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Chap 1, 3-5
Marketing Process, Marketplace, and Customer Value
88
Marketing
Undergraduate 2
09/16/2014

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Cards

Term
marketing
Definition
process which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Term
needs
Definition
states of felt deprivation
Term
wants
Definition
shaped by culture and personality
Term
demands
Definition
wants backed by buying power
Term
market offerings
Definition
combo of products, services, info, or experiences offered to a market to satisfy a need/want
Term
marketing myopia
Definition
mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Term
exchange
Definition
act of obtaining a desired object from someone by offering something in return
Term
market
Definition
set of all actual and potential buyers of a product/service
Term
marketing mgmt
Definition
art/science of choosing target markets and building profitable relationships with them
Term
product concept
Definition
idea that consumers will favor products that are available and highly affordable; therefore, the org should focus on improving production and distribution efficiency
Term
selling concept
Definition
idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
Term
marketing concept
Definition
philosophy in which achieving org goals depends on knowing the needs/wants of target markets and delivering the desired satisfactions better than competitors do
Term
societal marketing concept
Definition
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
Term
marketing mix
Definition
set of marketing tools the firm uses to implement marketing strategy; product, price, place, and promotion
Term
customer relationship mgmt
Definition
overall process of building and maintaining profitable customer relationships by delivering superior customer value/satisfaction
Term
customer-perceived value
Definition
customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
Term
customer satisfaction
Definition
extent to which a product's perceived performance matches a buyer's expectations
Term
customer-engagement marketing
Definition
making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand convos, experiences, and community
Term
consumer-generated marketing
Definition
brand exchanges created by consumers themselves, both invited/uninvited, by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers
Term
partner relationship mgmt
Definition
working closely with partners in other company departments and outside the company to jointly bring greater value to customers
Term
customer lifetime value
Definition
value of the entire stream of purchases a customer makes over a lifetime of patronage
Term
share of customer
Definition
portion of the customer's purchasing that a company gets in its product categories
Term
customer equity
Definition
total combined customer lifetime values of all of the company's customers
Term
butterflies
Definition
potentially profitable but not loyal
Term
true friends
Definition
profitable and loyal
Term
barnacles
Definition
highly loyal buy not profitable
Term
digital and social media marketing
Definition
using digital marketing tools such as web sites, social media, mobile apps, online videos, email, that engage consumers via their digital devices
Term
marketing environment
Definition
actors and forces outside marketing that affect marketing mgmts. ability to build and maintain successful relationships with target customers
Term
microenvironment
Definition
actors close to the company that affect its ability to serve its customers; the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Term
macroenvironment
Definition
larger societal forces that affect the microenvironment; demographic, economic, natural, technological, political, and cultural forces
Term
marketing intermediaries
Definition
firms that help the company to promote, sell, and distribute its goods to final buyers
Term
public
Definition
any group that has an actual or potential interest in or impact on an orgs ability to achieve its objectives
Term
demography
Definition
study of human populations in terms of size, density, location, age, gender, race, occupation, and other stats
Term
baby boomers
Definition
78 million ppl born from '45-'64
Term
generation x
Definition
49 million ppl born from '65-'76
Term
millennials
Definition
83 million children born between '77-'00
Term
generation z
Definition
ppl born after 2000
Term
natural environment
Definition
physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Term
environmental sustainability
Definition
developing strategies and practices that create a world economy that the planet can support indefinitely
Term
technological environment
Definition
forces that create new technologies creating new product and market opportunities
Term
political environment
Definition
laws, government agencies, and pressure groups that influence and limit various orgs and individuals in a given society
Term
cultural environment
Definition
institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors
Term
customer insights
Definition
fresh understandings of customers and the marketplace derived from marketing info that become the basis for creating customer value and relationships
Term
marketing info system
Definition
people and procedures dedicated to assessing info needs, developing the needed info, and helping decision makers to use the info to generate and validate actionable customer and market insights
Term
internal databases
Definition
electronic collections of consumer and market info obtained from data sources within the company network
Term
competitive market intelligence
Definition
the systematic collection and analysis of publicly available info about consumers, competitors, and developments in the marketing environment
Term
marketing research
Definition
systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an org
Term
exploratory research
Definition
marketing research to gather preliminary info that will help define problems and suggest hypothesis
Term
descriptive research
Definition
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
Term
causal research
Definition
marketing research to test hypotheses about cause-and-effect relationships
Term
secondary data
Definition
info that already exists somewhere, having been collected for another purpose
Term
primary data
Definition
info collected for the specific purpose at hand
Term
observational research
Definition
gathering primary data by observing relevant people, actions, and situations
Term
ethnographic research
Definition
a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments
Term
survey research
Definition
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
Term
experimental research
Definition
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
Term
focus group interviewing
Definition
personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or org
Term
online marketing research
Definition
collecting primary data online via internet surveys, online focus groups, web based experiments, or tracking consumers' online behavior
Term
online focus groups
Definition
gathering a small group of people online with a trained moderator to chat about a product, service, or org and gain qualitative insights about consumer attitudes and behavior
Term
behavioral targeting
Definition
using online consumer tracking data to target advertisements and marketing offers to specific consumers
Term
sample
Definition
segment of the population selected for marketing research to represent the population as a whole
Term
customer relationship mgmt
Definition
managing detailed info about individual customers and carefully managing customer touch points maximize customer loyalty
Term
consumer buyer behavior
Definition
buying behavior of final consumers - individuals and households that buy goods and services for personal consumption
Term
consumer market
Definition
all the individuals and households that buy or acquire goods/services for personal consumption
Term
culture
Definition
set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Term
subculture
Definition
a group of people with shared value systems based on common life experiences and situations
Term
cross-cultural marketing
Definition
including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultures rather than differences
Term
social class
Definition
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Term
group
Definition
two or more people who interact to accomplish individual or mutual goals
Term
word-of-mouth influence
Definition
the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior
Term
opinion leader
Definition
a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others
Term
online social networks
Definition
online social communities - blogs, social networking web sites, and other comm. where people socialize or exchange info and opinions
Term
lifestyle
Definition
a persons pattern of living as expressed in his/her activities, interests, and opinions
Term
personality
Definition
unique psychological characteristics that distinguish a person or group
Term
motive
Definition
need that is sufficiently pressing to direct the person to seek satisfaction of the need
Term
perception
Definition
process by which people select, organize, and interpret info to form a meaningful pic of the world
Term
learning
Definition
changes in an individual's behavior arising from experience
Term
belief
Definition
a descriptive thought that a person holds about something
Term
attitude
Definition
person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
Term
cognitive dissonance
Definition
buyer discomfort caused by post purchase conflict
Term
adoption process
Definition
mental process through which an individual passes from first hearing about an innovation to final adoption
Term
straight rebuy
Definition
biz buying situation in which the buyer routinely reorders something without any modifications
Term
modified rebuy
Definition
biz buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
Term
new task
Definition
biz buying situation in which the buyer purchases a product or service for the first time
Term
systems selling
Definition
buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
Term
buying center
Definition
all the individuals and units that play a role in the purchase decision-making process
Term
product value analysis
Definition
carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value
Term
e-procurement
Definition
purchasing via electronic connections between buyers and sellers usually online
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