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Definition
| the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large |
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Definition
the ratio of perceived benefits to price…
value= (percieved benefits)/price |
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| people with both the desire and the ability to buy a specific offering |
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| one or more specific groups of potential consumers toward which an organization directs its marketing program |
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| the marketing manager’s controllable factors that can be used to solve a marketing problem |
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Definition
| a good, service, or idea to satisfy the consumer’s needs |
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Definition
| what is exchanged for the product |
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| a means of communication between the seller and buyer |
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| a means of getting the product to the consumer |
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Definition
| the benefits or customer value received by users of the product |
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Definition
| the production of goods and service |
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Definition
| having it available when needed |
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Definition
| having it available when needed |
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Definition
| the value of making an item easy to purchase through the provision of credit cards or financial arrangements |
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Term
| Four Conditions for Marketing Exchange to Occur |
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Definition
1- Two or more parties with unsatisfied needs
2- Desire and ability to satisfy these needs
3- A way for the parties to communicate
4- Something to exchange |
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Term
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Definition
| the trade of things of value between buyer and seller so that each is better off after the trade |
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Definition
| occurs when a person feels deprived of basic necessities such as food, clothing and shelter |
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Definition
| a need that is shaped by a persons knowledge, culture and personality |
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| Strategic marketing process |
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Definition
| the approach whereby an organization allocates its marketing mix resources to each its |
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Definition
| one or more specific groups of potential consumers toward which an organization directs its marketing program |
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Definition
| the means by which a marketing goal is to be achieved, usually characterized by a specific target market and a marketing program to reach it |
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Definition
| detailed day-to-day operational decisions essential to the overall success of marketing strategies |
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Term
Porter’s Generic Strategies
(generic business strategy) |
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Definition
| one that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage |
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Term
Porter's Generic Strategies
-Cost Leadership- |
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Definition
focuses on reducing expenses and, in turn, lowering product prices while targeting a broad array of market segments.
Low cost, broad target |
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Term
Porter's Generic Strategies
-Differentiation- |
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Definition
requires products to have significant points of difference in product offerings, brand image, higher quality, advanced technology, or superior service to charge a higher price while targeting a broad array of market segments.
Irrelevant cost, broad target |
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Term
Porter's Generic Strategies
-Cost Focus- |
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Definition
controlling expenses and, in turn lowering product prices targeted at a narrow range of market segments.
Low cost, narrow target |
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Term
Porter's Generic Strategies
-Differentiation Focus- |
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Definition
requires products to have significant points of difference to target one or only a few market segments.
Irrelevant Cost, narrow target |
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Term
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Definition
| the money left after a business firm’s total expenses are subtracted from its total revenues and is the reward for the risk it undertakes in marketing offerings. |
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Definition
| the skills, technologies and resources – that distinguish it from other organizations and provide customer value. |
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Term
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Definition
| a unique strength relative to competitors that provides superior returns, often based on quality, time, cost or innovation. |
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Definition
| the visual computer display of the essential information related to achieving a marketing objective. |
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Definition
| a measure of the quantitative value or trend of a marketing activity or result |
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Definition
| the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
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Definition
| the difference between the projection of the path to reach a new goal and the projection path of the results of a plan already in place. |
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Term
| Five Environmental Factors |
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Definition
SECTR
social, economic, competitive, technological, regulatory |
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Term
Environmental Factors
-Social- |
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Definition
demographic shifts, cultural changes
(ex: shift of communication to social media, growing concern for environmental sustainability) |
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Term
Environmental Factors
-Economic- |
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Definition
macroeconomic conditions, consumer income
(ex: increasing service economy, growing importance of China and other big world economies) |
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Term
Environmental Factors
-Competitive- |
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Definition
alternative forms of competition, small businesses
(ex: difficulty recruiting talent from abroad due to immigration rules, outsourcing of routine business processes) |
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Term
Environmental Factors
-Technological- |
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Definition
changing technology, impact on customer value, electronic business tech
(ex: increase in mobile marketing, biomimicry, analog to digital tech in telephone/internet industries) |
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Environmental Factors
-Regulatory- |
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Definition
laws protecting competition, laws affecting marketing mix actions, self-regulation
(ex: increasing concern for privacy, new regulations with email solicitation) |
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Term
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Definition
| continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
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Term
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Definition
| the alternative firms that could provide a product to satisfy a market’s needs. |
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Term
| Situation/Situational analysis |
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Definition
| to take stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trend affecting it. |
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Term
| What does SWOT stand for? |
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Definition
| An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses, and its external Opportunities, Threats |
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Term
| What is the purpose of a SWOT? |
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Definition
| The ultimate goal is to identify the critical strategy-related factors that impact the firm and then build on vital strengths, correct glaring weaknesses, exploit significant opportunities, and avoid disaster-laden threats. |
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Term
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Definition
Specific
Measurable
Attainable
Relevant
Time-based |
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Term
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Definition
| the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions |
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Term
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Definition
| dealing with numbers, measurable |
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Term
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Definition
| dealing with descriptions, can be observed but not measured |
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Term
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Definition
| facts and figures newly collected for the project |
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Term
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Definition
| facts and figures already recorded for the project |
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Term
Steps in the consumer decision process
-Problem Recognition- |
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Definition
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Term
Steps in the consumer decision process
-Information Search- |
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Definition
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Term
Steps in the consumer decision process
-Alternative Evaluation- |
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Definition
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Term
Steps in the consumer decision process
-Purchase Decision- |
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Definition
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Term
Steps in the consumer decision process
-Post Purchase Behavior- |
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Definition
| value in consumption or use |
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