Marketing Textbook – 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 as they are 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, services, information, or experiences offered to a market 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 ill favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution effectively
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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; therefore, the organization should 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 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 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 consumer' wants, the company's requirements, consumers' long-run interest, and society's long-run interest
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Customer relationship management
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
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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-engagement marketing
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Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community
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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 ow 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 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 a customer makes 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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Digital and Social Media Marketing
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Using digital marketing tools such as Websites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices
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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 a 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 SBUs in terms of market growth 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 prodcuts
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Product development
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Company growth by offering modified or new products to current market segment
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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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Marketing startegy
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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 segementation
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Diving 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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Marketing mix
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The set of tactical marketing tools-product, price, place, and 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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Marketing 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 results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved
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Marketing return on 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-the 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 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 organization's ability to achieve its objectives
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Baby boomers
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The 78 million people born during the years following World War II and lasting until 1964
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Generation X
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The 49 million born between 1965 and 1976 in the "birth dearth" following the baby boom
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Millenials
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The 83 millions children of the baby boomers born between 1977 to 2000
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Generation Z
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People born after 2000 who make up the kids, tweens, and teens market
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Economic environment
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Economic factors that affect consumer purchasing power and spending patterns
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Natural environment
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The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activites
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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 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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Big data
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The huge and complex sets generated by today's sophisticated information generation, collection, storage, and analysis technologies
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customer insights
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Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, 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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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 monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in 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 hypothesis
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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 customers
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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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Observational 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 interest 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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Experimental research
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Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking or differences in group responses
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Focus group interviewing
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Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, services, or organization.
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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 of 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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Consumer buyer behavior
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The buying behavior of final consumers-individuals and households that buy goods and services for personal consumption
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Consumer market
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All the individuals and households that buy or acquire goods and services for personal cosumption
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Cross-cultural marketing
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Including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similartities across sub-cultural segments rather than differences
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Word of mouth influence
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The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior
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Opinion leader
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A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
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Motive
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A need that is sufficiently pressing to direct the person to seek satisfaction of the need
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Perception
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The process by which people select, organize, and interpret information to form a meaningful picture of the world
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Complex buying behavior
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Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
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Dissonance-reducing buying behavior
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Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands
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Habitual buying behavior
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Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences
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Variety-seeking buying behavior
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Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences
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Need recognition
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The first stage of the buyer decision process, in which the consumer recognizes a problem or need
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Information search
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The stage of the buyer decision process in which the consumer is motivated to search or more information
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Purchase decision
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The buyer's decision about which brand to purchase
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Post purchase behavior
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The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction
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Cognitive dissonance
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Buyer discomfort caused by postpurchase conflict
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Adoption process
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The mental process through which an individual passes from first hearing about an innovation to final adoption
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Business buyer behavior
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The buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others
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Business buying process
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The decision process by which business buyers determine which product and services their organization need to purchase and then find, evaluate, and choose among alternative suppliers and brands
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Derived demand
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Business demand that ultimately comes from the demand for consumer goods
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Supplier development
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Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others
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Straight rebuy
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A business buying situation in which the buyer routinely reorders something without any modifications
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Modified rebuy
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A business buying situation in which the buyer routinely wants to modify product specifications, prices, terms, or suppliers
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New task
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A business buying situation in which the buyer purchases a product or service for the first time
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Systems selling
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Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
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Buying center
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All the individuals and units that play a role in the purchase decision-making process
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Users
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Members of the buying organization who will actually use the purchased product or service
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Influencers
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People in an organization's buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives
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Buyers
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People in an organization's buying center who make an actual purchase
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Deciders
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People in an organization's buying center who have a formal or informal power to select or approve
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Gatekeepers
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people in an organization's buying center who control the flow of information to others
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Institutional market
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Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care
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Business Buying process
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Problem recognition -->General Need description -->Product specification -->Supplier search -->Proposal solicitation -->supplier selection -->order routine specification --> performance review
