Intro to Marketing Exam 1 (CH 1-5) – Flashcards
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customer relationship management
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managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
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sample
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a segment of the population selected for marketing research to represent the population as a whole
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online focus groups
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a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
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online marketing research
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collecting primary data online through surveys, online focus groups, web-based experiments, or tracking consumers online behavior
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focus group interviewing
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personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization
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experimental research
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gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses
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survey research
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gathering primary data by asking questions about their knowledge, attitudes, preferences, and buying behavior
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ethnographic research
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a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment"
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observational research
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gathering primary data by observing relevant people, actions, and situations
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primary data
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information collected for the specific purpose at hand
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seondary data
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information that already exists somewhere, having been collected for another purpose
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exploratory research
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marketing research used to gather preliminary info that will help define problems and suggest hypotheses
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descriptive research
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marketing research used to better describe marketing problems, situations, or markets
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causal research
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marketing research used to test hypotheses about cause-and-effect relationships
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marketing research
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the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
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internal databases
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electronic collections of consumer and market information obtained from data sources within the company network
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marketing information system
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people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insight
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customer insights
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fresh understandings of customers and the market place derived from marketing information that becomes the basis for creating customer value and relationships
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cultural environment
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institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
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political environment
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laws, government, agencies, and pressure groups that influence and limit various organizations and individuals in a given society
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competitive marketing intelligence
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the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment
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technological environment
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forces that create new technologies, creating new product and market opportunities
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environmental sustainability
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developing strategies and practices that create a world economy that the planet can support indefinitely
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natural environment
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natural resources that are needed as inputs by marketers or that are affected by marketing activities
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developing economies
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economies that can offer outstanding marketing opportunities for the right kinds of products
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subsistence economies
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they consume most of their own agricultural and industrial output and offer few market opportunities
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industrial economies
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economies which constitute rich markets for many different kinds of goods
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economic environment
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economic factors that affect consumer purchasing power and spending patterns
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micropolitan areas
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small cities located beyond congested metropolitan areas
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telecommute
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working at home or in a remote office and conducting business by phone or internet
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millennials (generation y)
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the 83 million children of the baby boomers born between 1977 and 2000
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generation x
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the 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom
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baby boomers
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the 78 million people born during the years following WW2 and lasting until 1964
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demography
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the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
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internal publics
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newsletters and other means to inform and motivate their internal publics
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general public
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attitudes toward its products and activities
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local publics
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large companies usually create departments and programs that deal with local community and issues and provide community support
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citizen-action publics
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a company's marketing decisions nay be questioned by consumer organizations, environment groups, and others
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government publics
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management must take government developments into account
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media publics
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carries news, features, and editorial opinion
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financial public
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influences the company's ability to obtain funds
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promotion
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refers to activities that communicate the merits of the product and persuade target customers to buy it
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place
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includes company activities that make the product available to target consumers
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price
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the amount of money customers must pay to obtain the product
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public
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any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
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macroenvironment
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the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
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marketing environment
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the actors and forces outside marketing managements's ability to build and maintain successful relationships with target customers
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microenvironment
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the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
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return on marketing investment
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the net return from a marketing investment divided by the costs of the marketing investment
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operating control
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involves checking ongoing performance against the annual plan and taking corrective action when necessary
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product
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means the goods and services combination the company offers to the target market
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strategic control
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involves looking at whether the company's basic strategies are well matched to its opportunities
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marketing control
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measuring and evaluating the results of marketing strategies and plans taking corrective action to ensure that the objectives are achieved
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marketing implementation
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turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
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marketing intermediaries
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firms that help the company to promote sell and distribute its goods to final buyers
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marketing mix
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the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
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differentiation
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actually differentiating the market offering to create superior customer value
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positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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market targeting
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the process of evaluating each market segment's attractiveness and selecting one or more segments to use
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market segment
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a group of consumers who responds in a similar way to a given set of marketing efforts
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market segmentation
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dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors, and who might require separate products or marketing programs
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marketing strategy
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the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
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value delivery network
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the network made up of the company, its suppliers, its distributors, and ultimately, its customers who partner with each other to improve the performance of the entire system
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value chain
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the series of internal departments that carry out value creating activities to design, produce, market, deliver, and supper a firm's products
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diversification
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company growth through starting up or acquiring businesses outside the company's current products and markets
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product development
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company growth by offering modified or new products to current market segments
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market development
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company growth by identifying and developing new market segments for current company products
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market penetration
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company growth by increasing sales of current products to current mark segments without changing the product
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product/market expansion grid
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a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
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dogs
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low growth low share businesses and products
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question marks
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low share business units in high growth markets, require a lot of cash to hold their share, let alone increase it
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cash cows
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low growth high share businesses or products
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stars
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high growth high share business or products, need heavy investments to finance their rapid growth
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growth share matrix
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a portfolio planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share
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portfolio analysis
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the process by which management evaluates the products and businesses that make up the company
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business portfolio
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the collection of businesses and products that make up the company
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mission statement
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a statement of the organization's purpose, what it wants to accomplish in the larger environment
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strategic planning
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the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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barnacles
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highly loyal but not very profitable
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true friends
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both profitable and loyal
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butterflies
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potentially profitable but not loyal
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strangers
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show low potential profitability and little projected loyalty
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customer equity
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the total combined customer lifetime values of all of the company's customers
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share of customer
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portion of the customer's purchasing that a company gets in its product categories
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customer lifetime value
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the value of the entire stream of purchases a customer makes over a lifetime of patronage
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supply chain management
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companies today are strengthening their connections with partners all along the supply chain
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supply chain
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describes a longer channel, stretching from raw materials to components to final products that care carried to final buyers
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partner relationship management
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working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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consumer generated marketing
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brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
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attraction
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creating market offerings and messages that involve consumers rather than interrupt them
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customer managed relationships
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marketing relationships in which customers, empowered by today's new digital technologies interact with companies and with each other to shape their relationships with brands
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customer satisfaction
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the extent to which a product's perceived performance matches a buyers expectations
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customer-perceived value
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the customers evaluation of the difference between all the benefits and all of the costs of a marketing offer relative to those of competing offers
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customer relationship management
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the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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sustainable market
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socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
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societal marketing concept
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the idea that a company's marketing decisions should consider consumer's wants, the company's requirements, consumer's long run interests, and society's long-run interests
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selling concept
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the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large scale selling and promotion effort
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marketing concept
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a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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product concept
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the idea that consumers will favor products that offer the most quality, performance, and feature; therefore, the organization should devote its energy to making continuous product improvements
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production concept
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the idea that consumers will favor products that are available and highly affordable; therefore the organization should focus on improving production and distribution efficiency
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value proposition
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the set of benefits or values it promises to deliver to consumers to satisfy their needs
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services
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activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything
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marketing management
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the art and science of choosing target markets and building profitable relationships with them
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market
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the set of all actual and potential buyers of a product or service
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exchange
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the act of obtaining a desired object from someone by offering something in return
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marketing myopia
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the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by those products
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market offerings
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some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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demands
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human wants that are backed up by buying power
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wants
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the form human needs take as they are shaped by culture and individual personality
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needs
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states of felt deprivation
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marketing
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the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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sustainable marketing
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socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
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deficient products
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products that have neither immediate appeal nor long-run benefits
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adoption process
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the mental process through which an individual passes from first hearing about an innovation to final adoption
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straight product extension
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marketing a product in a foreign market without making any changes to the product
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customer-value marketing
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a principle of sustainable marketing that holds a company should put most of its resources into customer-value-building marketing investments
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derived demand
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the business demand for products and services that ultimately derives from the demand for consumer goods
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personality
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the unique psychological characteristics that distinguish a person or group
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systems selling
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buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
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new task
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a business buying situation in which the buyer purchases a product or service for the first time
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joint venturing
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entering foreign markets with foreign companies to produce or market a product or service
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consumer buying behavior
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the buying behavior of final consumer - individuals and households that buy goods and services for personal consumption
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culture
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the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
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straight rebuy
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a business buying situations in which the buyer routinely reorders something without any modifications
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subculture
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a group of people with shared value systems based on common life experiences and situations
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belief
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a descriptive thought that a person holds about something
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learning
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changes in an individual's behavior arising from experience
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exporting
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entering foreign markets by selling goods produced in the company's home country, often with time modification
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group
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two or more people who interact to accomplish individual or mutual goals
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new product
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a good, service, or idea that is perceived by some potential customers as new
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licensing
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entering foreign markets through developing an agreement with a licensee in the foreign market
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word-of-mouth influence
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the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
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lifestyle
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a person's pattern of living as expressed in his or her activities, interests, and opinions
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desirable products
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products that give both high immediate satisfaction and high long-run benefits
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salutary products
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products that have low immediate appeal but may benefit consumers in the long run
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pleasing products
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products that give high immediate satisfaction but may hurt consumers in the long run
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management contracting
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a joint venture in which the domestic firm supplies the management know how to a foreign company that supplies the capital; the domestic firm exports management services rather than products
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product value analysis
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carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value
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direct investment
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entering a foreign market by developing foreign based assembly or manufacturing facilities
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e-procurement
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purchasing performed through electronic connections between buyers and sellers usually online
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global firm
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a firm that, by operating in more than one country, gains RandD production, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors
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social class
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relatively permanent and ordered divisions in a society whose members share similar values, interests and behaviors
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attitude
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a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
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standardized global marketing
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an international marketing strategy that basically uses the same marketing strategy and mix in all of the company's international markets
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perception
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the process by which people select, organize, and interpret information to from a meaningful picture of the world
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consumerism
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an organized movement of citizens and government agencies designed to improve the rights and power of buyers in relation to sellers
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stages in adoption process
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awareness, interest, evaluation, trial, adoption
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modified rebuy
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a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
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innovative marketing
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a principle of sustainable marketing that requires a company to seek real product and marketing improvements
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environmental sustainability
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a management approach that involves developing strategies that both sustain the environment and produce profits for the company
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whole-channel view
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designing international channels that take into account the entire global supply chain and marketing channel forging an effective global value delivery network
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sense of mission marketing
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a principle of sustainable marketing that holds a company should define its mission in broad social terms rather than narrow product term
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joint ownership
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a cooperative venture in which a company creates a local business with investors in a foreign market who share ownership and control
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supplier development
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systematic development of networks of supplier partners to ensure an appropriate and dependable supply of products and materials exists for use in making products or reselling them to others
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adopted global marketing
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an international marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return
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economic community
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a group of nations organized to work toward common goals in the regulation of international trade
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cognitive dissonance
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buyer discomfort caused by post purchase conflict
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product invention
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creating new products or services for foreign markets
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communication adaption
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a global communication strategy of fully adopting advertising messages to local markets
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product adaption
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adapting a product to meet local conditions or wants in foreign markets
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contract manufacturing
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a joint venture in which a company contracts with manufacturers in a foreign market to produce the product or provide its service
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consumer-oriented marketing
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a principle of sustainable marketing that holds a company should view and organize its marketing activities from the consumer's point of view
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buying center
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all the individuals and units that play a role in the purchase decision making process
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motive (drive)
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a need that is sufficiently pressing to direct the person to seek satisfaction of the need
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consumer market
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all the individuals and households that buy or acquire goods or services for personal consumption
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environmentalism
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an organized movement of concerned citizens and government agencies designed to protect and improve people's current and future living environment.
