Term
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Definition
| The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. |
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| Five steps in the Marketing Process |
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Definition
1. Understand the marketplace and customers needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value.
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity |
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Definition
| States of felt deprivation |
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| The form human needs take as they are shaped by culture and individual personality. |
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| Human wants that are backed bu buying power |
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| Some combination of products, services, information, or experiences offered to a market to satisfy a need or want |
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| The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products |
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Definition
| The act of obtaining a desired object from someone by offering something in return |
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| The set of all actual and potential buyers of a product or service |
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| The art and sciences of choosing target markets and building profitable relationships with them |
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| The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. |
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| The idea that consumers will favor prodcuts that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. |
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| The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. |
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| A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. |
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| Societal Marketing Concept |
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Definition
| The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. |
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| Customer relationship management |
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Definition
| The overall process of building and maintaining profitable customer relationships by delivering superiior customer value and satisfaction. |
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Term
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Definition
| The customer'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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Definition
| The extent to which a product's perceived performance matches a buyer's expectations |
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Term
| Customer-managed relationships |
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Definition
| Marketing relationships in which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationships with brands. |
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Term
| Consumer-generated marketing |
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Definition
| Brand exchanges created by consumers themselves--both invited and univited--by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. |
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| Partner relationship management |
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Definition
| Working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
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Definition
| The value of the entire stream of purchases that the customer would make over a lifetime of patronage |
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Definition
| The portion of the customer's purchasing that a company gets in its product categories |
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Definition
| The total combined customer lifetime values of all the company's customers |
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Definition
| A vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository |
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Definition
| The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
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| A statement of the organization's purpose--what it wants to accomplish in the larger environment |
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Definition
| The collection of business and products that make up the company |
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Definition
| The process by which management evaluates the products and busineses that make up the company |
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Term
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Definition
| A portfolio-planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share. |
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Term
| Product/market expansion grid |
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Definition
| A portfolio-planning tool for identifying company growth opportunities through marekt penetration, market development, product development, or diversification |
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Term
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Definition
| Company growth by increasing sales of current products to current market segments without changing the products. |
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Definition
| Company growth by identifying and developing new market segments for current company products |
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Definition
| Company growth by offering modified or new products to current market segements. |
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Definition
| Company growth through starting up or acquiring businesses outside the company's current products and markets |
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Definition
| The series of internal departments that carry out value-creating activities to desgin, produce, market, deliver, and support a firm's products |
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Definition
| The network made up of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system. |
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Definition
| The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
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Definition
| Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require seperate products or marketing programs. |
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Definition
| A group of consumers who respond in a similar was to a given set of marketing efforts. |
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Definition
| The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
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Definition
| Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
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Definition
| Actually differentiating the market offering to create superior customer value. |
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Term
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Definition
| The set of tactical marketing tools--product, price, place, and promotion--that the firm blends to produce the response it wants in the target market. |
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Definition
| An overall evaluation of the company's strengths, weaknesses, opportunities, and threats. |
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Definition
| Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives. |
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Definition
| Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. |
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Term
| Return on marketing investment (or marketing ROI) |
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Definition
| The net return from a marketing investment divided by the costs of the marketing investment |
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Definition
| The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
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Term
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Definition
| The actors close to the company that affect its ability to serve its customers--the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
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Definition
| The larger societal forces that affect the microenvironment--demographic, economic, natural, technological, political, and cultural forces. |
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Definition
| Firms that help the company to promote, sell, and distribute its goods to final buyers. |
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Term
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Definition
| Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. |
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Definition
| The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics. |
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Term
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Definition
| The 78 million people born during years following World War II and lasting until 1964 |
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Term
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Definition
| THe 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom |
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| Millennials (or Generation Y) |
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Definition
| The 83 million children of the baby boomers, born between 1977 and 2000 |
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Definition
| Economic factors that affect consumer purchasing power and spending patterns. |
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Definition
| Natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
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Term
| Environmental sustainability |
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Definition
| Developing strategies and practices that create a world economy that the planet can support indefinitely |
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Term
| Technological Environment |
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Definition
| Forcers that create new technologies, creating new product and market opportunities. |
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Term
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Definition
| Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
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Definition
| Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors. |
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Term
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Definition
| Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships |
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Term
| Marketing information system (MIS) |
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Definition
| People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. |
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Term
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Definition
| Electronic collections or consumers and market information obtained from data sources within the company network |
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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
| The systematic design, collection, analysis, and reporting of data relevant to a specific marketing facing an organization. |
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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
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Definition
| Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product of the demographics and attitudes of consumers. |
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Term
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Definition
| Marketing research to test hypotheses about cause-and-effect relationships |
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Term
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Definition
| Information that already ecists somewhere, having been collected for another purpose |
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Term
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Definition
| Information collected for the specific purpose at hand |
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Term
| Commercial online database |
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Definition
| Collections of information available from online commercial sources or accessible via the internet |
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Term
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Definition
| Gathering primary data by observing relevant people, actions, and situations |
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Term
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Definition
| A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment" |
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Term
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Definition
| Gatherinf primary data by asking people questions about their knowledge, attitudes, perferences, and buying behavior |
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Term
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Definition
| Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses. |
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Term
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Definition
| Personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues. |
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Term
| Online marketing research |
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Definition
| Collecting primary data online through internet surveys, online focus groupd, Web-based experiments, or tracking consumers' online behavior. |
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Term
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Definition
| Gathering a small group of people online with a trained moderator to chat about a prodcut, service, or organization and gain qualitative insights about consumer attitudes and behavior. |
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Term
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Definition
| A segment of the population selected for marketing research to represent the population as a whole. |
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Term
| Customer relationship management (CRM) |
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Definition
| Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty. |
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