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Marketing

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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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Goals of Marketing

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1. Attract new customers by promising superior value 2. Keep and Grow new customers by delivering satisfaction

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Needs

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States of felt deprivation.

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Wants

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The form human needs take as shaped by culture and individual personality.

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Demands

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Human wants that are backed by buying power.

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Market Offerings

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Some combination of products, service information, or experiences offered to a market to satisfy a need or want.

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Market Myopia

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The mistake of paying more attention to the specific products a company offers that to the benefits and experiences produced by these products.

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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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Market

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The set of all actual and potential buyers of a product or service.

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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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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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Production Concept

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The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency - "if you build it they will come."

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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 and that the organization should therefore devote its energy to making continuous product improvements.

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Selling Concept

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The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

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Marketing Concept

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The marketing management philosophy that holds that 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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Societal Marketing Concept

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The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.

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Marketing Mix

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The set of controllable tactical marketing tools--product, price, place, promote--that the firm blends to produce the response it wants in the target market.

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Customer-Perceived Value

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The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

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Customer Satisfaction

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The extent to which a product's perceived performance matches a buyer's expectations.

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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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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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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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Customer Lifetime Value

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The value of the entire stream of purchases that the customer would make over a lifetime of patronage.

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Share of Customer

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The portion of the customer's purchasing that a company gets in its product categories.

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Customer Equity

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The total combined customer lifetime values of all the company's customers.

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Butterflies

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Good fit between the company's offerings and customer's needs; high profit potential - short-term customers.

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True Friends

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Good fit between company's offerings and customer's needs; highest profit potential - long-term customers.

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Strangers

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Little fit between company's offerings and customer's needs; lowest profit potential - short-term customers.

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Barnacles

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Little fit between company's offerings and customer's needs; low profit potential - long-term customers.

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Changing Marketing Landscape

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-Uncertain Economic Environment -Digital Age -Rapid Globalization -Call for more Ethics/Social Responsibility -Growth of non-profit marketing

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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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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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Business Portfolio

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The collection of businesses and products that make up the company.

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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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Growth-Share Matrix

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A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBU's are classified as stars, cash cows, question marks, or dogs.

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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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Market Penetration

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A strategy for company growth by increasing sales of current products to current market segments without changing the product.

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Market Development

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A strategy for company growth by identifying and developing new market segments for current company products.

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Product Development

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A strategy for company growth by offering modified or new products to current market segments.

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Diversification

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A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.

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Downsizing

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Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.

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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 support a firm's products.

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Value Delivery Network

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The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.

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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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Marketing 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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Market Segment

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A group of consumers who respond in a similar way to a given set of marketing efforts.

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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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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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Differentiation

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Actually differentiating the market offering to create superior customer value.

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SWOT Analysis

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An overall evaluation of the company's strength's, weaknesses, opportunities, and threats.

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Marketing Implementation

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The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.

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Marketing Control

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The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.

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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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Marketing Environment

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The actors and forces outside marketing that affect marketing management'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--that company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

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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 Intermediaries

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Firms that help the company promote, sell, and distribute its goods to final buyers.

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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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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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Baby Boomers

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The 78 million people born during the baby boom following World War II and lasting until 1964.

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Generation X

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The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.

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Millennials

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The 83 million children of the baby boomers, born between 1977 and 2000.

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Economic Environment

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Factors that affect consumer buying power and spending patterns.

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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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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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Technological Environment

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Forces that create new technologies, creating new product and market opportunities.

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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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Reasons for Business Legislation

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-Protect companies from each other -Protect consumers from unfair business practices -Protect interests of society against unrestrained business behavior

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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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Customer Insights

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Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

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Marketing Information System

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People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

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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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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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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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Exploratory Research

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Marketing research to gather preliminary information that will help define problems and suggest hypotheses.

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Descriptive Research

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Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.

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Causal Research

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Marketing research to test hypotheses about cause-and-effect relationships.

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Secondary Data

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Information that already exists somewhere, having been collected for another purpose.

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Primary Data

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Information collected for the specific purpose at hand.

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Commercial Online Databases

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Computerized collections of information available from online commercial sources or via the internet.

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Observational Research

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Gathering primary data by observing relevant people, actions, and situations.

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Survey Research

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Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

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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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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. The interviewer "focuses" the group discussion on important issues.

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Online Marketing Research

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Collecting primary data online through internet surveys, online focus groups, web based experiments, or tracking consumers' online behavior.

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Online Focus Group

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Gathering small group of people online with a trained moderator to chat about a product or a service and gain consumer insight.

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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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Customer Relationship Management

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Managing detailed information about individual customers. Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

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Product

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-Variety -Quality -Design -Features -Brand Name -Packaging -Services

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Price

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-List Price -Discounts -Allowances -Payment Period -Credit terms

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Promotion

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-Advertising -Personal Selling -Sales Promotion -Public Relations

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Place

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-Channels -Coverage -Assortments -Locations -Inventory -Transportation/Logistics

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Key Cultural Trends

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-People's View of Themselves -People's View of Others -People's View of Organizations -People's View of Society -People's View of Nature -People's View of the Universe

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Qualitative Data

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An unstructured, exploratory research methodology based on small samples intended to provide insight and understanding to the problem setting.

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Quantitative Data

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A research methodology that seeks to quantify the data and typically applies some form of statistical analysis.

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Data and Information Analysis

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1. Statistical analysis 2. Data Warehouse/Data Mining 3. Customer Relationship Management

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Customer Value

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Benefit customer gains from using the product compared the cost of obtaining it.

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Quota Sample

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Researcher finds and interviews a prescribed number of people in each of several categories.

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