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| The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. |
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| The trade of things of value between buyer and seller so that each is better after the trade. |
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| What is needed for marketing to occur? |
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Definition
1. Two or More Parties with Unsatisfied needs
2. Desire and ability on their part to be satisfied
3. A way for the parties to communicate.
4. Something to exchange |
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| People with both the desire and the ability to buy a specific offering. |
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| One or more specific groups of potential consumers toward which an organization directs its marketing program. |
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| The marketing managers controllable factors. Product, price,promotion and place. These can be used to solve a marketing problem. |
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Product: A good, service or idea to satisfy the consumers need.
Price: What is exchanged for the good.
Promotion: A means of communication between the seller and the buyer.
Place: A means of getting the product to the consumer |
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| The factors that are mostly beyond the control of the marketing mix. These include: social, economic, technological, competitive and regulatory forces. |
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| The unique combination of benefits received by targeted buyers that includes, quality, convenience, on-time delivery, and both before |
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| The hallmark of developing and maintaining effective customer relationships |
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| A plan that integrates the marketing mix to provide a good, service, or idea to the perspective buyer. |
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The idea that an organization should:
1)Strive to satisfy the needs of consumers
2) While also trying to achieve the organizations goals |
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When an organization focuses its efforts on:
1) Continuously collecting information about consumers needs
2)Sharing this information across departments
3) using it to create customer value |
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| Customer Relationship management |
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Definition
| The process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the market place |
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| The internal response that customers have to all aspects of an organization and its offering |
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| Societal Marketing Concept |
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| The view that organizations should satisfy the needs of consumers in a way that provides for societies well being |
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| Are the people, whether 80 years or 8 months old, who use goods and services purchased for a house hold. |
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| Those Manufacturers,whole salers, retailers and government agencies that buy goods and services for their own use or for resale. |
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| The benefits or customer value received by users of the product. |
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| The money left after a business firms total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
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| An organizations long term course of action designed to deliver a unique customer experience while achieving its goals |
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| Where top management directs all strategy for the entire organization |
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| Subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. |
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| Strategic Business Unit Level |
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| Managers set a more specific strategic direction for their businesses to exploit value-creating opportunities. |
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| Where groups of specialist actually create value for the organization |
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| Refers to specialized functions such as marketing and finance |
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| Consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals. |
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| Fundamental, passionate, and enduring principles that guide its conduct over time. |
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| A statement of the organization's function in society, often identifying its customers, markets, products, and technologies |
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| The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization |
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| The clear, broad, underlying industry or market sector of an organizations offering. |
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| Statements of an accomplishment of a task to be achieved, often by a specific time. |
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| The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
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| The task of moving from the corporate to the strategic business unit to the functional level by creating increasingly detailed strategies and plans |
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| Organizational strategies vary bu the organization's offering. |
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| The visual computer display of the essential information related to achieving a marketing objective |
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| The measure of the quantitative value or trend of a marketing activity or result |
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| A road map for the marketing activities of an organization for a specified future time period, such as one year or five years. |
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| A unique strength relative to competitors that provides superior returns, often based on quality,time, cost, or innovation |
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| Business Portfolio analysis |
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Definition
| To quantify performance measures and growth targets to analyze its clients strategic business units(SBUs) as though they were a collection of separate investments |
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| SBUS that generate large amounts of cash, far more than they can invest profitably in themselves. Have dominant shares of slow growth markets and provide cash to cover the organizations overhead and to invest in other SBUs |
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| SBUs with a high share of high growth markets that may need extra cash to finance their own rapid future growth |
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| SBUs with a low share of high growth markets |
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| Tool that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
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| Marketing strategy to increase sales of current products in current markets, such as ben and jerrrys current ice cream products to u.s consumers. Increased sales are generated by selling either more ice cream or the same amount at a higher price |
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| Marketing strategy to sell current products to new markets |
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| Marketing strategy of selling new products to current markets |
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| marketing strategy of developing strategy of developing new products and selling them in new markets |
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| Strategic Marketing Process |
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Definition
| Where an organization allocates its marketing mix resources to reach its target markets |
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| Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it |
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| An acronym describing an organizations appraisal or its internal Strengths and Weaknesses and its external Oppurtunities and Threats . |
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| Involves aggregating prospective buyers into groups, or segments that; 1) have common needs and 2)will respond similarly to a marketing action |
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| Those characteristics of a product that make it superior to competitive substitutes |
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1)Obtaining Resources
2)Designing the Market Organization
3) Developing planning schedules
4)Actually executing the marketing program designed in the planning phase |
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| Means by which a marketing goal is to be achieved |
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| Detailed day to day operational decisions essential to the overall success of marketing strategies. |
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