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| Central function and set of processes essential to any enterprise, leading and managing the facets of marketing to improve individual, unit, and organizational performance. Core business activity. |
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| The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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| Any person or entity inside or outside a firm with whom marketing interacts, impacts, and is impacted by. Inside: strong, productive relationships between marketing and finance, accounting, production, quality control, engineering, human resources, and other areas in a firm. Outside: Even broader and includes customers, vendors, government bodies, labor unions, and others. |
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Broadest conceptual level, members of society at large can be viewed as a stakeholder for marketing. Green Marketing.
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| Business practices that meet humanities needs without harming future generations. |
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Ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
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| Where a person gives up something of value for something else they desire to have. |
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Early part of 20th century. Improving products and production efficiency without much regard for what was going on in the marketplace.
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Objective is to increase sales and consequently production capacity utilization by having professional salespeople “push” product into the hands of customers, both businesses, and end-users.
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| Business philosophy that emphasizes organization-wide customer orientation with the objective of achieving long-run profits. Introduces marketing at the beginning of the production cycle and integrating marketing into each phase of the business. |
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By creating a “mix” or combinations of these elements, marketer’s can set their brand apart from the competition.
(4 P’s of Marketing) |
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One of the 4P's of marketing. Overall offering, which include a bundle of goods, services, ideas, and other components. |
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Characterization of an offering as a solution because the implication that a solution has been developed in conjunction with specific, well-understood customer wants and needs. |
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One of the 4P's of marketing. Relationship with the concept of value.
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One of the 4P's of marketing. Getting goods from A to B, including integrated supply chains.
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| Various forms of communication to inform, persuade, and remind. Different media and platforms used for This, including cellphones, internet, etc.. |
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Investment of the customer over the long term and focusing on marketing as an organization-wide issue.
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Communicating and delivering value in different ways to different customer groups. What distinguishes your product from those competitors in the minds of the customer. |
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The implementation of the marketing concept, based on an understanding of customers and competitors. |
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| The realization that it is far more efficient and effective to invest in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new customers that come with unknown return on investment. |
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The idea that firms should direct energy and resources into establishing a learning relationship with each customer and then connect that knowledge with the firms production and service capabilities to fulfill that customer’s needs in as custom a manner as possible.
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Combining flexible manufacturing with flexible marketing to greatly enhance customer choices.
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Serves as a core driver of business strategy. Understanding of markets, competitors, and other external forces, coupled with attention to internal capabilities, allows a firm to develop strategies for the future.
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| Long-term, firm level commitment to investing in marketing- supported at the highest organizational level- for the purpose of enhancing organizational performance. |
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Approaches that drive a market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
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Serves the firm and stakeholders at a functional or operational level of the organization. Tactical marketing.
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Specific programs and tactics aimed at customers and other stakeholders tend to emulate from little m, needs to be coached within the philosophy, culture, and strategies of the firms Big M.
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| Used to effectively measure and assess the level of success a firm’s investment in various aspects of marketing, they are designed to identify, track, evaluate and provide key benchmarks for improvement. |
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Communicated by the company, the value message of a product or bundle of benefits promised to be delivered. It should move customers from satisfied to commitment to a company, and its products and brands for the long run.
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| Serves as a means for firms to identify ways to create, communicate, and deliver more customer value within a firm. The concept holds that every organization represents the synthesis of activities involved in designing, producing, marketing, delivering and supporting its products. When activities are aligned, then the customer only see the results; quality product, good sales people, on time delivery, prompt service after the sale, etc. It only takes one weak link in the value chain and the whole process of cultivating satisfied and loyal customers can be circumvented. |
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The activities the firm can do exceedingly well. When these competencies are superior to those of competitors, they are called distinctive competencies. Firms should invest in distinctive competencies as they offer opportunity for sustainable competitive advantage in the marketplace, especially if the competencies cannot be easily duplicated or usurped by competitors.
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Sustainable Competitive Advantage |
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| The resulting advantage a firm has when it invests in distinctive competencies. |
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Environmental market within which the marketing plan is being developed. The situation includes elements of the macro-level external environment within which the firm operates, it’s industry and competitive environment, and it’s internal environment.
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Upon completion of the situation analysis. A convenient way to summarize key findings is into a matrix of strengths, weaknesses, opportunities, and threats. Internal factors are strengths and weaknesses. External factors are opportunities and threats. |
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The process of measuring marketing results and adjusting the marketing plan as needed. |
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Market Information System (MIS) |
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The continuing process of identifying, collecting, analyzing, and dispensing critical information to marketing decision makers. Information where data relevant to the companies marketing efforts are collected and stored until such time as management needs to withdraw them.
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The statistical characteristics of human populations, such as age or income, used to identify markets.
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The study of individual economic activity.
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The study of economic activity in terms of measures of output (gross national product or GNP) and input, as well as the interactions among various sectors of an entire economy.
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Less structured research that employ methods such as surveys and interviews to collect data. Is not meant to be used for statistical analysis.
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| Research used to develop a more measured understanding using statistical analysis to assess and quantify the results. |
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An individual’s perspective on life and manifests itself in that person’s activities, interest, and opinions. (AIO)
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The stimulating power and then directs behavior. It is the force by which powerful unmet needs, or motives, prompt someone to action.
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The association between a brand and specific personality characteristics. Research suggests that consumers purchase brands that have a personality consistent with their own. Five traits:
A. sincerity
B. Excitement
C. Competence
D. Sophistication
E. Ruggedness
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A system of values, beliefs, and morals shared by a particular group of people that permeates over time.
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A system to select, organize, and interpret information to create a useful, informative picture of the world.
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The structure set of chronological activities a particular household follows over time.
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| A feeling of doubt or anxiety following a recent purchase, generally attributed with a high-involvement, large purchase. |
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A complex logistics network characterized by high levels of coordination and integration among its members.
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A buying decision that requires little evaluation because the products are purchased on a consistent and regular basis.
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A buying decision in which the customers are familiar with the product and the supplier in a purchase decision but are looking for additional information because of one or more of three circumstances: the supplier has performed poorly, new products of coming to the market, or the customer believes it is time for a change.
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A buying decision in which the purchase of a product or service by customer is for the first time.
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Business Market Purchase Decision Process |
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the problem is recognized. Defined the need and the product specifications. Search for suppliers. Seek sales proposals- Response to RFP. Make the purchase decision. Post-purchase evaluation of the product and vendor. See book example on page 143.
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Request For Proposal (RFP) |
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| The document distributed to potential vendors that outlines of organizations product or service needs. It serves as a starting point from which vendors can put together their product solution. |
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Dividing a market into meaningful smaller markets or submarkets based on common characteristics.
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Evaluating market segments in making a decision about which among them shows the most promise for development.
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Communication of sources of value to customers so they can easily make connections between their needs and wants and what the product has to offer.
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Communicating and delivering value in different ways to different customer.
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Dividing consumer groups based on physical locations.
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Dividing consumer groups based on a variety of readily Measurable descriptive factors about the group.
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Dividing consumer groups based on similarities in benefits sought or product usage patterns.
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Customer Relationship Management (CRM) |
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A comprehensive business model for increasing revenues and profits by focusing on customers. It has three major objectives: customer acquisition customer retention and customer profitability. See page 185.
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Lifetime Value of Customer |
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The measurement of important business success factors related to long-term relationships with customers.
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| Where the selling firm touches the customer in someway, thus allowing for information about him or her to be collected. Examples: point-of-sale systems, call center files, Internet accesses, records for direct selling or customer service encounters, or any other customer contact experience. See page 186. |
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Anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, ideas.
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Unique identification numbers used in tracking products through the distribution system, inventory management, and pricing.
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The fundamental needs met by a product.
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Any product attribute or performance characteristics.
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The life of a product that includes four stages: introduction, growth, maturity, and decline.
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| Strategies designed to involve investing against existing customers to gain additional usage of existing products. |
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The name, term, sign, symbol, or design, or a combination of these elements, intended to identify the goods or services of one seller or groups of sellers and to differentiate them from those of the competitors.
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The unique elements of a brand that defined the products sold by a firm.
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Summary of unique qualities attributed to a brand.
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A set of assets and liabilities linked to a brand name and symbol that add to or subtract from the value provided by a product or service to affirm that firms customers.
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The most basic form of brand equity is simply being aware of the brand. Awareness is the foundation of all other brand relationships.
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The strongest form of brand equity and reflects a commitment to repeat purchases.
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Perception of quality of a brand that is either positive or negative. |
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When customers develop a number of emotional, psychological, and performance associations with the brand. These associations become a primary purchased driver, particularly with brand loyal users.
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Other assets brands possess, such as trademarks and patents, that represent a significant competitive advantage.
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When a firm offers other manufacturers the right to use it to brand in exchange for a set fee or percentage of sales.
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| The joining of two or more well-known brands in a common product for taking two brands and marketing them in partnership. |
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A product that represents a bundle of benefits that can satisfy customer wants and needs without having physical form.
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An economy that is predominantly comprised of service related jobs.
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Treating of employees as customers and developing systems and benefits that satisfy their needs to promote internal service quality. |
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Placing the customer at the core of the enterprise and focusing on investments in customers over the long-term.
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Low propensity among a firms customer base to consider switching to other providers.
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The formalization of the measurement of customer expectations of a service compare to perceptions of actual service performed.
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| A measurement instrument design to reflect the five dimensions of service quality. Tangibles. Reliability. Responsiveness. Assurance. Empathy. |
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the percentage of total category sales accounting for a buyer for.
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A pricing strategy in which a firm’s objective is to gain as much market share is possible.
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Price Elasticity of Demand |
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The measure of a customers’ price sensitivity estimated by dividing the relative changes in quantity sold by relative changes in price.
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A pricing strategy in which a firm decides to price at some market average price in context with prices of competitors.
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Sales promotions initiated by the manufacture and carried out by the retailer, who has then been compensated by the manufacture.
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| Determination of title transfer and freight payment based on shipping location. |
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A complex logistics network characterized by high levels of coordination and integration among its members.
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The process of managing the aspects of the supply chain.
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Over arching system of formal informal relationships within which the firm participates to procure, transform, enhance, and ultimately supply its offerings in final form and space.
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The combining of capabilities among members of a value network to create value.
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Various forms of communication to inform, persuade, or remind.
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The element of promotion, including advertising, sales promotion, public relations, personal selling, direct marketing, and interactive marketing.
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IMC (Integrated Marketing Communications) |
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Strategic approach to communicating the bread and company message to targeted customers in ways that are clear and concise and consistent needed to maximize the impact on a particular audience.
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Promotional and distribution strategy in which the focus is on stimulting demand within the channel of distribution.
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Promotional and distribution strategy in which the focus is on stimulating demand for an offering directly from the end-user.
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| Entertaining and informative messaging created by firm intended to be passed along individuals and delivered through online and other media channels. |
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| Placing the customer at the core of all aspects of the enterprise. Takes the guiding business philosophy of the marketing concept and works to more usefully define just how to implement it within the firm. |
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| Product, price, place, and promotion. |
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