The form human needs take as they are shaped by culture and individual personality.

Human wants that are backed by buying power

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

5 Core Customer and Marketplace Concept

(1) needs, wants, and demands; (2) market offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges and relationships; and (5) markets.

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Creating Customer Experiences

More than just selling products, Apple’s highly successful retail stores create engaging life-feels-good brand experiences.

The act of obtaining a desired object from someone by offering something in return.

The set of all actual and potential buyers of a product or service.

The art and science of choosing target markets and building profitable relationships with them.

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.

A philosophy in which 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.

Customer 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.

Customer Engagement Marketing

Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.

Customer Brand Advocacy

Actions by which satisfied customers initiate favorable interactions with others about a brand.

Consumer Generated Marketing

Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

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 a customer makes over a lifetime of patronage.

The portion of the customer’s purchasing that a company gets in its product categories.

The total combined customer lifetime values of all of the company’s customers.

A global environment where everything and everyone is digitally connected to everything and everyone else.

Digital and Social Media Marketing

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

A statement of the organization’s purpose—what it wants to accomplish in the larger environment.

The collection of businesses and products that make up the company.

The process by which management evaluates the products and businesses that make up the company.

A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share.

Product/Market Expansion Grid

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

Company growth by increasing sales of current products to current market segments without changing the product.

Company growth by identifying and developing new market segments for current company products.

Company growth by offering modified or new products to current market segments.

Company growth through starting up or acquiring businesses outside the company’s current products and markets.

The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

Value Delivery Network

A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

A group of consumers who respond in a similar way to a given set of marketing efforts.

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Actually differentiating the market offering to create superior customer value.

Product, Price, Place, Promotion

The set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.

An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T).

Marketing Implementation

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

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Mktg 3101 Midterm

Term	Definition
Needs	States of felt deprivation
Wants	The form human needs take as they are shaped by culture and individual personality.
Demands	Human wants that are backed by buying power
Market Offerings	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 company offers than to the benefits and experiences produced by these products.
5 Core Customer and Marketplace Concept	(1) needs, wants, and demands; (2) market offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges and relationships; and (5) markets.
Marketing	The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return
Creating Customer Experiences	More than just selling products, Apple’s highly successful retail stores create engaging life-feels-good brand experiences.
Exchange	The act of obtaining a desired object from someone by offering something 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	The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.
Product Concept	The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
Selling Concept	The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
Marketing Concept	A philosophy in which 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.
Customer 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.
Customer Engagement Marketing	Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
Customer Brand Advocacy	Actions by which satisfied customers initiate favorable interactions with others about a brand.
Consumer Generated Marketing	Brand exchanges created by consumers themselves—both invited and uninvited—by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
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 a customer makes 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 of Things	A global environment where everything and everyone is digitally connected to everything and everyone else.
Digital and Social Media Marketing	Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.
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 that make up the company.
Growth-Share Matrix	A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share.
Product/Market Expansion Grid	A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.
Market Penetration	Company growth by increasing sales of current products to current market segments without changing the product.
Market Development	Company growth by identifying and developing new market segments for current company products.
Product Development	Company growth by offering modified or new products to current market segments.
Diversification	Company growth through starting up or acquiring businesses outside the company’s current products and markets.
Value Chain	The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
Value Delivery Network	A network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.
Marketing Strategy	The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
Market Segmentation	Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
Market Segment	A group of consumers who respond in a similar way to a given set of marketing efforts.
Market Targeting	Evaluating each market segment’s attractiveness and selecting one or more segments to serve.
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.
4 P’s of Marketing	Product, Price, Place, Promotion
Marketing Mix	The set of 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 (S), weaknesses (W), opportunities (O), and threats (T).
Marketing Implementation	Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Marketing Control	Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.
Operating Control	involves checking ongoing performance against the annual plan and taking corrective action when necessary.
Strategic Control	involves looking at whether the company’s basic strategies are well matched to its opportunities.
Marketing Return on Investment	The net return from a marketing investment divided by the costs of the marketing investment.
Big Data	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 that become the basis for creating customer value, engagement, and relationships.
Marketing Information System	People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
Internal Databases	Collections of consumer and market information obtained from data sources within the company network.
Competitive Marketing Intelligence	The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Marketing Research	The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Exploratory research	Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Descriptive research	Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Casual research	Marketing research to test hypotheses about cause-and-effect relationships.
Secondary Data	Information that already exists somewhere, having been collected for another purpose.
Primary Data	Information collected for the specific purpose at hand.
Observational Research	Gathering primary data by observing relevant people, actions, and situations.
Ethnographic Research	A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”
Survey Research	Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
Experimental research	Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
Focus Group Interviewing	Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues.
Online Marketing Research	Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.
Online focus groups	Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
Behavioral Targeting	Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.
Sample	A segment of the population selected for marketing research to represent the population as a whole.
Customer Relationship Management	Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
Marketing Analytics	The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
Artificial Intelligence	Technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.
Direct Investment	Entering a foreign market by developing foreign-based assembly or manufacturing facilities.
Standardized Global Marketing	A global marketing strategy that basically uses the same marketing strategy and mix in all of the company’s international markets.
Adapted Global Marketing	A global marketing approach that adjusts the marketing strategy and mix elements to each international target market, which creates more costs but hopefully produces a larger market share and return.
Straight Product Extension	Marketing a product in a foreign market without making any changes to the product.
Product Adaptation	Adapting a product to meet local conditions or wants in foreign markets.
Communication Adaptation	A global communication strategy of fully adapting advertising messages to local markets.
Whole-Channel View	Designing international channels that take into account the entire global supply chain and marketing channel, forging an effective global value delivery network.
Microenvironment	The actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Macroenvironment	The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
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.
Financial publics	This group influences the company’s ability to obtain funds. Banks, investment analysts, and stockholders are the major financial publics.
Media publics	This group carries news, features, editorial opinions, and other content. It includes television stations, newspapers, magazines, blogs and other social media.
Government publics	Management must take government developments into account. Marketers must often consult the company’s lawyers on issues of product safety, truth in advertising, and other matters.
Citizen-action publics	A company’s marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and citizen groups.
Internal publics	This group includes workers, managers, volunteers, and the board of directors. Large companies use newsletters and other means to inform and motivate their internal public. When employees feel good about the companies they work for, this positive attitude
General public	A company needs to be concerned about the general public’s attitude toward its products and activities. The public’s image of the company affects its buying behavior.
Local public	This group includes local community residents and organizations. Large companies usually work to become responsible members of the local communities in which they operate.
Demography	The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Baby Boomers	The 72 million people born during the years following World War II and lasting until 1964.
Generation X	The 55 million people born between 1965 and 1980 in the “birth dearth” following the baby boom.
Millennials or Generation Y	The 75 million children of the baby boomers born between 1981 and 1996.
Generation Z	People born between 1997 and 2012 who make up the tweens to twenty-something markets.
Generation Alpha	Kids born after 2012, largely the children of the millennials.
Economic Environment	Economic factors that affect consumer purchasing power and spending patterns.
Natural Environment	The physical environment and the 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 the 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.
Competitive Advantage	An advantage over competitors gained by offering consumers greater value.
Competitor Analysis	Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.
Competitive Marketing Strategies	Strategies that strongly position the company against competitors and give it the greatest possible competitive advantage.
Strategic Group	A group of firms in an industry following the same or a similar strategy.
Benchmarking	Comparing the company’s products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance.
Customer Value Analysis	An analysis conducted to determine what benefits target customers value and how they rate the relative values of various competitors’ offers.
Overall Cost Leadership	Here the company works hard to achieve the lowest production and distribution costs. Low costs let the company price lower than its competitors and win a large market share. Walmart, Lenovo, and Spirit Airlines are leading practitioners of this strategy.
Differentiation	Here the company concentrates on creating a highly differentiated product line and marketing program so that it comes across as the class leader in the industry. Most customers would prefer to own this brand if its price is not too high. Nike and Caterpil
Focus	Here the company focuses its effort on serving a few market segments well rather than going after the whole market. For example, Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. Bose concentrates on very high-quality electroni
Operational Excellence	The company provides superior value by leading its industry in price and convenience. It works to reduce costs and create a lean and efficient value delivery system. It serves customers who want reliable, good-quality products or services but want them ch
Customer Intimacy	The company provides superior value by precisely segmenting its markets and tailoring its products or services to exactly match the needs of targeted customers. It specializes in satisfying unique customer needs through a close relationship with and intim
Product Leadership	The company provides superior value by offering a continuous stream of leading-edge products or services. It aims to make its own and competing products obsolete. Product leaders are open to new ideas, relentlessly pursue new solutions, and work to get ne
Market Leader	The firm in an industry with the largest market share.
Market Challenger	A runner-up firm that is fighting hard to increase its market share in an industry.
Market Follower	A runner-up firm that wants to hold its share in an industry without rocking the boat.
Market Nicher	A firm that serves small segments that the other firms in an industry overlook or ignore.
Competitor-Centered Company	A company whose moves are mainly based on competitors’ actions and reactions.
Customer-Centered Company	A company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers.
Market-Centered Company	A company that pays balanced attention to both customers and competitors in designing its marketing strategies.
Consumer Buyer Behavior	The buying behavior of final consumers—individuals and households that buy goods and services for personal consumption
Consumer Market	All the individuals and households that buy or acquire goods and services for personal consumption
Culture	The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Subculture	A group of people with shared value systems based on common life experiences and situations.
Total market strategy	Integrating ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences.
Social Class	Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.
Reference Group	A group that serves as direct or indirect point of comparison or reference in forming a person’s attitudes or behavior.
Opinion leader	A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.
Word-Of-Mouth Influence	The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior.
Influencer Marketing	Enlisting established influencers or creating new influencers to spread the word about a company’s brands.
Online Social Networks	Online social communities—blogs, online social media, brand communities, and other online forums—where people socialize or exchange information and opinions.
Lifestyle	A person’s pattern of living as expressed in his or her activities, interests, and opinions.
Personality	The unique psychological characteristics that distinguish a person or group.
Motive (drive)	A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
Perception	The process by which people select, organize, and interpret information to form a meaningful picture of the world.
Learning	Changes in an individual’s behavior arising from experience.
Belief	A descriptive thought that a person holds about something.
Attitude	A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
Complex Buying Behavior	Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
Dissonance-Reducing Buying Behavior	Consumer buying behavior in situations characterized by high involvement but few perceived differences among brands.
Habitual Buying Behavior	Consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences.
Variety-seeking buying behavior	Consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences.
Need Recognition	The first stage of the buyer decision process, in which the consumer recognizes a problem or need.
Information Search	The stage of the buyer decision process in which the consumer is motivated to search for more information.
Alternative Evaluation	The stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set.
Purchase Decision	The buyer’s decision about which brand to purchase.
Postpurchase Behavior	The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction.
Cognitive dissonance	Buyer discomfort caused by postpurchase conflict.
Customer Journey	The sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy over time.
New Product	A good, service, or idea that is perceived by some potential customers as new.
Adoption Process	The mental process through which an individual passes from first hearing about an innovation to final adoption.
Market Segmentation	Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.
Market Targeting	Evaluating each market segment’s attractiveness and selecting one or more segments to serve.
Differentiation	Actually differentiating the market offering to create superior customer value.
Positioning	Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Geographic Segmentation	Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Hyperlocal Social Marketing	Location-based targeting to consumers in local communities or neighborhoods using digital and social media.
Demographic Segmentation	Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
Age and Life Cycle Segmentation	Dividing a market into different age and life-cycle groups.
Gender Segmentation	Dividing a market into different segments based on gender.
Income Segmentation	Dividing a market into different income segments.
Psychographic Segmentation	Dividing a market into different segments based on lifestyle or personality characteristics.
Behavioral Segmentation	Dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product.
Occasion Segmentation	Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Benefit Segmentation	Dividing the market into segments according to the different benefits that consumers seek from the product.
Intermarket (cross-market) segmentation	Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
Market Segments must be	Measurable, Accessible, Substantial, Differentiable, Actionable
Target Market	A set of buyers who share common needs or characteristics that a company decides to serve.
Undifferentiated (mass) marketing	A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Differentiated (segmented) marketing	A market-coverage strategy in which a firm targets several market segments and designs separate offers for each.
Concentrated (niche) marketing	A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
Micromarketing	Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.
Local Marketing	Tailoring brands and marketing to the needs and wants of local customer segments—cities, neighborhoods, and even specific stores.
Individual Marketing	Tailoring products and marketing programs to the needs and preferences of individual customers.
Product Position	The way a product is defined by consumers on important attributes—the place it occupies in consumers’ minds relative to competing products.
Competitive Advantage	An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices.
Difference is worth establishing if its	Important, Distinctive, Superior, Communicable Preemptive, Affordable, Profitable
Value Proposition	The full positioning of a brand—the full mix of benefits on which it is positioned.
Positioning Statement	A statement that summarizes company or brand positioning using this form

Created by: kcshah

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