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Definition
| the activity for creating, communicating, delivering, and exchanging offerings that benefit an organization, its stakeholders, and society at large |
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| What does marketing seek to do? |
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Definition
| Discover the needs and wants of prospective customers and to satisfy them |
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| the trade of things of value between buyer and seller so that each is better off after the trade |
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| one or more specific groups of potential customers toward which an organization directs its marketing program |
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| hallmark of developing and maintaining effective customer relationships linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefits |
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| the unique combination of benefits received by the targeted buyers that includes quality, convenience, on-time delivery and both before-sale and after-sales service at a specific price |
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| Product, Price, Promotion, Place |
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| legal entity of people who share a common mission |
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| fundamental, passionate and enduring principles that guide its conduct over time |
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| statement of the organization's function in society, often identifying customers, markets, products and technologies |
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| the 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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| strategic marketing process |
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Definition
| an organization allocates its marketing mix (4 P's) resources to reach its target markets |
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| Strengths, Weaknesses, Opportunities, Threats |
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| the process of continually requiring information on events occurring outside the organization to identify and interpret potential trends |
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| multicultural marketing programs |
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Definition
| combination of marketing mix that reflect unique attitudes, ancestry, communication preferences, and lifestyles of different races |
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Definition
| 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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| the money that remains after paying for taxes and necessities |
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| refers to the alternate firms that could provide a product to satisfy a specific market's needs |
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| 4 Main Types of Competition |
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Definition
| Pure Competition, Monopolistic Competition, Oligopoly, Monopoly |
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| large number of sellers, similar products, distribution is important |
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| Large number of sellers, Unique but substitutable, Pricing is important |
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| A few large competitors, Similar products, Promotion is important to achieve perceived product differences |
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| Single producer, Unique and un-substitutable, Unimportant |
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| consists of restrictions state and federal laws place on businesses with regard to the conduct of their activities |
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| the moral principles and values that govern the actions and decisions of an individual or groups |
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| society's values and standards which are enforceable in courts |
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| effective rules of the game, boundaries between competitive and unethical behavior, codes of conduct in business dealings |
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| set of values, ideas, and attitudes that is learned and shared among members of an organization |
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| certain individual rights or duties as universal, regardless of the outcome |
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| focuses on greatest good for greatest number by assessing the costs and benefits of the consequences of ethical behavior |
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| Organizations are a 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 and stakeholders |
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| Stakeholder responsibility |
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Definition
| focuses on the obligations an organization has to those who can affect the achievements of its objectives (employees) |
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| obligations that organizations have to the preservation of the ecological environment and to the general public |
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| 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 revenues produced through the promotion of one of its products |
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| Perceiving a difference between a person's actual and ideal situations big enough to trigger a decision; perceiving a need |
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| Internal and external search for information, data, or value in making a decision |
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| Assessing and comparing value |
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| Value in consumption or use; cognitive dissonance |
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| each of the five purchase decision stages is used including considerable time and effort in the external information search (high-involvement purchase situations) |
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| consumers typically seek some information or rely on a friend to help them evaluate alternatives; purchase situations in which the customer has little time or effort to spend |
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| little effort seeking external information and evaluating alternatives; low priced, frequently purchased items |
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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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| 3 Markets of Organizational Buyers |
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Definition
| Industrial, Reseller, Government |
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| reprocess a product or service they buy before selling it again to the next buyer |
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| Wholesalers and retailers that buy physical products and resell them again without any reprocessing |
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| the federal, state and local agencies that buy goods and services for the constituents they serve |
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| the organization is a first-time buyer of the product |
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| A Reorder of an existing product of service from the list of acceptable suppliers |
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| involves a change in the product specifications, price, delivery schedule, or supplier |
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| personally or socially preferable modes of conduct or states of existence that tend to persist over time |
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| what is considered normal and expected about the way people do things in a specific country |
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| things that represent ideas and concepts; play an important role in cross-cultural analysis because different cultures attach different meanings to things |
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| the study of similarities and differences among consumers in one or more nations or societies |
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| field of study that examines the correspondence between symbols and their roles in the assignment of meaning for people |
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| belief that one's culture is superior to another's; impediment to global marketing |
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| producing goods in one country and selling them in another |
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| company offers the right to a trademark, patent, trade secret, or other similarly valued items of intellectual property in return for a royalty or a fee |
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| when a foreign company and a local firm invest together to create a local business |
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| a domestic firm actually investing in and owning a foreign subsidiary or division |
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| facts and figures that have already been recorded before project at hand; internal and external |
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| facts and figures that are newly collected for the project; 3 main sources |
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| facts and figures obtained by watching, either mechanically or in person, how people actually behave |
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| facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors |
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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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| involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products |
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| One product and multiple market segments |
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Definition
| when a company produces only a single product or service and attempts to sell it to two or more markets |
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| Multiple products and multiple market segments |
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Definition
| companies produce different lines of a product each targeted to a different market |
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| "Segments of One"/Mass Customization |
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Definition
| Tailoring goods or services to the tastes of individual customers on a high volume scale |
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| based on where prospective customers live or work |
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Definition
| based on some objective physical, measurable, or other classification attribute of prospective buyers |
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| Psychographic Segmentation |
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Definition
| based on some subjective mental of emotional attributes, aspirations, or needs or prospective buyers |
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Definition
| based on some observable actions or attitudes by prospective customers--where they buy, what benefits they seek, how frequently they buy, why they buy |
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Definition
| the place a product occupies in consumer's minds on important attributes relative to competitive products |
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Definition
| changing the place a product occupies in a consumer's mind relative to competitive products |
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Definition
| involves competing directly with competitors on similar product attributes in the same target market |
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| Differentiation positioning |
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Definition
| involves seeking a less-competitive, smaller market niche in which to locate a brand |
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Definition
| good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies needs and is received in exchange for money or something else of value |
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| specific product that has a unique brand, size or price |
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| group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range |
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| consists of all the product lines offered by an organization |
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| purchased by the ultimate consumer |
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| to assist in providing other products for resale |
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| items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort |
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| items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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| items that the consumer makes a special effort to search out and buy |
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| items that the consumer does not know about or knows about but does not initially want |
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| items that become part of the final product |
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| items used to assist in producing other goods and services, includes installations, accessory equipment, supplies and industrial services |
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Definition
| sales grow slowly, minimal profits; marketing objective is to gain awareness |
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Definition
| Rapid increase in sales, competition appears; profit peaks; changes appear; marketing objective is to stress differentiation |
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| sales slow, competitors begin to leave; marketing objective is to maintain brand loyalty |
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| sales drop; marketing objective is harvesting or deletion |
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| A product diffuses, or spreads, through the population |
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Definition
| a marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors |
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| Any word, device or combination of these used to distinguish a seller's goods or services |
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| a commercial, legal name under which a company does business |
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| the added value a brand name gives to a product beyond the functional benefits provided |
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| A set of human characteristics associated with a brand name |
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| a contractual agreement whereby one company (licensor) allows its brand names or trademark to be used with products or services offered by another company (licensee) for a royalty or fee |
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| a company uses one name for all its products in a product class |
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| involves giving each product a distinct name |
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| when it manufactures products but sells them under the brand name of a wholesaler or retailer |
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| Intangibility, Inconsistency, Inseparability, Inventory |
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Definition
| technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
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Definition
occurs when total revenue and total cost are equal
BEP=(FC)/(P-UVC) |
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Definition
| setting the highest initial price |
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| setting a low initial price |
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Definition
| setting a high price so that quality/status conscious customers will be attracted to the product and buy it |
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| a firm prices a line of products at a number of different price points |
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| setting prices a few dollars or cents under an even number |
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Definition
| estimate price that the ultimate consumer will be willing to pay, then work backward through markups to determine what price they can charge wholesalers for the product |
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Definition
| the marketing of two or more products in a single package price |
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Definition
| charging different prices to maximize revenue for a set amount of capacity at any time |
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Definition
| adding a fixed percentage to the cost of all items in a specific product class |
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Definition
| most common for business products; summing the total unit cost of providing a product or service and adding a specific amount, such as a percentage of cost or fixed fees, to arrive at the final price |
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Definition
| holds that the unit cost of many products and services decline by 10-30% each time a firm's experiences at producing and selling them doubles |
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Definition
| firm sets an annual target of a specific dollar volume of profit |
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Definition
| used for some products where tradition, a standardized channel of distribution, or other competitive factors dictate the price |
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| Above-at-or below-market pricing |
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Definition
| marketers will deliberately choose one of these strategies to price a product when they have a subjective feel for the competitors' or market price |
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| deliberately selling a product below the customary price to attract attention to it; attract customers so that they buy other products as well |
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| individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users |
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| indirect marketing channel |
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| involves the use of intermediaries (transactional, logistical, facilitating) |
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Definition
| a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users |
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Definition
| the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers |
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Definition
| involves those activities that focus on getting the right amount of products to the right place at the right time at the lowest possible cost |
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| the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and relating information from point of origin to point of consumption to satisfy customer requirements |
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| 4 key logistics functions in supply chain |
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Definition
| transportation, warehousing, materials handling, order processing, inventory management |
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| distinguishes retail outlets based on whether individuals, corporate, chains or contractual systems own the outlet |
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| the degree of service provided to the customers: full service, limited service or self service retailers |
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| how many different types of products a store carries (depth of product line) and in what assortment (breadth of product line) |
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| the process of growth and decline that retail outlets experience |
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| 4 stages of Retail Life Cycle |
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Definition
| Early Growth, Accelerated Development, Maturity, Decline |
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Definition
| the combination of one or more of the promotional elements used to inform prospective buyers about the benefits of the product, persuade them to try it, and remind them later about the benefits they enjoyed by using the product |
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Definition
| any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor |
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Definition
| the two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, designed to influence a person or group's purchase decision |
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Definition
| short-term inducement of value offered to arouse interest in buying a good or service |
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Definition
| seeks to influence the feelings, opinions, or beliefs held by customers, stockholders, suppliers, employees, and other publc about a company and its products or services |
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Definition
| uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet |
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| 3 trade-oriented promotion approaches |
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Definition
| allowances and discounts, cooperative advertising, and training distributors' salesforces |
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| customer-oriented promotion tools |
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Definition
| coupons, deals, premiums, contests, sweepstakes, samples, loyalty programs, point-of-purchase displays, rebates, product placements |
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Definition
| programs by which a manufacturer pays a percentage of the retailer's local advertising expense for advertising the manufacturer's products |
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Definition
| the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time |
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Definition
| buyers and sellers combine their expertise and resources to create customized solutions, commit to joint planning, and share customer, competitive and company information for their mutual benefit and the custoemr |
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| practice of using an entire team of professionals in selling to and servicing major customers |
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Definition
| processes routine orders or reorders for products that were already sold by the company |
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Definition
| sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service |
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| General Business Strategy |
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Definition
| can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage |
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Definition
| focuses on reducing expenses, and in turn, lowers product prices while targeting a broad array of market segments |
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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 while targeting a broad array of market segments |
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Definition
| involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments |
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| requires products to have significant points of difference to target one or only a few market segments |
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| tool that helps firms search for growth opportunities from among current and new markets as well as current and new products |
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Definition
| current market, current product |
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| New market, current product |
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| Current market, New product |
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| seeks opportunities by finding the optimum balance between marketing efficiencies vs. R&D manufacturing efficiencies |
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| long-range marketing plans |
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| cover marketing activities from 2-5 years into the future |
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Definition
| deal with marketing goals and strategies for a product, product line or entire firm for a single year |
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