| Question |
Answer |
| Marketing |
Process by which companies create value for customers and build strong customer relationships to capture value from customers in return |
| Market offerings |
Combination of products, services, information, or experiences offered to a market to satisfy a need or want |
| Marketing myopia |
Focusing only on existing wants and losing sight of underlying consumer needs |
| Exchange |
The act of obtaining a desired object from someone by offering something in return |
| Markets |
Set of actual and potential buyers of a product |
| Marketing management |
The art and science of choosing target markets and building profitable relationships with them |
| Market segmentation |
Dividing the markets into segments of customers |
| Target marketing |
Which segments to go after |
| Demarketing |
Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it |
| value proposition |
The set of benefits or values a company promises to deliver to customers to satisfy their needs |
| Production concept |
The idea that consumers will favor products that are available or highly affordable |
| Product concept |
The idea that consumers will favor products that offer the most quality, performance, and features. 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 idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do |
| Societal marketing concept |
The idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests |
| marketing mix |
The set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place |
| Integrated marketing program |
Comprehensive plan that communicates and delivers the intended value to chosen customers. |
| Customer Relationship Management (CRM) |
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| Customer perceived value |
The difference between total customer value and total customer cost |
| Customer satisfaction |
The extent to which a product’s perceived performance matches a buyer’s expectations |
| Partner relationship management |
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
| Supply chain |
A channel that stretches from raw materials to components to final products to final buyers |
| 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 |
| Strategic planning |
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities |
| Market-oriented mission statement |
Defines the business in terms of satisfying basic customer needs |
| business portfolio |
The collection of businesses and products that make up the company |
| Portfolio analysis |
A major activity in strategic planning whereby management evaluates the products and businesses that make up the company |
| Strategic business unit (SBU) |
A unit of the company that has a separate mission and objectives that can be planned separately from other company businesses |
| Product/market expansion grid |
A tool for identifying company growth opportunities through market penetration, market development, product development, or diversification |
| Market penetration |
A growth strategy increasing sales to current market segments without changing the product |
| Market development |
A growth strategy that identifies and develops new market segments for current products |
| Product development |
A growth strategy that offers new or modified products to existing market segments |
| Diversification |
A growth strategy for starting up or acquiring businesses outside the company’s current products and markets |
| Downsizing |
The reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy |
| Value chain |
A series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products |
| Value delivery network |
Made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system |
| Market segmentation |
The division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes |
| Market segment |
A group of consumers who respond in a similar way to a given set of marketing efforts |
| Target marketing |
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter |
| Market positioning |
The arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer |
| Implementing |
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives |
| Marketing Control |
The measurement and evaluation of results and the taking of corrective action as needed |
| Return on marketing investment (marketing ROI) |
The net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities. |
| marketing environment |
Actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers |
| Microenvironment |
actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
| Demography |
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics |
| Generation X |
includes people born between 1965 and 1976 |
| Millennials (gen Y or echo boomers) |
include those born between 1977 and 2000 |
| Generational marketing |
Segmenting people by lifestyle of life state instead of age |
| Economic environment |
consists of factors that affect consumer purchasing power and spending patterns |
| Natural environment |
involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities |
| Political environment |
consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society |
| Cultural environment |
consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors |
| Core beliefs and values |
persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government |
| Secondary beliefs and values |
more open to change and include people’s views of themselves, others, organizations, society, nature, and the universe |
| Marketing information system (MIS) |
consists of people and procedures for: Assessing the information needs Developing needed information Helping decision makers use the information for customer |
| Internal databases |
electronic collections of consumer and market information obtained from data sources within the company network |
| Marketing intelligence |
is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace |
| Marketing research |
is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
| Secondary data |
consists of information that already exists somewhere, having been collected for another purpose |
| Primary data |
consists of information gathered for the special research plan |
| Observational research |
involves gathering primary data by observing relevant people, actions, and situations |
| Ethnographic research |
involves sending trained observers to watch and interact with consumers in their natural environment |
| Survey research |
is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior |
| Experimental research |
is best for gathering causal information— cause-and-effect relationships |
| Sample |
is a segment of the population selected for marketing research to represent the population as a whole |
| Customer Relationship Management (CRM) |
consists of sophisticated software and analytical tools that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationships |
| Information distribution |
involves entering information into databases and making it available in a time-useable manner |
Biology Lab Midterm
