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Definition
| The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. |
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| States of felt deprivation. Include physical and individual |
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| The form human needs take as 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 that 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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| The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. |
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| The 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. |
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| customer relationship management (CRM) |
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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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| 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 perceived performance matches a buyer's expectations. |
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| consumer-generated marketing |
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Definition
| Marketing messages, ads, and other brand exchanges created by consumers themselves- both invited and uninvited. |
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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 the company's customers. |
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| A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository. |
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| The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
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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 evaluates the products and businesses that make up the company. |
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| A portfolio-planning method that evaluates a company's strategic business units in terms of its market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs. |
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| strategic business units (SBU) |
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Definition
| The key businesses that make up the company. |
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| product/market expansion grid |
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Definition
| A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. |
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| A strategy for company growth by increasing sales of current products to current market segments without changing the product. |
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| A strategy for company growth by identifying and developing new market segments for current company products. |
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| A strategy for company growth by offering modified or new products to current market segments. |
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| A strategy for company growth through starting up or acquiring business outside the company's current products and markets. |
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| Reducing the business portfolio by eliminating the products of business units that are not profitable or that no longer fit the company's overall strategy. |
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| The series of departments that carry out value-creating activities to design, produce, market deliver, and support a firm's products. |
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| The network made up of the company suppliers, distributors, and ultimately, customers who "partner" with each other to improve the performance of the entire system. |
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| The marketing logic by which the business unit 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, or 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 attractiveness and selecting one or more segments to enter. |
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| Arranging for a product to occupy a clear, distinctive, and desirable place relative competing products in the minds of target consumers. |
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| Actually differentiating the market offering to create superior customer values. |
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| The set of controllable 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 strengths, weaknesses, opportunities, and threats. |
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| The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. |
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| The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved. |
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| return on marketing investment (marketing ROI) |
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Definition
| The net return from a marketing investment divided by the costs of the marketing investment. |
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| The actors and forces outside marketing 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 actual or potential interest in or impact on an 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 after World War II and 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 (Generation Y) |
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| The 83 million children of the baby boomers born between 1977 and 2000. |
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| Factors that affect consumer buying power and spending patterns. |
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| Differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises. |
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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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| Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. |
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| 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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| Electronic collections of consumer and market information obtained from data sources within the company network. |
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| The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. |
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| 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 information that will help define problems and suggest hypothesis. |
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| 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. |
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| Marketing research to test the 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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| Computerized collections of information available from online commercial sources or via the Internet. |
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| 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 habitat" |
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| Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. |
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| 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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| Personal interviewing 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 interview focuses the group discussion on important issues. |
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| online marketing research |
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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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| 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 behavior. |
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| 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" in order 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 who buy or acquire goods and services for personal consumption. |
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| The set of basic values, perceptions, wants, 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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| 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 web 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 lead to relatively consistent and lasting responses to one's own environment. |
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| The specific mix of human traits that may be attributed to a particular brand. |
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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 though that a person holds about something. |
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| A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea. |
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| 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 differences among brands. |
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| 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 brand differences. |
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Definition
| The first stage of the buyer decision process, in which the consumer recognizes the 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 purchase. |
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| The stage of the buyer decision process in which the consumers take further action after the purchase, based on their satisfaction or dissatisfaction. |
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| Buyer discomfort caused by post-purchase conflict. |
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Definition
| A good, service, or idea that is perceived by some potential customers as new. |
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| The mental process through which an individual passes from first hearing about an innovation to final adoption. |
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| The buying behavior of the organizations that buy goods and services for use in the production of other products and services or to resell or rent them to others at a profit. |
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| The decision process by which businesses buyers determine which products and services their organizations need to purchase, and then find, evaluate, and choose among alternative suppliers and brands. |
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| Business demand that ultimately comes from (derives from) the demand for consumer goods. |
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Definition
| Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others. |
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| A business buying situation in which the buyer routinely reorders something without any modifications. |
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Definition
| The business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers. |
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Definition
| A business buying situation in which the buyer purchases a product or service for the first time. |
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| systems selling (solutions selling) |
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Definition
| Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation. |
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Definition
| All the individuals and units that play a role in the purchase decision-making process. |
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Definition
| Members of the buying organization who will actually use the purchased product or service. |
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| People in an organization's buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives. |
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Definition
| The people in the organization's buying center who make an actual purchase. |
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| People in the organization's buying center who have formal or informal power to select or approve the final suppliers. |
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| People in the organization's buying center who control the flow of information to others. |
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Definition
| The first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service. |
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Definition
| The stage in the business buying process in which the company describes the general characteristics and quantity of a needed item. |
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| The stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item. |
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| The stage of the business buying process in which the buyer tries to find the best vendors. |
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| The stage of the business buying process in which the buyer invites qualified suppliers to submit proposals. |
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| The stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers. |
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| order-routine specification |
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Definition
| The stage of the business buying process in which the buyer writes the final order with the chosen supplier(s), listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties. |
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Definition
| The stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement. |
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Definition
| Purchasing through electronic connections between buyers and sellers- usually online. |
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| Schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care. |
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Definition
| Governmental units- federal, state, and local- that purchase or rent goods and services for carrying out the main functions of the government. |
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