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| the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders & society |
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| People with the desire & ability to buy a specific product |
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| People who use the goods & services purchased |
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| People/companies that buy raw materials and manufacturing parts to either resell to another business or use to produce an item. INCLUDE ALL BUYERS IN THE NATION EXCEPT ULTIMATE CONSUMERS |
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| Who/whom an organization is directing its marketing program (who they are selling to) |
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| Product, Price, Promotion, Place |
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| continuously acquiring information on events occurring outside the organization |
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| Competitive, Regulatory, Economic, Social, Technological |
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| a time when consumers accepted any goods that were available, since resources were so scarce. Products sold themselves. |
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| a time when competition was growing and salespersons were hired |
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| a time when marketing became common. "We are in the business of satisfying wants & needs" |
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| Marketing Orientation Era |
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| a time when businesses began collecting information about consumers and using this info to create value in their products, & increase customer satisfaction |
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| Customer Experience Management Era |
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| a time when businesses began to focus on customer's interactions with the organization at all touchpoints and levels |
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| Social Media Marketing Era |
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| a time in which businesses focused on consumer-generated online marketing efforts |
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| benefits received by the customer (things like quality, price & convenience) |
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| the match between a customer's expectations and the actual performance of a product/service |
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| Customer Relations Management: building long-lasting relationships with customers through value & satisfaction. |
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| profit made through the purchase of goods from an organization over the customer's lifetime |
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| Social Responsibility Marketing |
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| The accountability to society in the big picture |
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| The idea that an organization should satisfy consumer needs & wants in a way that also provides for society's well-being |
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| What a firm wishes to accomplish or achieve, often by a certain time |
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| An organizations long-term course of action designed to deliver a unique customer experience, while achieving its goals |
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| 3rd step in the planning phase of the strategic marketing process. The "how" aspect... developing the program's marketing mix and budget |
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| Market-Product Focus & Goal Setting |
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| 2nd step in the strategic marketing process. Figuring out which products will be directed towards which customers |
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| separating prospective buyers into groups or segments that have 1) common needs and 2) will respond similarly to a marketing action |
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| capabilities a firm has such as skills, resources etc that distinguish it from other businesses & provide value to customers |
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| UNIQUE capabilities relative to competitors. Often based on quality, time, innovation etc |
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| Discovering how others do something better, and immitating/leapfrogging the competition |
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| Selling EXISTING products to EXISTING markets |
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| Selling NEW products in EXISTING markets |
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| Selling EXISTING products in NEW markets |
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| Selling NEW products in NEW markets |
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| The ratio of sales revenue of the firm to the total sales revenue of all the firms in the industry, including the firm itself |
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| Forces of the environment that include demographic characteristics such as diversity, aging, obesity, etc |
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| Forces of the environment that include shifting of the economy, growth in commerce, gross income, etc |
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| Forces of the environment that include inventions or innovations from applied science or engineering research |
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| Forces of the environment that refers to alternative firms that could provide a product to satisfy a specific market's needs |
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| Forces of the environment that include restrictions placed by provincial and federal laws on businesses with regards to the conduct of its activities |
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| money left after taxes to pay for necessities (food, shelter, clothing, transportation) |
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| money that remains after paying for taxes and necessities |
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| Born between 1965 and 1976, this population is self-reliant, entrepreneurial, supportive of ethnic diversity |
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| Born between 1977 and 1994, this generation exerts influence on music, sports, computers and wireless phones. |
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| A technique used by many marketers so that when you search for information online, the listings containing certain keywords are the ones you see first. |
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| A state in which every company has a similar product |
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| A state in which many companies compete with their products on a subsitutable basis (ex, if coffee prices rise, consumers may switch to tea) |
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| A state in which a few companies control the majority of industry sales. Ex, Westjet & Air Canada |
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| A state in which only one firm sells the product or service |
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| Business practices or conditions that make it difficult for new firms to enter a market |
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| The idea that a company's sole responsibility is to maximize profits for their owners and shareholders. |
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| Stakeholder Responsibility |
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| Obligations an organization has to its buyers, customers, suppliers etc- anyone who effects the success of the organization. |
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| Societal Responsibility/Triple-Bottom-Line |
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| obligations an organization has to the environment and general public, as well as the need to improve the state of 1) people 2) the planet and 3) profit. |
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| collecting a business's secrets, key information about their products, and/or their marketing plan |
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| Stages in the Buying Decision Process |
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1) Problem Recognition
2) Information Search
3) Evaluation of Alternatives
4) Purchase Decision
5) Post-Purchase Behavior |
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| the attributes of a brand that consumers consider- both objective and subjective. |
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| the group of brands the consumer considers acceptable |
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| High Involvement Purchases |
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| tend to be expensive, can have serious personal consequences, and can effect social image. |
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| Low Involvement Purchases |
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| tend to be cheaper, day-to-day, common items |
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| Situational Influences on Consumer Behaviour |
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Definition
The purchase task
The social surroundings (people)
The physical surroundings (music, lighting)
Temporal effects (amount of time)
Antecedent states (mood, amount of money on hand) |
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| The energizing force that causes behaviour |
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| Maslow's Hierarchy of Needs |
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Self-Actualization- morality, creativity
Esteem- confidence, achievement
Love/Belonging- friendship, family, intimacy
Safety- freedom from harm, financial safety
Physiological- food, water, oxygen, sex |
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| The way people see themselves and the way they believe others see them |
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| how people actually see themselves |
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| how people want to see themselves |
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| process by which people select, organize and interpret information |
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| Seeing and hearing messages without being aware of them |
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| developing automatic responses to situations through repeated exposure |
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| a learned predisposition to respond to something either favorably or unfavorably |
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| whose opinions influence others ex Barack Obama |
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| Influencing people through conversation |
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| popularity created through word of mouth |
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| online version of word of mouth |
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| people to whom an individual looks for self-appraisal or as a source of personal standards |
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| 3 Types of Reference Groups |
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Membership
Aspiration
Dissociative |
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Business Marketing/ Business-to-business Marketing
the marketing of goods and services to other companies/organizations. these goods and services are either used to produce a finished good or are sold by wholesalers. |
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| 3 types of organizational buyers |
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| Industrial firms, resellers, government units |
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| the fact that demand for business products is derived from the demand for consumer products. |
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| when two organizations agree to purchase each others products & services |
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| deliberate effort by buyers to build relationships with suppliers |
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| whether the company will make the components of their products themselves or buy them from outside suppliers |
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| defining a marketing problem & opportunity, systematically collecting and analyzing information, and recommending actions to improve marketing activities. |
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| preliminary research conducted to clarify the scope and nature of the marketing problem. Almost always, more research will follow. |
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| First-hand, newly collected research. |
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| Second-hand, already existing research |
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| Researching the basic characteristics of a given population or marketing situation. Conclusive data, answers the problem. |
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| cause-and-effect research. Identify relationships among variables |
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| 4 Steps in the marketing research process |
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1) Define the problem
2) Formal research design
3) Data collection & Analysis
4) conclusions & report |
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| detailed, individual interviews with people relevant to a research project |
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| Generate data by asking people questions via questionnaires and recording their responses |
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| obtaining data by manipulating factors under tightly controlled conditions to test cause & effect |
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| watching for subtle emotional reactions to consumers who encounter a product in its natural-sell environment |
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| Marketing Information System |
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| uses people, computers & communications systems to satisfy an organizations need for data storage, processing & marrketing decision making |
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| the extraction of hidden predictive information from large databases |
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| relatively similar groups of prospective buyers |
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| the strategy a firm uses to help consumers believe their product is different & better than competitors' |
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| segments based on where consumers live |
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| segments based on characteristics like age, sex, occupation etc |
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| Psychographic segmentation |
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| segments based on personality/lifestyle |
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| segments based on consumers' behavior with or towards a product |
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| Criteria in choosing target segments |
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1) Market size
2) expected growth
3) competitive position
4) cost of reaching the segment
5) compatibility with the organization's objectives and resources
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| the place a product occupies in consumer's minds relative to competitive products |
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| a means of displaying or graphing the location of products/brands in the minds and hearts of consumers. Enables a manager to see how consumers perceive their product in comparison to competitors products. |
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| competing directly with competitors with similar products in the same target market |
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| Differentiation Positioning |
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| seeking a less competitive, smaller market & stressing the unique aspects of the product. |
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| a good, service or idea consisting of a bunch of tangible & intangible attributes that satisfies consumers |
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| a group of products that are closely related because they satisfy a class of needs, are sold in the same place, have the same target market, and are used together |
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| the number of product lines offered by the company |
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| goods purchased by the ultimate consumer |
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| goods used to assist in the making/selling of other products |
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| consumed in one or few uses |
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| last over an extended period of time and uses |
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| products that are purchased frequently with minimal effort |
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| items the consumer compares several alternatives to before buying |
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| items the consumer makes a special effort to search out & buy |
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| items the consumer may not know about or want |
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| items used in the manufacturing process that become part of the final product |
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| items used to assist in producing other goods & services ex installation |
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| no new behaviours must be learned |
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| only minor changes in behavior are required |
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| consumers must learn neew behavior to use the product |
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1) bad timing
2) poor product quality on critical factors
3) insignificant "point of difference"
4) incomplete market & product definition before product development starts
5) too little market attractiveness
6) poor execution of the marketing mix
7) no economical access to buyers |
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| New-Product strategy development |
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| Step 1 in the new product process. Provides focus, structure, approach & guidelines for pursuing innovation. |
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| Step 2 in the new product process. Developing a pool of concepts as candidates for new products |
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| step 3 in the new product process. Internal & external evaluations of ideas, elimination of bad ideas. |
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| Step 4 in the new product process. specifying the product features, developing the marketing strategy & budgets |
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| Step 5 in the new product process. Turning the idea into a prototype |
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| Step 6 in the new product process. Exposing actual products to consumers in a realistic way to see if they would buy it. |
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| Step 7 in the new product process. Positioning & launching the product |
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