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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

answer

Marketing

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Human wants that are backed by buying power

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Demands

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3 Different kinds of Needs

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Physical (food, clothing, warmth, safety) Social (belonging and affection) Individual (Knowledge and self-expression)

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Some combo if products, services, info, or experiences offered to a market to satisfy a need or want (includes physical products, services, persons, places, orgs, info, and ideas)

answer

Market Offerings

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Mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

answer

Marketing Myopia

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Act of obtaining a desired object from someone by offering something in return

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Exchange

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Set of all actual and potential buyers of a product or service

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Market

question

Why is it important for marketers to set the right level of expectations?

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Expectations too low, satisfy but dont attract Expectations too high, buyers will be disappointed

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Art and science of choosing target markets and building profitable relationships with them

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Marketing management

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Customer segment that the company decides to go after

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Target Market

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Dividing the market into segments of customers

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Market Segmentation

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Idea that consumers will favor products that are available and highly affordable and that the org. should therefore focus on improving production and distribution efficiency

answer

Production Concept

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Idea that consumers will favor products that offer the most quality, performance, and features and that the org. should therefore devote its energy to making continuous product improvements

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Product Concept

question

5 Alternative concepts under which organizations design and carry out their marketing strategies

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-Production -Product -Selling -Marketing -Societal Marketing concepts

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Idea that consumers will not buy enough of the firm's product unless it undertakes a large-scale selling and promo effort

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Selling Concept

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Philosophy that holds that achieving org. goals depends on knowing the needs and want of target markets and delivering the desired satisfactions better than competitors

answer

Marketing Concept

question

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

answer

Societal Marketing Concepts

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4 broad groups that make up the Marketing mix:

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-Product -Place -Price -Promotion

question

Customers evaluation of the difference btwn all the benefits and all the costs of a marketing offer relative to those of competing offers

answer

Customer-percieved Value

question

Type of relationship companies build. Ex: Nike creates this kind thru brand-building ads, PR, and its website

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Basic Relationships

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Type of relationship companies build. Ex: Nike sales reps work close with Sports Authority, Dicks, etc

answer

Full Partnerships

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Marketing relationships in which customers, empowered by today's new digital techs, interact w/ companies and w/ each other to shape their relationships w/ brands

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Customer Managed Relationships

question

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

answer

Consumer-generated Marketing

question

Value of the entire stream of purchases that the customer would make over a lifetime of patronage

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Customer Lifetime Value

question

Portion of the customer's purchasing that a company gets in its product categories

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Share of Customer

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Total combined customer lifetime values of all of the company's customers

answer

Customer Equity

question

Low potential profitability and little projected loyalty

answer

Strangers

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Potentially profitability but not loyal

answer

Butterflies

question

Both profitable and loyal

answer

True Friends

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Highly loyal but not very profitable

answer

Barnacles

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Customers expect companies to deliver value in a socially and environmentally responsible way

answer

Sustainable Marketing

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Process of developing and maintaining a strategic fit btwn the org.'s goals and capabilities and its changing marketing opportunities

answer

Strategic Planning

question

Statement of the org.'s purpose - what it wants to accomplish in the larger environment

answer

Mission Statement

question

Collection of businesses and products that make up the company

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Business Portfolio

question

Process by which management evaluates the products and businesses that make up the company

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Portfolio Analysis

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Can be a company division, a product line w/i a division, or sometimes a single product or brand

answer

Strategic Business Unites (SBUs)

question

Growth share matrix's 4 types of SBUs

answer

-Stars -Cash Cows -Question Marks -Dogs

question

High growth, high share

answer

Stars

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Low growth, high share

answer

Cash Cows

question

High growth, low share

answer

Question Marks

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Low growth, low share

answer

Dogs

question

Company growth by increasing sales of current products to current market segments w/o changing the product

answer

Market Penetration

question

Company growth by identifying and developing new market segments for current company products

answer

Market Development

question

Series of internal departments that carry out value creating activities to design, produce, market, deliver and support a firm's products

answer

Value Chain

question

Network made up of the company, its suppliers, its distributers, and ultimately its customers who partner with each other to improve the performance of the entire system

answer

Value Delivering Network

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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 (Most important "P" thats not a "4 P")

answer

Positioning

question

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

answer

Market Segmentation

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An overall analysis of the company. SWOT stands for:

answer

S - Strengths W - Weaknesses O - Opportunities T - Threats

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4 C's

answer

-Customer solution -Customer cost -Convenience -Communication

question

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

answer

Marketing Implementation

question

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

answer

Marketing Control

question

Net return from a marketing investment divided by the costs of the marketing investment

answer

marketing ROI

question

Actors and forces outside marketing that affect marketing managment's ability to build and maintain successful relationships w/ target customers

answer

Marketing Environment

question

Actors CLOSE to the company that affect its ability to serve its customers - the co, suppliers, marketing intermediaries, customer markets, competitors, and publics

answer

Microenvironment

question

Larger societal forces that affect the microenvironment - demographic, econ, natural, tech, political, and cultural

answer

Macroenvironment

question

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

answer

Marketing Intermediaries

question

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. List the 7 types

answer

Public -Financial -Media -Gov -Citizen-Action -Local -General -Internal

question

45 million people born btwn 1965 and 1976 in the "birth death" following the baby boom

answer

Generation X

question

Economic factors that affect consumer purchasing power and spending patterns

answer

Economic Environment

question

Natural resources that are needed as inputs by marketers or that are affected by marketing activities

answer

Natural Environment

question

Looking for ways to offer today's more financially cautious buyers greater value

answer

Value Marketing

question

Developing strategies and practices that create a world economy that the planet can support indefinitely

answer

Environmental Sustainability

question

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

answer

Technological Environment

question

Laws, gov. agencies, and pressure groups that influence and limit various orgs. and individuals in a given society

answer

Political Environment

question

Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors

answer

Cultural Environment

question

Fresh understandings of customers and the marketplace derived from marketing info that becomes the basis for creating customer value and relationships

answer

Customer Insights

question

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

answer

Marketing Information System (MIS)

question

3 ways Marketers can obtain the needed info

answer

-Internal data -Marketing intelligence -Marketing Research

question

Electronic collections of consumer and market info obtained from data sources w/i the company network

answer

Internal Data

question

Systematic collection and analysis of publicly available info about consumers, competitors, and developments in the marketing environment

answer

Competitive Marketing Intelligence

question

Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an org.

answer

Marketing Research

question

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

answer

Exploratory Research

question

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

answer

Descriptive Research

question

Marketing research to test hypothesis about cause-effect relationships

answer

Casual Research

question

4 steps of market research process

answer

-Defining problem and objectives -Develop plan -Implement plan -Interpret and report

question

Info that already exists somewhere thats collected for another purpose

answer

Secondary Data

question

Info collected for the specifac purpose at hand

answer

Primary Data

question

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

answer

Observational Research

question

Form of obervational research involves sending trained observers to watch and interact w/ consumers in their "natural env."

answer

Ethnographic Research

question

Gathering primary data by selecting matched groups of subjects, givin em diff. treatments, controlling related factors, and checking for differences in group responses

answer

Experimental Research

question

Small group of consumers who interact directly and informally w/ product designers w/o a focus group moderator present

answer

Immersion Groups

question

Segment of pop. selected for marketing research to represent the pop. as a whole

answer

Sample

question

Managing detailed info about the individual customers and carefully managing customer touch points to maximize customer loyalty

answer

Customer Relationship Management

question

Company-wide electronic data base of finely detailed customer info that needs to be sifted thru for gems

answer

Data Warehouse

question

Buying behavior of final consumers - individuals and households that buy goods and services for personal consumption

answer

Consumer Buyer Behavior

question

All the individuals and households that buy or acquire goods and services for personal consumption

answer

Consumer Market

question

Group of ppl w/ shared value systems based on common life experiences and situations

answer

Subculture

question

Person w/i a reference group who, bc of special skills, knowledge, personality, or other characteristics, exerts social influence on others

answer

Opinion Leader

question

Need that is sufficiently pressing to direct the person to seek satisfaction of the need

answer

Motive (drive)

question

4 major psychological factors that influence a person's buying choices:

answer

-Motivation -Perception -Learning -Beliefs/Attitudes

question

3 Perceptual Processes:

answer

-Selective Attention -Selective Distortion -Selective Retention

question

Person's consistently favourable or unfavourable evals, feelings, and tendencies twrd an object or idea

answer

Attitude

question

Consumer buying behavior in situations characterized by high involvement and significant perceived diffs among brands

answer

Complex Buying Behavior

question

Consumer buying behavior in situations characterized by high involvement but few perceived brand differences

answer

Dissonance-Reducing buying behavior

question

Consumer buying behavior in situations characterized by low involvement and few significantly perceived brand differences

answer

Habitual Buying Behavior

question

Consumer buying behavior in situations characterized by low involvement but significant perceived brand differences

answer

Variety Seeking Buying Behavior

question

4 types of buying behavior:

answer

-Complex -Variety-Seeking -Dissonance-reducing -Habitual

question

Buyer Decision process consists of 5 stages:

answer

-Need recognition -Info search -Eval. of alternatives -Purchase decision -Postpurchase behavior

question

Buyer discomfort caused by postpurchase conflict

answer

Cognitive Dissonance

question

5 stages in the process of adopting a new product:

answer

-Awareness - Interest - Evaluation -Trial -Adoption

question

Buying behavior of orgs. that buy goods and services for use in the production of other products and servies that are sold, rented, or supplied to others

answer

Business Buyer Behavior

question

Decision process by which business buyers determine which products and services their orgs. need to purchase and then find, evaluate, and choose among alt. suppliers and brands

answer

Business Buying Process

question

Business demand that ultimately comes from (derives from) the demand for consumer goods

answer

Derived Demand

question

Systematic development of ntwrks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

answer

Supplier Development

question

Biz. buying situation in which the buyer routinely reorders something w/o any modifications

answer

Straight Rebuy

question

Biz. buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

answer

Modified Rebuy

question

Biz. buying situation in which the buyer purchases a product or service for the first time

answer

New Task

question

3 major types of buying situations

answer

Straight Rebuy Modified Rebuy New Task

question

Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation

answer

Systems selling

question

All the individuals and units that play a role in the purchase decision-making process

answer

Buying Center

question

Members of the org. who will actually use the product

answer

Users

question

People in an orgs. buying center who help define specifications and also provide info for evaluating alts.

answer

Influencers

question

People in an orgs. buying center who make an actual purchase

answer

Buyers

question

People in an orgs. buying center who have formal or informal power to select or approve the final suppliers

answer

Deciders

question

People in an orgs. buying center who control the flow of info to others

answer

Gatekeepers

question

8 Stages of the buying Process

answer

-Problem recognition -General need description -Product specification -Supplier search -Proposal solicitation -Supplier selection -Order-Routine specification -Performance review

question

Stage of business buying process in which the buyer invites qualified suppliers to submit proposals

answer

Proposal Solicitation

question

Stage of business buying process in which buyer writes the final order w/ chosen supplier, listing the tech specs, quantity needed, expected time of delivery, return policies, and warranties

answer

Order-Routine Specification

question

Purchasing through electronic connections btwn buyers and sellers - usually online

answer

E-procurement

question

Schools, hospitals, etc that provide goods/services to people in their care; low budget, captive audience

answer

Institutional Market

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