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Definition
| The process by which companies create value for customers and build strong customer relationships in order to capture vlue from customers in return |
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| States of felt deprivation |
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| The form human needs take as they are shaped by culture and individual personality |
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| Human wants that are backed by buying power |
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| Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. |
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| The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. |
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| The act of obtaining a desired object from someone by offering something in return |
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| The set of all actual and potential buyers of a product or service |
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| The art and science of choosing target markets and building profitable relationships with them |
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| The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency |
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| The idea that consumers will favor products that offer the most quality, performance, and features and tht the organization should therefore devote its energy to making continuous product improvements. |
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| The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort |
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| A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than the competition |
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| Societal Marketing Concept |
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Definition
| The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's lon-run interests. |
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| Customer Relationship Management |
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Definition
| The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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Definition
| the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers |
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| The extent to which a product's percieved performance matches a buyer's expectations |
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| Customer-managed Relationships |
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Definition
| Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies andwith each other to shape their relationships with brands |
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| Consumer-generated Marketing |
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Definition
| Brand exchanges created by consumers themselves -- both invited and uninvited -- by which consumers are playing an increasing role in shaping their own brand expereinces and those of other consumers |
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| Partner Relationship Management |
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Definition
| Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
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| The value of the entire stream of purchases that the customer would make over a lifetime of patronage |
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| The portion of the customer's purchasing that a company gets in its product categories |
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| The total combined customer lifetime values of all of the company's customers |
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| A statement of the organization's purpose -- what it wants to accomplish in the larger environment |
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| the collection of businesses and products that make up the company |
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| The process by which management evaluate the products and businesses that make up the company |
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| a portfolio-planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share |
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| Product/market expansion grid |
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Definition
| A portfolio-plannin tool for identifying company growth opportunities through market penetration, market developement, product developement, or diversification |
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| Company growth by increasing sales of current products to current market segments without changing the product |
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| Company growth by identifying and developing new market segments for current company products |
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| Company growth by offering modified or new products to current market sgments |
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| Company growth through starting up or acquiring businesses outside the company's current products and markets |
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| The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's product. |
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| The network made up of the company, its suppliers, its distributors, and ultimately, its customers who partner with each other to improve the performance of the entire system |
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| The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
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| Dividing a market into distinct groups of buyers who have different needs, characteristics, behaviors, and who might require separate products or marketing programs |
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| A group of consumers who respond in a similar way to a given set of marketing efforts |
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| The process of evaluating each market segment's atteactivness and selecting one or more segments to enter |
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| Arranfing for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
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| Actually differentiation the market offering to create superior customer value |
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| The set of tactical marketing tools -- product, price, place, and promotion -- that the firm blends to produce the response it wants in the target market |
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| An overall evaluation of the company's strenghs, weaknesses, opportunities, and threats |
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| Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
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| Measureing and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved |
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| Return on Marketing Investment (or Marketing ROI) |
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Definition
| The net return from a marketing investment devided by the costs of the marketing investment |
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Definition
| The actors and forces outside markeing that affect marketing management's ability to build and maintain successful relationships with target customers |
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| The actors close to the company that affect its ability to serve its customers -- the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
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| the larger societal forces that affect the microenvironment -- demographic, economic, natural, technological, political, and cultural forces. |
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| Firms that help the company to promote, sell, and distribute its goods to final buyers |
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| Any group that has an actualy or potential interest in or impact on and organization's ability to achieve its objectives. |
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| The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics |
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| The 78 million people born during te years following WWII abd lasting until 1964 |
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| The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom |
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| Millennials (or Generation Y) |
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| The 83 million children of the baby boomers. born between 1977 and 2000 |
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| Economic factors that affect consumer purchasing power and spending patterns |
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Definition
| Natural resources that are needed as inputs by marketers or that are affected by marketing activities |
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| Environmental Sustainability |
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Definition
| Developing strategies and practices that create a world economy that the planet can support indefinitely |
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| Technological Environment |
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Definition
| Forces that create new technologies, creating new product and market opportunities |
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| Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society |
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| Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors . |
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| Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs |
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| An organised movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers |
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| An organized movement of concerned citizens and government agencies to protect and improve people's current and future living environment |
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| Environmental Sustainability |
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| A management approach that involves developing strategies that both sustain the environment and produce profits for the company |
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| Consumer-oriented marketing |
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Definition
| A principle of sustainable marketing that holds a company should view and organize its marketing activities from the consumer's point of view |
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| A principle of sustainable marketing that holds a company should put most of its resources into consumer-value-building marketing investments |
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| A principle of sustainable marketing that requires a company seek real product and marketing improvements |
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| Sense-of-mission Marketin |
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Definition
| A principle of sustainable marketing that holds a company should define its mission in broad social terms rather than narrow product terms |
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Definition
| A principle of sustainable marketing that hold a company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long run interests. |
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Definition
| Products tat have neither immedite appeal nor long-run benefits |
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| Products that give high immediate satisfaction but may hurt consumers in the long run |
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| Products that have low appeal but may benefit consumers in the long run |
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| Products that give both high immediate satisfaction and long run benefits |
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Definition
| Fresh understandings of consumers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships |
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Term
| Marketing Information System (MIS) |
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Definition
| People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights |
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Definition
| Electronic collection of consumer and market information obtained from data sources within the company network |
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| Competitive Marketing Intelligence |
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Definition
| The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environmet |
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Definition
| The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
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| Marketing research to gather preliminary iformation that will help define problems and suggest hypotheses |
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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 customers. |
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| Marketing research to test hypotheses about cause-and-effect relationships |
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| Information that already exists somewhere, having been collected for another purpose |
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| Information collected for the specific purpose at hand |
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| Commercial Online Databases |
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| Collections of information available from online commercial sources or accessible via the internet |
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Definition
| Gathering primary data by observing relevant people, actions, and situations |
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| A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments" |
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| Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior |
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Definition
| Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses |
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Definition
| Personal interviews that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion o important issues |
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Definition
| Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior. |
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Definition
| Gathering a small group of people online with a trained moderator to chat about a product, service, or organization, and gain qualitative insights about consumer attitudes and behaviors. |
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Definition
| A segment of the population selected for marketing research to represent the population as a whole |
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| Customer Relationship Management (CRM) |
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Definition
| Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty |
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Definition
| The buying behavior of final consumers-- individuals and households that buy goods and services for personal consumption |
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| All the individuals and households that buy or acquire good and services for personal consumption |
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Definition
| The set of basic values, perceptions, ants, and behaviors learned by a member of society from family and other important institutions |
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| A group of people with shared value systems based on common life experiences and situations |
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| Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors |
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| Two or more people who interact to accomplish individual or mutual goals |
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| A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others. |
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| Online social communities -- blogs, social networking sites, or even virtual worlds -- where people socialize or exchange information and opinions |
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| A person's pattern of living as expressed in his or her activities, interests, and opinions |
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| The unique psychological characteristics that distinguish a person or group |
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| A need that is sufficiently pressing to direct the person to seek satisfaction of the need |
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| The process by which people select, organize, and interpret information to form a meaningful picture of the world |
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| Changes in an individual's behavior arising from experience |
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| A descriptive thought that a person holds about something |
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Definition
| A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea |
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Definition
| Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands |
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| Dissonance-reducing buying behavior |
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Definition
| Consumer buying behavior in situations characterized by high involvement but few perceived difference among brands |
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Definition
| Consumer buying behavior in situations characterized by low-consumer involvement and few significantly perceived brand differences |
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| Variety-seeking buying behavior |
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Definition
| Consumer buying behavior in situations characterized by low consumer involvement but significant perceived difference between brands |
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Definition
| The first stage of the buyer decision process, in which the consumer recognizes a problem or need |
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Definition
| The stage of the buyer decision process in which the consumer is aroused to search for more information; the consumer may simply have heightened attention or may go into an active information search |
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| The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set |
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| The buyer's decision about which brand to purcahse |
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| Th stage of the buyer decision process in which the consumer take further action after purchase based on their satisfaction or dissatisfaction with the purchase |
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| Buyer discomfort caused by post-purchase conflict. |
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| A good, service, or idea that is perceived by some potential customers as new |
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Definition
| The mental process through which n individual passes from first hearing about an innovation to final adoption |
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