Term
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Definition
| An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and it's stakeholders. |
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Term
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Definition
| the idea that people give up something to receive something they would rather have |
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Definition
| A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. |
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Term
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Definition
| The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits |
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Definition
| The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objecties. |
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Definition
| A pliosophy that assumes that a sale does not depend on an aggresie sales force but rather on a customer's decision to purchase a product. It is synonymous with the marketing concept |
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Term
| Societal Marketing Orientation |
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Definition
| The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests |
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Term
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Definition
| The ratio of benefits to the sacrifice necessary to obtain those benefits |
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Term
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Definition
| Customers' evaluation of a good or service in terms of whether it has met their needs and expectations |
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Term
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Definition
| A strategy that entails forging longterm partnerships with customers |
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Term
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Definition
| Delegation of authority to solve customers' problems quickly -- usually by the first person that the customer notifies regarding a problem. |
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Definition
| Collaborative efforts of people to accomplish common objectives |
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Term
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Definition
| The collection and interpretation of information about fores, events, and relationships that may affect the future of an organization |
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Term
| Market Opportunity analysis |
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Definition
| A description and estimation of the size and sales potential of market segments of interest to a firm and assessment of key competitors in these market segments |
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Term
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Definition
| A plan that involves selecting one or more target markets, setting marting objectives, and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets |
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Term
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Definition
| A unique blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market |
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Term
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Definition
| A statement of what is to be accomplished through marketing activities |
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Term
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Definition
| Product decisions, distribution (or place) decisions, promotion decisions, and pricing decisions, which together make up the marketing mix |
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Term
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Definition
| The process that turns marketing plans into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objectives |
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Term
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Definition
| Gauging the extent to which the marketing objectives have been achieved during the specified time period |
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Term
| Corporate Social Responsibility |
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Definition
| Business's concern for society's welfare |
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Term
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Definition
| The idea that socially responsible companies will outperform their peers by focusing ont eh world's social problems and viewing them as opportunities to build profits and help the world at the same time |
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Term
| Pyramid of corporate social responsibility |
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Definition
A model that suggests corporate social responsibility is composed of economic, legal, ethical, and philanthropic responsibilities and that the firm's economic performance supports the entire structure |
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Term
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Definition
| The moral principles or values that generally govern the conduct of an individual |
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Term
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Definition
| The rules people develop as a result of cutural values and norms |
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Term
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Definition
| A guideline to help marketing managers and other employees make better decisions |
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Term
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Definition
| A defined group most likely to buy a firm's product |
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Term
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Definition
| When a company implements strategies that attempt to shape the external environment within which it operates |
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Term
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Definition
| The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
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Term
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Definition
| The study of people's vital statistics, such as their age, race and ethnicity, and location |
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Term
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Definition
| People born between 1979 and 1994 |
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Term
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Definition
| People born between 1965 and 1978 |
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Term
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Definition
People born between 1946 and 1964
(America's mass market) |
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Term
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Definition
| When all major ethnic grouops in an area-- such as a city, county, or census tract-- are roughly equally represented |
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Term
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Definition
| A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas |
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Term
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Definition
| Ageneral rise in prices, often accompanied by a lack of increase in wages, which results in decreased purchasing power |
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Term
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Definition
| A period of economic activity characterized by negative growth, which reduces demand for goods and services |
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Term
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Definition
| Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon (Research on an existing product) |
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Term
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Definition
| an attempt to develop new or improved products |
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Term
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Definition
| Marketing that targets markets throughout the world |
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Term
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Definition
| Recognizing and reacting to international marketing opportunities, being aware of threats from foreign competitors in all markets, and effectively using international distribution networks |
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Term
| Multinational Corporation |
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Definition
| A company that is heavily engaged in international trade, beyond exporting and importing |
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Term
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Definition
| Using more capital than labor in the production process |
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Term
| Global Market Standardization |
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Definition
| Production of uniform products that can be sold the same way all over the world |
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Term
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Definition
| A free trade zone that encompasses 25 european countries. It aspires to create a unified European market. |
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Term
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Definition
| Selling domestically produced products to buyers in another country |
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Term
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Definition
| An intermediary in the global market who assumes all ownership risks and sells globally for its own account |
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Term
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Definition
| An intermediary who plays the traditional broker's role by bringing buyer and seller together |
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Term
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Definition
An intermediary who acts like a manufacturer's agent for the exporter. The export agent lives in the foreign market |
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Term
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Definition
| The legal process whereby a licensor agrees to let another firm use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge |
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Term
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Definition
| Private-label manufacturing by a foreign company |
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Term
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Definition
| When a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity |
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Term
| Direct foreign investment |
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Definition
| Active ownership of a foreign company or of overseas manufacturing or marketing facilities |
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Term
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Definition
| Prices of different currencies move up and down based on the demand for and the supply of each currency |
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Term
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Definition
| The sale of an exported product at a price lower than that charged for the same or a like product in the "home" market of the exporter |
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Term
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Definition
| A form of trade in which all or part of the payment for goods or services is in the form of other goods or services |
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Term
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Definition
| Processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use |
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Term
| Consumer decision-making process |
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Definition
a five-step process used by consumers when buying goods or services Need recognitoin Information search Evaluation of alternatives Purchase Postpurchase behavior |
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Term
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Definition
Result of an imbalance between actual and desired states |
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Term
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Definition
| Any unit of input affecting one or more of the firve sensis: sight, smell, taste, touch, hearing |
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Term
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Definition
| Recognition of an unfulfilled need and a product that will satisfy it |
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Term
| Internal Information Search |
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Definition
| The process of recalling past information stored in the memory |
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Term
| External information search |
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Definition
| the process of seeking information in the outside environment. |
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Term
nonmarketing-controlled information source |
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Definition
| a product information source that is not associated with advertising or promotion |
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Term
| Marketing-controlled information source |
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Definition
| A product information source that originates with marketers promoting the product |
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Term
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Definition
| A group of brands, resulting from an information search, from which a buyer can choose |
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Term
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Definition
| Inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions |
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Term
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Definition
| The amount of time and effor a buyer invests in the search, evaluation, and decision processes of consumer behavior |
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Term
| routine response behavior |
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Definition
| the type of decision making exhibited by consumers buying frequently purchased, low-cost goods and services; requires little search and decision time |
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Term
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Definition
| the type of decision making that requires a moderate amount of time for gathering information and deliberating about an unfamiliar brand in a familiar product category |
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Term
| Extensive decision making |
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Definition
| The most complex type of consumer decision making, used when buying an unfamiliar, expensive product or an infrequently bought item; requries use of several criteria for evaluating options and much time for seeking information |
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Term
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Definition
| The set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next |
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Term
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Definition
| The enduring beleif that a specific mode of conduct is personally or socially preferable to another mode of conduct |
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Term
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Definition
| a homogeneous group of people share elements of the overall culture as well as unique elements of their own group |
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Term
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Definition
| A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms |
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Term
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Definition
| a group in society that influences an individuals purchasing behavior |
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Term
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Definition
| A reference group with which people interact regularly in an informal, face-to-face manner, such as family, friends, or fellow employees |
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Term
| Secondary membership group |
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Definition
| a reference gruop with which people associate less consistently and more formally than a primary membership group, such as a club, professional group, or religious group |
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Term
| Aspirational reference group |
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Definition
| A group that someone would like to join |
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Term
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Definition
| A value or attitude deemed acceptable by a group |
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Term
| Nonaspirational reference group |
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Definition
| a group with which an individual does not want to associate |
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Term
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Definition
| an individual who influences the opinions of others |
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Term
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Definition
| how cultural values and norms are passed down to children |
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Term
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Definition
| A way of organizing and grouping the consistencies of an individual's reactions to situations |
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Term
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Definition
| how consumers perceive themselves in terms of attitudes, perceptions, beleifs, and self-evaluations |
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Term
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Definition
| the way an individual would like to be. |
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Term
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Definition
| the way an individual actually perceives himself or herself |
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Term
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Definition
| a mode of living as identified by a person's activities, interests, and opinions |
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Term
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Definition
| The process by which people select, organize, and interpret stimuli into a meaningful and coherent picture |
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Term
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Definition
| the process whereby a consumer notices certain stimuli and ignores others. |
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Term
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Definition
| a process whereby a consumer changes or distorts information that conflicts with his or her feelings or beleifs |
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Term
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Definition
| a process whereby a consumer remembers only that information that supports his or her personal beleifes |
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Term
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Definition
| a driving force that causes a person to take action to satisfy specific needs |
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Term
| maslow's hierarchy of needs |
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Definition
a method of classifying human needs and motivations into five categories in ascending order of importance:
physiological safety social esteem self-actualization |
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Term
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Definition
| a process that creates changes in behavior, immediate or expected, through experience and practice |
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Term
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Definition
| a form of learning that occurs when one response is extended to a second stimulus similar to the first |
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Term
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Definition
| a learned ability to differentiate among similar products |
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Term
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Definition
| an organized pattern of knowledge that an individual holds as true about his or her world |
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Term
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Definition
| a learned tendency to respond consistently toward a given object. |
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Term
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Definition
| the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
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Term
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Definition
| a cooperative agreement between business firms |
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Term
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Definition
a network of interlocking coporate affiliates |
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Term
| Original equipment manufacturers |
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Definition
| individuals and organizations that buy business goods and incorporate them into the products that they produce for eventual sale to other producers or to consumers |
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Term
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Definition
the demand for business products (The market for CPU's, hard drives, and CD-ROMs is derived from the demand of personal computers.) |
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Term
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Definition
| the demand for two or more items used together in a final product |
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Term
| Multiplier effect (accelerator principle) |
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Definition
Phenomenon in which a small increase or decrease in consumer demand can produce a much larger change in demand for the facilities and equipment needed to make the consumer product |
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Term
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Definition
a practice where business purchasers choose to buy from their own customers. |
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Term
Major equipment (installations) |
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Definition
| capital goods such as large or expensive machines, mainframe computers, blast furnaces, generators, airplanes, and buildings |
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Term
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Definition
| goods, such as portable tools and office equipment, that are less expensive and shorter-lived than major equipment |
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Term
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Definition
| Unprocessed extractive or agricultural products, such as mineral ore, lumber, wheat, corn, fruits, vegetables, and fish |
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Term
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Definition
| either finished items ready for assembly or products that need very little processing before becoming part of some other product |
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Term
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Definition
| Products used directly in manufacturing other products |
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Term
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Definition
| products used directly in manufacturing other products |
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Term
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Definition
consumable items that do not become part of the final product |
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Term
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Definition
| expense items that do not become part of a final product |
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Term
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Definition
| all those persons in an organization who become involved in the purchase decision |
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Term
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Definition
| a situation requiring the purchase of a product for the first time |
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Term
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Definition
| a situation where the purchaser wants some change in the original good or service |
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Term
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Definition
| a situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers |
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Term
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Definition
| People or organizations with needs or wants and the ability and willingness to buy |
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Term
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Definition
| a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs |
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Term
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Definition
| the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups |
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Term
Segmentation bases (variables) |
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Definition
| characteristics of individuals, groups, or organizations |
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Term
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Definition
| segmenting markets by region of a country or the world, market size, market density, or climate |
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Term
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Definition
| segmenting markets by age, gender, income, ethnic background, and family life cycle |
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Term
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Definition
| a series of stages determined by a combination of age, marital status, and the presense or absence of children |
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Term
| Psychographic segmentation |
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Definition
| market segmentation on the basis of personality, motives, lifestyles, and geodemographics |
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Term
| Geodemographic segmentation |
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Definition
| segmenting potential customers into neighborhood lifestyle categories |
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Term
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Definition
| the process of grouping customers into market segments according to the benefits they seek from the product |
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Term
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Definition
| dividing a market by the amount of product bought or consumed |
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Term
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Definition
| a principle holding that 20 percent of all customers generate 80 percent of demand |
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Term
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Definition
| Business customers who place an order witht he first familiar supplier to satisfy product and delivery requirements |
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Term
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Definition
| Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one |
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Term
| Target Market (Business commerce) |
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Definition
| A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that groupo, resulting in mutually satisfying exchanges |
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Term
| Undifferentiated targeting strategy |
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Definition
| a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix |
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Term
| Concentrated targeting strategy |
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Definition
| a strategy used to select one segment of a market for targeting marketing efforts |
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Term
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Definition
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Term
| multisegment targeting strategy |
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Definition
| a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each |
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Term
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Definition
| a situation that occurs when sales of a new product cut into sales of a firm's existing products |
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Term
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Definition
| an individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer |
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Term
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Definition
| Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general |
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Term
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Definition
| the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings |
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Term
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Definition
| a positioning strategy that some firms use to distinguish their products from those of competitors |
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Term
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Definition
| a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customer's minds |
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Term
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Definition
| Changing Consumers' perceptions of a brand in relation to competing brands |
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Term
| Decision support systems DSS |
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Definition
| an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions |
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Term
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Definition
the creation of a large computerized file of customers' and potential customers' profiles and purchase patterns |
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Term
| Marketing research problem |
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Definition
| determining what information is needed and how that information can be obtained efficiently and effectively |
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Term
| Marketing research objective |
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Definition
| the specific information needed to solve a marketing research problem; the objective should be to provide insightful decisoin-making information |
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Term
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Definition
| specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed |
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Term
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Definition
the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes |
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Term
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Definition
| a survey research method that involves interviewing people in teh common areas of shopping malls |
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Term
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Definition
| seven to ten people who participate in a group discussion led by a moderator. Best if the marketing question is not known. |
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Term
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Definition
| a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity |
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Term
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Definition
| researchers posing as customers who gather observational data about a store |
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Term
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Definition
| a sample in which every element in the population has a known statistical likelihood of being selected |
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Term
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Definition
| a sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample |
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Term
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Definition
| any sample in which little or no attempt is made to get a cross section of the population |
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Term
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Definition
| an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process |
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Term
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Definition
| an error that occurs when a sample somehow does not represent the target populatio |
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Term
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Definition
| an error that occurs when a sample drawn from a population differs from the target population |
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Term
| unrestricted internet sample |
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Definition
| a survey in which anyone with a computer and modem can fill out the questionnaire |
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Term
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Definition
| a system for gathering information from a single grouop of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy |
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Term
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Definition
| an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors |
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Term
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Definition
| everything, both favorable and unfavorable, that a person receives in an exchange |
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Term
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Definition
| a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers |
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Term
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Definition
| a relatively inexpensive item that merits little shopping effort |
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Term
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Definition
| a product that requries comparison shopping because it is usually more expensie than a convenience product and is found in fewer stores |
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Term
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Definition
| a particular item that consumers search extensively for and are very reluctant to accept substitutes |
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Term
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Definition
| a product unknown to the potential buyer or a known product that the buyers do not actively seek |
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Term
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Definition
| the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed |
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Term
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Definition
| a characteristic that can be easily assessed before purchase |
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Term
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Definition
| a characteristic that can be assessed only after use |
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Term
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Definition
| a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience. |
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Term
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Definition
| the inability of the production and consumption of a service to be separated. Consumers must be present during the production |
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Term
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Definition
| a group of closely related product items |
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Term
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Definition
| all products that an organization sells. Product mix width refers to the number of product lines an organization offers, and product line depth refers to the number of product items in a product line. |
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Term
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Definition
| The practice of modifying products so those that have already been sold become obsolete before they actually need replacement |
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Term
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Definition
| that part of a brand that can be spoken, including letters, words, and numbers |
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Term
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Definition
| the elements of a brand that cannot be spoken |
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Term
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Definition
| the value of company and brand names |
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Term
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Definition
| marketing several different products under the same brand name |
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Term
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Definition
| placing two or more brand names on a product of its package |
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Term
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Definition
| the exclusive right to use a brand or part of a brand |
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Term
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Definition
| a trademark for a service |
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Term
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Definition
| a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products |
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Term
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Definition
| the process of getting a group to think of unlimited ways to vary a product or solve a problem |
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Term
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Definition
| the first filter in the product development process, which eliminates ideas that are inconsisten with the organization's new-product strategy or are obiously inappropriate for some other reason |
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Term
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Definition
| a test to evaluate a new-product idea |
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Term
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Definition
| the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated |
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Term
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Definition
| a concept that provides a way to trace the stages of a product's acceptance, from its introduction to its decline |
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Term
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Definition
| The second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, loarge companies may start acquiring small pioneering firms, and profits are healthy |
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Term
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Definition
| A period during which sales increase at a decreasing rate |
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Term
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Definition
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Term
| Marketing channel (channel of distribution) |
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Definition
| a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer |
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Term
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Definition
| all parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer |
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Term
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Definition
| the connected chain of all the business entities, both internal and external to the ocmpany, that perform or suppor the logistics function |
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Term
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Definition
| the difference between the amount of product produced and the amound an end user wants to buy |
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Term
| discrepancy of assortment |
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Definition
| the lack of all the items a customer needs to receive full satisfaction from a product or products |
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Term
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Definition
| a situation that occurs when a product is produced but a customer is not ready to buy it |
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Term
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Definition
| the difference between the location of a producer and the locatoin of widely scattered markets |
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Term
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Definition
| a channel intermediary that sells mainly to customers |
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Term
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Definition
| an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that reveives and takes title to goods, stores them in its own warehouses, and later ships them |
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Term
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Definition
| wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers. |
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Term
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Definition
| the process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption |
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Term
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Definition
| a distribution channel in which producers sell directly to consumers |
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Term
| dual distribution (multiple distribution) |
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Definition
the use of two or more channels to distribute the same product to target markets im drunk. |
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Term
| strategic channel alliance |
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Definition
| a cooperative agreement between business firms to use the other's already established distribution channel |
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Term
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Definition
| A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value |
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Term
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Definition
| a form of distribution aimed at having a product available in every outlet where target customers might want to buy it |
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Term
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Definition
| a form of distribution acheived by screening gdealers to eliminate all but a few in any single area |
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Term
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Definition
| a form of distribution that establishes one or a few dealers within a given area |
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Term
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Definition
| the capacity of a particular marketing channel member to control or influence the behavior of other channel members |
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Term
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Definition
| a situation that occurs when one marketing channel member intentionally affects another member's behavior |
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Term
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Definition
| a member of a marketing channel that exercises authority an dpower over the activities of other channel members |
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Term
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Definition
| a clash of goals and methods between distribution channel members |
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Term
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Definition
| a channel conflict that occurs among channel members on the same level |
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Term
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Definition
| a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer |
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Term
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Definition
| the joint effort of all channel members to create a supply chain that serves customers and creates a competitive advantage |
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Term
| logistics information system |
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Definition
| information technology that integrates and links all of the logistics functions of the supply chain |
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Term
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Definition
| an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer |
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Term
| mass customization (build-to-order) |
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Definition
| a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications |
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Term
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Definition
| a process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials just when they are needed on the production line. |
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Term
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Definition
| a system whereby orders are entered into the supply chain and filled. |
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Term
| electronic data interchange |
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Definition
| information technology that replaces the paper documents that usually accompany business transactions, such as purchase orders and invoices, with electronic transmission of the needed information to reduce inventory levels, improve cash flow, streamline operations, and increase the speed and accuracy of information transmission |
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Term
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Definition
| a method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer's or a customer's demand |
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Term
distribution resource planning |
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Definition
| an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer |
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Term
| outsourcing (contract logistics) |
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Definition
| a manufacturer's or supplier's use of an independent third party to manage an entire functino of the logistics system, such as transportation, warehousing, or oder processing |
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Term
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Definition
| a combination of the six Ps -- product, place, promotion, price, presentation, and personnel -- to sell goods and services to the ultimate consumer |
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