Marketing: the core Exam (Chapters 1-5)
The activity for creating , communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large.
the trade of things of value between buyer and seller so that each is better off after the trade.
people with both the desire and ability to buy a specific offering
one of more specific groups of potential customers towards which marketing is directed.
good, service, or idea to satisfy needs
exchange for product
means of communication between between buyer and seller
means of getting product to consumer
controllable factors (4 P)
uncontrollable, social, economic, tech, competitive, and regulatory.
the unique combo of benefits received by target buyers (quality, convenience, price, etc.
links organizations to individuals, employees, suppliers, and other partners for mutual long-term benefit.
a plan that integrates the marketing mix to provide a good, service, or idea.
idea that an organization should strive to satisfy needs while trying to achieve the organizations goals.
collecting info about needs, sharing info across departments, using info to create customer value
customer relationship management (CRM)
process of identifying buyers, understanding them, and developing relationships with them.
societal marketing concept
view that an organization should discover and satisfy needs in a way that also provides for society’s well being.
benefits customer value received by users of the product
production, pick and choose features
having available where needed
when needed, available
easy to purchase (take various forms of money, call other branches)
shareholders, employees, suppliers, customers
urbanization, more female graduates.
legal entity that consists of people who share a common mission
organizations that develop similar offerings
a clear, broad, underlying industry or market sector of an organization’s offerings.
ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firm itself.
the visual computer display of the essential information related to achieving a marketing objective.
each variable in a marketing dashboard. A measure of the trend.
an organization’s special capabilities
business portfolio analysis
technique used to quantify performance measures and growth to analyze a firm’s strategic business units as though they were a collection of separate investments.
a technique that helps a firm search for growth opportunities from among current and new markets and products.
more sales or higher prices
new markets, same product
new products, same market
new product, new market
strategic marketing process
allocate market mix resources to reach target markets.
Strength, Weakness, external Opportunities, and Threats
involves aggregating prospective buyers into groups or segments
means by which a marketing goal is to be achieved
collaboration of representatives from different departments
Goals or Objectives
(SMART) Specific, Measurable, Attainable, Relevant, Time-based
demographic characteristics of the poplation and its values
1946-1964, wealthiest, self-reliant, 26%
1965-1976, diverse, adaptable, 15%
1977-1994, value teamwork, 26%
1995+ , 20%
metropolitan statistical area
urbanized area of 50,000 +
micropolitan statistical area
within a city of 2.5 mill +
set of values, ideas, and attitudes
cost to produce and buy escalates as prices increase
period of price increases
time of slow economic activity
after taxes, for necessities
money after paying for taxes and necessities
an info and communication based electronic exchange environment mostly occupied by computer and telecommunications.
internet-based network withing boundaries of an organization
internet-based technologies that permit communication between a company and its suppliers, distributors, and partners
many sellers, same product (Agriculture)
many sellers, substitutable products (Coffee, tea)
few companies control majority of sales (cellphones)
1 firm sells product (utilities)
Sherman Antitrust Act (1890)
act against monopolies
Clayton Act (1914)
Act that forbids acts that lessen competition (makes exclusive dealing illegal)
Robinson- Patman Act (1936)
Act against price discrimination
a grassroots movement in 1960s to influence the power and rights of consumers
buyer must buy one product in line with another
moral principles and values that govern action
let the buyer beware
consumer bill of rights (1962 JFK)
right to (be): safe, informed, choose, heard
a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome.
a systematic assessment of a firm’s objectives strategies, and performance in terms of social responsibility
actions a person takes in purchasing and using products and services.
purchase decision process
1. problem recognition 2. info search 3. alternative evaluation 4. purchase decision 5. post purchase behavior.
the personal, social, and economic significance of the purchase to the consumer.
energizing force that stimulates behavior to satisfy needs.
a filtering of exposure, comprehension, and retention (post purchase)
interpreting info so that it is consistent with your attitudes and beliefs.
consumers do not remember all info they see, read, or hear, even minutes after exposure
a consumer’s subjective perception of how something performs
analysis of consumer lifestyles.
pay attention to messges consistent with beliefs
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