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| A process by which companies create value for customers and build strong customer relationships to capture value from customers in return |
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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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| Focusing only on existing wants and losing sight of underlying consumer needs |
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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 actual and potential buyers of a product |
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| The art and science of choosing target markets and building profitable relationships with them |
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| Refers to dividing the markets into segments of customers |
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| Refers which segments to go after |
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| Marketing management orientations |
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Production concept
Product concept
Selling concept
Marketing concept
Societal concept |
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| The idea that consumers will favor products that offer the most quality, performance and features; continual 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 idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. |
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| Societal marketing concept |
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| The idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-term interests and society's long-run interests |
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The set of tools the firm uses to implement its marketing strategy
Product, place, price and promotion |
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| Integrated marketing program |
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Definition
| A comprehensive plan that communicates and delivers the intended value to chosen customers |
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| Customer Relationship Management (CRM) |
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| The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
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| Partner relationship management |
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| Involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
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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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| The organization's purpose; what it wants to accomplish in the larger environment |
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| Market-oriented mission statement |
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| Defines the business in terms of satisfying basic customer needs |
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| The collection of businesses and products that make up the company |
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| A major activity in strategic planning whereby management evaluates the products and businesses that make up the company |
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| Strategic business unit (SBU) |
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| A unit of the company that has a separate mission and objectives that can be planned separately from other company businesses |
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| Company wide strategic planning |
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Definition
High-High : Star
High-Low : Question mark
Low-High : Cash cow
Low-Low: Dog |
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| A growth strategy increasing sales to current market segments without changing the product |
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| A growth strategy that identifies and develops new market segments for current products |
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| A growth strategy that offers new or modified products to existing market segments |
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| A growth strategy through starting up or acquiring businesses outside the company's current products and markets |
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| The reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy |
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| A series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products |
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| Made up of the company, suppliers, distributors and ultimately customers who partner with each other to improve performance of the entire system |
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| The division of a market into distinct groups of buyers who have distinct needs, characteristics or behavior and who might require separate products or marketing mixes |
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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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| The arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of the target consumer |
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Strengths
Weaknesses
Opportunities
Threats |
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| The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives |
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| Return on marketing investment (Marketing ROI) |
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| The net return from a marketing investment divided by the costs of the marketing investment; provides a measurement of the profits generated by investments in marketing activities |
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| Includes the actors and forces outside marketing that affect marketing management's ability to build and maintain successful customer relationships |
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| Consists of 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 Company
Suppliers
Marketing Intermediaries
Competitors
Publics
Customers |
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Top management
Finance
Research and Development
Purchasing
Operations
Accounting |
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| Provide the resources to produce goods and services; treated as partners to provide customer value |
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Resellers
Physical distribution firms
Marketing services agencies
Financial intermediaries |
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Financial publics
Media publics
Government publics
Citizen-action publics
Local publics
General publics
Internal publics |
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Demographic
Economic
Natural
Technological
Political
Cultural |
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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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| Important in segmenting people by lifestyle of state state instead of age |
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| Consists of factors that affect consumer purchasing power and spending patterns |
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As income rises:
- % spent on food declines
- % spent on housing remains constant
- % spent on savings increases |
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| Involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities |
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| Consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society |
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| Persistent and passed on from parents to children and are reinforced by schools, churches, businesses and government |
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| Secondary beliefs and values |
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| More open to change and include people's views of themselves, others, organization, society, nature and the universe |
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| Marketing information system (MIS) |
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Definition
| Consists of people and procedures for assessing the information needs, developing needed information and helping decision makers use the information for the customer |
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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 marketplace |
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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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Definition
Management problem
Research objective
Information needed
How results will help
Budget |
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| Consists of information that already exists somewhere, having been collected for another purpose |
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| Consists of information gathered for the special research plan |
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| Involves gathering primary data by observing relevant people, actions and situations |
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| Involves sending trained observers to watch and interact with consumers in their natural environment |
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| The most widely used method and is best for descriptive information - knowledge, attitudes, preferences and buying behavior |
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| Best for gathering causal information; cause and effect relationships |
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| A segment of the population selected for marketing research to represent the population as a whole |
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| Involves entering information into databases and making it available in a time-usable manner |
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| Refers to the buying behavior of final consumers; individuals and households who buy goods and services for personal consumption |
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| Refers to all of the personal consumption of final consumers |
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Need recognition
Information search
Evaluation of alternatives
Purchase decision
Postpurchase behavior |
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Definition
Cultural
Social
Personal
Psychological |
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| The learned values, perceptions, wants and behavior from family and other important institutions |
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| Groups of people within a culture with shared value systems based on common life experiences |
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| Society's relatively permanent and ordered divisions whose members share similar values, interests and behaviors |
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| Affects the goods and services bought by consumers |
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| Includes personal income, savings and interest rates |
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| A person's pattern of living as expressed in his or her psychographics |
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| A need that is sufficiently pressing to direct the person to seek satisfaction |
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| Refers to qualitative research designed to probe consumers' hidden, subconscious motivations |
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| Maslow's Hierarchy of Needs |
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Definition
Physiological
Safety
Social
Esteem
Self-actualization |
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Definition
| The tendency for people to screen out most of the information to which they are exposed |
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| The tendency for people to interpret information in a way that will support what they already believe |
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| The tendency to remember good points made about a brand they favor and forget good points about competing brands |
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| Occurs when the buyer recognizes a problem or need triggered by either internal or external stimuli |
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Personal sources
Commercial sources
Public sources
Experiential sources |
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| Evaluation of Alternatives |
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Definition
| How the consumer processes information to arrive at brand choices |
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| The act by the consumer to buy the most preferred brand |
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| The satisfaction or dissatisfaction that consumer feels about the purchase |
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| A key to building profitable relationships with consumers; to keeping and growing consumers and reaping their customer lifetime value |
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| The mental process an individual goes through from first learning about an innovation to final regular use; awareness, interest, evaluation, trial, adoption |
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| Refers to the buying behavior of the organizations that buy goods and services for use in production of other products and services that are sold, rented or supplied to others |
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| The process where business buyers determine which products and services are needed to purchase and then find, evaluate and choose among alternative brands |
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| The systematic development of networks of supplier partners to ensure an appropriate and dependable supply of products and materials that they will use in making their own products or resell |
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| A routine purchase decision such as reorder without any modification |
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| A purchase decision that requires some research where the buyer wants to modify the product specification, price, terms, or suppliers |
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| A purchase decision that requires thorough research such as a new product |
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| All of the individuals and units that participate in the business decision-making process; users, influencers, buyers, decider, gatekeepers |
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| Those that will sue the product or service |
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| Help define specifications and provide information for evaluating alternatives |
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| Have formal authority to select the supplier and arrange terms of purchase |
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| Have formal or informal power to select and approve final suppliers |
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| Describes the characteristics and quantity of the needed item |
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| Describes the technical criteria |
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| An approach to cost reduction where components are studied to determine if they can be redesigned, standardized or made with less costly methods of production |
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| Compiling a list of qualified suppliers |
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| The process of requesting proposals from qualified suppliers |
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| The process when the buying center creates a list of desired supplier attributes and negotiates with preferred suppliers for favorable terms and conditions |
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| Order-routine specifications |
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| The final order with the chosen supplier and lists of all the specifications and terms of the purchase |
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| Involves a critique of supplier performance to the purchase terms |
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| Consist of hospitals, nursing homes and prisons that provide goods and services to people in their care |
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| Tend to favor domestic suppliers and require suppliers to submit bids and normally award to the lowest bidder |
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