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Blended Family

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A family formed by merging two previously separated units into a a single household.

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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 of its products.

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Caveat Emptor

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The legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s.

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Code of Ethics

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A formal statement of ethical principles and rules of conduct.

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Cognitive Dissonance

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The feeling of post purchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives.

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Consideration Set

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The group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware.

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Consumer Bill of Rights (1962)

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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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Demographics

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

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Diversification Analysis

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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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Market Orientation

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An organization that 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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Market Share

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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 Concept

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

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Marketing Dashboard

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The visual computer display of the essential information related to achieving a marketing objective.

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Multicultural Marketing

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Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

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Opinion Leaders

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Individuals who exert direct or indirect social influence over others.

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Profit

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The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings.

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Purchase Decision Process

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The five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post purchase behavior.

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Social Responsibility

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The idea that organizations are part of a larger society and are accountable to that society for their actions.

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SWOT

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An acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.

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Utilitarianism

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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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Moral Idealism

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A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.

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Whistleblowers

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Employees who report unethical or illegal actions of their employers.

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Cash Cows (Business Portfolio)

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are SBUs that generate large amounts of cash, far more than they can use. They have dominant shares of slow-growth markets and provide cash to cover the organization's overhead and to invest in other SBU's.

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Stars (Business Portfolio)

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are SBUs with a high share of growth high-growth markets that may need extra cash to finance their own rapid future growth. When their growth slows, they are likely to become cash cows.

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Question Marks (Business Portfolio)

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are SBUs with a low share of high-growth markets. They require large injections of cash just to maintain their market share, much less increase it. The name implies management's dilemma for these SBUs: choosing the right ones to invest in and phasing out the rest.

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Dogs (Business Portfolio)

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are SBUs with low shares of slow-growth markets. Although they may generate enough cash to sustain themselves, they may not become real winners for the organization. Dropping SBUs that are dogs may be required if they consume more cash than they generate, except when relationships with other SBUs, competitive considerations, or potential strategic alliances exist.

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Business Portfolio Analysis

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A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as though they were a collection of separate investments. The purpose of this tool is to determine which SBU or offering generates cash and which one requires cash to fund the organization's growth opportunities.

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Gross Income (Consumer Income)

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The total amount of money made in one year by a person, household, or family unit. Also known as money income as the Census Bureau.

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Disposable Income (Consumer Income)

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The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

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Discretionary Income (Consumer Income)

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The money that remains after paying taxes and necessities.

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Cross-functional Teams

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These consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals.

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Market Penetration (Diversification Analysis)

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A marketing strategy to increase sales of current products in current markets, such as selling more Ben & Jerry's Bonnaroo Buzz Fair Trade - sourced ice cream to US consumers. There is no change in either the basic product line or the markets served. Increased sales are generated by selling either more ice cream (through better promotion or distribution) or the same amount of ice cream at a higher price to its current customers.

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Market Development (Diversification Analysis)

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A marketing strategy to sell current products to new markets. For Ben & Jerry's, Brazil is an attractive new market. There is good news and bad news for this strategy: As household incomes of Brazilians increase, consumers can buy more ice cream; however, the Ben & Jerry's brand may be unknown to Brazilian consumers.

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Product Development (Diversification Analysis)

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A marketing strategy of selling new products to current markets. Ben & Jerry's could leverage its brand by selling children's clothing in the United States. This strategy is risky because Americans may not see the company's expertise in ice cream as extending to children's clothing.

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Diversification (Diversification Analysis)

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A marketing strategy of developing new products and selling them in new markets. This is a potentially high-risk strategy for Ben & Jerry's as it decides to try and sell Ben & Jerry's branded clothing in Brazil. Why? Because the firm has neither previous production nor marketing experience from which to draw in marketing clothing to Brazilian consumers.

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Environmental Forces

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The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

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Evaluative Criteria

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Factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands.

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Pure Competition

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Form in which there are many sellers and they each have a similar product. Companies that deal in commodities common to agribusiness (for example, wheat, rice, and grain) often are in a pure competition position in which distribution ( in the sense of shipping products) is important but other elements of marketing have little impact.

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Monopolistic Competition

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Many sellers compete with substitutable products with a price range. For example, if the price of coffee rises too much, consumers may switch to tea. Coupons or sales are frequently used marketing tactics.

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Oligopoly

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A common industry structure, occurs when a few companies control the majority of industry sales. The wireless telephone industry, for example, is dominated by four carriers that serve more than 90 percent of the U.S. market. Verizon, AT&T, Sprint, and T-Mobile have 117,107,55 and 34 million subscribers, respectively. Critics of this form of competition suggest that because there are few sellers, price competition among firms is not desirable because it leads to reduced profits for all producers.

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Pure Monopoly

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Occurs when only one firm sells the product. Monopolies are common for producers of products and services considered essential to a community: water, electricity, and cable service. Typically, marketing plays a small role in a monopolistic setting because it is regulated by the state or federal government. Government control usually seeks to to ensure price protection for the buyer, although deregulation in recent years has encouraged price competition in the electricity market.

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Baby Boomers (Generational Cohorts)

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Includes the generation of 76 million children born between 1946 and 1964.

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Generation X (Generational Cohorts)

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Includes the 50 million people born between 1965 and 1976. Also called the baby bust.

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Generation Y (Generational Cohorts)

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Includes the 72 million Americans born between 1977 and 1994. Also called the echo-boom or the baby boomlet.

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Greenwashing

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The practice of making an unsubstantiated or misleading claim about the environmental benefits of a product, service, technology,or company practice. Ex. "50 percent more recycled content than before" the content was only raised from 2% to 3%.

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Intellectual Property

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Copyright, trademark, or patent. The unauthorized use reproduction or distribution of these is illegal in the U.S. and most countries and can result in fines and prison terms for perpetrators.

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Laws

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Society's values and standards that are enforceable in the courts.

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Ethics

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The moral principles and values that govern the actions and decisions of an individual or group.

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Production Era

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Covers the early years of the U.S. up until the 1920s. Goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them.

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Sales Era

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From the 1920s to the 1960s manufacturers found they could produce more goods than buyers could consume. Competition grew, Firms hired more salespeople to find new buyers.

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Marketing Concept Era

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Starting in the late 1950s, marketing became the motivating force among many american firms.

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Customer Relationship Era

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Started in the 1980s and occurs as firms continuously seek to satisfy the high expectations of customers.

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Population Shifts

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The major regional shift in the U.S. population toward southern and western states is underway. Populations are also shifting within states. In the early 1900s, the population shifted from rural areas to cities. From the 1930s through the 2000s, the populations shifted from cities to suburbs and then from suburbs to more remote suburbs called exurbs.

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Profit Responsibilty

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Holds that companies have a simple duty: to maximize profits for their owners or stockholders.

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Product (The four Ps)

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A good, service, or idea to satisfy the consumer's needs.

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Price (The four Ps)

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What is exchanged for the product.

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Promotion (The four Ps)

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A means of communication between the seller and buyer.

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Place (The four Ps)

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A means of getting the product to the consumer.

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Need

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Occurs when a person feels deprived of basic necessities such as food clothing, and shelter.

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Want

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A need that is shaped by a person's knowledge, culture, and personality.

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Recession

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Periods of declining economic activity. During this time businesses decrease production, unemployment rises, and many consumers have less money to spend.

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Inflation

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The cost to produce and buy products and services escalates as prices increase.

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Maslow's Hierarchy

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Classification of five different needs: (1) Physiological needs - Food, water, shelter,oxygen (2) Safety Needs - Freedom from harm, financial security (3) Social Needs - Friendship, belonging, love (4) Personal Needs - Status, respect, prestige (5) Self-actualization Needs - Self-fulfillment

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