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Definition
| process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment |
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Definition
| the purchasers of organizations' products; the focal point of all marketing activities |
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Definition
| the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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Definition
| a specific group of customers on whom an organization focuses its marketing efforts |
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Definition
| four marketing activities: product, pricing, distribution, and promotion: that a firm can control to meet the needs of customers within its target market |
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Definition
| a good, a service, or an idea |
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Definition
| the provision or transfer of goods, services, or ideas in return for something of value |
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Term
| four conditions that must exist for an exchange to take place |
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Definition
1) two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires
2) the exchange should provide a benefit or satisfaction to both parties involved in the transaction
3) each party must have confidence in the promise of the "something of value" held by the other
4) parties to the exchange must meet expectations to build trust |
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Definition
| constituents who have a stake or claim in some aspect of a company's products, operations, markets, industry, and outcomes |
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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 |
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Definition
| a managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals |
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| evolution of the marketing concept (phases in history) |
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Definition
| production orientation, sales orientation, marketing orientation |
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Term
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Definition
| 2nd half of 19th century; industrial revolution; demand for manufactured goods was strong; mass production |
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Definition
| 1920 to 1950s; view that sales were major means of increasing profits; personal selling, advertising, distribution |
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Definition
| first determine what customers want then produce those products; early 1950s to now |
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Definition
| organizationwide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it |
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Definition
| an organization wide commitment to researching and responding to customer needs |
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Definition
| establishing long term, mutually satisfying buyer seller relationships |
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| customer relationship management (CRM) |
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Definition
| using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
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Definition
| a customer's subjective assessment of benefits relative to costs in determining the worth of a product |
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Definition
| process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently |
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Term
| effectiveness (important dimension of marketing management) |
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Definition
| the degree to which an exchange helps to achieve an organization's objectives |
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| efficiency (important to marketing management) |
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Definition
| minimizing the resources an organization must spend to achieve a specific level of desired exchanges |
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| importance of marketing in our global economy |
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Definition
| marketing costs consume a sizable portion of buyers' dollars; marketing is used in nonprofit organizations; marketing is important to businesses; marketing fuels our global economy; enhances consumer awareness; connects ppl through technology; socially responsible marketing can promote the welfare of customers and stakeholders |
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Term
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Definition
| process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan |
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Definition
| a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
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Definition
| a written document that specifies the activities to be performed to implement and control an organization's marketing activities |
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| things a firm does extremely well, which sometimes give it an advantage over its competition |
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Definition
| a combination of circumstances and timing that permits an organization to take action to reach a target market |
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Definition
| temporary periods of optimal fit between the key requirements of a market and a firm's capabilities |
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Definition
| the result of a company's matching a core competency to opportunities in the market place |
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Definition
| a tool that marketers use to asses an organization's strengths, weaknesses, opportunities, and threats |
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Definition
| conditions or barriers that may prevent the firm from reaching its objectives |
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Definition
| a long term view of what the organization wants to become |
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Definition
| statement of what is to be accomplished through marketing activities |
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Definition
| a strategy that determines the mans for using resources in the various functional areas to reach the organization's goals |
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Term
| strategic business unity (SBU) |
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Definition
| a division, product line, or other profit center within a parent company |
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Definition
| a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products |
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Definition
| the percentage of a market that actually buys a specific product from a particular company |
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Term
| market growth/market share matrix |
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Definition
| a strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining marketing strategy |
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Definition
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| divisions of BCG growth share matrix |
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Definition
| star, question mark, cash cow, dog |
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Definition
| products with a dominant share of the market and good prospects for growth |
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Definition
| use more cash than they generate to finance growth, add capacity, and increase market share |
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| high relative market share, high product market growth |
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| dominant share of the market but low prospects for growth; generate more cash than required to maintain market share |
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| high relative market share, low product market growth |
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Definition
| subordinate share of the market and low prospects for growth; found in established markets |
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| question marks, "problem children" |
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Definition
| small share of a growing market and generally require a large amount of cash to build market share |
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Definition
| low relative market share, low product market growth |
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Definition
| low relative market share, high product market growth |
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Term
| sustainable competitive advantage |
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Definition
| an advantage that the competition cannot copy |
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Term
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Definition
| the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program |
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Term
| marketing implementation: |
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Definition
| the process of putting marketing strategies into action |
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Definition
| the strategy the company decides on during the planning phase |
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Definition
| the strategy that actually takes place |
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| individuals who patronize a busienss |
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Definition
| coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers |
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Definition
| a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality |
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Definition
| comparing the quality of the firm's goods, services, or processes with that of the best performing competitors |
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Definition
| giving customer-contact employees authority and responsibility to make marketing decisions on their own |
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Definition
| a structure in which top management delegates little authority to level below it |
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Term
| decentralized organization |
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Definition
| a structure in which decision making authority is delegated as far down the chain of command as possible |
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| marketing control process |
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Definition
| establishing performance standards and trying to match actual performance to those standards |
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Definition
| an expected level of performance |
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Definition
| the process of collecting information about forces in the marketing environment |
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Definition
| the process of assessing and interpreting the information gathered thru environmental scanning |
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Definition
| other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area |
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Definition
| firms that market products with similar features and benefits to the same customers at similar prices |
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Term
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Definition
| firms that compete in the same product class but market products with different features, benefits, and prices |
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Definition
| firms that provide very different products that solve the same problem or satisfy the same basic customer need |
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| firms that compete for the limited financial resources of the same customers |
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Definition
| a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply |
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Term
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Definition
| a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product |
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Definition
| a competitive structure in which a few sellers control the supply of a large proportion of a product |
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Term
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Definition
| a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply |
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Definition
| resources, such as money, goods, and services, than can be traded in an exchange |
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Definition
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Definition
| disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing and shelter |
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Definition
| an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces |
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Definition
| a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery |
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Term
| federal trade commission (FTC) |
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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 local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms |
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Term
| national advertising review board (narb) |
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Definition
| A SELF REGULATORY UNIT that considers challenges to issues raised by the national advertising division (an arm of the council of better business bureaus) about an advertisement |
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Definition
| the application of knowledge and tools to solve problems and perform tasks more efficiently |
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Definition
| managers try to foresee the effects of new products and processes on their firms' operation, on other business organizations, and on society in general |
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Definition
| the influences in a society and its culture(s) that change ppl's attitudes, beliefs, norms, customs, and lifestyle |
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Definition
| an organization's obligation 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
| principles and standards that define acceptable marketing conduct as determined by various stakeholders |
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Definition
| an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical |
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| two major categories of social responsibility issues |
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Definition
| natural environment, consumerism |
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Term
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Definition
| the practice of linking products to a particular social cause on an ongoing or short term basis |
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Term
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Definition
| the synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits |
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Definition
| organized efforts by individuals, groups, and organizations to protect consumers' rights |
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Definition
| formalized rules and standards that describe what the company expects of its employees |
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| Kennedy's four basic rights in consumer bill of rights |
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Definition
| right to safety, right to be informed, right to choose, right to be heard |
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Definition
| purchasers and household members who intend to consumer or benefit from the purchased products and do not buy products to make profits |
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Definition
| individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations |
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Term
| undifferentiated targeting strategy |
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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
| markets made up of individuals or organizations with diverse needs for products in a specific product class |
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Definition
| the process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs |
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Definition
| individuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needs |
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Term
| concentrated targeting strategy |
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Definition
| a strategy in which an organization targets a single market segment using one marketing mix |
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Term
| differentiated targeting strategy |
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Definition
| a strategy in which an organization targets two or more segments by developing a marketing mix for each |
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Definition
| characteristics of individuals, groups, or organizations used to divide a market into segments |
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Definition
| the number of potential customers within a unit of land area |
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| geodemographic segmentation |
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Definition
| market segmentation that clusters ppl in zip code areas and smaller neighborhood units based on lifestyle and demographic information |
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Definition
| an approach to market segmentation in which organizations focus precise marketing efforts on very small geodemographic markets |
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Definition
| the division of a market according to benefits that customers want from the product |
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Definition
| the total amount of a product that customers will purchase within a specified period at a specific level of industry wide marketing activity |
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Definition
| the maximum percentage of market potential that an individual firm can expect to obtain for a specific product |
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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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Term
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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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Definition
| the amount of a product a company expects to sell during a specific period at a specified level of marketing activities |
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Term
| common forecasting techniques |
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Definition
| executive judgment, surveys, time series analysis, regression analysis, market tests |
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Definition
| sales forecasting based on the intuition of one or more executives |
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| customer forecasting survey |
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Definition
| a survey of customers regarding the types and quantities of products they intend to buy during a specific period |
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Term
| sales force forecasting survey |
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Definition
| a survey of a firm's sales force regarding anticipated sales in their territories for a specified period |
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| experts forecasting survey |
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Definition
| sales forecasts prepared by experts such as economists, management consultants, advertising executives, college professors, or other persons outside the firm |
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Definition
| a procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts |
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Definition
| a forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses; works well for products with STABLE demand |
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Definition
| an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales |
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Definition
| an analysis of sales figures for a period of three to five years to ascertain whether sales fluctuate in a consistent, periodic manner |
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Definition
| an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales |
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Definition
| an analysis attempting to attribute erratic sales variation to random, non recurrent events |
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Definition
| a method of predicting sales based on finding a relationship between past sales and one or more variables, such as population or income; however it is futile for forecasting sales of new products |
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Definition
| making a product available to buyers in one or more test areas and measuring purchases and consumer responses |
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