer

a position taken by an organization to protect or enhance the natural environment as it conducts its business activities.

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Social class

answer

A category of people who have a similar standing or rank in a society based on wealth, education, power, prestige, and other valued resources.

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Status symbols

answer

Visible markers that provide a way for people to flaunt their membership in higher social classes

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Mass-class

answer

The hundreds of millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford high-quality products.

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Reference group

answer

An actual or imaginary individual or group that influences an individual's evaluations, aspirations, or behaviors

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Opinion leader

answer

A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories

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Gender roles

answer

Expectations about what is appropriate behavior for each sex.

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Time Utility

answer

Adding value to products by making them available when they're needed.

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Place Utility

answer

Adding value to products by having them where people want them.

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Possession Utility

answer

Value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product

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Form Utility

answer

The value producers add to materials in the creation of finished goods and services.

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Customer Equity

answer

The total combined customer lifetime values of all of the company's customers

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Syndicated Research

answer

Research by firms that collect data on a regular basis and sell the reports to multiple firms

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Data Mining

answer

Technique used to search and analyze data to reveal patterns and trends that can be used to predict future behavior

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Cross-Sectional Design

answer

A research design in which investigators compare groups of subjects of differing age who are observed at a single point in time.

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Longitudinal Design

answer

A research design in which investigators observe one group of subjects repeatedly over a period of time.

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Greenwashing

answer

The unfortunate practice of overstating a company's commitment to sustainability

Marketing Chapters 1-5 – Flashcards

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