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| shrink what's in the package, put less in |
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| activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, it's shareholders, and society at large |
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| trade of things of value between buyer and seller so that each is better off |
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| 4 things needed for marketing to occur: |
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Definition
1) 2 or more parties with unsatisfied needs
2) desire or ability to satisfy these needs
3) a way for the parties to communicate
4) something to exchange |
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| occurs when a person feels deprived of basic necessities such as food, clothing, and shelter |
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| a need shaped by a person's knowledge, culture, and personality |
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| people with both desire and ability to buy a specific offering |
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| one or more specific groups of potential consumers toward which an organization directs it's marketing program |
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| the marketing manager's controllable factors: product, price, promotion, and place |
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| forces mostly beyond control, social, economic, technological, competitive, and regulatory factors |
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| combination of benefits received by buyers that includes convenience, on-time delivery, and both before sale and after sale service at a specific price |
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| linking the organization to its individual customers, employees, suppliers, and other partners for the mutual long-term benefits |
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| a plan that integrates the marketing mix to provide a good, service, or idea to the prospective buyers |
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| the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals |
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| organization that focuses on continuously collecting information about customer's needs, sharing this info across departments and using it to create customer value |
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| customer relationship management: process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace |
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| internal response that customers have to all aspects of an organization and its offering |
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| societal marketing concept |
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| view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
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| study of aggregate flow of nation's goods and services to benefit society |
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| people who use the goods and services purchased for a household |
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| manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale |
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| benefits or customer value received by users of the product |
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| 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 its offering |
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| organization's long-term course of action designed to deliver a unique customer experience while achieving its goals |
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| top management directs overall strategy for the entire organization |
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| strategic business unit: subsidiary of an organization that markets a set of related offerings to a clearly defined group of customers |
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| groups of specialists actually create value for the organization |
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| when developing marketing programs for new offerings or for improving existing ones |
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| fundamental, passionate and enduring principles that guide its conduct over time |
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| statement of organization's function in society, often identifying its customers, markets, products, and technologies |
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| set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization |
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| describes the clear, broad, underlying industry or market sector of an organization's offering |
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| statements of an accomplishment of a task to be achieved, often by a specific time |
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| 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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| visual computer display of the essential info related to achieving a marketing objective |
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| measure of the quantitative value or trend of a marketing activity or result |
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| road map for the marketing activities of an organization for a specified future time period, such as one year or 5 years |
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| special capabilities, skills, technologies and resources that distinguish it from other organizations and provide customer value |
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| unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation |
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| business portfolio analysis |
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| quantify performance measures and growth targets to analyze it client's strategic business units though they were a collection of separate investments |
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| SBUs that generate large amounts of cash. They have dominant shares of slow-growth markets and provide cash to cover the organizations overhead and to invest in other SBUs |
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| SBUs with high-share of high-growth markets that may need extra cash to finance their own rapid future growth |
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| SBUs with low-share of high-growth markets require large injections of cash to maintain their market share, much less to increase it |
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| SBUs with low-share of slow-growth markets, they do not hold the promise of ever becoming real winners |
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| tool 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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| increase sales of current product in current markets |
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| sell current products to new markets |
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| selling new products to current markets |
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| developing new products and selling them in new markets |
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| strategic marketing process |
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| organization allocates its marketing mix resources to reach its target markets |
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| taking 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 external forces and trends affecting it |
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| aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action |
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| Strengths Weaknesses (internal) and Opportunities Threats (external) |
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| characteristics of a product that make it superior to competitive substitutes |
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| 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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| detailed day-to-day operational decisions essential to overall success of marketing strategies |
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| continually acquiring info on events occurring outside the organization to identify and interpret potential trends |
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| demographic characteristics of the population and its values. Changes in these forces can have a dramatic impact on marketing strategy |
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| describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation |
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| combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races |
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| incorporates the set of values, ideas, and attitudes that are learned and shared among the members of group |
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| concern for obtaining the best quality, features, and performance of a product or service for a given price |
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| pertains to the income, expenditures, and resources that affects the cost of running a business and household |
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| total amount of money made in one year by a person, household, or family unit |
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| money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
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| money that remains after paying for taxes and necessities, used for luxury items |
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| refers to inventions or innovations from applied science or engineering research |
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| an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings |
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| any activity that uses some form of electronic communication in the inventory, exchange, advertisement, and distribution and payment of goods and services |
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| refers to the alternative firms that could provide a product to satisfy a specific market's needs |
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| business practices or conditions that make it difficult for new firms to enter the market |
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| consists of restrictions state and federal laws place on business with regard to the conduct of its activities |
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| grassroots movement started in the 60s to increase the influence, power, and rights of consumers in dealing with institutions |
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| actions a person takes in purchasing and using products and services, including the mental and social pressures that come before and after these actions |
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| 5 steps of purchase decision process |
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1) problem recognition
2) information search
3) alternative evaluation
4) purchase decision
5) postpurchase behavior |
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| perceiving a difference between a person's ideal and actual situations large enough to trigger a decision |
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internal search: scan memory for previous experiences with products or brands
external search: personal sources, public sources, or marketer-dominated sources |
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| use consumer's evaluative criteria which represent both the objective attributes of a bran and the subjective ones you use to compare different products and brands |
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| group of brands that consumer would consider acceptable among all the brands of which he or she is aware in the product class |
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| from whom to buy and when to buy |
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| consumer compares expectations held for product with actual product and is either satisfied or dissatisfied |
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| post-purchase psychological tension or anxiety |
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| the personal, social and economic significance of the purchase to the consumer |
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1) the purchase task
2) social surroundings
3) physical surroundings
4) temporal effects
5) antecedent states |
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| reason for engaging in the decision |
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| other people present when a purchase decision is made |
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| decor, music, and crowding may alter decisions |
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| consumer's mood or amount of cash on hand |
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| time of day, amount of time available |
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| energizing force that stimulates behavior to satisfy a need |
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| person's consistent behaviors or responses to recurring situations |
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| the way people see themselves and the way they believe others see them |
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| process by which an individual selects, organizes and interprets information to create a meaningful picture of the world |
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| seeing or hearing messages without being aware of them |
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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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| refers to those behaviors that result from repeated experience and reasoning |
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| process of developing automatic responses to a situation built up through repeated exposure to it |
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| involves making connections between two or more ideas or simply observing the outcomes of others' behaviors and adjusting your own accordingly |
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| favorable attitude toward and consistent purchase of a single brand over time |
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| learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way |
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| consumer's subjective perception of how a product or brand performs on difficult attributes |
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| mode of living that is identified by how people spend their time and resources, what they consider important and what they think of themselves |
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| individuals who exert direct or indirect social influence over others |
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| influencing of people during conversations, most powerful and authentic source for consumers |
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| people to whom an individual looks as a basis for self-appraisal or as a source of personal standard |
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| process by which people acquire the skills, knowledge and attitudes necessary to function as consumers |
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| describes the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
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| defined as the relatively permanent, homogenous divisions in a society into which people sharing similar values, interests, and behavior can be grouped |
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| subgroups within the larger or natural culture with unique values, idea and attitudes |
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| moral principle and values that govern the actions and decisions of an individual or group |
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| society's values and standards that are enforceable in the courts |
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| set of values, ideas, and attitudes that are learned and shared among the members of a groups |
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| comprise the effective rules of the game, the boundaries between competitive and unethical behavior and the codes of conduct in business dealings |
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1) right to safety
2) right to be informed
3) right to choose
4) right to be heard |
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| clandestine collection of trade secrets or proprietary info about a company's competitors |
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| formal statement of ethical principles and rules of conduct |
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| employees who report unethical or illegal actions of their employers |
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| personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
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| personal moral philosophy that focuses on the greater good for the greatest number by assessing the costs and benefits of the consequences of ethical behavior |
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| organizations are part of a larger society and are accountable to that society for their actions |
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| companies have a simple duty to maximize profits for their owners or stockholders |
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| stakeholder responsibility |
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| focuses on the obligations an organization has to those who can affect achievement of its objectives |
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| obligations that organizations have to the presentation of the ecological environment and to the general public |
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| recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth |
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| marketing efforts to produce, promote and reclaim environmentally sensitive product |
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| occurs when the charitable contributions of a firm are tied directly to the consumer revenues produced through the promotion of one of its products |
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1) recognition of a firm's social expectations and the rationale for engaging in social responsibility endeavors
2) identification of social responsibility causes consistent with the company's mission
3) determination of organizational objectives and priorities for programs and activities it will undertake
4)specification of the type and amount of resources necessary to achieve social responsibility objectives
5) evaluation of social responsibility programs and activities undertaken and assessment of future involvement |
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| conducting business in a way that protects the natural environment while making economic progress |
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