Marketing 350 Exam 1 – Flashcards
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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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needs
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states of felt deprivation
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wants
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the form human needs take when they are shaped by cultural and individual personality
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demands
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human wants that are backed up by buying power
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market offerings
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some combination of products services information or experiences offered to satisfy a need or want
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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 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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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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product concept
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a detailed version of the new product idea stated in meaningful consumer terms
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selling concept
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the idea that consumers will not buy enough of the firms' 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 concepts 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 other long run interests
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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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customer-percieved value
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the customers 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 expectation
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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 incresing role in shaping their own brand experiences and those of other consumers
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partner relationship management
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working closing 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 entire streams of purchases a customer makes over a lifetime of purchases
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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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internet
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a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository
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strategic planning
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the process of developing and maintaing 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 organizations 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 business 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 SBUs in terms of its market growth rate and relative market share
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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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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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company growth by identifying and developing new market segments for current company growth
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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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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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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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a network composed of the company, supplier, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value
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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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market segmentation
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dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors who might require separate products or manufacturing 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 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 market offering 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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marketing mix
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the set of tactical marketing tools-poduct price place promotion- that the firm blends to produce the response it wants in the target market
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SWOT analysis
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an overall evaluation of the company's strengths weaknesses opportunities and threats
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market implementation
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turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
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marketing control
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measuring and evaluating the result of marketing strategies and plans and taking corrective action to ensure that the 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 investments
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marketing environment
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the actors and forces outside marketing that affect marketing management's ability to hold and maintain successful relationships with target customers
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microenvironment
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the actors close to the company that affects its ability to serve its customer- the company, suppliers, marketing intermediaries customer markets competitors and publics
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macro environment
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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 to 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 organizations 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 years following world war 11 and lasting until 1964
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generation x
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the 49 million people born between 1965 and 1976in the birth death following the baby boomers
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generation y
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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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economic factors that affect the consumer purchasing power and spending patterns
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natural environment
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natural resources that are needed as inputs by markets 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 infinitely
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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 press groups that influence and limit various organizations and individuals in a given society
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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 becomes the basis for creating customer value and relationships
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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 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 selection and analysis of publicity available information about consumers, competitors, and developments in the manufacturing 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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descriptive research
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marketing research used to better describe marketing problems, situations, or markets
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casual research
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marketing research used to test hypothesis 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 problem at hand
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observation research
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gathering primary data by observing relevant people, actions, and situations
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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 environments
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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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focus group interviews
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personal interviewing that involves inviting six to ten people to gather for a few hours with an interviewer to talk about a product service or organization the interviewer focuses the group discussion on
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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 groups
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gathering 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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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 detailer information about individual customers and carefully managing customer touch points to maximize customer loyalty
