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Definition
| the process of creating, distributing, promoting, and pricing goods and services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders inna dynamic environment. |
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| What is the Managerial Approach? |
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Definition
| Sometimes know as a strategic marketing approach. |
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Definition
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| Marketing decisions variables |
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Definition
| Product-price, distribution And promotion |
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| a management philosophy that guidesnan organizations overall activities toward satisfying customers' needs through a coordinated set of activities that allows the organization to achieve it's goals |
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| Basic Components of the Marketing Concept |
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Definition
| 1. What customers want 2. Product mix 3. Do it in a way in which it helps organization achieves it goals. |
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| What are the major forces in the marketing environment? |
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Definition
| * Competitive * Economic * Political * Legal and regulatory * Technological * Socicultural |
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| Why must marketers analyze marketing environment forces |
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Definition
| * Affect current decision making * Affect the consequences of previous marketing decisions |
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| How do organizations respond to marketing environment? |
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Definition
| * Passive--reactive * Proactive--and org trying to change to culture. |
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| What issues or dimensions are associated with environmental forces? |
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Definition
| * Competitive forces * competitive market structure * competitive tools * Economic forces * general economic conditions * buying power * willingness to spend * Political forces * what and who are they? * why are they important? * influence by contrubting to campaigns, lonbyist * Legal and regulatory forces * Laws/provisions * Interpretation of the laws * Regulation |
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| * Effects cut both ways. Ex. Film to digital photography * Adoption and use |
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* Demographics *
1. South shifting population
2. Browning of America
3. Intermarriage increase
4. Graying of America
5. Gender shift
6. More grandparent-headed households
* Diversity * Cultural values * consumer issues |
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Term
| Do business ethics differ from personal ethics? |
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Definition
| Yes, because your personal ethics may not be cast enough for a business setting. |
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| What are some of the ethical issues in business? |
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Definition
| Sources of ethical issues: The way business treat customers, employees,and each other. |
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| What determines ethical behavior in an organization? |
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Definition
| Individual factors. Social factors. Opportunity. |
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| Factors most likely to cause unethical workplace behaviors |
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Definition
| 1.Pressure from management to meet unrealistic business objectives and deadlines 2. Desire to further ones career 3. Desire to protest ones livelihood 4. Working in an environment with cynicism or diminished morale. 5. Improper training 6. ????? |
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Definition
| how much rope younare given in an organization to behave ethically or non ethically. |
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Term
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Definition
| aggregate of peoplewho, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority ton purchase such products. |
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Term
| A marketing strategy is the |
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Definition
| selection and analysis of a target market and the creation and maintenance of an appropriate marketing mix that will satisfy those people. |
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| Market segmentation is the |
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Definition
| process of dividing the total market into market segments or groups co siting of people who have relatively similar products. |
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| Requirements for effective use of market segmentation |
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Definition
| 1. Relevancy 2. Measurably 3. Accessibility 4. Sustainability |
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| What characteristics are used to segment market? |
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Definition
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Definition
| The decision processes and acts of individuals involved in buying and using products. |
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| Why do we study buyer behavior? |
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Definition
| Ton understand what factors influence why and how people buy things. |
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| Perception is the process of |
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Definition
| selecting, organizing, and interpreting information inputs to produce meaning. |
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Definition
| Physical Surroundings Social Surroundings Time Purchase reason Buyer's mood and condition |
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| What are the major variables that affect buying behavior? |
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Definition
| Situational Psychological Social |
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| Psychological Influences are |
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Definition
| Perception Motives Learning Attitudes personality & Self Confidence Lifestyle |
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| Major components of the perceptual process |
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Definition
| 1. Perceptual selection 2. Perceptual organization 3. Perceptual interpretation |
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| Motives are internal driving forces |
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Definition
| * People strive for mental balance. * People try to enhance the image they have of themselves. (self image) * A person has a certain number of different levels of motives. And they clime them in order(hierarchical theories) |
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Definition
| * Non aided recall * Aided recall * Recognition recall |
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Definition
| Roles Family Reference groups Opinion leaders Social Classes Cultural and subcultures |
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| Maslow's 5 Hierarchy of Needs (Top to Bottom) |
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Definition
| Self-Actualization Esteem Social Safety Physiological |
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Term
| American Marketing Association (AMA) defines |
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Definition
| marketing as the activity of istitutions and processes for creating, communicating, delivering, and exchange offering that have vealue for customer, clients, partners, and society at large. |
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Definition
| the group of customers on which marketing efforts are focused, big or small groups of people. Example Nike focuses on different groups per shoe. |
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Definition
a good- physical entity you can touch, service, or idea – concepts, philosophies, images and issues .
Note: the actual manufacturing of physical good is not a marketing activity.
- Product variable decisions and related activites are important because they are directly involved in creating products that address customers’ needs and wants. |
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Term
| The distribution variable is meant to |
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Definition
| To satisfy customers, products must be available at the right time and through convenient distribution methods. |
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Term
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Definition
| relates to activities used to inform individuals or groups about the organization and its products , Can be used to educate customers or people to take a stance on a political or social issue, also used to help sustain intrest in established products that have been around for decades. |
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Definition
The price variable relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices. Price is important because customers are concerned about the value obtained in an exchange
- Pricing is often used as a competitive tool.
- The marketing mix variables are often viewed as controllable because they can be modified. However there are limits the economic, government, and competition factors may prevent mangers from adjusting prices. |
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Definition
the competitive, economic, political, legal, and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
- Environmental forces can create threats to marketers but they can also generate opportunities. |
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| Implementing the marketing concept |
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Definition
First – establish an Info system to discover customers real needs and use to create product.
- Must have info system to be market oriented. |
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Term
| Profits can be obtained through relationships by |
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Definition
1. Acquiring new customers
2. Enhancing the profitability of existing customers
3. Extending the duration of customer relationships |
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Term
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Definition
| An open aggriagated group of people with similar social ranking |
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| Customer-centric marketing: |
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Definition
| developing collaborative relationships with customers based on focusing on their individual needs and concerns = sense and respond approach rather than produce and sell approach. |
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| Customer relationship marketing |
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Definition
using information about customers to create marketing strategies that develop and sustain desirable customer relationships – marketers are turning to IT to help build long term customer relationships.
- Managing customer relationships requires identifying patterns of buying behavior and then using that information to focus on the most promising and profitable customers.
- CRM provides a strategic link between information technology and marketing efforts to foster relationships with customers. |
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Term
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Definition
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchange effectively and efficiently
- Effectiveness – is the degree of which an exchange helps achieve organizations objectives.
- Efficiency – minimizing the resources an organization must spend to achieve a specific level of desired exchange.
- Planning determines when and how marketing activities are performed and who performs them |
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Definition
| a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment |
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Term
| How do organizations respond to marketing environment forces? |
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Definition
Passive – reactive (Kill organizations) – Organization views market as uncontrollable.they adjust to changes in the market rather than influence them.
Proactive – Organizations try to influence environment. (example: something about day lights savings time, Coalition of companies got together to change time, companies sold outdoor merchandise, wanted people out side more time during the year) |
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Term
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Definition
Undifferentiated – aim single marketing mix at everyone (people’s needs are the same)
o Concentrated- through market segmentation “aim at part of market Part A of a segmented market of A B C
o Differentiated – through market segmentation use multiple marketing mixs ( 2 mixes amid at markets A & B of A B C |
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| What characteristics are used to segment markets? |
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Definition
Demographic –age, race, ethnicity, income, education, occupation, family size, religion, social class
• Geographic – (video on dodge Durango) region, urban, suburban, city size, country size, state size, market density, climate terrain
• Psychographic – personality attributes, motives, life styles (activities, interests), teach people to be decisive, independent, (Budlight Video)
• Behavioristic – (Iced over car Video for State Oil Co.) end use, benefit expectations, brand loyalty, price sensitivity |
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Term
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Definition
the process of collecting information about forces in the marketing environment to monitor changes.
- The internet has become a popular scanning tool. |
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Term
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Definition
| the process of assessing and interpreting the information gathered through environmental scanning, in particular it can help marketing managers assess the performance of current marketing efforts and devlop future marketing strategies. |
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Term
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Definition
Competition: other organizations that market products that is similar to or can be substituted for a marketer’s products in the same geographic area
Brand competitors: firms that market products with similar features and benefits to the same customers at similar prices
Product competitors: firms that compete in the same product class but market products with different features, benefits, and prices
Generic competitors: firms that provide very different products that solve the same problem or satisfy the same basic customer need
Total budget competitors: firms that compete for the limited financial resources of the same customers |
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Term
| Types of competitive forces |
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Definition
Monopoly: a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
Oligopoly: a competitive structure in which a few sellers control the supply of a large proportion of a product
Monopolistic competition: a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products
Sherman Antitrust Act – prevent monopolizing trade.
Pure competition: a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply |
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Term
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Definition
Business cycle: a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
Prosperity: a stage of business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)
Recession: a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
Depression: a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy
Recovery: a stage of the business cycle in which the economy moves from recession or depression toward prosperity |
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Definition
Buying power: resources, such as money, goods, and services, that can be traded in an exchange
Income: for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
Disposable income: after-tax income
Discretionary income: disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter
Credit enables people to spend future income now or in the near future, it increases current buying power at the expense of the future buying power.
Wealth: the accumulation of past income, natural resources, and financial resources
Willingness to spend: an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
Factors that affect people’s willingness to spend are expectations of future employment, income levels, prices, family size, and general economic conditions. |
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Definition
| an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling |
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Definition
| a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms (self-regulatory group to help prevent government or law enforcement) |
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| National advertising review board |
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Definition
| a self-regulatory unit that considers challenges to issues rasied by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement |
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Definition
| an organization’s obligations to maximize its positive impact and minimize its negative impact on society |
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Definition
| the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders |
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Definition
| an arrangement unique to business marketing in which two organizations agree to buy from each other |
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Definition
| an organization’s initial purchase of an item to be used to perform a new job or solve a new problem |
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Definition
| a routine purchase of the same products under approximately the same terms of sale by a business buyer |
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Term
| a routine purchase of the same products under approximately the same terms of sale by a business buyer |
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Definition
| a new-task purchase that is changed on subsequent order or when the requirements of a straight rebuy purchase are modified |
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Definition
| demand for business products that stems from demand for consumer products |
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Definition
demand that is not significantly altered by a price increase or decrease
Join demand- demand involving the use of two or more items in combination to product a product |
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Term
| North American Industry Classification System (NAICS)- |
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Definition
| an industry classification system that generates comparable statistics among the United States, Canada, and Mexico |
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Definition
| information that identifies what types of industries purchase the products of a particular industry |
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Definition
| a buyer’s doubts shortly after a purchase about whether the decision was the right now |
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Definition
| influences that result from circumstances, time, and location that affect the consumer buying decision process |
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Definition
| - factors that in part determine people’s general behavior, thus influencing their behavior as consumers |
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Definition
| remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not |
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Definition
| motives that influence where a person purchases products on a regular basis |
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| motives that influence where a person purchases products on a regular basis |
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Definition
| : a strategy in which an organization designs a single marketing mix and directs it at the entire market for a particular product |
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Definition
| a market in which a large proportion of customers have similar needs for a product |
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Definition
| a market made up of individuals or organizations with diverse needs for products in a specific product class |
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Definition
| an approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets |
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Definition
| measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it |
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Definition
| measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered |
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Term
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Definition
| Procedures in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts |
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