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Marketing

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The process of planning the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization objectives.

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Production Oriented

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Occurs when organizations pay little attention to what customers need, concentrating instead on what they are capable of producing.

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Selling Orientation

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Occurs when companies believe that the more they sell the more profit they will make.

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Marketing Concept

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The process of determining the needs and wants of a target market and delivering a set of desired satisfactions to that target market more effectively than the competition.

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Socially Responsible Marketing

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The notion that business should conduct itself in the best interests of consumers and society.

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Cause Marketing (Chapter 1)

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An organization's support of causes that benefit society.

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Social Network

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A website that connects people with different kinds of interests for the purpose of socializing (e.g., Facebook or Twitter).

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Brand Democratization

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A situation in which the customer can interact with a brand, giving the customer some control over the marketing of the brand (as in online user-generated content).

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Consumer-Generated Content

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Online content created by consumers for consumers (often the content is related to a branded good).

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Content Marketing

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A marketing format that involves the creation and sharing of relevant brand-oriented content in order to acquire customers.

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Market

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A group of people who have a similar need for a product or service, the resources to purchase it, and the willingness and ability to buy it.

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Needs Assessment

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The initial stage of marketing planning in which a company collects appropriate information to determine if a market is worth pursuing.

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Market Analysis

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The collection of appropriate information (i.e., information regarding demand, sales volume potential, production capabilities, and resources necessary to produce and market a given product) to determine if a market is worth pursuing.

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Consumer Analysis

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The monitoring of consumer behavior changes (tastes, preferences, lifestyles) so that marketing strategies can be adjusted accordingly.

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Target Market

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A group of customers who have certain characteristics in common.

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Marketing Mix

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The four strategic elements of product, price, distribution, and marketing communications.

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Product Strategy

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Marketing decisions about such variables as product quality, product features, brand names, packaging, customer service, guarantees, and warranties.

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Price Strategy

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The development of pricing structure that is fair and equitable for consumers and still profitable for the organization.

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Distribution Strategy

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The selection and management of marketing channels and the physical distribution of products.

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Marketing Channel

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A series of firms or individuals that participate in the flow of goods and services from producer to final users or customers.

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Marketing Communications Strategy

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The blending of advertising, sales promotion, event marketing and sponsorship, personal selling, and public relations to present a consistent and persuasive message about a product or service.

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Integrated Marketing Communications (IMC)

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The coordination of various forms of marketing communications into an unified program that maximizes impact on consumers and other types of customers.

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Sales Promotion

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Activity that provides special incentives to bring about immediate action from consumers, distributors, and an organization's sales force.

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Public Relations

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A variety of activities and communications that organizations undertake to monitor, evaluate, influence, and adapt to the attitudes, opinions, and behaviours of their publics.

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Experiential Marketing

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A type of marketing that creates awareness of a product by having the customer directly interact with the product (e.g., distributing free samples of a product at street level).

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Event Marketing

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The process, planned by a sponsoring organization, of integrating a variety of communications elements behind an event theme.

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Public Image

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The reputation that a product, service, or company has among its various publics.

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Customer Relationship Management (CRM)

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Strategies designed to optimize profitability, revenue, customer retention, and customer satisfaction.

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Loyalty (Frequent Buyer) Programs

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Offer the consumer a small bonus, such as points or "play money", when they make a purchase; the bonus accumulates with each new purchase.

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Customer Relationship Management Program

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Analyzes data about customers' buying behavior, their preferences when buying, and their likes and dislikes to create individualized marketing programs to meet unique customer needs.

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Business Ethics

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The study and examination of moral and social responsibility in relation to business practices and decision making in business.

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Gross Domestic Product (GDP)

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The total value of goods and services produced in a country on an annual basis.

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Inflation

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The rising price level for goods and services that results in reduced purchasing power.

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Monopoly

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A market in which there is a single seller of a particular good or service for which there are no close substitutes.

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Oligopoly

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A market situation in which a few large firms control the market.

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Monopolistic Competition

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A market in which there are many competitors, each offering a unique marketing mix based on price and other variables.

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Pure Competition

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A market in which many small firms market similar products.

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Direct Competition

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Competition from alternative products and services.

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Indirect Competition

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Competition from substitute products that offer customers the same benefit.

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Market Share

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The sales volume of one competing product or company expressed as a percentage of total market sales volume.

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Market Leader

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The largest firm in the industry and the leader in strategic action.

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Market Challenger

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Firm or firms attempting to gain market leadership through aggressive marketing efforts.

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Market Follower

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A company that is generally satisfied with its market-share position.

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Market Nicher

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A firm that concentrates resources on one or more distinguishable market segments.

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Niche Marketing

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Targeting a product line to one particular segment and committing all marketing resources to the satisfaction of that segment.

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Demographics

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The study of the characteristics of a population.

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Census Metropolitan Area (CMA)

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An area that encompasses all rural and urban areas that are linked to a city's urban core, either socially or economically.

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Blended Family

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A family structure created by separation or divorce; two separate families merge into a single household as spouses remarry.

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Sandwich Generation

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A generation of parents who are simultaneously caring for children and aging relatives.

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Disposable Income

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Actual income after taxes and other expense; it is income available for basic necessities and optional purchases.

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Subculture

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A subgroup of a culture that has a distinctive mode of behavior.

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Mass Customization

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The creation of systems that can produce products and personalize messages to a target audience of one.

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Industry Canada

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Regulates the legal environment for marketing and other business practices in Canada.

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Competition Act

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Brings together a number of related laws to help consumers and businesses function in Canada.

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Self-Regulation

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A form of regulation whereby and industry sets standards and guidelines for its members to follow.

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Problem Recognition

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In the consumer buying process, a stage in which a consumer discovers a need or an unfulfilling desire.

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Information Search

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Conducted by an individual, once a problem or need has ben defined.

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Evoked Set

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A group of brands that a person would consider acceptable among competing brands in a class of product.

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Cognitive Dissonance

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An individual's unsettled state of mind after an action he or she has taken.

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Need

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A state of deprivation or the absence of something useful.

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Motives

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The conditions that prompt the action necessary to satisfy a need.

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Hierarchy of Needs

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The classification of consumers' needs in an ascending order from lower-level needs to higher-level needs.

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Personality

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Distinguishing psychological characteristics of a person that produce relatively consistent and enduring responses to the environment in which that person lives.

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Self-Concept Theory

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States that the self has four components: real self, self-image, looking-grass self, and ideal self.

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Attitudes

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An individual's feelings, favorable or unfavorable, toward an idea or object.

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Perception

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How individuals receive and interpret messages.

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Lifestyle

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

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Reference Group

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A group of people with a common interest that influences the members' attitudes and behavior.

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Double Targeting

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Devising a single marketing strategy for both sexes.

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Social Class

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The division of people into ordered groups on the basis of similar values, lifestyles, and social history.

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Culture

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Behaviour learned from external sources that influences the formation of value systems that hold strong sway over every individual.

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Subculture

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A subgroup of a culture that has a distinctive mode of behavior.

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Business-to-Business (B2B)

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Markets comprising individuals and organizations that acquire goods and services that are then used in the production of other goods or services that are sold or supplied to others.

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Outsourcing

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The contracting out of services or functions previously done in-house (e.g., a firm contacts out its computer services functions).

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Organizational Buying

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The decision-making process that firms follow to establish what products they need to purchase, and then identify, evaluate, and select a brand and a supplier for those products.

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Derived Demand

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Demand for products sold in the business-to-business market that is actually driven by consumer demand.

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Joint or Shared Demand

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A situation in which industrial products can be used only in conjunction with others, when the production and marketing of one product is dependent on another.

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Vendor Analysis

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An evaluation of potential suppliers based on an assessment of their technological ability, consistency in meeting product specifications, delivery, ability to provide needed quantity, and price.

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Buying Committee

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A formal purchasing group involving members from across a business organization who share responsibility for making a purchase decision.

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Buying Centre

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An informal purchasing group in which individual with a variety of roles influence the purchase decision but may not have direct responsibility for the decision to purchase.

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Partnership Marketing

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A process that involves cooperation and collaboration among members of a channel of distribution that do business with one another.

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Project Teams

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Groups of sales representatives formed to deal with customers' needs more effectively.

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Reverse Marketing

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An effort by organizational buyers to build relationships that allow them to influence the specifications of supplier's goods and services to fit the buyer's (and, by extension, the customers') needs.

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E-Procurement

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An Internet-based business-to-business marketplace through which participants are able to purchase good for one another.

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Need Description

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In business-to-business marketing, a stage where a buying organization identifies the general characteristics of the items and services it requires.

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Product Descriptions (Specifications)

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In a B2B context, a description of the characteristics of a product and organization requires. The description is used by potential suppliers when preparing bids to supply the product.

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Supplier Search

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A stage in the business-to-business buying process in which a buyer looks for potential suppliers.

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Proposal Solicitation

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A procedure whereby a buying organization seeks and evaluates written proposals from acceptable suppliers.

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Bid

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A written tender submitted by a specific deadline.

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Closed Bid

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A written, sealed bid submitted by a supplier for review and evaluation by the purchaser on a particular date.

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Open Bid

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An informal submission of a price quotation in written or verbal form by a potential supplier.

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Quotation

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A written document, usually from a sales representative, that states the terms of price quoted.

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Supplier Selection

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The stage in the business-to-business buying organization evaluates the proposals from various suppliers and selects the one that matches its needs.

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Order and Reorder Routine

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In business-to-business marketing, the placing of an order and the establishment of a repeat order process with a supplier.

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Performance Reviews

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The final step in the buying process, where the buying organization establishes a system of obtaining and evaluating feedback on the performance of the supplier's products.

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Not-for-Profit Marketing

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The marketing efforts and activities of not-for-profit organizations.

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Social Marketing

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Marketing activity that increases the acceptability of social ideas.

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Organization Marketing

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Marketing that seeks to gain or maintain acceptance of an organization's objectives and services.

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People Marketing

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The marketing of an individual or group of people to create a favourable impression of that individual or group.

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Place Marketing

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Drawing attention to an creating a favourable attitude toward a particular place, be it a country, province, region, or city.

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Idea Marketing

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Marketing activity that encourages the public to accept and agree with certain issues and causes.

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Cause Marketing (Chapter 16)

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Marketing activity that increases the acceptability of social ideas.

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