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| recognition of the need for organizations to improve the state of people, planet and profit simultaneously if they are to achieve sustainable, long- term growth |
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| VIEW that ethical standards, morality, and positions of right or wrong are culturally based and therefore subject to a persons individual choice. |
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| (part of positioning in planning phase) |
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| SBU Strategic Business Unit: |
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| subsidiary, division or unit of organization that markets a set related offerings to a clearly defined group of customers. |
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| visual computer display of the essential information related to the achieving a marketing objective |
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| Market Share Calculation: |
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| ratio of revenue of the firm to the total revenue of all firms in the industry, including firm itself |
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| money left after business firm’s total expenses are subtracted from total revenue and reward for the risk it undertakes in marketing its offerings |
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| JC Penny sold a little bit of everything to everbody--now the focus is on women eliminating hard goods |
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| railroads thought they were in the railroad business--they were in the transportation business |
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| Societal Marketing Concept |
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| organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals (3) in a way that provides for society’s well-being |
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| organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals |
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| consists of the benefits or customer value received by users of the product: Form, time, place and possession. |
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| Objectives of Marketing/Exchange Requirements |
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| (1) Discover the needs of prospective customer (2) Satisfy the needs of those customers |
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the activity for creating, communicating, delivering, and exchanging offerings that benefit (have value for) the organization, its stakeholders and society and large.
also in function level of organization |
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| Occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost. |
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| A situation where products are sold through unauthorized channels of distribution. Also called parallel importing. |
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| The practice of using barter rather than money for making global sales. |
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| GM-ES company produces goods in one country and sells them in another |
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| GM-ES foreign company and a local firm invest together to create a local business in order to share ownership , control, and profits of the new company |
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| GM-ES entails a domestic firm actually investing in and owning a foreign subsidiary or division |
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| Global market entry strategies: |
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| Export, License, direct investment: involves transnational firms that employ the practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ |
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| The tendency to believe that is is inappropriate, indeed immoral. to purchase foreign-made products. |
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| An unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decision. Risks of SRC include: preventing you from becoming aware of cultural differences, influencing the evaluation of the appropriateness of a domestically designed marketing mix for a foreign market. |
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| The practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. |
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| A restriction placed on the amount of a product allowed to enter or leave a country. |
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| Government taxes on goods or services entering a country that primarily serve to raise prices on imports. |
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| The practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas. |
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| Represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences. |
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| The idea that you see or hear messages without being aware of them. The presence and effect of subliminal messaging on behavior is a hotly debated issue, with more popular appeal than scientific support. |
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| Maslow Hierarchy of Needs |
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| Based on the idea that motivation comes from a need. If a need is met, its no longer a motivator, so a higher-level need becomes a motivator. Higher-level needs demand support of lower-level needs. From the bottom: Physiological, Safety, Social, Personal, Self-actualization. |
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| The factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands. |
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| The feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives. |
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| Consists of marketing efforts to produce, promote and reclaim environmentally sensitive products. |
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| Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. |
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| A personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior. |
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| A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. |
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| A formal statement of ethical principles and rules of conduct. |
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| Before the 1960’s, the legal concept of let the buyer beware was pervasive in the American business culture. It was replaced by the Consumer Bill of Rights in 1962 by JFK. |
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| The total amount of money made in one year by a person, household, or family unit. |
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| The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation |
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determining which products will be directed to the consumer. this decision involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action.
, targeting, positioning |
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| Environment: social, economic, technological, competitive, regulatory |
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| (Environmental scan) THese trends affect consumers and the businesses and organizations that serve them. Trends such as these are described by the 5 categories. (more on page 65) |
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| The money that remains after paying taxes and necessities. This is used for luxury items. |
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| a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. |
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| the creation of products with new or different characteristics that offer new or additional benefits to the customer. |
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| the expansion of the total market for a product or company by (1) entering new segments of the market, and (2) converting nonusers into users, and (3) increasing usage per user. |
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| The activity or fact of increasing the market share of an existing product, or promoting a new product, through strategies such as bundling, advertising, lower prices, or discounts. |
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Strengths, weakness, opportunities, threats: Identify trends in the organization’s industry, analyze the organization’s competitors, assess the organization itself, and research the organization’s present and prospective customers.
-Build on a strength, correct a weakness, exploit an opportunity, avoid a disaster threat. |
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| BCG Analysis: ??, stars, cash cows, dogs: |
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Definition
| Boston Consulting Group, a nationally known management consulting firm. Used as a technique that managers use to qualify performance measures and growth targets to analyze their firms strategic business units as though they were a collection of separate investments. Cash cows= strategic business units that generate large amounts of cash, far more than they can invest profitably in themselves. Stars= strategic business units with a high share of high growth markets that may need extra cash to finance their own rapid future growth. Question marks= strategic business units with a low share of high growth markets. Require large injections of cash to maintain market share. Dogs= strategic business units with low shares of slow growth markets. They may generate enough cash to sustain themselves, but they do not hold the promise of ever becoming the real winner for the organization. |
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| Focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it (responding) to create customer value. |
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| A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. |
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| Income from sales of goods and services, minus the cost associated with things like returned or undelivered merchandise. |
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| the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
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| Customers are the reason the organization exists, so their perceptions and actions are of vital importance. Satisfaction can be measured with surveys or by the number of customer complaints an organization receives. |
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| Functional level of organization: |
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| Groups of specialists actually create value for the organization. The organization’s strategic level direction becomes its most specific and focused. Key role for the marketing department is to look outward, keeping the organization focused on creating value for both for it and for customers. |
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| Business level of organization: |
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| A less important division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. Managers set more specific strategic direction for their businesses to exploit value creating opportunities. Used for less complex firms with a single business focus. |
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| Corporate level of organization: |
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| Where top level management directs overall strategy for the entire organization. “Top management” refers to the board of directors and senior management officers with a variety of skills and experiences that are invaluable in establishing overall strategy. These people must possess leadership skills and expertise ranging from overseeing daily operations to leading strategic planning efforts that may determine the company’s survival. |
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Need= occurs when a person feels deprived of basic necessities such as food, clothing, and shelter. Want= is a need that is shaped by a person’s knowledge, culture, and personality.
Example: need=feel hunger, want=eats a candy bar |
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Definition
| The trade of things of value between buyer and seller so that each is better off after the trade. To serve both the buyer and the seller, marketing seeks (1) to discover the needs and wants of the prospective customers and (2) the satisfy them. These prospective customers include both the individual, buying for themselves/household, and the organizations, buying for the company or for resale. |
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| Consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. The organization must concentrate its efforts on certain needs of a specific group of potential consumers. |
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| a statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Should be clear, concise, meaningful, inspirational, and long-term, morally right and worthwhile. Also can be called the “vision”. |
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| The 4 P’s, These marketing mix elements (the four p’s) are called controllable factors. |
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| a good, or idea to satisfy the consumer’s needs. |
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| what is exchanged for the product. |
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| a means of communication between the buyer and the seller. |
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| a means of getting the product to the consumer. |
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