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Environmental Scanning

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Environmental scanning is the process of continually acquiring information to identify and interpret potential trends

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Social Forces

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Social forces are the demographic characteristics of the population and its values

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Demographics

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

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Baby Boomers

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The generation of children born between 1946 and 1964

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Generation X

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Children born between 1965 and 1976. 15%

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Generation Y

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Children born between 1977 and 1994. 72 million

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Marketspace

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

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Competition

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Alternative firms that could provide a product to satisfy market's needs

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Regulation

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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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Grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

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Self-Regulation

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Alternative to government control where an industry attempts to police itself

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Ethics

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Ethics are the moral principles and values that govern the actions and decisions of an individual or group

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Consumer Bill of Rights (1962)

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Law that codified 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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Code of Ethics

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Formal statement of ethical principles and rules of conduct

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Moral Idealism

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

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Utilitarianism

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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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Social Responsiblity

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Idea that organizations are part of a larger society and are accountable to that society for their actions

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Green Marketing

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Consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products

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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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Sustainable Development

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Consists of conducting business in a way that protects the natural environment while making economic progress

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Involvement

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The personal, social, and economic significance of the purchase to the consumer

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Personality

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a person's consistent behaviors or responses to recurring situations

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Perception

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process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

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Perceived Risk

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The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences

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Consumer Behavior

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Consists of the actions a person takes in purchasing and using products and services

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Purchase Decision Process

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1. Problem recognition 2. Information search 3. Alternative evaluation 4. Purchase decision 5. Postpurchase behavior

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Motivation

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Energizing force that stimulates behavior to satisfy a need

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Learing

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Repeated Experience and Reasoning

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Brand Loyalty

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Favorable attitude toward consistent purchase of a single brand over time

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Attitude

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learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

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Beliefs

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Subjective perception of how a product or brand performs on different levels

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Opinion Leaders

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Individuals who exert direct or indirect social influence over others

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Reference Groups

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People to whom an individual looks as a basis for self-appraisal or as a source of personal standards

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Family Life Cycle

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The distinct phases that a family progresses through from formation to retirement

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Subcultures

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Subgroups within the larger or national culture with unique values ideas and attitudes

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Business Marketing

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Involves the marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others

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North American Industry Classification System

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Provides common industry definitions in Canada, Mexico, and the United States which makes it easier to measure economic activity in the three member countries of the North Atlantic Free Trade Agreement

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Derived Demand

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demand for industrial products and services that is driven by the demand for consumer products and services

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Buying Center

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Consists of the group of people in an organization who participate in the buying process and share common goals, risks, and knowledge to a purchase decision

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Buy Classes

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Consists of three types of organizational buying situations: 1. Straight Rebuy 2. New Buy 3. Modified Rebuy

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Organizational Buying Behavior

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The decision making process that organizations use to establish the need for products and services and identify evaluate and choose alternative brands and suppliers

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E-marketplaces

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Online trading communities that bring together buyers and supplier organizations to make possible the real time exchange of information, money, products, and services

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Tradition Auction

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Seller puts an item up for sale and would-be buyers are invited to bid in competition with each other

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Reverse Auction

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A buyer communicates a need for a product or service and would-be suppliers are invited to bid in competition with each other

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Protectionism

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Practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs and quotas

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Tariffs

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Government taxes on goods or services entering a country that primarily serve to raise prices on imports

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Quota

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Restriction placed on the amount of a product allowed to enter or leave a country

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World Trade Organization

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Permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions

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Global Competition

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Exists when firms originate, produce, and market their products worldwide

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Multidomestic Marketing Strategy

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involves multinational firms that have as many different product variations, brand names, and advertising programs as countries in which they do business

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Global Marketing Strategy

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Involves firms that employ the practice of standardized marketing activities when there are cultural similarities and adapting them when cultures differ

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Global Brand

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brand that is marketed under the same name in multiple countries with similar coordinated marketing programs

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Global Consumers

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groups living in many countries or regions of the world who have similar needs or seek similar features and benefits from products or services

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Values

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Society's personally or socially preferable modes of conduct or states of existence that tend to persist over time

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Customs

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what is considered normal to a group

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Foreign Corrupt Practices Act (1997)

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law, amended by the International Anti-Dumping and Fair Competition Act, that makes it a crime for US corporations to bribe an official of foreign government or political party to obtain or retain business in a foreign country

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Cultural Symbols

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Things that represent ideas and concepts

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Back Translation

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Practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors

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Microfinance

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Practice of offering small, collateral free loans to individual who otherwise would not have access to the capital necessary to begin small business or other income generating activities

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Currency Exchange Rate

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price of one country's currency expressed in terms of another countries currency

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Joint Venture

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Global market entry strategy in which a foreign company and a local firm invest together to create a local business in order to share ownership, control, and profits

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Marketing

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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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trade of things of value between buyer and seller so that each is better off

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Market

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Consists of people with both the desire and ability to buy goods or services

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Target Market

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Consists of one or more specific groups of potential consumers toward which an organization directs its marketing program

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Marketing Mix

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Consists of the marketing manager's controllable factors. IE place, product, promotion, price

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Environmental Forces

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Consists of the marketing manager's uncontrollable forces in a marketing decision involving social economic technological competitive and regulatory forces

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Customer Value

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the unique combination of benefits received by targeted buyers that includes quality convenience on time delivery and both before sale and after sale service at a specific price

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Relationship Marketing

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links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefits

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Marketing Program

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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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1. Strive to Satisfy the needs of Consumers 2. Try to achieve the organizations goals

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Marketing Orientation

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1. Continuously collecting information about customer needs 2. Sharing this information across departments 3. using it to create customer value

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Customer Relationship Management

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process of identifying prospective buyers, understanding them intimately, and developing favorable long term benefits for both parties

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Customer Experience

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Internal Response that customers have to all aspects of an organization and its offerings

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Social Marketing Concept

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View that organizations should satisfy the needs of consumers in a way that provides for society's well being

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Ultimate Consumers

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Consumers who buy goods and services for their households

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Organizational Buyers

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

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Utility

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Benefits or customer value received by users of the product

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Strategy

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Organization's long term plan of action designed to give the buyer a unique customer experience

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Corporate Level

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Level in an organization where top management directs overall strategy for the entire organization

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Strategic Business Unit

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subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers

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Functional Level

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Level in an organization where groups of specialists actually create values for the organization

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Cross-Functional Teams

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

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Core Values

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Fundament, passionate, and enduring principles of an organizaton that guide its conduct over time

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Mission

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statement of the organization's function in society, often identifying its customers, markets, products, and technologies

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Organizational Behavior

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Consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

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Business

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the clear, broad, underlying industry or market sector of an organization's offering

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Market Share

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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 Dashboard

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Visual display of the essential information related to achieving a marketing objective

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Marketing Metric

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

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Marketing Plan

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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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Competitive Advantage

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unique strength relative to competitors that provides superior returns. Based on quality, time, cost, or innovation

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Business Portfolio Analysis

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technique that managers use to quantify performance measures and growth targets to analyze its clients' strategic business units

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Diversification Analysis

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tool 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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approach whereby an organization allocates its marketing mix resources to reach its target markets

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SWOT Analysis

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

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Market Segmentation

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aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action

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Points of Difference

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Characteristics of a product that make it superior to competitive substitutes

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Marketing Tactics

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detailed day-to-day operational decisions essential to the overall success of marketing strategies

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Marketing Strategy

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the means by which a marketing goal is to be achieved

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