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Requirements for Marketing transactions

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1. Two or more parties w/ unsatisfied needs 2. Ability and willingness to satisfy them 3. A way to communicate 4. Something to exchange

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market

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people with the ability and desire to buy a specific product

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product

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good, service or idea that satisfies the customer's need

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marketing

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creating, delivering, communicating and exchanging offerings that benefit organizations, stakeholders and society at large

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co-produced service

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the consumer works with the seller to create the service experience

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the marketing concept

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satisfying customer needs while trying to achieve organizational goals

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exchange

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

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target market

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one or more specific groups of potential consumers toward which an organization direct its marketing

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marketing mix

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product, price, promotion, place

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environmental forces

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

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customer value

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the unique combination of benefits received by target 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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developing and maintaining effective customer relationships

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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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market orientation

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

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customer relationship management (CRM)

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the process of identifying prospective buyers understanding the intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace

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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 society's well-being

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customer experience

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the foundation of customer relationship management

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ultimate consumers

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people who use the goods and services purchased for a household

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organizational buyers

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

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utility

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the benefits or customer value received by users of the product

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consumer behavior

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actions a person takes in purchasing and using products and services

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purchase decision process

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1. problem recognition 2. information search 3. alternative evaluation 4. purchase decision 5. post-purchase decision

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evaluative criteria

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represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands

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consideration set

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the group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware in the product class

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cognitive dissonance

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feeling of post purchase psychological tension or anxiety when a consumer is faced with two ore more highly attractive alternatives

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involvement

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personal, social, and economic significance of the purchase to the consumer

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situational influences (5)

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

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motivation

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energizing force that stimulates behavior to satisfy a need

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personality

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a person's consistent 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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refers to those behaviors that result from repeated experience and reasoning

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brand loyalty

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

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attitude

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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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consumers subjective perception of how a product or brand performs on different attributes

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lifestyle

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

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opinion leaders

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considered to be knowledgable about or users of particular products and services so their opinions influences others' choices

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word of mouth

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influencing of people during conversations. most powerful and authentic information source for consumers because it typically involves friends viewed as trustworthy

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reference groups

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people to 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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process by which people acquire the 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, homogeneous 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 larger, or national, culture with unique values, ideas, and attitudes

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business marketing

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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 Classification Systems (NAICS)

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The NAICS provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of NAFTA

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derived demand

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the demand for industrial products and services is driven by 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

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International Standards Organization in Geneva; refer to standards for registration and certification of manufacturer's quality management and assurance system based on an on-site audit of practices and procedure

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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 buyer's needs and those of its customers

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reciprocity

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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 she na 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

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

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buy classes

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researchers who have studied organizational buying identify three types of buying situations

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make-buy decision

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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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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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list o firms believed to be qualified to supply a given item generated from the company's purchasing databank as well as from engineering inputs

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e-marketplaces

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online trading communities

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traditional auction

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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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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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market segmentation

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

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market segments

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

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product differentiation

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existence of different market segments has caused firms to use a marketing strategy

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usage rate

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quantity consumed or patronage during a specific period

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80/20 rule

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concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers

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market-product grid

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framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization

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product positioning

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

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product repositioning

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

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perceptual map

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means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands

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product life cycle

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describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

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product modification

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invovles altering a product's characteristic, such has its quality performance, or appearance, to increase the product's value to customers and increase sales

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market modification

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a company tries to find new customers i, increase a product's use among existing customers, or create new use situations

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trading up

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involves adding value to the product or line through additional features or higher-quality materials

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trading down

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involves reducing the number of features, quality, or price; happens when companies downsize

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branding

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an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors

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brand name

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any word, device, or combination of these used to distinguish a seller's good s or services

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trade name

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a commercial, legal name under which a company does business

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trademark

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identifies that a firm has legally registered its brand name or trade name so the firm has its exclude use, thereby printing others from using it.

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brand personality

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set of human characteristics associated with a brand name

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brand equity

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brand name importance to a company

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brand licensing

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contractual agreement whereby one company allows its brand name or trademark to be used with products or services offered by another company for a royalty or fee

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multiproduct branding

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company uses one name for all its products in a product class

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multibranding

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involves giving each product a distinct name

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private branding

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also known as: private labeling or reseller branding; when it manufactures products but sells them under the brand name of wholesaler or retailer

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mixed branding

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a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market

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label

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integral part of the package and typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

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packaging

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refers to any container in which it is offered for sale and on which label information is conveyed

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warranty

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statement indicating the liability of the manufacturer for product deficiencies

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