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MK 360 CH 3-4
| Term | Definition |
|---|---|
| marketing environment | Outside forces that affect marketing management’s ability to build and maintain successful relationships with target customers |
| Microenvironment | Actors close to the company that affect its ability to serve its customers |
| Macroenvironment | Larger societal forces that affect the microenvironment |
| internal environment | Interrelated groups in a company form the |
| customer value. | Departments share the responsibility for understanding customer needs and creating |
| suppliers | Provide the resources needed by the company to produce its goods and services |
| Supply shortages or delays Labor strikes Price trends of key inputs | Supplier problems seriously affect marketing |
| Marketing intermediaries | help the company to promote, sell, and distribute its products to final buyers |
| competitors. | Marketers must gain strategic advantage by positioning products strongly against |
| Publics | any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives |
| Consumer markets Business markets Reseller markets Government markets International markets | Five types of customer markets |
| Demography | the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
| Changes in consumer spending Differences in income distribution | Economic factors affect consumer purchasing power and spending |
| natural environment | Physical environment and natural resources needed as inputs by marketers or affected by marketing activities |
| Environmental sustainability | concerns have grown steadily over the past three decades |
| Radio-frequency identification (RFID) | is technology to track products through various points in the distribution channel |
| political environment | Forces that influence or limit various organizations and individuals in a society |
| companies from each other consumers from unfair business practices the interests of society against unrestrained business behavior | Legislation regulating business is intended to protect |
| Socially responsible companies | actively seek out ways to protect the long-run interests of consumers and the environment. |
| Controversy | strategy for selling more rather than a strategy for giving |
| Exercise their social responsibility Build more positive images | Companies use cause-related marketing to |
| cultural environment | Institutions and other forces that affect a society’s basic values, perceptions, and behaviors |
| price, promotion, product, place (distribution) | four Ps of marketing |
| through media that will connect with certain types of people | how would a single parent family change the demographics of the American market |
| production may not want to work with marketing in certain areas, more interaction required, dynamic interaction | why would they put the company in the microenvironment? |
| producer-> transportation agent-> warehouse agent-> retailer | simple distribution channel |
| place because it is very specialized | which "P" creates the most jobs |
| pricing/marketing | there is more legistlation in this field than in any of the other Ps |
| Germany, U.S. is 3rd | which country has the mot legislation regarding marketing? |
| Big data | refers to the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies. |
| customer insights | Fresh marketing information-based understandings of customers and the marketplace |
| Internal databases | are collections of consumer and market information obtained from data sources within the company network |
| marketing research | Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
| ethnographic research | sending trained observers to watch and interact with consumers in their natural environments |
| A sample | is a segment of the population selected to represent the population as a whole |
| customer relationship management (CRM) | Managing detailed information about individual customers, Carefully managing customer touch points to maximize customer loyalty |
| Marketing analytics | consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance |
| primary data research | information collected without surveys |
| customer insights | chart things people like to know how to market to them - what you buy, how you buy, how often/much, etc. |
| defining the problem, developing the research plan, implementing research plan, interpreting findings | marketing research process |
| exploratory research | like a discovery, used to gather prlimiary info, helps to define problems and suggest hypothesis (taking survey - factors for buying product) |
| hypothesis | educated guess based off of other info |
| descriptive research | used to better describe the market potential for a product or the demographics and attitudes of consumers (relationships that help describe how info for the model fits together) |
| causal research | used to test hypothesis about cause-and-effect relationships (how did relationship cause customer to buy product?) |
| secondary data | data that has been collected by someone else, usually for another purpose |
| primary data | data you collect yourself for some specific purpose |
| observational research | gathering primary data by observing relevant people, actions, and situations |
| probability samples | best kind of sample |
| nonprobability sample | worst kind of sample |
| simple random sample | chances of being selected are completely random |
| stratified random sample | 5 freshmen, 5 sophomores, 5 juniors, 5 seniors |
| cluster sample | used for election polling - go to certain cities that are a general representation of entire sample |
| convenience sampling | Dr. Armstrong's class |
| judgement sample | someone who is an expert/superior knowledge |
| quota sample | include percentages, quotas representative of groups being studied |
| international market research | problems handling differences in culture, language, and attitudes toward research |
Created by:
pace_sauce
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