Term
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Definition
| specifies the marketing activities for a specific period of time |
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Term
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Definition
| groups of people who are pertinent to an organization for certain reasons |
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Term
| necessary conditions for exchange |
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Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party |
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Term
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Definition
creating value
anything that can be offered in an exchange |
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Term
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Definition
capturing value
everything a buyer gives up in exchange for the product |
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Term
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Definition
| delivering the value proposition |
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Term
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Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
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Term
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Definition
business-to-business
business-to-consumer
consumer-to-consumer |
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Term
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Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking |
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Term
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Definition
share information across organization
balance customer's benefits and costs
build relationships with customers |
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Term
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Definition
customer relationship management
identify and build loyalty among valued customers |
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Term
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Definition
| feeling that a product met or exceeded customer's expectations |
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Term
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Definition
| specifies the marketing activities for a specific period of time |
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Term
|
Definition
| groups of people who are pertinent to an organization for certain reasons |
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Term
| necessary conditions for exchange |
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Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party |
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Term
|
Definition
creating value
anything that can be offered in an exchange |
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Term
|
Definition
capturing value
everything a buyer gives up in exchange for the product |
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Term
|
Definition
| delivering the value proposition |
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Term
|
Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
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Term
|
Definition
business-to-business
business-to-consumer
consumer-to-consumer |
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Term
|
Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking |
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Term
|
Definition
share information across organization
balance customer's benefits and costs
build relationships with customers |
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Term
|
Definition
customer relationship management
identify and build loyalty among valued customers |
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Term
|
Definition
| feeling that a product met or exceeded customer's expectations |
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Term
|
Definition
| specifies the marketing activities for a specific period of time |
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|
Term
|
Definition
| groups of people who are pertinent to an organization for certain reasons |
|
|
Term
| necessary conditions for exchange |
|
Definition
at least 2 parties
something of value
communication and delivery
freedom to accept or reject
desire to deal with other party |
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|
Term
|
Definition
creating value
anything that can be offered in an exchange |
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|
Term
|
Definition
capturing value
everything a buyer gives up in exchange for the product |
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|
Term
|
Definition
| delivering the value proposition |
|
|
Term
|
Definition
communicating value
informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
|
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Term
|
Definition
business-to-business
business-to-consumer
consumer-to-consumer |
|
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Term
|
Definition
marketing designed to benefit an entire industry at large
undertaking marketing research to understand what potential employees are seeking |
|
|
Term
|
Definition
share information across organization
balance customer's benefits and costs
build relationships with customers |
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Term
|
Definition
customer relationship management
identify and build loyalty among valued customers |
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Term
|
Definition
| feeling that a product met or exceeded customer's expectations |
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Term
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Definition
| must understand what customers view as the key benefits and how to improve them |
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Term
| why is marketing important? |
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Definition
expands firm's global presence
pervasive across supply chain
enriches society |
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Term
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Definition
growing fragmentation
proliferation of products and technologies
multiplication of messages
new distribution channels
increasing costs
demand for better return |
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Term
| a marketing strategy identifies... |
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Definition
a firm's target market
a related marketing mix
basis on which the firm plans to build a sustainable competitive advantage |
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Term
| 4 strategies for building competitive advantage |
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Definition
customer excellence
operational excellence
product excellence
locational excellence |
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Term
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Definition
strong brand
unique merchandise
clear and precise positioning
retaining customers
customer service |
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Term
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Definition
efficient operations
supply chain management
knowledgeable and skilled employees |
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Term
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Definition
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Term
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Definition
physical location
store atmosphere |
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Term
| phases in developing a marketing plan |
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Definition
planning phase
implementation phase
control phase |
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Term
| steps in developing a marketing plan |
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Definition
defining mission statement
situation analysis
identify opportunities
apply 4 Ps
performance evaluation |
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Term
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Definition
| what are our competencies, abilities, our strengths |
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Term
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Definition
| what you do better than competition |
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Term
| organizational objectives should be... |
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Definition
| specific, measurable, attainable, reasonable, time specific |
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Term
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Definition
segmentation
targeting
positioning |
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Term
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Definition
consumers who respond consistently
groups of customers with different needs, wants, characteristics |
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Term
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Definition
| evaluating attractiveness of various segments and deciding which to pursue as a market |
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Term
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Definition
| defining 4 Ps so target market has a clear, distinct and desirable understanding of what product does |
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Term
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Definition
| measuring system that quantifies trend, dynamic or characteristic |
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Term
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Definition
| percent of market accounted for by a specific entity |
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Term
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Definition
| current products, current customers |
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Term
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Definition
| current products, new customers |
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Term
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Definition
| new products, current customers |
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Term
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Definition
| new products, new customers |
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Term
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Definition
| organized actions of groups of consumers seeking to increase their influence on business practices |
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Term
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Definition
| moral or ethical dilemmas that arise in a business setting |
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Term
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Definition
| having a set of values that guides decision making and behavior |
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Term
| causes of unethical behavior |
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Definition
environment with diminished ethics
pressure from boss/peers
unsure with unclear outcomes
lack of training
self-interest
misguided loyalty
lack of consequences |
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Term
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Definition
| statement of responsibilities for honest and proper conduct |
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Term
| corporate social responsibility |
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Definition
| voluntary actions taken by a company to address the social, ethical, and environmental impact of its business operations and the concerns of its stakeholders |
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Term
| inputs that a firm needs to understand and appreciate |
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Definition
consumer
company
cause/issue |
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Term
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Definition
| business people helping to solve some of society's problems |
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Term
| framework for ethical decision making |
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Definition
identify issues
gather information & identify stakeholders
brainstorm and evaluate alternatives
choose a course of action |
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Term
| examples of unethical marketing |
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Definition
deceptive or unfair practices
offensive marketing materials
objectionable marketing practices
dangerous/non-performing products |
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Term
| components of the immediate environment |
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Definition
company capabilities
competitors
corporate partners |
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Term
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Definition
satisfying customer needs that match their core competencies
competitive advantage |
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Term
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Definition
| how many? how big? how interdependent is the industry? what is your competition doing? how do customers perceive your brands v. other brands? |
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Term
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Definition
| parties that work with focal firm |
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Term
| macro environmental factors |
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Definition
culture
demographics
social trends
technological advances
economic situation
political environment |
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Term
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Definition
| shared meanings, beliefs, morals, values and customs of a group of people |
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Term
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Definition
generational cohorts
income
education
gender
ethnicity |
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Term
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Definition
| a group of people of the same generation and have similar purchase behaviors based on experience |
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Term
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Definition
price sensitivity
health and wellness concerns
greener consumers
privacy concerns
time-poor society |
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Term
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Definition
| improving products, services, access |
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Term
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Definition
| monitor home country and abroad because it affects how consumers buy/spend |
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Term
| political/regulatory environment |
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Definition
| government enacts laws based on industries |
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Term
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Definition
understanding needs and wants of customers
how to assist the consumer in decision-making |
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Term
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Definition
| the processes a consumer uses to make purchase decisions as well as to use and dispose of purchased goods/services |
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Term
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Definition
buy for personal, family, household
make decisions as individuals
use personal and discretionary income |
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Term
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Definition
use in operations, production, resale
purchase decisions in groups
base decisions on derived demand |
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Term
| consumer decision making process |
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Definition
need recognition
informational search
evaluation of alternatives
purchase decision
post-purchase |
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Term
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Definition
| an imbalance between present status and preferred status |
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Term
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Definition
| search for information about various options that exist to satisfy taht need |
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Term
| internal search for information |
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Definition
| recall information from memory |
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Term
| external search for information |
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Definition
| look somewhere else for information |
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Term
| internal locus of control |
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Definition
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Term
| external locus of control |
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Definition
| fate controls all outcomes |
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Term
| universal set of alternatives |
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Definition
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Term
| retrieval set of alternatives |
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Definition
| options that we remember easily |
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Term
| evoked set of alternatives |
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Definition
| options that we will actually consider buying |
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Term
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Definition
| so important to the buyer so that different brands have perceived differences in attributes |
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Term
| compensatory decision rule |
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Definition
| good characteristics compensate for bad |
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Term
| non-compensatory decision rule |
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Definition
| choose a product on the basis of one characteristic regardless of all other attributes |
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Term
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Definition
mental shortcuts to narrow down
ex: price, brand, presentation |
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Term
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Definition
| place and method of purchase |
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Term
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Definition
| entails actual rather than potential customers |
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Term
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Definition
internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior
should i have bought this product? |
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Term
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Definition
| satisfied customers become loyal, purchase again, and spread positive word-of-mouth |
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Term
| ways to ensure/improve satisfaction |
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Definition
build realistic expectations
demonstrate correct product use
money back guarantees and warranties
customer feedback |
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Term
| psychological factors influencing consumer decisions |
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Definition
motives
attitude
perception
learning
lifestyle |
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Term
| social factors influencing consumer decisions |
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Definition
family
reference groups
culture |
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Term
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Definition
| one or more people who we use as a basis for comparison |
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Term
| situational factors influencing consumer decisions |
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Definition
purchase situation
shopping situation
temporal state (state of mind) |
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Term
| involvement in decisions depends on |
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Definition
| consumer's degree of interest or concern |
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Term
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Definition
buying because it's there
you see it so you want it |
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Term
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Definition
little conscious effort involved
buy what you always buy |
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Term
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Definition
used to manufacture other products
aid the normal operations of an organization
acquired for resale without change in form |
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Term
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Definition
manufacturers
resellers
institutions
government |
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Term
| manufacturers or producers |
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Definition
buy raw material and make into new product
product changes form |
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Term
| resellers - wholesale and distributors |
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Definition
| product doesn't change form, just arrangement |
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Term
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Definition
hospitals, schools, museums, etc.
buy in bulk because it is cheaper |
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Term
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Definition
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Term
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Definition
| north american industry classification system |
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Term
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Definition
| demand for business products results from demand for consumer products |
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Term
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Definition
| a change in price will not significantly affect the demand for product |
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Term
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Definition
| multiple items are used together in final product so demand for one item affects all |
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Term
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Definition
need recognition
product specifications
RFP process
proposal analysis, vendor negotiation and selection
order specification
vendor/product performance assessment |
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Term
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Definition
used by suppliers to develop proposals
can be done collaboratively with suppliers |
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Term
| proposal analysis, vender negotiation and selection |
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Definition
often vendors are negotiating against each other
considerations other than price play a role |
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Term
| considerations in selecting vendor |
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Definition
product availability
customer service
good price level and terms
prompt delivery
consisten quality
seller reliability |
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Term
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Definition
| review of the qualities of the product for the price |
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Term
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Definition
| review of the services of the vendor |
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Term
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Definition
most extensive
new vendor and new products |
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Term
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Definition
| buying same products from same vendor |
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Term
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Definition
| buying slightly different products from same vendor |
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Term
| actors in the buying center |
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Definition
initiator
influencer
decider
buyer
user
gatekeeper |
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Term
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Definition
| expresses the need or interest |
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Term
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Definition
| influence decision/timing/need |
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Term
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Definition
| evaluates all alternatives and decides |
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Term
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Definition
| handles paperwork of buying |
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Term
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Definition
| benefits from product/service |
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Term
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Definition
| controls access to information |
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