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| The activity for creating and delivering offerings that benefit the organization, its stakeholders and society. |
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| The trade of things of value between buyer and seller so that each is better off |
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| People with both the desire and the ability to buy a specific offering. |
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| Occurs when a person feels deprived of basic necessities such as food, clothing and shelter |
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| A need that is shaped by a person's knowledge, culture and personality. |
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| One or more specific groups of potential consumers toward which and organization directs its marketing program. |
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| A good, service or idea to satisfy the consumer's needs |
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| What is exchanged for the product |
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| A means of communication between the seller and buyer |
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| A means of getting the product to the consumer |
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| The controllable factors -- product, price, promotion, and place -- that the marketing manager can use to solve a marketing problem |
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| The uncontrollable social, economic, technological, competitive and regulatory forces that affect the results of a marketing decision |
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| Buyer's benefits, including quality, convenience, on-time delivery and before- and after-sale service at a specific price. |
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| Linking the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefit |
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| A plan that integrates the marketing mix to provide a good, service or idea to prospective buyers |
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| First marketing era - up to 1920s - Goods were scarce and buyers were willing to accept virtually any goods and make due with them |
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| 1920s - 1960s - Manufacters could produce more goods than buyers could consume. Competition grew. Firms hired salespeople to find new buyers. |
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The idea that an organization should strive to satisgy the needs of consumers while also trying to achieve the organization's goals.
Era beginning in the 1960s |
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Focusing organizational efforts to collect and use information about customers' needs to create customer value.
1. continusouly collecting info about customers
2. sharing this info across departments
3. using it to create customer value |
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| Customer Relationship Era |
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| Present day - firms seek continously to satisfy the high expectations of customers |
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| Customer Relationship Management |
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| The process of identifying prospective buyers, understanding them and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace. |
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| the internal response that customers have to all aspects of an organization and its offerings |
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| Societal Marketing Concept |
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| The view that organizations should satisfy the needs of consumers in a way that also provides for society's well being |
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| Innovative activities that help solve the practical needs of society |
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| The people who use the goods and services purchased for a household |
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| Manufacturers, wholesalers, retailers and government agencies that buy goods and services for their own use of for resale |
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| The benefits or customer value recieved by users of the product |
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| The production of the good or service |
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| Having the offering available where consumers need it |
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| Having the offering available when the consumer needs it |
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| making an item easy to purchase though the provision of credit cards or financial arrangements |
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| The reward to a business firm for the risk it undertakes in marketing its offerings |
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| An organization's long-term course of action that delivers a unique customer experience while achieving its goals |
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| Strategic Business Unit (SBU) |
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Definition
| A subsidiary, division or unit of an organization that markets a set of related offerings to a clearly defined group of customers |
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| The fundemental passionate and enduring principles that guide an organization |
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| A statement or vision of an organization's function in society |
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| The set of values, ideas, attitudes and behavioral norms that is learned and shared among the members of an organization |
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| The underlying industry or market sector of an organization's offering |
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| The strategies an organization develops to provide value to the customers it serves |
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| Targets of performance to be achieved, often by a specific time. |
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1. Profit
2. Sales (dollars or units)
3. Market Share
4. Quality
5. Customer Satisfaction
6. Employee Welfare
7. Social responsibilty |
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| Ratio of a firm's sales to the total sales of all the firms in the industry |
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| The visual computer display of essential marketing information |
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| A measure of the calue or trend of a marketing activity or result |
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| A road map for the marketing activites of an organization for a specified future time period |
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| Special capabilities - the skills, technologies and resources that distinguish it from other organizations and provide customer value |
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| a unique strength relative to competitors that provides superior returns, ogent based on quality, time, cost or innovation |
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| Business portfolio analysis |
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| A technique that managers use to quantify performance measures and growth targets of their firms' strategic business units |
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| SBUs that generate a large amount of cash, far more than they can invest profitably themselves. They have dominant shares of slow-growth markets and provide cash to cover the org's overhead |
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| SBU with a high share of high-growth markets that may need extra cash to finance their own rapid growth in the future. |
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| SBUs with a low share of high-growth markets. Require large injections of cash to maintain market share. Dilemma is to pick which to invest in, which to phase out. |
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| SBUs with low shares of slow-growth markets. Generate enough to sustain themselves, but do not hold much promise |
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| A technique a firm uses to search for growth opportunites from among current and new products and markets. |
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| Strategy to increase sales of current products in current markets |
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| Strategy used to sell current products to new markets |
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| Strategy of selling new products to current markets |
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| Strategy of developing new products and selling them to new markets |
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| Strategic Marketing Process |
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An approach whereby an organization allocates its marketing mix resources to reach its target markets
Phase 1: Planning Phase
Phase 2: Implementation Phase
Phase 3: Evaluation Phase |
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Definition
1. SWOT Analysis
2. Market Product- Focus and Goal Setting
3.Marketing Program |
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An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunites and threats
-Build on a strength
- Correct a Weakness
-Exploit an Opportunity
-Avoid a disaster-laden threat |
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| The sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action |
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| Those characteristics of a product that make it superios to competitive substitutes |
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| The means by which a marketing goal is to be achieved |
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| Detailed day-to-day operational decisions essential to the overall success of marketing strategies |
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1. Compare the results of the marketing program with the goals written to identify deviations
2. act on these deviations - correct/exploit |
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| The process of acquiring information on events outside the organization to identigy and interpret potential trends |
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| The demographic characteristics of the population and its values |
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| Description of a popiulation according to characteristics such as age, gender, ethnicity, income and occupation |
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| The generation of children born between 1946 and 1964 |
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| People born between 1965 and 1976 |
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| The 72 million americans born 1977 and 1994 |
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| Metropolitan Statistical Area |
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| Area of 50,000 or more people with high degree of social and economic integration |
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| between 10,000 and 50,000 people and a high degree of social and economic integration |
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| Marketing programs that reflect unique aspects of different races |
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| The set of values, ideas and attitudes that is learned and shared among members of the same group |
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| Pertains to the income and resources that affect the cost of running a business or household |
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| the total amount of money made in one year by a person, household, or family unit |
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| The money a consumer has left after paying taxes to use for necesities such as food, housing, clothing and transportation |
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| the money that remains after paying for taxes and necessities |
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| inventions from applied science or engineering research |
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| An information and communication based electronic exchange environment occupied by digitized offerings |
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| Alternative firms that could provide a product to satisfy a specific market's needs |
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| mant sellers with similar products |
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| Monopolisitic competition |
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| many sellers with substitutable products in a price range |
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| few companies conrol the majority of industry sales |
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| only one firm sells a product |
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| Restrictions that state and federal laws place on business |
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| A movement started to increase the influence, power and rights of consumers in dealing with institutions |
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| An alternative to government control, whereby an industry attempts to police itself |
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| The moral principles and calues that govern the actions and decisions of an individual or group |
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| society's standards and values that are enforceable in the courts |
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| Codified the ethics of exchange between buyers and sellers, including rightrs to safety, to be informed, to choose and to be heard |
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| the clandestine collection of trade secrets or proprietary information about a company's competitors |
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| A formal statement of ethical principles and rules of conduct |
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| A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
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| A personal moral philosophy that focuses on the "greatest good for the greatest number" |
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| The idea that organizations are part of a larger society and are accountable to that society for their actions |
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| Stakeholder Responsibility |
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Definition
| focuses on the obligations an org has to those who can affect achievement of its objectives - consumers, employees, suppliers and distributors |
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| obligations an org has to 1. the preservation of the ecological environment and 2. to the general public |
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| marketing efforts to produce, promote and reclaim environmentally sensitive products |
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| Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products |
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A systematic assesment of a firm's objectives, strategies and perfomance in the doman of social responsibility.
Five steps: page 88 |
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| involves conducting business in a way that protects the natural environment while making economic progress |
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