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Marketing
For test 1
| 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 |
Created by:
murph25
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