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Marketing exam 1
| Term | Definition |
|---|---|
| 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 |
| Exchange | the trade of things of value between a buyer and a seller so that each is better off after the trade |
| Environmental factors | uncontrollable |
| Four factors of marketing | two or more parties with unsatisfied needs, a desire and ability on their part to have their needs satisfied, a way for the parties to communicate, something to exchange |
| Four Ps of marketing | product, price, place, promotion |
| Someone wants something and someone else wants to sell something (one of the four factors) | Product |
| Wanting something and being able to afford something (one of the four factors) | Price |
| App or website to communicate to customers (one of the four factors) | Place |
| Getting something for money (one of the four factors) | Promotion |
| Market | people with desire and ability to buy a specific offering |
| Target Market | one or more specific groups of potential consumers toward which an organization directs its marketing program |
| Marketing mix (4 Ps) | the marketing managers CONTROLLABLE factors that can be used to solve a marketing problem |
| Marketing Program | a PLAN that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Environmental Forces | UNCONTROLLABLE forces that affect a marketing decision and consist of social, economic, technological, competitive and regulatory forces |
| Relationship Marketing | connects the organization to its individual customers, employees suppliers and other partners for their mutual LONG term benefit |
| Customer Value | the UNIQUE combo of benefits received by targeted buyers that includes quality, convenience, on time delivery, and both before and after sale service at a specific price |
| Market Segments | HOMOGENOUS groups of prospective buyers that have common needs and will respond similarly to a marketing action |
| Societal Marketing Concept | organizations SHOULD satisfy the needs of customers and in a way that provides for societies well being |
| Customer Relationship Management (CRM) | the process of identifying prospective buyers, UNDERSTANDING them INTIMATELY, and developing favorable long term perceptions of the organization so that buyers will choose them and become advocates |
| Ultimate Consumers | people who use products and services used for a HOUSEHOLD |
| Organizational Buyers | buying products and services for their own use or RESALE |
| Products | good, service, or idea consisting of a bundle of TANGIBLE and INTANGIBLE attributes |
| Organization | legal entity that consists of people who share a COMMON mission |
| 3 types of organizations | for profit, non profit, government agency |
| For Profit Organization | business firms such as Nike, Target, etc. - serves customers for profit in order to survive and is a privately owned organization |
| Non Profit Organization | non governmental organization whose goal is to serve customers and receives funds from others |
| Government Agency | a federal, state, county, or city unit that provides a specific service to its constituents - Census Bureau |
| 3 Levels of organization structure | corporate, strategic business unit, and functional levels |
| Corporate level of organizational structure | top level |
| Strategic Business Unit level of organizational structure (SBU) | upper level management who set strategy and figure out how to reach goals |
| Functional level of organizational structure | workers who use the strategies |
| Offerings | goods, services, or ideas that CREATE VALUE for the organization and the customer by satisfying their needs and wants |
| Profit | money left after a FOR PROFIT organization subtracts its total expenses from total revenues and is the reward for the risks it takes |
| Strategy | an organizations LONG TERM COURSE OF ACTION designed to deliver a unique customer experience while achieving its goals |
| Industry | a group of companies with similar offerings (like car industry) |
| Department | functions such as finance and marketing |
| Cross Functional Teams | different departments contribute to a performance goal |
| 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 |
| Core Values | fundamental, passionate and ENDURING PRINCIPLES of an organization that guide its conduct over time |
| Mission (vision) | a STATEMENT of the organizations function in society that often identifies its customers, markets, products, and technologies |
| Organizational Culture | consists of the set of values, ideas, attitudes and NORMS OF BEHAVIOR that is learned and shared among the members of an organization |
| Business | describes the clear, broad, UNDERLYING INDUSTRY or market sector of an organization offering |
| Goals or Objective | statements of an accomplishment of a task TO BE achieved, often by a specific TIME |
| Market Share | the RATIO of sales revenue of the firm to the total sales revenue of al firms in the industry, including that firm |
| Marketing Plan | the ROAD MAP for the marketing actions of an organization for a specified future time period, such as one year or five |
| Marketing Dashboard | the VISUAL COMPUTER DISPLAY of the essential information related to achieving a marketing objective |
| Marketing Metric | A MEASURE of the quantitative value or trend of a marketing action or result |
| Strategic Marketing Process | an APPROACH whereby an organization allocates its marketing mix resources to reach its target markets |
| Situation Analysis | involves taking stock of where the firm or product HAS BEEN recently where it is NOW and where it is headed in terms of the organizations marketing plans and the external force and trends affecting it |
| SWOT Analysis | an ACRONYM describing an organizations appraisal of its internal strengths and weaknesses and its external opportunities and threats |
| Marketing Strategy | the means by which a marketing goal is TO BE achieved, usually characterized by a specific target market |
| Marketing Tactics | detailed DAY TO DAY operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
| Different goals or objectives | profit, sales, market share, quality, customer satisfaction, efficiency, employee welfare |
| Gantt Chart | listing of things you should do and who should do them and how long they need to be done before the next one can start |
| Environmental Scanning | the process of continually ACQUIRING INFORMATION on events occurring outside of the organization to identify and interpret potential trends |
| Economy | pertains to the income, expenditures, and resources that affect the cost of running a business and household |
| Gross Income | TOTAL amount of money made in one year by a person, household or family unit (BEFORE TAXES) |
| Disposable Income | the money a consumer has left after paying taxes TO USE FOR NECESSITIES such as food, housing, clothing and transportation |
| Discretionary Income | the money that remains after paying FOR TAXES AND NECESSITIES |
| Competition | the alternative firms that could provide a product to satisfy a specific markets needs |
| Barriers to Entry | business practices or conditions that make it difficult for new firms to enter the market (paying for shelf space) |
| Social Forces | the DEMOGRAPHIC characteristics of the population and its culture |
| Demographics | describing a population according to selected CHARACTERISTICS such as age, gender, ethnicity, income and occupation |
| Baby Boomers | 76 million children 1965 - 1964 |
| Gen X | 55 million 1965 - 1980 |
| Gen Y (Millinneals) | 62 million 1981 - 1996 |
| Gen Z | 1997 - 2010 |
| Electronic Commerce | marketing activities that employ communication, information, and digital technology to promote, distribute, price, purchase, and sell products and services |
| Internet of Things (IoT) | the smart devices connected to the internet that collect, store and transfer information with or without human interaction |
| Social Media | use of digital tech that facilitates the creation and sharing of USER GENERATED CONTENT |
| Artificial Intelligence | simulation or approximation of human intelligence IN MACHINES |
| Big Data Q | extremely LARGE DATA SETS that require massive data storage warehoused and sophisticated data analysis to identify patterns, trends and associations for decision making |
| Marketing Analytics | the study of data to evaluate the performance of marketing activities in numerical terms called metrics |
| Regulation | restrictions state and federal laws place on business with regard to the conduct of its activities |
| Multicultural Marketing | conbos of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
| Culture | set of values ideas and attitudes that are leaned and shared among the members of a group |
| Macroeconomics | performance of the economy such as GDP and inflation |
| Microeconomics | the ability of consumers to buy goods and services (the economy) |
| Technology | the INVENTIONS or innovations from applied science or engineering research |
| Self Regulation | alternative to government control whereby an industry attempts to police itself |
| 5 Environmental Forces | social, economic, technological, competitive, and regulatory |
| Social Force | demographic shifts and cultural changes - INDIA WILL HAVE THE LARGEST POPULATION IN 2050 and THE US POPULATION IS BECOMING LARGER AND OLDER AND MORE DIVERSE |
| Economic Force | macroeconomic conditions like consumer income and inflation along with recession |
| Technological Force | AI and tech changing |
| Competitive Force | small businesses and other forms of competition |
| Regulatory Force | self regulation and protection of producers and consumers |
| 4 Forms of Competition | pure competition, monopolistic competition, ologopoly, and monopoly |
| Pure Competition | many sellers selling SIMILAR products such as wheat rice and grian |
| Monopolistic Competition | many sellers compete with SUBSTITUTABLE products within a price range such as coffee drinkers switching to tea because of price |
| Ologopoly | a FEW COMPANIES controlling majority of industry sales |
| Monopoly | ONE firm sells the product |
| Ethics | moral principles and values that govern the actions and decisions of an individual or group - guidelines on how to correctly act when faced with moral dilemmas |
| Laws | values enforceable in court |
| Consumer Bill of Rights | a law that codified the ethics of exchange between buyers and sellers |
| Whats in the Consumer Bill of Rights | the right to safety, to be informed, to choose, and to be heard |
| Societal Values and Attitudes | are relative and affect ethical and legal relationships |
| Caveat Emptor | "let the buyer beware" |
| Slotting allowance | paying for shelf space |
| The Right to Choose | the practice of limiting new products |
| The Right to Be Heard | consumers must have access to public policymakers regarding complaints |
| The Right to Safety | federal safety standards for most products sold in the US |
| The Right to Be Informed | marketers must give consumers complete and accurate information |
| Economic Espionage | the CLANDESTINE collection of trade secrets or proprietary information about competitors |
| Code of Ethics | formal statement of ETHICAL PRINCIPLES and rules of conduct |
| Whistleblowers | employees who REPORT unethical or illegal actions of their employers |
| Moral Idealism | personal moral philosophy that considers certain individual rights or duties as universal regardless of outcome (always right or always wrong) |
| Utilitarianism | a personal moral philosophy that focuses on the greatest good for the greatest number by assessing the costs and benefits of the consequences of ethical behavior |
| Consumer behavior | the actions a person takes in purchasing and using products and services, including the MENTAL AND SOCIAL processes that come before and after these actions |
| Purchase decision process | the 5 stages a buyer passes through in making choices aboout which products and services to buy |
| Problem recognition | initial step in the purchase decision process - perceiving a difference between a persons IDEAL and ACTUAL situations big enough to trigger a decision |
| Cognitive Dissonance | the feeling of post purchase psychological tension or anxiety - "buyers remorse" |
| the 5 stages in the purchase decision process | problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior |
| Involvement | the personal, social and economic significance of the purchase to the consumer |
| Personal selling | salespeople |
| Consumer touch points | marketers product, service or brand POINT OF CONTACT with a consumer from START TO FINISH in the purchase decision process |
| Consumer journey maps | VISUAL representation of all the touch points a consumer comes into contact with before, during and after a purchase |
| Perceived risk | the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences |
| Brand loyalty | favorable attitude toward and consistent purchase of a single brand over time |
| Lifestyle | how people spend their time and resources |
| Opinion leaders | knowledgeable about or users of particular products and services so their opinions influence others choices |
| Word of mouth | influencing people during conversations |
| NPS | net promotor score - companies use hella |
| Family life cycle | the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
| Subculture | subgroups within the larger or national culture within unique values, ideas and attitudes |
| problem recognition - purchase decision process | perceiving a need - a difference between a persons IDEAL and ACTUAL situations |
| information search - purchase decision process | seeking value through internal or external sources |
| a good external website | ends in .gov |
| alternative evaluation - purchase decision process | assessing value and suggests criteria for the purchase |
| evaluative criteria | comparing brands objectively and subjectively |
| consideration set | acceptable brands in the product class |
| purchase decision - purchase decision process | deciding from whom to buy and when to buy |
| postpurchase behavior | realizing value and dissatisfied or satisfied - satisfied tells 3 people and dissatisfied tell 9 |
| 3 levels of involvement | high, limited, and low |
| high level of involvement - extended problem solving | look at many different brands, sellers, product attributes and a lot of external information sources - higher risk |
| limited involvement | the middle - does decent research and decent sources |
| low level involvement - routine problem solving | one brand gets looked at, few sellers considered, one product attribute, no external info sources and hardly any time spent searching |
| low involvement products goals | AVOID STOCKOUTS, maintain product quality |
| high involvement product goals | consumers seek product info, use comparative ads and personal selling |
| 5 situational influences | nature of the purchase task, social surroundings, physical surroundings, temporal effects, antecedent states |
| nature of purchase risk - 5 situational influences | the REASON behind engaging in decision |
| social surroundings -5 situational influences | other people present when making purcahses, accompanied by children buy 40% more |
| physcial surroundings -5 situational influences | DECOR, music and crowing |
| temporal effects -5 situational influences | time of day, amount of TIME available |
| antecedent states -5 situational influences | the consumers MOOD, circumstances or amount of money - how they were before the purchase |
| cost for 30 seconds air time for ads during superbowl | 8 million |
| figure 2-2 | organizations using key elements to 1. establish an organization 2. set a direction 3. strategies (why, what, how) |
Created by:
user-2022281