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| Set of processes for capturing communicating delivery and exchanging offers that have value for customers |
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| Specifies marketing activities for a period of time |
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| Trade of things of value between buyer and seller |
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| Product, Price, Place, Promotion |
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| Intangible benefits produces directly by the manufacturer. |
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| Business sells to customer |
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| Business sells to another business |
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| Customer sells to customer |
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| Reflects the relationship of benefits to costs or what the customer gets for what they give |
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| Customers act as collaborations with a manufacturer or retailer to create a product |
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| Marketing is about ____ customer ____ |
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| Method of building relationship with customers |
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| Customer relationship management (CRM) |
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| Set of strategies that focus on building customer loyalty |
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| Group of firms that make and deliver a given set of goods and services |
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| Set of institutions that transfer the ownership and move goods from the point of production to the point of consumption. Consists of everyone in the marketing process. |
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| People who start new businesses |
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| Firm's target market, marketing mix and method of obtaining a sustainable competitive advantage |
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| Sustainable competitive advantage |
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| Something the firm persistently does better than it's competitors |
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| Achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service |
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| Involves focus on efficient operations and excellent supply chain management |
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| Involves achieving high quality products. Effective branding and positioning is key |
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| A method of achieving excellence by having a strong physical location or internet presence |
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| Document composed of an analysis of the current marketing situation, opporutinites and threats, marketing objectives and strategy specified in terms of the four P's, action programs and programs and projected or pro forma income statements |
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| When marketing executives in conjuction with other top managers define the mission of the business and evaluate the situation by assessing players affect the firm;s potential success. |
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| Marketing managers identify different opportunities by engaging in segmentation targeting and positioning and implement the marketing mix |
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| Managers evaluate the performance of the marketing strategy and take necessary action |
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| Broad description of a firm's objective and the scope of activities and scope of activities it plans to undertake. (What type of business? What does it need to accomplish its goals) |
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| Second step in a marketing plan. Uses SWOT analysis that assesses both internal environment with regard to its strengths and weaknesses and the external environment in terms of its opportunities and threats |
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| Process of segmentation, targeting and positioning that firms use to identify opportunities for increasing sales and profits. |
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| Group of consumers who respond similarly to a firm's marketing efforts. |
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| The process of dividing the market into groups of customers with different wants, needs or characteristics. |
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| Process of evaluating the attractiveness of various segments and then deciding which pursue as a market |
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| Involves the process of defining the marketing mix variables so that target customers have a clear understanding of the product |
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| Anything of value to a consumer and can be offered through a voluntary marketing exchange |
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| Measuring system that quantifies a trend, dynamic or characteristic |
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| Strategic Business Unit SBU |
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| Portion of a firm that can operate independently |
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| Groups of associated items such as those that consumers use together |
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| Percentage of a market accounted for by a specific entity |
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| Measure of product's strength in a particular market. Sales of the focal product divided by the sales achieved by the largest firm in the industry |
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| Occur in high-growth markets and are high market shares |
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| Low growth markets but high market share products. |
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| High growth markets but have low market shares. Require significant amount of resources to run. |
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| Low growth and have low market shares |
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| Market penetration strategy |
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| Growth strategy that employs marketing mix and focuses on existing customers |
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| Market development strategy |
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| A growth that employs the existing marketing offering to reach new market segments |
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| Product development strategy |
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| A growth strategy that offers a new product or service to a firm's target market |
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| Growth strategy where a firm introduces a new product or service to a market segment |
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| A growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity |
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| Unrelated diversification |
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| A growth strategy whereby a new business lacks any common elements with the present business. |
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Excite customers
Educate them
Experience products
Engage in social media |
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| Social butterflies use social media to enhance and expand relationships. |
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| People who are constantly busy and want to appear efficient. Use social media to demonstrate knowledge |
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| Consumer that uses social media sites and wants to help by being constantly well informed, so that they can provide insights to others |
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| Web page that contains periodic posts, new form of market communications |
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| Website created by company to educate customers |
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| Websites written by people who review and give recommendations on products and services |
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| Differs from a traditional blog in size. Consists of short sentences, videos or individual images. |
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| Process of building customer loyalty through the offering of free apps. |
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| Technique that allows marketers to analyze data from social media sites to collect consumer comments about companies their products |
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| Request for web file made by web browsers and search engines |
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| The percentage of times a visitor leaves the website almost immediately. |
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| Show how users click through a website |
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| Percentage of customers who buy a product after viewing it. |
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| An evaluation of what keywords people used to search on the internet for their products and services. |
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| A metric used to see how many people a person influences |
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| In a social media context, the extent to which the person influences others |
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| Total number of people in social media a person reaches or has influences over |
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| Branch of ethics that examines ethical principles within a commercial context |
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| Refers to those ethical problems that are specific to marketing |
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| The set of values within a marketing firm that guide behavior |
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| Corporate social responsibility |
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| Refers to voluntary actions taken by a company to address the ethical social and environmental impacts of its business operations |
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| A person's ability to move normally in public with the expectation that his or her location will not be recorded. |
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| Factors in the immediate environment that affect marketing |
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Company capabilities
Competitors
Corporate Partners |
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| Macroenvironmental factors |
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| Aspects of the external environment that affect a company's business |
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| What are some macroenvironmental factors? |
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Culture
Demographics
Social issues
Technological advances
Economic situation and political environment |
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| Shared meanings, beliefs, morals and values of a group of people |
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| Indicate the characteritsics of human population and segments especially those used to identify consumer markets. |
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| Entails obvious nuances that are particular to a country. |
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| Influence of the area within a country |
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| A group of people of the same generation. Generally have similar purchase behaviors because of shared experiences and are in the same stage of life. |
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| Digital Natives. People born into a world filled with electronics |
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| Millennials. People born between 1977 and 1995 |
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| Generational cohort of people born between 1965 and 1976 |
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| Generational cohort of people born after World War II between 1946 and 1964 |
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| Involves a strategic effort by firms to supply customers with environmentally friendly merchandise |
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| Exploiting a consumer by disingenuously marketing products or services as environmentally friendly with the goal of gaining public approval and sales |
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| Persistent increase in the prices of goods or services |
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| Foreign currency fluctuations |
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| Changes in the value of a country's currency relative to the currency of another country. |
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| These represent the cost of borrowing money |
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| Political/regulatory environment |
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| Comprises political parties, government organizations and legislation and laws. |
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