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Chp 1-5 Kotler Armst

Principles of Marketing 14th edition Kotler & Armstrong

QuestionAnswer
Marketing process by which companies create value for costumers and build strong costumer relationships in order to capture value from costumers in return
1.Undrstnd d mrketplce&costumers needs&wants 2.Dsgn a costmr-drven mrketing stratgy 3.cnstruct an intgratd mrktng program that dlvers superior value 4.Build proftble rltionshps&create cstmr delight 5.capture value frm cstmers 2create prfits & cstmr eq Marketing Process
Product Placing Price Production 4 p's of management
Marketing Management The art and science of choosing target markets and building profitable relationships with them.
Needs States of felt deprivation
Wants The form human needs take as shaped by culture and individual personality.
Demands Human wants that are backed by buying power.
Market Offering Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing Myopia the mistake of paying more attention to the specific products a comapny offers than to the benefits and experiences produced by these products.
Exchange The act of obtaining a desired object from someone by offering somthing in return
Market The set of all actual and potential buyers of a product or service.
Marketing Management The art and science of choosing target markets and building profitable relationships with them.
Production Concept, Product Concept, Selling Concept, Marketing Concept Societal Concept Marketing Management Orientations/Philosophies
Production Concept 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.
Product Concept The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
Selling Concept The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
Marketing Concept The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Societal Marketing Concept 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.
Costumer Relationship management The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value 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.
Customer Satisfaction The extent to which a product's perceived performance matches a buyer's expectations.
Consumer-generated Marketing marketing messages, ads, and other brand exchanges created by consumers themselves - both invited and uninvited.
partner relationship Management Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Customer lifetime value The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Share of Customer The portion of the customer's purchasing that a company gets in its product categories.
Customer Equity The total combined customer lifetime values of all of the company's customers.
Internet A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository.
Strategic Planning The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Mission Statement A statement of the organization's purpose - what it wants to accomplish in the larger environment.
Business Portfolio The collection of businesses and products that make up the company.
portfolio Analysis The process by which management evaluates the products and businesses making up the company.
Growth share matrix A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs.
Product/Market Expansion grid A portfolio-planning tool for identifying company growth oppportunities through market penetration, market development, product development, or diversification.
Market penetration A strategy for company growth by increasing sales of current products to current market segments without changing the product.
Market development A strategy for company growth by identifying and developing new market segments for current company products.
Product development A strategy for company growth by offering modified or new products to current market segments.
Diversification A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets.
Downsizing Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
Value chain The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.
Value delivery network The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system.
Marketing Strategy The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships.
Market Segmentation Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs.
Market Segment A group of consumers who respond in a similar way to a given set of marketing efforts.
Market Targeting The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Positioning Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Differentiation Actually differentiating the market offering to create superior customer value.
Marketing Mix The set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market.
SWOT analysis An overall evaluation of the company's strengths, weaknesses, opportunities, and threats.
Marketing Implementation The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives.
Marketing Control The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
Marketing Audit Comprehensive,systematic,independent,and periodic examination of a company's enviroment, objectives, strategies, anf activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance
Return on Marketing Investment the net return from a marketing investment divided by the costs of the marketing investment.
(1)Defining the Company Mission/Vision (2)Setting the Company Objectives and Goals (3)Designing the Business Portfolio (4)Coordinated Functional Strategies Steps in Strategic planning
Young Urban Professional Purchaser YUPPIES
Market Process process of analyzing marketing opportunity select target market, developing the marketing mixes and managing the marketing effort
Marketing Analysis Analyzing the company environment
Marketing Planning designing & making marketing strategies that help the company attain its objectives.
Microenvironment forces close to the company that affects its ability to serve its consumers; Internal analysis w/in the company and industry
Macroenvironment larger societal forces that affect the whole microenvironment
Consumer Market consist of individuals and household that buy goods and services for personal consumption
Business Market buy goods and services for further processing or use in their production processes
Government Market consist of government agencies that buy goods and services to produce public services`
International Market consist of these buyers in other countries. Culture must fit on the product
Marketing Environment The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
Marketing Intermediaries Firms that help the company to promote, sell, and distribute its goods to final buyers.
Public Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
Demography The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Economic Environment Factors that affect consumer buying power and spending patterns.
Natural Environment Natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Environmental sustainability Developing strategies and practices that create a world economy that a planet can support indefinitely
Technological environment Forces that create new technologies, creating new product and market opportunities.
Political Environment Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
Cultural Environment Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors.
Created by: Sisa :)
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