Term
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Definition
| one of three ways we can satisfy our needs |
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Term
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Definition
| a total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets in order to achieve organizational objectives. focus: customer-oriented. duration: start with an idea about a want-satisfying product and should not end until the customers' wants are completely satisfied, which may be some time after the exchange is made |
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Definition
| typically focus on the quality and quantity of offerings while assuming that customers will seek out and buy reasonably priced, well-made products |
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Definition
| a heavy reliance on a promotional activity to sell the products the firms wanted to make |
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Definition
| companies identify what customers want and tailor all the activities of the firm to satisfy those needs as efficiently as possible |
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Definition
| emphasizes customer orientation and coordination of marketing activities to achieve the organization's performance activities |
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Term
| Customer relationship management (CRM) |
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Definition
| establishing multidimensional connections with a customer such that the organization is seen as a partner. data are often a key ingredient in CRM. relationships are built on trust and mutual commitment |
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Term
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Definition
| developing, producsing, and delivering affordable products with enough variety and uniqueness that nearly every potential customer can have exactly what he or she wants |
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Term
| Total quality management (TQM) |
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Definition
| a system for implementing organization-wide commitment to quality that involves every employee accepting responsibility for continuous quality improvement. developed in the 80s. refinement known as return on quality (ROQ) approach |
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Definition
| customer's perception of all the benefits of a product weighed against all the costs of acquiring and consuming the product |
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Term
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Definition
| value means much more to a buyer than the amount of money charged for a product. perception of value varies among individuals. with better info about what customers desire and constant improvement sin technology that make meeting those desires possibles, marketers engage in this that extends beyond just offering the lowest possible prices |
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Term
| Return on marketing investment |
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Definition
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Term
| Societal marketing concept |
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Definition
| a firm that sufficiently extends the breadth and commitment dimensions of its marketing goals to fulfill its social responsibility is practicing this |
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Term
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Definition
| consists of people or organizations with needs to satisfy, money to spend, and the willingness to spend it |
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Term
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Definition
| consumers or organizations within the larger market that share similar wants, buying preferences, or product-use behaviors |
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Term
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Definition
| a market segment which a firm directs a marketing program |
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Term
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Definition
| each firm uses strategies and tactics in an effort to establish a unique ------ in the prospects' mind |
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Definition
| combination of a product, where and when it is distributed, how it is promoted, and its price. product, price, placement, promotion |
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Definition
| the standards of behavior generally accepted by a society. goes beyond laws. it is possible to behave legally but still be unethical. varies by culture |
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Definition
| the want-satisfying power of a product (form, place, time, information, possession) |
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Term
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Definition
| aka environmental scanning, the process of 1. gathering information regarding a company's external environment, 2. analyzing it, and 3. forecasting the impact of whatever trends the analysis suggests |
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Definition
| the characteristics of populations including such factors as size, distribution, and growth. |
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Definition
| americans born in the 20 years following world war ii |
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Definition
| about 40 million people born roughly between 66 and 76 who, in turn, entered the workplace during a recession. labeled as cautios and somewhat pessimistic |
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Term
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Definition
| aka echo boomers, born between 77 and 94, children of baby boomers (and beyond), 71 million, growing up in the best economy ever, these young adults are also relatively affluent and materialistic. diverse. one third minorities, one quarter come from single parent household, three quarters have working mothers. more acceptance of sexual and racial differences, non traditional families, and global perspectives. tend to be optimistic and committed to enjoying life, concerned about personal safety, skeptical of media. does not look at public figures as role models |
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Term
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Definition
| a significant force that affects the marketing activities of just about any organization |
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Term
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Definition
| prosperity, recession, depression, recovery |
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Term
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Definition
| a rise in the prices of goods and services |
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Term
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Definition
| another external economic factor that influences marketing programs. when interest rates are high, for instance, consumers tend not to make long-term purchases such as housing. |
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Term
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Definition
| any feature of an organization or brand that is perceived to be desirable and different from those of the competition |
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Term
| Social and cultural forces |
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Definition
| concern about natural environment, changing gender roles, premium on time, physical fitness and health |
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Term
| Political and legal forces |
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Definition
| *can kill a product overnight* can be grouped into the following four categories: monetary and fiscal policies, social legislation and regulations, governmental relationships with industries, legislation related specifically to marketing |
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Term
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Definition
*can kill product overnight* can affect markets in 3 ways:
starting entirely new industries, radically altering or virtually destroying existing industries, stimulating markets and industries not related to the new technologies (home appliances and microwavable foods give people additional time in which to engage in other activities) |
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Term
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Definition
| people or organizations with needs to satisfy, money to spread, and the willingness to spend it. 3 factors: people or organizations with needs, their purchasing power, their buing behavior |
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Term
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Definition
| people or firms that supply the goods or services required by a producer to make what it sells |
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Term
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Definition
| independent business organizations that directly aid in the flow of goods and services between a marketing organization and its markets. 2 types: 1. the firms we call middlemen - wholesalers and retailers, 2. various facilitating organizations furnishing such services as transportation, warehousing, and financing that are needed to complete exchanges between buyers and sellers (channels of distribution) |
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Term
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Definition
| the company, its suppliers, and its intermediaries |
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Term
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Definition
| buy goods and services for their own personal or household use. In the US there are over 290 million consumers, living in 111 million households. They spend over 7.3 million on goods/services |
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Term
| Metropolitan Statistical Area (MSA) |
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Definition
| the basic urban unit. has an urban area with at least 50,000 residents. the boundaries are drawn along county lines and may cross state borders. the counties must be socially and economically integrated, and virtually all employment must be nonagricultural. There are about 370 |
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Term
| Micropolitan Statistical Area |
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Definition
| must have at least one urban cluster of at least 10,000 residents but less than 50,000. 565 |
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Term
| Combined Statistical Area (CSA) |
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Definition
| consists of an adjacent metropolitan and micropolitan statistical area. 116 |
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Term
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Definition
| the vital statistics that describe a population. include age, gender, family life cycle, education, income, ethnicity |
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Term
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Definition
| the various forms families can take over time. 9 distinct life-cycle stages: bachelor stage, young married, full nest 1, single parents, divorced and alone, middle-aged married, full nest 2, empty nest, older single |
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Term
| Consumer buying-decision process |
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Definition
| 1. need recognition, 2. identification of alternatives, 3. evaluation of alternatives, 4. decisions, 5. postpurchase behavior |
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Term
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Definition
| the amount of effort that is expended in satisfying a need (high or low) |
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Term
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Definition
| when a consumer, because of past experience, is sufficiently satisfied with a particular brand or retailer that he or she buys that brand or fromt hat retailer when the need arises without considering other alternatives. this is low-involvement purchasing because the decision does not involve gathering and analyzing information. however, the product may be very important to the customer |
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Term
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Definition
| purchasing with little or no advance planning, also a form of low-involvement decision making |
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Term
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Definition
| the reason a consumer chooses to shop at a particular store. ex: location convenience, service speed, merchandise accessibility, crowding, prices, merchandise assortment, services offered, store appearance, sales personal, mix of other shoppers |
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Term
| Postpurchase cognitive dissonance |
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Definition
| a state of anxiety brought on by the difficulty of choosing from among desirable alternatives. |
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Term
| commercial information environment |
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Definition
| consists of all marketing organizations and individuals that attempt to communicate with consumers. includes manufacturers, retailers, advertisers, and sales people whenever any of them are engaged in efforts to inform or persuade |
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Term
| social information environment |
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Definition
| comprised of family, friends, and acquaintances who directly or indirectly provide information about products |
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Term
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Definition
| a set of symbols and artifacts created by a society and handed down from generation to generation as determinants and regulators of human behavior |
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Term
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Definition
| groups in a culture that exhibit characteristic behaviour patterns sufficient to distinguish them from other groups within the same culture. |
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Term
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Definition
| a ranking within a society determined by the members of the society. exist in virtually all societies, and people's buyign behaviour is often strongly influenced by the class to which they belong or to which they aspire |
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Term
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Definition
| groups of people who influence a person's attitudes, values, and behaviors. |
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Term
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Definition
| a group of two or more people related by blood, marriage, or adoption living together in a household |
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Term
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Definition
| a single person, a family, or any group of unrelated persons who occupy a housing unit |
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Term
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Definition
| a need sufficiently stimulated to move an individual to seek satisfaction |
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Term
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Definition
| self actualization, esteem, belonging and love, safety, physiological |
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Term
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Definition
| the process of receiving, organizing, and assigning meaning to information or stimuli detected by our five senses |
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Term
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Definition
| selective attention (dont pay attention to everything), selective distortion (new information is distorted to be like old information), selective retention (we remember very little) |
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Term
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Definition
| change in behavior resulting from observation and experience. excludes behavior that is attributable to instinct such as breathing or temporary states such as hunger or fatigue |
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Term
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Definition
| learning occurs as a person 1. responds to some stimulus by behaving in a particular way and 2. is rewarded for a correct response or penalized for an incorrect one |
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Term
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Definition
| defined broadly as an indivudal's pattern of traits that influences behavioral responses |
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Term
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Definition
| formulated by freud (later modified), people have subconscious drives that cannot be satisfied in socially acceptable ways. as we learn that we cannot gratify these needs in a direct manner, we develop other, more subtle means of seeking satisfaction. this results in very complex reasons for some behavior |
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Term
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Definition
| the way you see yourself. actual self-concept and ideal self-concept |
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Term
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Definition
| a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way. learned, have an object, have direction and intensity, tend to be stable and generalizable |
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Term
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Definition
| a temporary force associated with the immediate purchase environment that affects behavior |
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Term
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Definition
| any good or service purchased for a reason other than personal or household consumption |
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Term
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Definition
| a buyer within the business market |
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Term
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Definition
| activity of marketing goods and services to business users, rather than to ultimate consumers |
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Term
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Definition
| a firm performing in business marketing |
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Term
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Definition
| the dollar value of a firm's output minus the value of the inputs it purchased from other firms |
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Term
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Definition
| farming, food processing, and other large-scale farming-related businesses |
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Term
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Definition
| intermediaries in the American marketing system. basic activity is buying products from supplier organizations and reselling these items in essentially the same form to the resellers' customers. create time, place, information, and possession utilities rather than form utility |
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Term
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Definition
| internet-based selling which contributes to the replacement of some traditional intermediaries |
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Term
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Definition
| includes over 87,000 federal, state, and local units that spend over $2.3 trillion a year buying for government institutions, such as schools, offices, hospitals, and military bases. |
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Term
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Definition
| purchases of marketing research and the services of ad agencies |
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Term
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Definition
| consists of organizations that do not have profit-making as a primary objective. included are churches, universities, museums, hospitals, political parties, labor unions, and charitable organizations |
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Term
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Definition
| exports, biggest recent growth has been in medical products, scientific instruments, environmental protection systems, and consumer goods |
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Term
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Definition
| how responsive demand is to a change in the price of a product |
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Term
| north american industry classification system (NAICS) |
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Definition
| jointly adopted by the US, Canada, and Mexico, divides all types of businesses into 20 industry sectors, with a range of two-digit code numbers assigned to each. then additional numbers are used to subdivide each of the major industries into smaller segments. replace SIC codes |
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Term
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Definition
| when a firm's product is usable by virtually all the firms in only one or two industries |
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Term
| horizontal business market |
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Definition
| one in which the firm's product is usable by many industries |
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Term
| activity indicator of buying power |
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Definition
| some marketing factor related to sales and expenditures |
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Term
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Definition
| the needs that direct the purchasing behavior of business users. organizational and personal. |
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Term
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Definition
| new-task buying, straight rebuy, modified rebuy |
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Term
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Definition
| a first-time purchase of a major product. typically more people are involved because the risk is great. information needs are high and the evaluation of alternatives is difficult because the decision makers have little experience with the product. |
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Term
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Definition
| routine, low-involvement purchase with minimal information needs and little or no consideration of alternatives |
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Term
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Definition
| somewhere between new-task and straight rebuy in terms of time and people involved, information needed, and alternatives considered |
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Term
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Definition
| consists of all the individuals within and outside an organization that influence the buying decision as well as the person ultimately responsible for the decision |
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Term
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Definition
| users, influencers, deciders, gatekeepers, buyers |
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Term
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Definition
| considers the roles of suppliers, producers, distributors, and end users to see how each adds value to and benefits from the final product. leads to recognition and understanding of the roles played by the entire value network in successfully bringing a product to market |
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Term
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Definition
| willingness of the buyer to purchase from the seller without an extensive evaluation of alternatives |
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Term
| customer relationship management (CRM) |
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Definition
| the process of moving toward long-term, cost-effective, mutually beneficial trust with selected customers. operational CRM, analytical CRM, collaborative CRM |
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Term
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Definition
| involves interactions and transactions over the internet, takes a variety of forms |
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Term
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Definition
| within the same general market there are groups of customers with different wants, buying preferences, or product-use behavior |
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Term
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Definition
| a process of dividing the total market for a good or service into several smaller, internally homogeneous groups |
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Term
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Definition
| marketing to a smaller segment of consumers |
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Term
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Definition
| subdividing markets into segments based on location, region, city or metro-are size, urban-rural, climate |
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Term
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Definition
| age, gender, occupation, income, and education. PRIZM - potential rating index for ZIP markets (geodemographic clustering based on ZIP codes, demograph data available from the US Census, household data collected by the research firm Claritas |
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Term
| psychographic segmentation |
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Definition
| examining attributes related to how a person thinks, feels, and behaves. personality dimensions, life-style characteristics, consumer values |
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Term
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Definition
| traits that influence behavior |
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Term
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Definition
| a person's activities, interests, and opinions (AIO) |
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Term
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Definition
| a reflection of our needs adjusted for the realities of the world in which we live. self-respect, security, excitement, fun and enjoyment in life, having warm relationships, slef-fulfillment, sense of belonging, sense of accomplishment, being well respected |
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Term
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Definition
| segment markets on the basis of product-related behavior |
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Term
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Definition
| a specific market segment on which a seller focuses its efforts |
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Term
| market-aggregation strategy |
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Definition
| aka mass-market strategy, undifferentiated-market strategy, seller treats its total market as a single segment |
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Term
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Definition
| in the eyes of customers, one firm distinguishes its product from competitive brands offered to the same aggregate market |
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Term
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Definition
| aka concentration strategy, involves selecting one segment from within the total market as the target market |
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Term
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Definition
| firms that pursue single segments |
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Term
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Definition
| targeted segments of niche marketers |
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Term
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Definition
| two or more different groups of potential customers are identified as target markets. a separate marketing mix is developed to reach each targeted segment |
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Term
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Definition
| the way a firm's product, brand, or organization is viewed relative to the competition by current and prospective customers |
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Term
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Definition
| a firm's use of all the elements at its disposal to create and maintain in the minds of a target market a particular image relative to competing products. 3 steps: 1. select the positioning concept, 2. design the dimension or feature that most effectively conveys the position 3. coordinate the marketing mix components to convey a consistent position |
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Term
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Definition
| locates the brand or organization relative to alternatives on dimensions reflecting the attributes |
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Term
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Definition
| when a firm attempts to reestablish its attractiveness |
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Term
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Definition
| estimates sales of a product during some defined future period |
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Term
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Definition
| the proportion of total sales of a product during a stated period in a specific market that is captured by a single firm |
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Term
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Definition
| something that 1. exists in a market, 2. is measurable, 3. is related to the demand for a product in a known way |
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Term
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Definition
| the total sales volume that all organizations selling a product during a stated period of time in a specific market could expect to achieve under ideal conditions |
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Term
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Definition
| the portion of market potential that a specific company could expect to achieve under ideal conditions |
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Term
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Definition
| an estimate of probable sales for one company's brand of a product during a stated period in a specific market, assuming a defined marketing plan is used |
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Term
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Definition
| entails determining what the related factors are and then measuring their relationship to sales activity. 1. select the best market factors, 2. minimize the number of market factors |
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Term
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Definition
| translate market-factor behavior into a demand forcast. simple, inexpensive, and requires little statistical analysis. main limitation is that it can be used only when it is possible to identify an easily measured market factor that affects the product's demand in a stable way |
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Term
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Definition
| a statistical refinement of the direct-derivation method. it is a measure of the association between potential sales of the product and the market factor affecting its sales. measures on a scale of 0 to 1 the variation between two data series |
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Term
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Definition
| a more sophisticated form of correlation analysis, includes more than one market factor in its calculation. can be used only whe both of the following are available 1. sales history of the industry or firm consisting of at least 20 consecutive time periods 2. a corresponding history of the market factor being used to forecast demand. depends on the assumptions (which can be quite unrealistic) that approximately the same relationship has existed between sales and they key market factors during the entire period and that this relationship will continue in the sales period being predicted |
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Term
| survey of buyer intentions |
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Definition
| involves asking a sample of current or potential customers how much of a particular product they would buy at a given price during a specified future period. most accurate when 1. there are relatively few current or potential buyers, 2. the buyers are willing to express their buying intentions, 3. their past records show a consistent relationship between their actual buying behavior and their stated intentions |
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Term
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Definition
| a firm markets a new product in a limited geographic area, measures sales, and then - from this sample - projects the product's sales over a larger area |
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Term
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Definition
| demand forcast is simply a flat percentage change applied to the volume achieved last year or to the average volume of the past few years |
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Term
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Definition
| examines past sales data to calculate the rate of change in sales volume and uses it to forecast future sales |
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Term
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Definition
| consists of collecting from all sales people estimates of sales for their territories during the future period of interest. the total of all these estimates is the company's sales forecast |
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Term
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Definition
| involves obtaining opinions from one or more executives regarding future sales. forecasting by this alone is risky because opinions are sometimes simply intuition or guesswork |
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Term
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Definition
| named after the location of an oracle in ancient Greece. developed by the Rand Corporation for use in environmental forecasting, this technique can also be applied to sales forecasting. especially applicable to products that are truly innovative or are significant technological breakthroughs. begins with a group of knowledgeable individuals anonymously estimating future sales. each person makes a prediction without knowing how others in the group have responded. these estimates are summarized, and the resulting average and range of forecasts are fed back to the participants. now, knowing how the toher group members responded, they are asked to make another prediction on the same issue. participants may change or stick to their original estimates. this process of estimates and feedback is continued for several rounds. in some cases, the final round involves face-to-face discussions. |
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Term
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Definition
| the development, interpretation, and communication of decision-oriented information. plays a role in all three phases of the marketing management processS: planning, implementaion, and evaluation. recognizes the researcher's responsibility to develop information, which includes defining problems, gathering and analysing data, interpreting results, and presenting the information in such a way that is useful to managers |
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Term
| marketing information system (MkIS) |
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Definition
| an ongoing, organizized procedure to generate, analyze, disseminate, store, and retrieve information for use in making marketing decisions. the ideal: includes real-time data, generates regular reports and recurring studies as needed, analyzes data using statistical analysis and mathematical models that represent the rela world, integrates old and new data to provide information updates and identify trends. how it function depends on 3 factors: 1. nature and quality of the data available, 2. ways in which the data are processed and presented to provide usable information, 3. ability of the operators of the MkIS and the managers who use the output to work together |
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Term
| decision support system (DSS) |
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Definition
| a computer based procedure that allows a manager to directly interact with data using various methods of analysis to integrate, analyze, and interpret information |
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Term
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Definition
| assembpled data pertinent to a particular topic 0 customers, market segments, competitors, or industry trends for example |
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Term
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Definition
| an enormous colelction of data, from a variety of interanal and external sources, compiled by a firm for its own use or for use by its clients |
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Term
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Definition
| advanced statistical and artifical intelligence techniques now being applied to data warehouses. have the capability to identify patterns and meaningful relationships in masses of data that would be overlooked or unrecognizable to researchers |
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Term
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Definition
| most important data source for consumer databases, the electronic devices at retail checkouts that read the bar code on each item purchased |
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Term
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Definition
| all information can be traced to individual households, providing a single source for the data |
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Term
| radio frequency identification (RFID) |
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Definition
| involves placing a tag in or on an object that emits a signal that can be read and interpreted by a receiver. can accept as well as send information. alternative to barcoding. |
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Term
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Definition
| a clear idea of what is to be learned. usuall to solve a problem, but this is not always so. often it is to better understand or define a problem or opportunity |
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Term
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Definition
| a background investigation that helps refine the research problem |
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Term
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Definition
| a tentative supposition that if supported, would suggest a possible solution to a problem |
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Term
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Definition
| gathering readily available information from relevant people inside and outside the company -- middlemen, competitors, advertising agencies, and comsumers |
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Term
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Definition
| new data gathered specifically for the project at hand |
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Term
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Definition
| involves collecting data by observing the actions of a person. personal observation or mechanical observation. no direct information with the subjects being studied |
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Term
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Definition
| an inactive data file placed on a person's computer hard drive when that person visits a particular website. a cookie can record the visitor's activities while connected to the site. for example, it can keep track of which pages on the site are opened, how long the visitor remains at the site, the links the visitor makes to other sites, and the site from which the visitor came. allows the visitor's computer to be identified |
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Term
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Definition
| gathering data by interviewing people. can be conducted in person, by telephone, by mail, or via the internet. limitations: opportunities for error in the construction of the survey questions and in the interviewing process, can be expensive and time consuming, desired respondents sometime refuse to participate, those who respond often cannot or will not give true answers |
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Term
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Definition
| more flexible than phone or mail interviews because interviewers can probe more deeply if an answer is incomplete |
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Term
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Definition
| a moderator leads 6 to 12 people in a discussion. typically the participants are strangers before the session. they are contacted, screened for suitability, and invited to attend. participants are usually rewarded with cash or merchandise. general questions are posed by the moderator to prompt participants into freely discussing the topic of interest |
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Term
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Definition
| can usually be conducted more rapidly than either personal or mail surveys. a few interviewers can make may calls from a central location. timely. must be short. |
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Term
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Definition
| involves sending a questionnaire to potentail respondents, asking them to complete it, and having them return it. traditionally snail mail, now email. usually less than 30% response. |
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Term
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Definition
| questionnaires can be posted on the firm's website or emailed to prospective respondents. everythinf rom short surveys to lengthy focus groups are being tried online. two advantages: speed and cost. not possible to verify identity |
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Term
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Definition
| a method of gathering primary data which the researcher is able to observe the results of changing one variable in a situation while holding all other conditions constant. lab vs field |
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Term
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Definition
| the researcher duplicates real market conditions in a limited geographic area to measure consumers' responses to a strategy before committing to a major marketing effort. shows actually buy vs intend to buy |
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Term
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Definition
| the process of gathering and analyzing available public information about the activities and plans of competitors |
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Term
| macroenvironmental forces |
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Definition
| demographics, economic conditions, competition, social and cultural forces, political and legal forces, technology |
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Term
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Definition
| curiosity, rejection, order, citizenship, family, food, sex, independence, pain avoidance, social contact, honor, physical exercise, power, prestige, vengance |
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Term
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Definition
| firm must decide which segment or segments to pursue |
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Term
| process of market segmentation |
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Definition
| 1. identify the current and potential wants that exist within the market, 2. identify characteristics that distinguish among the segments, 3. determine the potential of the segments and how well they are being satisfied. bases for segmenting must be measurable and obtainable. segment should be accessible and large enough to be profitable |
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Term
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Definition
| available data, already gathered for some other purpose |
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