Chapter 1, 2, 4 – Flashcards
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marketing
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an organizational function and a set of process for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organizations and its stakeholders
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marketing plan
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a written document composed of an anlaysis of the current marketing situation, opportunities, and threats for the firms, marketing objectives and strategy specified in terms of the 4Ps, actiona programs, and projected or pro forma income
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exchange
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the trade of things of value between the buyes and the seller so that each is better off as the result
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macroenvironment
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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 (e.g., behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions).
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demographic
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information about human population and segments, especially those used to identify consumer markets such as age, gender, income and education
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generational cohort
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group od people from the same generation- typically have similar purchase behaviors because they share experience and are in the same stages of life
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seniors
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America's fastest growing generational cohort, people aged 55-64
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milennias
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consumers born between 1977-2000 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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Generation Y
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generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom
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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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technological advances
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macroenvironmental factors that has greatly contributed to the improvement of the value of borht products and services in the past few decades
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economic situation
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macroeconomic factors that affects the way consumer buy merchandise and spend money, both in a marketer's country and abroad
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inflation
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refers to the persistent increase of 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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goods
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items that can be physically touched
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marketing mix
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4Ps- product, price and promotion, controllable set of activities that a firm uses to respond to the wants of its target markets.
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services
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any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; 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, opnions and philosophies
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B2C
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the process in which business sells to customers
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B2B
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the process of selling merchandise or services from one business to another
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C2C
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the process in which consumers sell to other consumers
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employment marketing
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marketing programs that attract applicants to the hiring firm
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value
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reflects the relationship of benefits to costs, of what the consumer gets for what he or she gives
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value co-creation
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customers act as collaboraters with a manufacturer or retailer to create the product or service
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transactional orientation
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regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
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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 strategy
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a firm's target marker, marketing mix, and method of obtaining a sustainable competitive advantage
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sustainable competitive advantage
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something that firm can 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 management
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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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competitive intelligence
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used by firms to collect and synthetize information about their position with respect to their rivals; enables companies to anticipate market developments rather than merely react to them
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eco-boomers
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consumers that are teenagers or in their early 20s who are avid shoppers for products that make them feel good
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country culture
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entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify.
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planning phase
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the part of the strategic marketing planning process when marketing execu- tives, in conjunction with other top managers, (1 ) define the mission or vision of the business and (2) 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 (see STP) and (2) implement the marketing mix using the four Ps.
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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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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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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 its Opportunities and Threats.
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STP
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the process of segmentation, targeting and positioning that firms use to identify and evaluate opportunities for inceasing sales proft
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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
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g or targeting the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market
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positioning
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involves the process of defining marketing mix variables so that tager customers have a clear, disttinctive, desirable understand of what the product does or represents in comparison to competing products
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product
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anything that is of value to consumers and can be offerred through monetaty exhange
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competitive-based pricing
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a strategy that involves pricing below, at or above competitors offering
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metric
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a measuring system that quantifies trend, dynamic or charasteristic
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product lines
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groups of associates items, such as those that consumers use together or think as part of a foup 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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Strategic Business Unit
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SBU a division of the firms itseld that can be managed and operated somewhat independently from other divisons and may have a different mission or objectives
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relative market share
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a measure of the product's strength in a particular market, defined as the sales of the focal products, divided by the sales achieved by the larges 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 couse 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 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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market penetration strategy
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a growth statregy that employs the existing marketing mix, and focuses the firms efforts on existing customers
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diversification strategy
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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 previous business
