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Definition
| the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large |
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| people giving up something to receive something they would rather have |
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| the relationship between the benefits and the sacrifice necessary to obtain those benefits |
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| Marketing Management Philosophies PRODUCTION |
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Definition
| focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. |
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| Marketing Management Philosophies SALES |
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Definition
| the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. |
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| Marketing Management Philosophies MARKETING |
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Definition
| the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. |
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| Marketing Management Philosophies SOCIETAL |
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Definition
| the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals and society’s long-term best interests. |
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Definition
| Role in society, vital to business survival, affects your everyday life |
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Definition
| the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. |
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Definition
| a strategy that focuses on keeping and improving relationships with current customers. |
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Definition
| a unique blend of product, place, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market |
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Definition
| a defined group most likely to buy a firm's product |
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Definition
the managerial process of creating and maintain a fit between the
organization’s objectives and resources and the evolving market opportunities. |
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Term
| levels of organizations CORPORATE LEVEL |
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Definition
senior management directs overall strategy.
Ex: General Motors CEO or a President of a University |
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| Strategic Business Unit(SBU) |
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Definition
| a distinct mission and specific target market; control over its resources; its own competitors; plans independent of other strategic business units Ex: Cadillac |
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Definition
| level at which groups of specialists create value for the organization. |
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Definition
| a written document that acts as a guidebook of marketing activities for the marketing manager. |
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Definition
| a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions. |
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Definition
a statement of what is to be accomplished through marketing activities.
Types-profit, sales, market share, quality, customer satisfaction, employee welfare, social responsibility. |
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Term
| Criteria for Marketing Objectives |
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Definition
Realistic- has to be believable and in reach
Measurable- have to be able to count what happens.
Time specific; consistent with and indicting the priorities of the organization. |
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Term
| Situation analysis (SWOT) |
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Definition
| the firm should identify its internal strengths (S) and weaknesses (W) and also examine external opportunities (O) and threats (T). |
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Definition
| a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. |
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| internal situation analysis |
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Definition
| focus on organizational resources such as production cost, marketing skills, financial resources, company or brand image etc. |
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| external situation analysis |
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Definition
| must analyze aspects of the marketing environment. |
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Term
| types of competitive advantages |
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Definition
Cost- being the low-cost competitor in and industry while maintaining satisfactory profit margins,
Product/Service- the provision of something that is unique and valuable to buyers beyond simply offering a lower price than competitors.
Niche- the advantage achieved when a firm seeks to target and effectively serve a small segment of the market. |
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Term
| Sustainable Competitive Advantage |
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Definition
| an advantage that cannot be copied by the competition. |
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Term
| Market penetration(Strategic Alternatives) |
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Definition
| a marketing strategy that tries to increase market share among existing customers |
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| Product Development(Strategic Alternatives) |
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Definition
| a marketing strategy that entails the creation of new products for present markets |
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| Market Development(Strategic Alternatives) |
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Definition
| a marketing strategy that entails attracting new customers to existing products |
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Term
| Diversification(Strategic Alternatives) |
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Definition
| a strategy of increasing sales by introducing new products into new markets |
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Definition
| a tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate |
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Definition
| a business unit that is a fast-growing market leader |
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Definition
| a business unit that shows rapid growth but poor profit margins |
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Definition
| a business unit that generates more cash than it needs to maintain its market share |
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Definition
| a business unit that has low growth potential and a small market share. |
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Definition
a unique blend of product, place, promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market.
-Price, Product, Promotion, Place (distribution) |
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Definition
| the moral principles or values that generally govern the conduct of an individual or a group |
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Definition
| the values and standards enforceable by the courts |
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Definition
| a guideline to help marketing managers and other employees make better decisions. |
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Definition
| code of ethics given to employees by the manager |
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Definition
| Individual rights and responsibilities are universal regardless of outcome |
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Term
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Definition
| is the idea that the moral worth of an action is determined solely by its usefulness in maximizing utility and minimizing negative utility. |
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| Corporate social responsibility |
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Definition
| a business’s concern for society’s welfare |
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Term
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Definition
| the idea that socially responsible companies will out-perform their peers by focusing on the world’s social problems and viewing them as opportunities to build profits and help the world at the same time |
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Definition
| the development and marketing of products designed to minimize negative effects on the physical environment or to improve the environment |
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Term
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Definition
| uncontrollable, always changing |
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Term
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Definition
| collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan. |
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Definition
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Definition
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Definition
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| Metropolitan statistical Area |
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Definition
| urban area of 50 thousand or more with a high degree of social and economic integration (Kentucky and Ohio) |
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Term
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Definition
purchasing power, inflation, recession
Competitive Forces |
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Term
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Definition
| every company has a similar product |
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Term
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Definition
| compete on sustainable basis |
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Definition
| few companies control the market |
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Definition
| only 1 firm sells the product |
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Term
| rewards of global marketing |
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Definition
| expands economic freedom, spurs competition, and raises the productivity and living standards of people in countries that open themselves to the global market place. For less developed countries it reduces poverty, encourages democratization, and promotes higher labor. |
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Term
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Definition
Have assets committed to Operations in a Foreign Country
-Multiple target markets-foreign countries. |
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Term
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Definition
Culture
Economic and Technology Development
Infrastructure
agreements and organizations
demographics
natural resources |
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Term
| competitive advantage of nations |
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Definition
| What nation’s know best; achieved through innovation |
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Definition
| the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge |
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Definition
| private-label manufacturing by a foreign company |
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Term
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Definition
| when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity |
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Term
| direct foreign investment |
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Definition
| active ownership of a foreign company or of overseas manufacturing or marketing facilities |
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Term
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Definition
| the price of one country’s currency in terms of another country’s currency |
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Term
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Definition
processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use
-How consumers make Purchase decision
-How consumers use and dispose of products |
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Term
| customer decision process |
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Definition
need recognize
information search
alternative evaluation
purchase decision
post-purchase behavior |
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Term
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Definition
Influenced by level of involvement
Routine = low involvement
Limited = moderate involvement
Extensive = high involvement |
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Term
| situational influences on consumer decision making |
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Definition
The Purchase task, Gift, Rituals
Social Surroundings
Physical Surroundings
Temporal Effects
Antecedent States |
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Term
| culture (cultural influence on consumer decision making) |
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Definition
| the set of values, norms, attitudes, and other meaningful symbols that shape human behavior and the artifacts, or products, of that behavior as they are transmitted from one generation to the next |
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Term
| value (cultural influence on consumer decision making) |
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Definition
| the enduring belief that a specific mode of conduct is personally or socially preferable to another mode of conduct |
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Term
| subculture (cultural influence on consumer decision making) |
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Definition
| a homogeneous group of people who share elements of the overall culture as well as unique elements of their own group |
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Term
| social class (cultural influence on consumer decision making) |
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Definition
group of people considered nearly equal in status or community esteem
Social Influences |
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Term
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Definition
Reference Group
Opinion Leaders
Family members |
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Definition
| a group in society that influences an individual’s purchasing behavior |
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| individual influence on customer decision making |
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Definition
Demographics
Family life cycle |
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Definition
| Personality, self-concept, lifestyles, perception, motive, learning, beliefs and attitudes |
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Term
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Definition
| how consumers perceive themselves in terms of attitudes, perceptions, beliefs, and self evaluation |
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Term
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Definition
| the marketing of goods and services to individuals and organizations for purposes other than personal consumption |
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Definition
| a measure of a web site’s effectiveness calculated by multiplying the frequency of visits times the duration of a visit times the number of pages viewed during each visit |
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Term
| Relationship Marketing/Strategic Alliance |
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Definition
| a cooperative agreement between business firms |
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Term
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Definition
Producers/Other Business
Resellers
Government
Institutions |
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Term
| North American Industry Classification System (NAICS) |
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Definition
common industry classification system
useful for segmenting and targeting markets
data useful for forecasting sales |
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Definition
| the demand for business products |
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Term
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Definition
| an increase or decrease in price will not affect the demand |
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Term
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Definition
| the demand for two or more items used together in a final product |
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Term
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Definition
| the demand for business products tends to be less stable than the demand for consumer products |
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Term
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Definition
| a practice where business purchases choose to buy from their own customers |
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Term
| type of business products |
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Definition
| equipment, parts, and supplies, Material and Services |
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Term
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Definition
| all those people in an organization who become involved in the purchase decision |
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Definition
| quality, service, and price of product |
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Definition
| purchaser wants change in the original good or service |
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Term
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Definition
| purchaser reorders the same goods or services without looking for new information |
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