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Definition
| is the coordination of marketing communication efforts to influence others attitude or behavior |
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| 4 things marketing communication do |
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Definition
1. informs the customer about new goods and services
2. Reminds consumers to continue using certain brands
3. persuades consumers to choose one brand over others
4. builds relationships with customers |
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| Traditional Forms of marketing communication |
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Definition
| advertising, sales promos, special events that public reltions officers run, sales presentations, direct marketing (telemarketing or home shopping) |
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| Integrated Marketing communication (IMC) |
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Definition
| a strategic business process that marketeres use to plan, develop, execute, and evaluate coordinated measurable, persuasive brand communication programs over time to targeted audiences. |
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the process whereby meaning is transferred from a source to a receiver
requires a source, a message, a medium, and a reciver |
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| is the process by which a source translates an idea into a form of communication that conveys the desired message. |
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| an organization or indivdual who sends a message |
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| the communication in physical form that goes from sender to receiver |
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| a communication vehicle through which a message is transmitted to a target audience. |
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| the person or org. that interprets the message |
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| the process by which a receiver assigns meaning to the message |
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| anything that interferes with effective communication |
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| receivers reactions to the message |
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| the major elements of marketer controlled communication, including advertising, sales, promotion, public relations, personal selling, and direct marketing |
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| The outcome a consumer seeks and which motivates their buying behavior. The thing that satisfies their want or need. Products and services provide a bundle of benefits together these are called the utility of the product or service. The attributes of the product provide the benefits. |
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| Properties of a product which makes them unique( different from the competitions product) and are therefor sought after (Nike swoosh) |
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| A name term, symbol that identifies one companies products and sets it apart from their competition. the thing that turns a commodity into a speciality and allows you to charge triple what the product is worth. |
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| the ability of a firm to outperfrom the competition and provide a unique benefit (competing based on cost operational quality, benefits) A similar term is distinctive competency |
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| ultimate user of a product or service. The consumer can be an individual, group, business, or the gov. |
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| Customer relationship management |
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Definition
| A marketing philosophy where marketing is seen as a process of building long term relationships with customers to keep them satisfied and coming back for more. CRM is implemented using computer systems that have databases of interactions. |
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| consumers desire for products coupled with the resources to obtain them. Marketers generating consumer desire though advertising isnt enough, the consumers must have disposable income. |
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| the properties about a product that sets it apart from competitors products by providing unique services. |
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| A superior capability of a firm in comparison to its direct competition. Another term for competitive advantage. |
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| sales of a product via the internet |
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| sales of a product using mobile phones |
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| process where a transfer of value is made between a buyer and a seller |
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| Lifetime value of customer (LVC) |
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Definition
| the actual amount of money you believe a consumer will spend on your product lines in their lifetime |
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| the total amount of consumers who share a common need that can be satisfied by a product, and habve the disposable income to make the purchase. Can be a mass market, regional etc. |
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| the location where the buying and selling takes place |
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| the way in which the target market perceives a product in comparison to similar products. |
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| a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. (organic, cat lovers) |
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| is an organization function and a set of processes for creating, communicating, and delivering cvalue (derived benefits) to customer. Marketing is the voice of the consumer within a company. |
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Definition
| a management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long term profitability. This is a continual and iterative process as a company better try to improve in this area daily. through marketing activities, companies don't just create products that are cool that create products that have a demand. |
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Definition
| Marketer must make many decisions to gain high ROI for a product. these 4 categories help organize business decisions. |
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Definition
| the product, service, idea, place or person that is for sale |
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| the value the consumer must pay |
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| where you provide your product for sale, these are called channels to the consumer |
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| a document that describes the marketing environment, outlines the marketing objectives and strategies and identifies the operational plan of who is doing what |
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| is all the possible consumers in a market regardless of the specific needs of any target group. |
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| segments of the mass market |
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Definition
characterized by engineering manufacturing orientation and the desire to make products as inexspensivley as possible. little to no choice is offered.
Marketing role was limited primarily to print ads, radio, billboards, and direct selling |
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Term
| Selling era (era of over production) |
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Definition
| characterized by mass marketing and the hard sell. Marketers focused on sales. Selling large amounts of products made rather than figuring out what it is the consumer wants |
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| Consumer Era (consumer input) |
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Definition
| marketing philosophy or identifying and satisfying customer needs |
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| New Era ( Era of mental manipulation) |
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Definition
Devotion to the 4 P's, birth of customer relationship management where a business tracks consumers and segments them, and tailors products to them.
Marketers realized that they could use psychology and socio-cultural knowledge to sell their brand of happiness. |
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Definition
Need
- human internal biological and psychological drives cause a person to recognize that a gap exists between consumers actual and desired state |
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Definition
| desire for a specific product to satisfy the need. the wants for specific products with specific bundles of attributes is culturally and socially influenced. |
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| occurs when the consumer has the money to fulfill their want. Summing demand across market segments is called market demand. |
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| ROI ( Return on Investment) |
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Definition
| Metric measurement of how much profit is being made on a product for the business owners (entrepreneurs and investors) |
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| intangible products which are experienced but never owned |
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| the concept that products and production must not hurt society and the environment |
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| buyers, sellers, investors in a company |
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| refers to the sum of the benefits of a product/service. the idea is to make the consumer thing they are receiving a great utility which can only be received through your product. Consumer is buying more than just a product, its a lifestyle |
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Definition
| a description of the benefits a customer will receive from buying a product or service. Every customer receives different value from the same product or service, some people will believe the product delivered great value, others will be overwhelmed |
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| the chain of organizational and inter-organizational activites involved in designing producing, marketing, delivering, and supporting any product. |
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| communicating the value to a consumer so that they believe it when they have consumed the product ( youll have fresh breath) |
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| Boston Consulting Group growth, market share matrix |
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Definition
| a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of a product (or SBU strategic business unit) to generate cash |
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Definition
| SBU's with products that have a dominant market share in high growth markets |
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Definition
| have a dominant market share in a low growth potential market. |
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| SBU's with low market share in fast growth markets. they are questionable as management must decide whether to apply resources to the SBU or the product |
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SBU's with small market share of a slow growth market. Businesses that offer specialized products in limited markets that are not likely to grow quickly.
- CEO's often sell dogs to other companies, or the dog might live on w/o product development.
- problem is that it can be expensive to keep dogs on the payroll. |
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Definition
| the general ongoing process of making decisions that guide the firm both in the short term (operational planning) and the long term (tatctical and strategic planning) |
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| A formal document that includes the decisions that guide the entire organization Can include all levels of management focus, strategic, tactical, and operational. Normally each functional department cerates their own plan which is approved by top mgmt |
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| The group of different products or brands owned by an organization and characterized by different income generating and growth capabilities. The portfolio concept was borrowed from finance. |
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| The uncontrollable elements outside an organization that may affect its performance either positively or negatively. For example, macroeconomic forces, demographic changes, and population migration changes. |
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| a decision process that concentrates on developing strategic, tactical, and detailed operation plans for one functional department. |
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Definition
| Market penetration strategies, market development strategies, product development, diversification |
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| market penetration strategies |
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Definition
| seek to increase sales of existing products to existing targets or geographic markets that is already being served, just use new packaging |
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Definition
| introduce existing products to new geographic/target markets |
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| focus on selling new products in currently served markets |
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| Diversification strategies |
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Definition
| new products into new markets |
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Definition
| the controllable elements inside an organization, people, facilities, and how it does things that influence the operations of the organization. |
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Definition
| A written document that describes the marketing environment, outlines the marketing strategy (5-year plan) and objectives, current tactical (1-year plan), and operational (daily/weekly) plans. It also identifies who will be responsible for carrying out each part of the plan |
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Definition
| A formal paragraph in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources. |
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| Business process that focuses on developing detailed plans for day to day activities that carry out organizational functional plans (the plans for each functional department such as manufacturing, engineering, IT, etc) |
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Definition
| Written directions that focus on the day to day execution of the (marketing plan). These include deatiled directions for the specific activities to be carried out, who will be responsible for them and the time lines for accomplishing them |
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Definition
| A management tool for evaluating a firms business mix ( like financiers evaluating a portfolio of assets like stocks and bonds) and assessing the potential of an organizations strategic business units. BCG model is just one way to implement this. |
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| Return on Marketing Investment (ROMI) |
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Definition
| metric which measures how an investment in marketing has an impact on the firms success, financial and otherwise. |
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Definition
| an assessment of a firms internal and external environments |
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Definition
Individual sections within a firm that operate like separate businesses, with each having its own mission, business objectives, resources, managers, and competitors.
ex. Disney land, disney cruises, disney movies |
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Definition
| A managerial decision process that matches an organizations resources and capabilities to its marketing opportunities for long term growth and survival. Strategic plans are extensive and are also codified down to the mission statement |
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Definition
| an analysis of an organizations strengths and weaknesses, opportunities and threats in its external environment. Smart business people regularly perform this analysis on their own portfolios and career. |
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Definition
a research technique that manipulates factors (called treatments or independent variables) to understand if the factors (e.g. price, time of day, discount rate) affects a dependent outcome (variable) like sales,
ex. how much does sales zip codes #'s change as the product ids discounted. |
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Definition
| an exploratory research technique which consists of a one on one discussion between a consumer and a researcher. Strengths are that the questions can be free flowing and in depth |
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Definition
| a non probability sample composed of people that are conveniently available when and where the data is being collected |
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| a type of descriptive research technique that is used to gather primary data. It involves the systematic collection of quantitative information at one point in time, rather than over time. |
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| probes systematically into a problem ( the research question) and bases it conclusions on large numbers of observations. So first do some exploratory research then you follow it up with some more formal descriptive research |
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Definition
research technique that tests pre specified relationships among variables in controlled environment. For example, consumer reactions to different software interfaces are examined to discover whcih screen interface is received best. Type of casual research where a factor is manipulated and the researchers can measure any effects on an important outcome variable. Most excellent and useful to isolate and explore the effect of factors.
for example if the packaging is changed and nothing else and the sales are up t |
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Definition
| A research technique that marketers use to generate insights for future more rigorous studies. Are low cost, quick, and easy |
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| a detailed report based on observations of people (target market) in their own home or communities and how they use the product of produt categor in question. Researchers live w/ the subjects |
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| a group of similar consumers in the same target market is paid to meet and discuss a vendors product or service. Discussion is centered around the 4 p's. A trained facilitator leads the discussion |
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Definition
a research technique that tracks the responses of the same sample of respondents over time.
For example, a researcher can survey a focus groups experience of an automobile or vitamin drink over time |
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Definition
| a data gathering technique where researchers talk to shoppers in shopping or public areas and ask them to fill out survey. |
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| Marketing decision support system |
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Definition
the data and interactive analysis software that allow managers to conduct analyses and create the information they need from mountains of transaction data
The people, data software and equipment provide regular reports that marketing managers need to spot trends, problem areas, successes.
For example, how do you know if you new promotional campaign has a high ROI |
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| Marketing information system |
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Definition
| A marketing information system is continuing and interacting structure of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute pertinent timely accurate information for use by marketing decision makers to improve their marketing planning, implementation, and control. Typically computer based |
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Definition
a method by which marketers get general information about everyday happenings in the marketing environment. Much of the activity includes gaining info about competitors, either through blogs, website content, mystery shopping or industrial espionage.
The process of collecting, analyzing, and interpreting information about customers, competitors, and the business environment in order to improve marketing effectiveness. To reduce risk marketers perform consumer-based research (often just talk to or survey consumers in the target market). |
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Definition
to better understand their environment and target market, firms perfrom marketing research and either ask questions (survey, or focus group) manipulate factors, or observe.
The idea is to be proactie and use the results of market research. to make business decisions based on facts |
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Definition
research that is conducted to gather new data that helps in making a specific decision. Data can be either gathered by the researcher or the firm can hire companies to do it.
General types of primary include: exploratory, descriptive, and casual |
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Definition
In a non-probabilty sample the researcher just used their personal judgement when selecting respondents.
more scientific rigorous appraoch is used and every member of the population has a chance of being included. |
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A test that marketers use to explore peoples underlying feelings about a product; which especially appropriate when consumers are unable or unwilling to express their true reactions.
ex. sentence completion, role playing, word association, draw me a picture of... |
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Definition
| the extent to which research measurement are free of errors and are understood by the research respondents. |
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| the extent to which consumers in a study are similar to a larger group in which the organization has an interest. Usually the results from a sample are only representative of other people in the same sampling population. |
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| a written research plan that specifies what information marketers will collect in a research study and what type of study they will do. |
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| The process of selecting respondents for a study. |
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| reuses the data from primary research. Collected from some prior reason other than the current research question |
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Definition
expensive research reports by firms that collect data and sell the results in forms of reports.
ex. industry reports, country reports industry outlook, product category reports |
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Definition
research method that uses traces of evidence to analyze consumer behavior.
ex. looking at a persons garbage, refrigerator or pantry checks |
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Definition
| the extent to whcih research method actually measure what it was intended to measure. |
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| the feeling component of attitudes, which refers to the general emotional response a person has for a product or branded product. |
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Definition
| a learned predisposition to respond favorably or unfavorably to stimuli based on prior experiences |
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Definition
| a pattern of repeat consumer purchases from the same vendor, based on overall attitude or beliefs of the items superiority. |
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| a means of performing marketing research by tracking consumer movements in/out of and around a company's website. |
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Definition
the knowing component of attitudes.
Refers to the beliefs or knowledge a person has about a product, category or brand. |
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Definition
the anxiety or regret a consumer may have after they choose a product from the evoked set.
Did i make the best choice, smart vendors will follow up and tell them yes |
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Definition
| when individuals or groups select, purchase, use and dispose of goods & services to satisfy their needs |
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| Consumer Decision Making CDM |
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Definition
depiction of how consumers make purchases. It has the following steps
1. Problem recognition
2. information search
3. product evaluation
4. purchase and post purchase activities |
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Definition
| the overall feelings or attitude a person has about a product after they purchase and consume it. If there is a gap between actual and expected satisfaction the consumer is unhappy |
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| the values, beliefs, customs, tastes, valued by a group of people. Marketers study culture as it affects how consumers make decisions across countries |
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Definition
| the step in in the consumer decision process after information search has been completed and the consideration set(the alternatives that will be considered for purchase) is decided. Consumer compares the different product/service choices using the evaluatative criteria using the information gained in the information search step of the cdm. |
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Definition
| the dimensions used by consumer to compare competing product alternatives. |
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Definition
the list of potential solutions which a consumer cosiders when making their purchase decision.
Ex. out of all the cars available you may choose amongst 3-5 different cars |
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| the set of stages of life through which we progress |
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mental short cut rules that simplify consumer decisions, and help make decisions quickly.
ex. higher price=higher quality |
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| An approach that categorizes motives according to five levels of importance, more basic needs on the bottom, higher cognitive ones on top |
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Definition
| the process whereby a consumer searches for appropriate information to make a reasonable decision. Starts internally then moves external |
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| either temporary (situational) or long lasting (enduring) interest that a consumer has for a brand or product category |
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| relatively permanent change in behavior caused by new information or experiences. |
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| the pattern of living that determines how people choose to spend their time, money and energy and reflects their values, tastes, and preferences |
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| an internal state that drives us to satisfy needs by activating goal oriented behavior |
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| The assessment of the potential danger the consumer would be exposed to if they purchased a product. measured in terms of loss of money, ego, pride etc. |
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| The process by wichh people select, organize and interpret information from the outside world. |
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Definition
| the process that occurs whenever the consumer identifies a gap between their current and desired state. Stars up CDM process |
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Definition
| the set of activities, interests, and opinions which are used to form groups. |
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| the people who you identify with an lean on when making decisions |
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Definition
| how the consumer perceives themselves. composed of beliefs, observations and feelings |
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Definition
| a product or service which sends a message to others, perhaps that the consumer is affluent. |
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Definition
| hidden messages in vendor messages. |
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| Theory of Planned Behavior |
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Definition
| the most famous model of how consumers form decisions whether to use a product. Suggest that consumers base purchases on internal attitude, social influences, and facilitating conditions (do they have the money or the time) |
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