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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. (delivering value to customers. ) |
| wants | shaped by culture |
| needs | neccessities |
| Exchange | The trade of things of value btwn a buyer and a seller that each is better off after the trade. (Doesn’t always have to be money) |
| Requirements for Marketing to Occur | -Two or more parties with unsatisfied needs -A desire/ability to have their needs satisfied -A way for parties to communicate -Something to exchange (Marketing does not occur if any one of these is absent) |
| Market | People with the disire and ability to buy a specific offering. |
| Target Market: | one or more specific groups of potential customers that an org directs its marketing program towards. |
| Marketing Mix (4 P’s) | consists of controlable facotrs that can be used by marketing manager to solve a marketing problem. (price, place, promotion, product) |
| Product | good, service, or idea |
| price | something to exchange |
| Place | gets product to consumer |
| Promotion | communication btwn buyer and seller |
| customer value | Combo of benefits recieved by targeted buyers that includes quality, convienience, on-time delivery, and both before-sale and after-sale service at a specific price. |
| Relationship marketing | Developing and maintaining effective customer relationships. Results in mutual long term benefits. |
| Marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
| Marketing segment | relatively homogeneous groups of prospectove buyers who have common needs and will respond similarly to marketing actions. |
| Customer Relationship Management (CRM) | The process of identifying prospective buyers, understanding them, and developing favorable long term perceptions of org so buyers will choose them in marketplace and become advocates after their purchase. |
| societal marketing concept | Orgs should satisfy the needs of their consumers in a way that provides to society’s well-being. |
| Ultimate consumer | People who use products and services purchased for a household. (Consumers, buyers, customers) |
| organizational buyers | The manufacturers, wholesalers, retailers, service companies, non profit orgs, etc that buy products and services for their own resale use. |
| organization | a structured group of people and resources within a business designed to plan, implement, and manage marketing strategies |
| strategy | an orgs long term course of action designed to deliver a unique customer experience while achieveing its goals. |
| Type of buisness- How many? | 3 (corporate, strategic buisness unit (SBU), functional) |
| Figure 2-2 | Org foundation is the WHY, what happens in the why Org direction is the WHAT, what happens in the what Org startatigies is the HOW, what happens in the how |
| mission/vision | a statement of orgs function in society that identifies its customers, markets, products, and technologies. |
| core values | the fundamental, passionate, and enduring principles of an org that guide its conduct over time. |
| corporate culture | consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an org. |
| Goals/Objectives | the statements of an accomplishment of a task to be achieved by a specific time. |
| market share | ratio of sales revenue of the film to the total sales revenue of all firms in the industry, including the firm itself. |
| profit | the financial gain after subtracting all costs |
| marketing plan | a road map for the marketing actions of an org for a specified future time period. |
| marketing dashboard | the visual computer display of the essential info 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 org allocates its marketing mix resources to reach its target markets. |
| SWOT | Describes an orgs internal Strengths and Weaknesses, and its external Opportunities and Threats. |
| point of difference | the unique, distinct characteristics or benefits of a product or service that set it apart from competitors |
| segmentation | the strategic process of dividing a broad target market into smaller, more manageable subsets of consumers who share similar characteristics, needs, or behaviors |
| marketing strategy | the means by which a marketing goal is to be achieved, usually characterized by a specified target market and marketing program to reach it. |
| marketing tactics | the detailed, day to day operational marketing actions for each element of the marketing mix that contribute to overall success of marketing strategies. |
| environmental scan | the process of continually acquiring info on events occurring outside the org to identify and interpret potential trends. |
| social environmental force | the demographic characteristics of the population and it’s culture. |
| demographics | describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. |
| Who will have the largest population in 2050 | India |
| Which group is growing and living longer | 65+ |
| The US population is becoming | larger, older, more diverse |
| Baby Boomers | children born btwn 1946-1964 |
| Gen X | born btwn 1965-1980. Called the baby bust |
| Gen Y (millenials) | born 1981-1996 *expect companies to embrace social change, corporate social responisbility, and environmental stewardship.* |
| Gen Z | born 1997-2010 more financially responsible and independent |
| economic environmental force | pertains to the income, expenditures and resources that affect the cost of running a buisness and household |
| gross income | How much money you make before any is taken out. |
| disposable income | money a consumer has left after paying taxes to use for neccessities such as foos, housing, clothing, and transportation. (Only a little left for entertainment) |
| discretionary income | the money that remains after paying for taxes and neccessities. (Rich vacations or cars) |
| technology environmental force | consists of the inventions or innovations from applied science or engineering research. |
| internet of things (IOT) | the network of products ebedded w connectivity enabled electronics. (Devices you can adjust from your phone.) |
| market space | a virtual, internet-based environment where buyers and sellers exchange goods, services, and information without physical boundaries. |
| e commerce | the buying and selling of goods, services, or information over the internete |
| competition environmental force | consists of the alternative firms |
| Regulatory environmental force | consist of the restrictions state and federal laws place on buisness w regard to the condict of its activities. |
| Self Regulation | an alternative to gov control whereby an industry attempts to police itself (phc over sororities) |
| Pure competition | Many sellers with similar products (Ex: commodities). |
| Monopolistic competition | Many sellers with substitutable products in a price range (Ex: coffee, tea) |
| Oligopoly | Few sellers control majority of sales (Ex: T-Mobile, AT&T). |
| Pure monopoly | Only one seller (Ex: utilities). |
| Ethics | moral principles and values that govern the actions and decisions of an individual or group |
| Laws | society's values and standards that are enforceable in the courts |
| Consumer Bill of Rights (1962) | a law that shows the ethics of exchange btwn buyers and sellers. Includes right to safety, to be informed, to choose, to be heard. |
| The right to safety | Federal safety standards for most products sold in US |
| The right to be informed | Marketers must give consumers complete and accurate info |
| The right to choose | The practice of limiting new products (slotting allowences) |
| The right to be heard | Consumers must have access to public policymakers regarding complaints. |
| Economic Espionage | the clandestine collection of trade secrets or proprietary info about a company’s competitors. |
| Corruption goes together with | espionage |
| Code of ethics | a formal statment of ethical priciples and rules of conduct. |
| whistle blowers | employees who report unethical or illegal actions of their employees. |
| Moral Idealism | personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. Example: 3M scotchguard stopped production due to harmful chemicals. |
| Utilitarianism | "greatest good for the greatest number of people" by assessing the costs and benifits of the consequences. Example: Nestle's Gerber Good Start instant formula kapt producing stating nothing is effective 100 percent of the time |
| Social Responsibility | the idea that orgs are part of society and responsible for their actions. (profit, stakeholder, societal) |
| Profit responsibility | maximize profits for stockholders (minimum company can do) |
| Stakeholder responsibility | obligations to those who can affect achievement of company objectives |
| Societal responsibility | Obligations to the environment and public |
| Triple Bottom line | the recognition of need for orgs to improve the state of people, planet, and profit in order to achieve sustainable, long term growth. |
| Sustainable Marketing | the effort to meet todays economic, environmental, and societal needs to make the future a better place |
| Green marketing | marketing efforts to produce, promote, and reclaim environmentally sensitive products |
| Cause marketing | occurs when charitable contributions of a firm are tied directly to the customer revenues produced thru the promotion of one of its products. |
| Social Audit !! | consists of a systematic assessment of a firms objectives, |
| Sustainable development | involves conducting buisness in a way that protects the natural environment while making economic progress. |
Created by:
carlyconnard