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1776, "Invisible Hand of Marketing", Triple bottom Line,
Wealth of Nations |
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| Led to Stoic Tradition, In the school of sacrifice or a Godly model |
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| Along with Values and beliefs they play a central role in marketing. A learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way. |
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| B2C decision making process |
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| B2B decision making process |
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| Business to Business, ie: Catering, express card with davannis and St. Thomas |
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| When baby boomers decrease certain companies that target baby boomers have to change their whole strategy. |
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| Business practices or conditions that make it difficult for new firms to enter the market. ie. Market size. |
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| Along with attitude and values, they are a consumer's subjective perception of how a product or brand performs on different attributes. |
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| a list of firms believed to be qualified to supply a given item. Generated from the company's purchasing databank as well as from engineering inputs. |
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| formed by merging two previously separated units into a single household. |
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| A habit formation. A favorable attitude toward and consistent purchase of a single brand over time. Results from positive reinforcement. |
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| The Marketing of goods and services to companies, governments, or not-for-profit organizations for use in the creation of goods and services that they can produce and market to others. Organizational markets and buying behavior are necessary to understand for business marketing. |
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| strategies an organization develops to provide value to the customers it serves. Technological innovation is a trigger for this. The key component for a company advancement. |
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| Business Porfolio Analysis |
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| A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments. Purpose is to determine the appeal of each SBU or offering and then determine he amount of cash each should receive. |
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| Three types of buying situations. New buy, straight rebuy, and modified rebuy. |
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| several people in an organization that participate in the buying process. Share common goals, risks, and knowledge important to a purchase decision. a.k.a. buying committee |
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| A company that makes a lot of money and everyone knows the brand, has brand loyalty, company can almost run itself, and you just "milk the money out of it" Usually these companies invest in other ones. |
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| Part of the triple bottom line, occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. Basically companies that can donate a lot of money to get recognition in a public event and/or fund raising. ie. Mastercard fund raising for cancer. |
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| "Let the buyer beware" Led to the consumer bill of rights. |
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| A formal statement of ethical principles and rules of conduct. 86% of companies have some sort of code of ethics. Usually address contributions to government officials and political parties, customer and supplier relations, conflicts of interest, and accurate recordkeeping. |
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| Feeling of postpurchase psychological tension or anxiety usually you ask yourself ie. "Shit, should i have purchased the motorola or samsung?" |
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| A component of Environmental scan along with Social, economic, technological, and regulatory. Refers to the alternative firms that could provide a product to satisfy a specific market's needs. Various forms of it. Must take competition into consideration when designing a marketing strategy. |
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| A unique strength relative to competitors that provides superior returns often based on quality, time, cost, or innovation. Competencies are a main factor in competitive advantage. |
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| A group of brands that you would consider from among all the brands of which you are aware in the product class. Used in the buying/purchasing process |
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| The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers. Children learn how to purchase by seeing their parents do it and by making their own purchases. They say you develop brand preferences at age 2. |
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| grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. They strive for ecologically safe products and ethical and socially responsible business practices. |
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| Theeeeeeeee fundamental, passionate, and enduring principles that guide its conduct over time. Serve to inspire and motivate its stakeholders. Guide the organizations conduct. |
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| The second social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. Elements of of culture influence consumer buying patterns. |
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| The internal response that customers have to all aspects of an organization and its offering. Includes the direct and indirect contacts of a customer. |
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| A type of customer relationship that is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sal and after sale service at a specific price. This is where loyal customers come in to play. |
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| Customer value proposition |
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| A cluster of benefits that an organization promises customers to satisfy their needs. AKA whats special about that company |
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| Age, gender, ethnicity, income, and occupation. Important in the social forces of an environment. |
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| A demand characteristic. Means that the demand for industrial products and services is driven by or derived from demand for consumer products and services. |
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| Third component of income along with gross and disposable. The money that remains after paying for taxes and necessities. Used for luxury items such as sex, hoes, and blo. =] |
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| Along with gross and discretionary income. The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, transportation, and your bitch. |
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| Online trading communities that bring together buyers and supplier organizations. Considered to be B2B exchanges, and also known as e-hubs. Make possible the real time exchange of information, money products, and services. Public or Private. |
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| In a marketing decision, these 5 forces are to be highly considered: Social, economic, technological, competitive, and regulatory forces. Can be known as accelerators or brakes on marketing. |
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| The process of coninually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
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| The moral principles and values that govern the actions and decisions of an individual or group. Serve as guidelines on how to act rightly and justly when faced with moral dilemmas. |
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| Represent both the objective attributes of a brand and the subjective ones you use to compare different products and brands. Such as inadequate factors when evaluating smartphones. Firms focusing on this strengthen the value of their product. |
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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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| Describes the distinct phases that a family porgresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors. |
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| Also known as objectives, are statements of an accomplishment of a task to be achieved, often by a specific time. Common different types of goals in a business: Profit, sales, market share, quality, customer satisfaction, employee welfare, and social responsibility. ei. Netflix wants to set a goal of being the top provider of online movies. That was a long one =] 8=D |
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Part of societal responsibility, and is the marketing efforts to produce, promote, and reclaim environmentally sensitive products. Kinda like making your office building out of shit. or billboards and crap like that
^^ PUN |
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| The total amount of money made in one year by a person, household, or family unit. |
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| Personal, social, and economic significance of the purchase to the consumer. Consumers sometimes don't engage in the five-stage purchase decision process which makes it harder on marketers. On the other hand High involvement decisions are things such as making a large purchase or if you're gonna have sex with a girl? |
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| Developed by the international standards organization in geneva, switzerland, refer to standards for registration and certification of a manufacturer's quality management and assurance system based on an on-site audit of practices and procedures. Yikes. Easier definition. Its how you get your facilities certified to work in them. |
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| Much consumer behavior is learned. It refers to those behaviors that result from repeated experience and reasoning. Different types: Behavioral, cognitive, and brand loyalty. |
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| A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. Used when there is a specific target market. |
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| An evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself. Part of problem recognition. |
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| An organization that has this focuses its efforts on continuously collecting information about customers' needs, sharing this information across departments, and using it to create customer value. |
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| People with both the desire and the ability to buy a specific offering. All markets are ultimately people. Deals with the authority to buy/purchase |
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| To have market product focus and set goals you need to have this. It involves aggregating prospective buyers into groups, or segments, that have common needs and will respond similarly to a marketing action. Helps a business focus on their target market. |
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| The falletio, woops i meant ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. Determines your rank in the market and is a top goal for all businesses. |
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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. Going from internal to external thinking. |
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| The visual computer display of the essential information related to achieving a marketing objective. Gives live info on things like a new TV commercial, kinda like dildo infommercials and shit like that. pervs.... |
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