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Definition
| The want satisfying power of a good or service |
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Definition
-Form
-Time
-Place
-Ownership |
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Definition
| Conversion of raw materials and components into finished goods and services. |
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Definition
| Availability of goods and services when consumers want them |
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Definition
| Availability of goods and services at convenient locations |
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Definition
| Ability to transfer title to goods or services from marketer to buyer |
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Definition
| Organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. |
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Definition
| Activity in which 2 or more parties give something of value to each other to satisfy perceived needs. |
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Term
| Production Orientation Era |
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Definition
| business success defined solely in terms of production success |
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Term
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Definition
| Customers will resist purchasing nonessential goods and services and that the task of personal selling and advertising is to persuade them to buy. |
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Term
| Marketing Orientation Era |
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Definition
| managers paying close attention to markets for their goods and services |
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Definition
| one in which there are more buyers for fewer goods and services |
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Definition
| one in which there are more goods and services than people willing to buy |
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Definition
| Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them |
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Term
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Definition
| companywide consumer orientation with the objective of achieving long run success |
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Term
| Strong Market Orientation |
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Definition
| the extent to which a company adopts the marketing concept, generally improves market success and overall performance |
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Definition
| Development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefits |
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Definition
| Management's Failure recognize the scope of its business |
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Definition
| business jargon that refers to the overall profitability of an organization |
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Definition
| Marketing efforts designed to cultivate the attention, interest, and preferences of a target market toward a person (perhaps a political candidate or celebrity) |
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Definition
| Marketing efforts designed to cultivate the attention and preference of a target market toward a person |
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Definition
| MArketing efforts designed to attract visitors to a particular area' improve consumer images of a city, state, or nation; and/or attract new business |
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Definition
| Identification and marketing of a social issue, cause, or idea to a selected target market |
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Definition
| Marketing of sporting, cultural, and charitable activities to selected target markets. |
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Definition
| Marketing efforts of mutual-benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services, or contribute to them in some way. |
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Term
| Transaction-Based Marketing |
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Definition
| marketing as a simple exchange process |
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Term
| Lifetime Value of a Customer |
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Definition
| the revenues and intangible benefits that a customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer |
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Definition
| Marketing messages transmitted via wireless technology |
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Term
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Definition
| buyer seller communications in which the customer controls the amount and type of information received from a marketer |
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Definition
| repeat customers who are willing to spread the word, create a buzz |
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Definition
| Partnerships in which 2 or more companies combine resources and capital to create competitive advantages in a new market |
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Term
| Universal Marketing Functions |
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Definition
-Buyer
-Selling
-Transporting
-Storing
-Standardizing and Grading
-Risk Taking
-Financing
-Securing Marketing Information |
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Term
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Definition
| Process of collecting information about the external marketing environment to identify and interpret potential trends |
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Term
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Definition
| Attainment of organizational objectives by predicting and influencing the competitive. political-legal, economic, technological, and social-cultural environments. |
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Definition
| Partnerships with other firms in which the partners combine resources and capital to create competitive advantages in a new market. |
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Definition
| Interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumer's purchasing power. |
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Definition
| Position as the sole supplier of a good or service in the marketplace. |
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Term
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Definition
| corporations increasingly prefer to share the pie with just a few rivals |
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Definition
| the strategy of developing and distributing goods and services more quickly than competitors |
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Term
| Political-Legal Environment |
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Definition
| Component of the marketing environment consisting of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights. |
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Term
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Definition
| Factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income, and resource availability. |
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Definition
| Process of reducing consumer demand for a good or service to a level that the firm can supply |
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Term
| Technological Environment |
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Definition
| Application to marketing of knowledge based on discoveries in science, inventions, and innovations. |
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Term
| Social-Cultural Environment |
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Definition
| Component of the marketing environment consisting of the relationship between the marketer, society, and culture. |
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Definition
| Social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government. |
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Term
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Definition
| Lost of legitimate consumer expectations suggested by President Kennedy. |
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Term
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Definition
| Marketers' standards of conduct and moral values. |
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Term
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Definition
| Marketing philosophies, policies, procedures, and actions that have the enhancement of society's welfare as a primary objective. |
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Term
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Definition
-Be a good corporate citizen
-Contribute resources to the community, improve quality of life |
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Term
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Definition
-Obligation to do what is right, just, and fair.
-Avoid Harm |
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Term
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Definition
-Obey the Law
-Law is society's codification of right and wrong
-Play by the rules of the game |
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Definition
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Term
| Social Responsibility Pyramid |
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Definition
-Philanthropic
-Ethical
-Legal
-Economic |
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Term
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Definition
| the relationship between organisms and their natural environments |
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Term
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Definition
| intentionally offering products with limited durability |
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Definition
| Production, promotion, and reclamation of environmentally sensitive products |
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Term
| Components of marketing environment |
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Definition
-competitive environment
-political-legal environment
-economic environment
-technological environment
-social-cultural environment |
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Term
| Types of Competition Marketers Face |
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Definition
-Direct competition among marketers of similar products
-competition among goods or services that can be substituted for one another
-competition among all organizations that vie for the consumer's purchasing power |
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Term
| Steps for developing a Competitive Strategy |
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Definition
-Should the entity compete
-in what markets should the entity compete
-how should the entity compete |
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Term
| Economic Factors that affect Marketing Decisions and Consumer buying power |
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Definition
-the stage in the business cycle
-inflation and deflation
-unemployment
-income
-resources availability |
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Term
| Stages of The Business Cycle |
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Definition
-Prosperity
-Recession
-Depression
-Recovery |
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Term
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Definition
-choose freely
-to be informed
-to be heard
-to be safe |
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Term
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Definition
| the marketer's standards of conduct and moral values |
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Term
| Areas of Ethical Problems |
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Definition
-marketing research
-product strategy
-distribution
-promotion
-pricing |
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Term
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Definition
| Individuals and firms that acquire products to support directly or indirectly, production of other goods and services |
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Term
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Definition
| retailers or wholesalers that purchase products for resale to others |
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Term
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Definition
| Marketing intermediaries that operate in the trade sector |
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Term
| Segmentation in Business to Business Markets |
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Definition
-Demographic
-Customer Type
-End Use Application
-Purchase Catagories |
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Term
| Customer-Based Segmentation |
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Definition
| Dividing a business-to-business market into homogeneous groups based on buyers' product specifications |
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Term
| North American Industry Classification System (NAICS) |
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Definition
| Classification used by NAFTA countries to categorize the business marketplace into detailed market segments |
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Term
| End-Use Application Segmentation |
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Definition
| Segmenting a business-to-business market baed on how industrial purchasers will use the product |
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Term
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Definition
| purchasing goods and services from suppliers worldwide |
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Term
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Definition
| the linkange between demand for a company's output and its purchases of resources such as machinery, components, supplies, and raw materials |
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Term
| Business Market Demand Categories |
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Definition
-Inventory Adjustments
-Derived Demand
-Volatile Demand
-Joint Demand
-Inelastic Demand |
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Term
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Definition
| when the demand for one business product is related to the demand for another business product used in combination with the first item |
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Term
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Definition
| demand throughout an industry will not change significantly due to a price change |
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Term
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Definition
| boost efficiency by cutting inventories to absolute minimum levels and by requiring vendors to deliver inputs as the production process needs them |
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Term
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Definition
| buying a firm's entire stock of product from just one supplier |
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Term
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Definition
| movement of high-wage jobs from one country to lower-cost overseas locations |
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Term
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Definition
| Moving jobs to vendors in countries close to the business's home country |
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Term
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Definition
| Using outside vendors to provide goods and services formerly produced in-house |
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Term
| The Model of The organizational Buying Process |
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Definition
1. Recognize Problem and General Solution
2. Determine Characteristics and Quantity
3. Describe Characteristics and Quantity
4. Search for and Qualify Sources
5. Acquire and Analyze Proposals
6. Evaluate Proposals and Select Suppliers
7. Select Order Routine
8. Obtain Feedback and Evaluate Performance |
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Term
| Business Buying Situations |
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Definition
-Straight Rebuying
-Modified Rebuying
-New Task Buying
-Reciprocity |
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Term
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Definition
| recurring purchase decision in which a customer reorders a product that has satisfied needs in the past |
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Term
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Definition
| a purchaser is willing to reevaluate available options. buyers may see some advantage in looking at alternative offerings within their established purchasing guidelines |
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Term
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Definition
| first time or unique purchase situations that require considerable effort by the decision makers |
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Term
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Definition
| a practice of buying from suppliers who are also customers. |
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Term
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Definition
| Participants in an organizational buying action |
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Term
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Definition
| control the information that all buying center members will review |
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Term
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Definition
| Affect the buying decision by supplying information to guide evaluation of alternatives or by setting buying specifications |
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Term
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Definition
| chooses a good or service, although another person may have the formal authority to do so |
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Term
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Definition
| the formal authority to select a supplier and to implement the procedures for securing the good or service |
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Term
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Definition
-Gatekeeper
-Influencers
-Decider
-Buyer |
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Term
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Definition
| efforts to restore worn out products to like new condition. |
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Term
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Definition
| The commercial market consists of individuals and firms that acquire products to be used, directly or indirectly, to produce other goods and services |
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Term
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Definition
Occurs When...
-There is a need/want of a product
-deliver value to a customer
-Innovation
-Relationship |
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Term
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Definition
The difference between what we get from a product minus what we give up
=Benefit-(Price+Related Costs) |
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Term
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Definition
-Segmenting, Targeting, Positioning
-Product, Pricing
-Promotion
-Place Distribution
-Selling, Sales, Management |
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Term
| Segmenting, Targeting, Positioning Strategies |
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Definition
| Examples: Environment, Consumer Behavior |
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Term
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Definition
| Market Research, B2B Market |
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Term
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Definition
| Example: Intentional Marketing, Internet+Marketing |
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Term
| Selling, Sales, Management Strategy |
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Definition
| Example: Demand Forecasting and SAP |
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Term
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Definition
Mass Production, sells at a low price, widely available.
Problem: consumer needs are ignored |
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Term
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Definition
"A quality product sells itself"
Problem: lack of communication, ignore consumer/needs |
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Term
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Definition
Consumer resist buying inessential products and must be convinced with advertising and hard selling
Problem: customer comes at the end of the process |
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Term
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Definition
Company inside customer orientation, customer is important. Understanding the consumer needs and products designed to respond to needs
Problem: consumer can only give marginal ideas for new products. Innovation Suffers |
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Term
| Societal Marketing Orientation |
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Definition
| company is connected to the consumer and societal needs |
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