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Marketing

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the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.

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Exchange

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the trade of things between buyer and seller so that each is better off after the trade.

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Market

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people with both the desire and the ability to buy a specific offering.

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Target Market

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one or more specific groups of potential consumers toward which an organization directs its marketing programs.

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Marketing mix

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product, price, promotion, and place.

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Customer value proposition

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a cluster of benefits that an organization promises customers to satisfy their needs.

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Environmental forces

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involving social, economic, technological, competitive, and regulatory forces.

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Customers 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 benefit.

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Marketing program

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a 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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the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals.

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Market orientation

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focuses efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value.

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Customer experience

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the internal response that customers have to all aspects of an organization and its offerings.

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Societal marketing concept

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

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Product

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a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfy a customer's needs and is received in exchange for money or something else of value.

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Ultimate consumers

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the people who use the products and services purchased for a household.

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Organizational buyers

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manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.

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Environmental scanning

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the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

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Social forces

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the demographic characteristics of the population and its values.

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Demographics

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age, gender, ethnicity, income, and occupation.

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Baby boomers

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generation born between 1946 and 1964.

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Generation X

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15% of the population born between 1965 and 1976.

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Generation Y

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72 million Americans born between 1977 and 1994.

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Blended family

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one formed by merging two previously separated units into a single household.

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Multicultural marketing

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combinations of the marketing mix that reflect unique attitudes, ancestry, communication preferences, and lifestyles of different races.

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Culture

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incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.

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Value consciousness

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the concern for obtaining the best quality, features, and performance of a product or service for a given price.

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Economy

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income, expenditures, and resources that affect the cost of running a business and household.

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Gross income

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the total amount of money made in one year by a person, household, or family unit.

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Disposable income

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the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

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Discretionary income

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the money that remains after paying for taxes and necessities.

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Technology

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inventions and innovations from applied science and engineering research.

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Marketspace

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information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.

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Electronic commerce

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any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.

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Competition

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the alternative firms that could provide a product to satisfy a specific market's needs.

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Barriers to entry

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business practices or conditions that make it difficult for a new firm to enter the market.

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Regulation

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restrictions state and federal law place on business with regard to the conduct of its activities.

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Consumerism

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a 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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where an industry attempts to police itself.

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Laws

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society's values and standards that are enforceable in the courts.

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Caveat emptor

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let the buyer beware.

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Consumer bill of rights

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the right to safety, to be informed, to choose, and to be heard.

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Economics espionage

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the clandestine collection of trade secrets or proprietary information about a company's competitors.

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Code of ethics

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a formal statement of ethical principles and rules and conducts.

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Whistle-blowers

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employees who report unethical or illegal actions of their employer.

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Moral idealism

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a 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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a 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 responsibility

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

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Triple-bottom line

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recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.

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Green marketing

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marketing efforts to produce, promote, and reclaim environmentally sensitive products.

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Cause marketing

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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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Social audit

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a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility.

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Sustainable development

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involves conducting business in a way that protects the natural environment while making economic process.

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Purchase decision process

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problem recognition, information search, alternative evaluation, purchase decision, and post purchase behavior.

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Evaluative criteria

answer

represents both the objective attributes (such as display) of a brand and the subjective ones (such as prestige) you use to compare different products and brands.

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Consideration set

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the group of brands that you would consider from among all the brands of which you are aware in the product class.

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Cognitive dissonance

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feeling of post purchase psychological tension or anxiety.

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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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Situational influences

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the purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states.

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Motivation

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the energizing force that stimulates behavior to satisfy a need.

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Personality

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a person's consistent behaviors behaviors or responses to recurring situations.

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Self-concept

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the way people see themselves and the way they believe others see them.

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Perception

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

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Subliminal perception

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you see or hear messages without being aware of them.

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Perceived risk

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

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Learning

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behaviors that result from repeated experience, and reasoning.

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Brand loyalty

answer

favorable attitude toward and consistent purchase of a single brand over time.

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Attitude

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a 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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a consumer's subjective perception of how a product or brand performs on different attributes.

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Lifestyle

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a mode of living that is identified by how people spend their time and resources, what they consider important in the environment, and what they think of themselves and the world around them.

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Opinion leaders

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individuals who exert direct or indirect social influence over others.

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Word of mouth

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influencing of people during conversations.

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Reference groups

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are people whom an individual looks as a basis for self-appraisal or as a source of personal standards.

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Consumer socialization

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the process by which people acquire skills, knowledge, and attitudes necessary to function as consumers.

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Family life cycle

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describes the distinct phases that a family progresses through from formation to retirement.

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Social class

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the relatively permanent, homogenous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.

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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

answer

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 Industry Classification System (NCAIS)

answer

provides common industry definitions for Canada, Mexico, and the United States.

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Derived demand

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the demand for industrial products and services is driven by, or derived from, demand for consumer products and services.

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Organizational buying criteria

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the objective attributes of the supplier's products and services and the capabilities of the supplier itself.

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ISO 9000

answer

refer to standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures.

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Supplier development

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involves the deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyers' needs and those of its customers.

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Reciprosity

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an industrial buying practice in which two organizations agree to purchase each other's products and services.

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Supply partnership

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exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer.

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Buying center

answer

share common goals, risks, and knowledge important to a purchase decision.

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Buy classes

answer

straight rebuy, new rebuy, modified rebuy.

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Organizational buying behavior

answer

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

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Make-buy decision

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an evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself.

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Value analysis

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a systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs.

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Bidder's list

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a list of firms believed to be qualified to supply a given item.

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E-marketplaces

answer

online trading communities.

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Traditional auction

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a 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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Marketing research

answer

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions.

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Measures of success

answer

criteria or standards used in evaluating proposed solutions to the problem.

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Constraints

answer

the restrictions placed on potential solutions to a problem.

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Data

answer

the facts and figures related to the problem.

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Secondary data

answer

facts and figures that have already been recorded before the project at hand.

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Primary data

answer

facts and figures that are newly collected for the project.

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Observational data

answer

facts and figures obtained by watching, either mechanically or in person, how people actually behave.

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Questionnaire data

answer

facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.

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Informational technology

answer

involved operating computer networks that can store and process data.

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Data mining

answer

the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.

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Sales forecast

answer

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

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Market segmentation

answer

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

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Market segments

answer

relatively homogeneous groups of prospective buyers that result from the market segmentation process.

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Product differentitation

answer

a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products.

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Market-product grid

answer

framework to relate market segments of potential buyers to products offered or potential marketing actions.

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80/20 rule

answer

suggests 80% of a firms sales are obtained from 20% of its customers.

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Product positioning

answer

refers to the place a product occupies in consumers' minds on important attributes relative to competitive products.

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Product repositioning

answer

changing the place a product occupies in a consumer's mind relative to competitive products.

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Perceptual map

answer

a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers.

MAR 3023 Midterm 1 Vocabulary – Flashcards

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