Term
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Definition
Process through which organization develops a set of activities to
* create values for its customers and
*build long-term customer relationships |
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* Understand customers' needs and wants
* satisfying their needs and wants throughout their lifetimes |
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needs: physical (food, shelter) social (belonging and affection) individual (knowledge and self-expression)
wants: shape needs take depending on culture, personality, etc. |
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| Anticipate and fulfill needs ahead of the competitors |
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Definition
uncontrollable factors:
* social
* technological
* economic
* competitive
* regulatory |
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| Requirements for marketing to occur |
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Definition
* parties with unsatisfied needs
* desire and ability to be satisfied
* way to communicate
* something to exchange |
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Definition
| people with desire and ability to purchase item |
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Term
| 4P's (controllable marketing mix) |
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Definition
* Product
* Price
* Place
* Promotion |
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Term
| Evolution of market orientation |
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Definition
* Production Era ( - 1930s)
* Sales Era (1920s - 1970s)
* Marketing Concept Era (1960s - late 1990s)
* Customer Relationship Era (customer experience, customer relationship management) |
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Term
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Definition
| satisfy needs of consumers in way that provides for society's well-being |
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Term
| Ways that consumers can benefit |
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Definition
* form utility
* time utility
* place utility
* possession utility |
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Term
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Definition
* Corporate level: directs overall strategy for organization
* business unit level: markets set of related offerings to a clearly defined group of customers ; direction for products and markets
* functional level: actually create value for organization (marketing, manufacturing, finance, HR) |
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Term
| Business Portfolio Analysis (BPG) |
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Definition
market growth rate and relative market share
*Stars High MGR,MS
* Cash cows low MGR, high MS
* Questions Marks high MGR, low MS
* Dogs: low MS, low MGR |
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Term
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Definition
Current market, current product: market penetration: sell more mp3 players in Asia
Current Market, New Product: product development (new product)
New Market, Current Product: market development (tv sets in Africa)
New Market, New Product: diversification (new product, such as child's clothing in Africa) |
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Term
| Strategic Marketing Process (1) |
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Definition
| Situation Analysis: SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) |
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Term
| Strategic Marketing Process (2) |
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Definition
Market-Product Focus and Goal Setting:
* set marketing and product goals
* select target markets
* find points of difference
* position the product |
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Term
| Strategic Marketing Process (3) |
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Definition
Marketing Program:
* Product strategy
* Price strategy
* Promotion strategy
* Place (distribution) strategy |
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Definition
* Obtain resources
* design marketing organization
* developing schedules
* execute marketing program |
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Definition
| for trends and threats (age, number, demographics of coffee drinkers) |
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Definition
discretionary - after taxes and necessities
disposable - after taxes, for necessities |
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Definition
| every company selling similar product |
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Definition
| sellers competing with products on substitutable basic (coffee and tea) |
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Term
| Purchase decision process |
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Definition
| problem -> info search -> alt. evaluation -> purchase decision -> post-purchase behavior |
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Term
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Definition
| post-purchase psychological tension or anxiety (did I purchase the right one?) |
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Term
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Definition
| how involved in searching (more in big-budget items) determines how many brands, attributes, how much time searching |
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Term
| Variations of consumer purchase decision process |
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Definition
depends on level of involvement: significance of purchase
1) routine: ID problem, make decision
2) limited: seek info from friends, etc.
3) extended: ID problem, seek info, alternative evaluation, decision, post-consumer behavior |
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Term
| Major psychological influences on consumers |
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Definition
motivation: stimulates behavior to satisfy need
perception: how select, organize, and interpret info
Learned behavior: repeated experiences, reasoning
brand loyalty
Lifestyle may dictate how people spend their time and resources
values, beliefs, attitudes |
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Term
| Major sociological influences |
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Definition
personal influence, reference groups, opinion leadership, word-of-mouth, family influences
social class |
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Term
| VALS classification system |
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Definition
| eight consumer segments depending on: motivation for buying and having products, and resources |
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for info about changes to interpret consumer trends
social, technological, regulatory, economic, competitive |
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| Ex: fewer differences between male and female consumer behavior, generation x and y, structure of asian household |
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| Strong relationship between consumers' expectations about economy and spending |
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| Changes in technology can 1) replace existing products 2)can reduce cost of products 3) how buy products (eBay, Internet) |
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| Regulatory: ensure competitive marketplace, protect companies (pricing and distribution laws, trademarks, copyright) |
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