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Marketing

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is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders,and society at large.

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Exchange

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is the trade of thingsof value between buyer and seller so that each is better off after the trade

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Market

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consists of people with both the desire and the ability to buy a specific offering.

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target market

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consists ofone or more specific groups of potential consumers towardwhich an organization directs its marketing program.

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marketing mix

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consists of the marketing manager's controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem.

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Customer value proposition

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is the cluster of benefits that an organization promises customers to satisfy their needs.

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Environmental forces

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consist of the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.

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Customer value

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is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-saleand after-sale service at aspecific price.

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Relationship marketing

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linksthe organization to its individual customers, employees, suppliers, and other partners for theirmutual long-term benefits.

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marketing program

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is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

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marketing concept

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is theidea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals.

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market orientation

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occurs when an organization focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.

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Societal marketing concept

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is the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.

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product

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is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

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Ultimate consumers

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consist of the people who use the goodsand services purchased for a household. Also called consumers, buyers, or customers.

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Organizational buyers

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arethose manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

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Utility

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consists of the benefits or customer value received by users of the product.

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The primary challenge for 3M's inventor David Windorski was to design new products for college students. The first step in solving this challenge was to:

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identify any unmet needs of students when they studied.

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Marketing is the activity for creating, communicating, __________ offerings that benefit customers, the organization, its stakeholders, and society at large.

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delivering, and exchanging

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Maddie's mom needs a new computer, so you recommend that she read the latest issue of ComputerWorld magazine because it has reviews of some hot new products. Maddie finds a copy of the magazine in the student bookstore. What is needed next in order for marketing to occur?

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She must check to see if she has sufficient cash (or credit) to purchase the magazine.

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Which of the following is the MOST IMPORTANT reason that tobacco companies should not consider preteens to be in the market for their products?

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Preteens to not have the ability to buy because of legal restrictions.

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Which of the following groups would be the MOST LIKELY target market for the Toyota Highlander hybrid SUV?

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People who want to drive fuel-efficient but roomy and safe vehicles

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A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18. This restriction would be an example of which environmental force?

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Regulatory

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To assess value, a customer determines the __________ he/she receives for the specific price.

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benefits received

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Social responsibility refers to:

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the belief that organizations are accountable to a larger society for their actions

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When organizations purchase Dell computers for their employees, they are called:

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organizational buyers.

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Material6 makes beautiful hardwood backs for the iPhone, which adds to the smartphone's __________ utility.

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form

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Business firms goals

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Sales, Market Share, profits

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Nonprofit Organization

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clients, satisfaction, efficiencey

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The board of directs oversee what three strategies

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Corporate-level Strategy, Business unit-Level Strategy, Functional-level strategy

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S.M.A.R.T. Marketing

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Specific, Measurable, Attainable, Relevant, Time-based

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Dollar sales

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Average price x Quanitity Sold

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Kollar Market Share

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Company Sales/ Total Industry Sales

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Swot analysis

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Stregths, Weakness, Opportunities, Threat

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4 p's of marketing mix

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Product, Price, Promotion and place

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Product

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features, brand name, packagin, service, waranty

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Price

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List price, discounts, allowances, credit terms, payment period

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Promotion

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Advertising, personal selling, public relations, sales promotions, direct marketing

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Place

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outlets, channels, coverage, transpertation, stock level

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Profit

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is the money left after a business firm's total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

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Strategy

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is an organization'slong-term course of action designed to deliver a unique customer experience while achieving its goals.

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Core values

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are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.

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organizational culture

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consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members ofan organization.

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Market share

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is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

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marketing metric

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is a measure of the quantitative value or trend of a marketing activity or result.

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marketing plan

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is a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

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Business portfolio analysis

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is a technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units (SBUs) as though they were a collection of separate investments.

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Diversification analysis

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is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products.

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strategic marketing process

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is the approach whereby an organization allocates its marketing mix resources to reach its target markets.

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Market segmentation

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involves aggregating prospective buyers into groups, or segments, that(1) have common needs and(2) will respond similarly to a marketing action.

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Points of difference

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are those characteristics of a product that make it superior to competitive substitutes.

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Marketing strategy

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is the means by which a marketing goal is to be achieved, usually characterizedby a specified target market anda marketing program to reach it.

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Distribution is important in __________, but other elements of the marketing mix have little impact.

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Pure competition

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"To operate the Company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally and internationally" is part of Ben & Jerry's:

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Social mission

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An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as:

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trategy.

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In an organization, the __________ overseas the corporate level.

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board of directors

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__________ often triggers a business model change, as it has for American newspapers and book retailers.

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Technology innovation

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A __________ with active hyperlinks is useful when a chief marketing officer (CMO) wants to see daily what the effect of a new TV advertising campaign is on a product's sales.

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marketing dashboard

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In the Boston Consulting Group (BCG) business portfolio analysis model that assesses a firm's strategic business units (SBUs), the horizontal axis of this growth-share matrix represents the:

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relative market share.

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Beer sales have been flat recently, so Budweiser has been interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It recently launched Bud Light Lime-A-Rita, a margarita-flavored beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of:

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Diversification

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A SWOT analysis would be performed during which part of the strategic marketing process?

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The situational analysis step of the planning phase

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An important __________ for Medtronic's Champion pacemaker is its long, nine-year life, which cannot be matched by competitors

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point of difference

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If an organization does not have a replacement for a declining cash cow, which occurred with Kodak and its film business, it will have a harder time filling in a(n) __________ because revenues do not keep pace with planned growth targets.

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Planning Gap

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Environmental scanning

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is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

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Social forces

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are the demographic characteristics ofthe population and its values.

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Demographics

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describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

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Culture

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consists of the set of values, ideas, and attitudes that are learned and shared amongthe members of a group.

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Marketspace

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is an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.

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Regulation

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consists of the restrictions state and federal laws place on business with regard to the conduct of its activities.

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Consumerism

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is a grassroots movement started in the 1960sto increase the influence, power, and rights of consumers indealing with institutions.

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The Consumer Bill of Rights (1962

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is a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed,to choose, and to be heard.

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Utilitarianism

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is a personal moral philosophy that focuses on the "greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior.

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Cause marketing

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occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one ofits products.

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Sustainable development

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consists of conducting businessin a way that protects the natural environment while making economic progress.

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