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Marketing

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a process by which we get what we need and want through products

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Need

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states of deprivation physical - food, clothing social - belonging, affection individual - knowledge, self expression

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Want

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the form that needs take as they are shaped by culture and individual personality

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Demand

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wants backed by buying power

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Market Offering

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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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Customer Value

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the difference between total customer value and total customer cost

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Customer Satisfaction

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the extent to which a products perceived performance matches a buyers expectations

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Total quality management

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designed to constantly improve the quality of products, services, and marketing processes

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relationship marketing

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actions to build and maintain desirable relationships

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market

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the set of actual and potential buyers of a product

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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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marketing management philosophies

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production, product, selling, marketing, societal

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Production concept

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the idea that consumers will favor products that are available or highly affordable

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Product concept

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the idea that consumers will favor products that offer the most quality, performance and features for which the organization should therefore devote its energy to making continuous improvements

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Selling concept

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the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort

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marketing concept

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the idea that achieving organizational goal depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

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societal concept

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the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long term interests and society's long run interests

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strategic planning

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the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

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strategic planning process

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step 1 - defining a clear company mission step 2 - setting supporting company objectives & goals step 3 - designing a sound business portfolio step 4 - planning & coordinating marketing & other functional strategies

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mission statement

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the organizations purpose, what it wants to accomplish in the larger environment

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business portfolio

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the collection of business and products that make up the company and how management evaluates them

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boston consulting group

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Build - invest more money to build share Hold - invest just enough to hold share Harvest - take out cash regardless of the effect Divest - sell off or close down

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Star

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high growth, high share businesses or products requiring heavy investment to finance rapid growth

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cash cows

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low growth, high share businesses or products that are established and successful. require less investment

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question marks

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low share business units in high growth markets requiring a lot of cash to hold their share

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dog

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low growth, low share businesses and products that may generate enough cash to maintain themselves but do not promise to be large sources of cash

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product/market expansion grid

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a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

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market segmentation

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the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes

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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 enter

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market positioning

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the arranging for a product to occupy a clear, distinctive, and desirable place relation to competing products in the minds of the target consumer

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marketing mix

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the set of controllable tactical marketing tools - Product, Price, Place and Promortion

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marketing analysis

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the complete analysis of the company's situation in a SWOT analysis that evaluates the company's: Strengths, Weaknesses, Opportunities, and Threats

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market planning

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the development of strategic and marketing plans to achieve company objectives

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marketing implementation

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the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives - deals with the who, where, when, and how

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marketing control

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measuring and evaluating results and taking corrective action as needed

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marketing environment

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the actors and forces outside marketing that affect marketing managements ability to build and maintain successful relationships with 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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company

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management, finance, operations

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suppliers

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provide the resources to produce goods and services

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marketing intermediaries

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help the company promote, sell, and distribute its products to final buyers

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customers

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those who buy goods and services for personal consumption or for use in their own production process

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competitors

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firms must gain strategic advantage by positioning their offerings against competitors' offerings

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publics

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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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macro-environment

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consists of the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, cultural

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demographic

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study of human populations in terms of size, density, location, age, gender, race, occupation, etc

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economic

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consists of factors that affect consumer purchasing power and spending patterns

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natural

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the natural resources that are needed as inputs by marketers or that are affected by marketing activities

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technological

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provides new markets and new opportunities, i.e. internet, medicine, weapons, etc

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political

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laws, gov agencies, and pressure groups that influence or limit various organizations and individuals in a given society

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cultural

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institutions and other forces that affect a society's basic values, perceptions and behaviors

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core belief

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have a high degree of persistence, are passed on from parents to children, and are reinforced by schools, churches, businesses and government i.e. marriage

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secondary belief

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more open to change i.e. when to marry

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marketing information system

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the collection of business and products that make up the company and how management evaluates them

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marketing research

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the collection of business and products that make up the company and how management evaluates them

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marketing research process

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Steps in the marketing research process 1. Defining the problem and research objectives 2. Developing the research plan 3. Implementing the plan 4. Interpreting and reporting the findings

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secondary data

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consists of information that already exists somewhere, having been collected for another purpose

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primary data

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consists of information gathered for the special research plan

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observational research

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involves gathering primary data by observing relevant people, actions, and situations

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survey research

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the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior • Flexible • People can be unable or unwilling to answer • Gives misleading or pleasing answers • Privacy concerns

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experimental research

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best for gathering causal information—cause-and-effect relationships

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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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questionnaire

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type of research instrument

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closed ended question

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include all possible answers, and subjects make choices among them • Provide answers that are easier to interpret and tabulate

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open ended question

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allow respondents to answer in their own words • Useful in exploratory research

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mechanical instruments

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i.e. Nielsen ratings; grocery scanners

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cultural factors

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culture (i.e. american culture), subculture (hispanic, african american, gay/lesbian), social class (upper class, middle, lower, working)

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social factors

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family, social role and status, groups

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personal factors

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age and life cycle stage, occupation, economic situation, lifestyle, personality and self concept

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psychological factors

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motivation, perception, learning, beliefs and attitudes

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consumer buying roles

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Initiator - is the person who first suggests or thinks of the idea of buying a particular product or service Ex. Child wants computer for HW Influencer - is the person whose views or advice carries some weight in the final decision - Ex. Saleperson Decider - is the person who authorizes the purchase Buyer - is the person who actually makes the purchase User - is the person who consumes/uses the product

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types of buying decision behavior

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complex buying behavior (highly motivated, significant differences among brands) disonance-reducing buying behavior (highly motivated, little differences) habitual buying behavior (low involvement, little differences) variety-seeking buying behavior (low involvement, significant differences)

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stages of buyer decision process

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Five stages in the buyer decision process 1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior

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business markets

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Business buying process is the process where business buyers determine which products and services are needed to purchase and then find, evaluate, and choose among alternative brands

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characteristics of business markets

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• Fewer and larger buyers • Geographic concentration • Derived demand from final consumer

MAR 3023 FIU Birrittella – Exam 1 – Flashcards

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