Term
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Definition
| The process by which companies create value for customers and build strong relationships in order to capture value from customers in return |
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Term
| 5 Steps in the Marketing Process |
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Definition
1.) Understanding the marketplace
2.) Designing a customer-driven marketing srategy
3. Preparing an integrated marketing plan and program
4. Building customer relationships
5. Capturing value from customers |
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Term
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Definition
| Satisfying customer needs and building profitable, value-laden exchange relationships with customers |
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Term
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Definition
| The process of evaluating each market segment's attractiveness and selecting on or more segments to enter |
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Term
| 1st Step in Strategic Planning |
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Definition
| Defining a company's overall purpose and mission |
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Term
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Definition
| Low-growth, high-share businesses or products |
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Term
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Definition
| Low-share business units in high-growth markets |
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Term
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Definition
| Low-growth, low-share businesses and products |
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Term
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Definition
| High-growth, high-share businesses or products |
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Term
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Definition
1.) Defining the company mission
2.) Setting company objectives and goals
3.) Designing the business portfolio |
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Term
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Definition
| An overall evaluation of a company's strengths (S), weaknesses (W), opportunities (O), and threats (T) |
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Term
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Definition
| All the individuals and households that buy or acquire goods and services for personal consumption |
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Term
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Definition
| Developing strategies and practices that support environmental sustainability (an effort to create a world economy that the planet can support indefinitely) |
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Term
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Definition
| Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
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Term
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Definition
1.) Gives marketers insight into customer motivation, puchase behavior, and satisfaction
2.) Assess market potential and market share
3.) Measure effectiveness of pricing, product, distribution, and promotion activities |
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Term
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Definition
| Marketing research to gather preliminary information that will help define problems and suggest hypotheses |
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Term
| Maslow's Hierarchy of Needs |
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Definition
| A concept that human needs are arranged in a certain order: Physiological needs, safety needs, social needs, esteem needs, and self-actualization needs |
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Term
| 5 Steps of the Consumer Buying Process |
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Definition
1.) Need recognition
2.) Info search
3.) Evaluation of alternatives
4.) Purchase decision
5.) Postpurchase behavior |
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Term
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Definition
| The mental process through which an individual passes from first hearing about an innovation to final adoption |
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Term
| 5 Steps in the New Product Adoption Process |
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Definition
1.) Awareness
2.) Interest
3.) Evaluation
4.) Trial
5.) Adoption |
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Term
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Definition
| All the individuals and units that play a role in the purchase decision-making process in a business |
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Term
| 8 Steps in the Business Buying Process |
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Definition
1.) Problem recognition
2.) General need description
3.) Product specification
4.) Supplier research
5.) Proposal solicitation
6.) Supplier selection
7.) Order-route specification
8.) Performance review |
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Term
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Definition
| Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality |
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Term
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Definition
| The course of a product's salesand profits over it's lifetime |
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Term
| Company's choice in decline of life cycle |
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Definition
1.) Maintain
2.) Harvest
3.) Drop |
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Term
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Definition
| A name, term, sign, symbol, design or combination of these intended to indentify the goods or services of one seller or group and differentiate them from those competitors. |
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Term
| Stages of Product Life Cycle |
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Definition
1.) Product Development
2.) Introduction
3.) Growth
4.) Maturity
5.) Decline |
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Term
| Stages of Product Development |
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Definition
1.) Idea generation
2.) Idea Screening
3.) Concept development/testing
4.) Marketing strategy development
5.) Business analysis
6.) Product development
7.) Test marketing
8.) Commercialization/roll-out |
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Term
| Successful new products depend on... |
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Definition
1.) Customer research
2.) Good design
3.) Adequete price
4.) Low competition
5.) Secure distribution |
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Term
| Two ways a company can obtain new products |
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Definition
1.) Acquisition
2.) New product development |
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Term
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Definition
| A major characteristic of services - cannot be seen, felt, heard, or smelled before they are bought |
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Term
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Definition
| Features are a competitve tool for differentiating the company's product from competitor's products. |
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Term
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Definition
| (Generation Y) The 83 million children of the baby boomers, born between 1977 and 2000 |
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Term
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Definition
| The way the product is defined by consumers on important attributes- the place the product occupies in the consumers' minds relative to competing products. |
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Term
| Competitive Marketing Intelligence |
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Definition
| The systematic collection and analysis of publicly-available information about consumers, competitors and developments in the marketing environment |
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Term
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Definition
| An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices. |
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Term
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Definition
| Refers to the range of technologies and techniques used by online website publishers and advertisers which allows them to increase their effctiveness of their campaigns by capturing data generate by website and landing page visitors |
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Term
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Definition
| The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society |
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Term
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Definition
| The demographic factors of the market in which an organization operates, and which are used to segment the target population for effective marketing. |
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Term
| Marketing Concept Philosophy |
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Definition
| The marketing management philosophy that holds that acheiving organizational goals depends on knowing the needs and wants of target markets in delivering the desired satisfaction better than competitors do |
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Term
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Definition
| The consumer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. |
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Term
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Definition
| through it brands can be seen as having better features, performance, style or design in their products, service, people and image. |
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Term
| What makes a segment attractive? |
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Definition
| An attractive market segment is one that offers solid current or long-term profit potential for your business. |
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Term
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Definition
| Deals with far fewer but far larger buyers than the consumer market; many have an inelastic demand; have more fluctuating demand |
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