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Marketing Vocabulary
| Question | Answer |
|---|---|
| Customer relationship management (CRM) | The process of identifying prospective buyers, understanding them intimately and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase |
| Customer value | The unique combination of benefits received by targeted buyers that include quality, convenience, on time delivery and both before sale and after sale service at a specific prices |
| Environmental forces | The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive and regulatory forces |
| Exchange | The trade of things of value between buyer and seller so that each is better off after the trade |
| Market | People with both the desire and the ability to buy a specific offering |
| Marketing segments | The relatively homogeneous groups of prospective buyers who (1) have common needs and (2) will respond similarly to a marketing action |
| Marketing | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Marketing concept | The idea than an organization should (1) drive to satisfy the needs of consumers while also (2) trying to achieve the organizations goals |
| Marketing mix | The controllable factors - product, price, promotion, place - that can be used by the marketing manager to solve a marketing problem |
| Marketing program | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Organizational buyers | Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale |
| Product | A good, service or idea consisting of a bundle of intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value |
| Relationship marketing | Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit |
| Societal marketing concept | The view that organizations should satisfy the needs of consumers in a way that provides for society’s well being |
| Target market | One or more specific groups of potential consumers towards which an organization directs its marketing program |
| Ultimate consumers | The people who use the products and services purchased for a household. Also called consumers, buyers, or customers |
| Business | The clear, broad, underlying industry or market sector of an organizations offering |
| Business portfolio analysis | A technique that managers use to quantify performance measures and growth targets to analyze their firms strategic business units (SBUs) as though they were a collection of separate investments |
| Core values | The fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| Customer value proposition | The cluster of benefits that an organization promises customers to satisfy their needs |
| Diversification analysis | A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
| Goals (objectives) | Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives |
| Marketing plan | A road map for the marketing actions of an organization for a specified future time period, such as one year or five years |
| Marketing strategy | The means by which a marketing goal is to be achieved, usually characterized by a specific target market and marketing program to reach it |
| Market share | The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself |
| Marketing metric | A measure of quantitative value or trend of a marketing action or result |
| Mission | A statement of the organizations function in society that often identifies is customers, markets, products, and technologies. Often used interchangeably with vision |
| Organizational culture | The values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization |
| Organizational purpose | Describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work |
| Profit | The money left after a for profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings |
| Strategic marketing process | The approach whereby an organization allocates its marketing mix resources to reach its target markets |
| Strategy | An organizations long term course of action designed to deliver a unique customer experience while achieving its goals |
| SWOT analysis | An acronym describing an organizations appraisal of it’s strengths and weaknesses and its external opportunities and threats |
| Artificial intelligence | The simulation or approximation of human intelligence in machines |
| Baby boomers | Includes the generation of 76 million children born between 1946-1964 |
| Barriers to entry | Business practices or conditions that make it difficult for new firms to enter the market |
| Big data | Extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identity patterns, trends, and associations for decision making in marketing |
| Competition | The alternative firms that could provide a product to satisfy a specific markets needs |
| Culture | The set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Demographics | Describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation |
| Discretionary income | The money that remains after paying taxes and necessities |
| Disposable income | The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| Economy | Pertains to the income, expenditures, and resources that reflect the cost of running a business and household |
| Electronic commerce | The activities that use electronic communication in the inventory, promotion, distribution, purchase and exchange of products and services. |
| Environmental scanning | The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Gen x | Includes 55 millions people born between 1965-1980 (baby bust) |
| Gen y | Includes the 62 millions Americans born between 1981 and 1996 (millennial) |
| Gen z | The post millennial generation, which includes consumers born between 1997-2010 |
| Gross income | The total amount of money made in one year by a person, household or family unit. |
| Internet of things (IoT) | The network of products embedded with connectivity enabled electronics |
| Marketing Analytics | The study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics |
| Multicultural marketing | Marketing approaches that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diverse races and ethnic groups |
| Regulation | Restrictions state and federal laws place on a business with regard to the conduct of its activities |
| Self regulation | An alternative to government control whereby an industry attempts to police itself |
| Social forces | The demographic characteristics of the population and its culture |
| Social media | Social media consist of digital technologies that facilitate the creation and sharing of user generated content through virtual communities and networks |
| Technology | The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes |
Created by:
Sierratrautman