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MKTG 250 Exam 1
| Term | Definition |
|---|---|
| Marketing | is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Exchange | is the trade of things of value between a buyer and a seller so that each is better off after the trade |
| Market | consists of people with both the desire and the ability to buy a special offering |
| Target market | consists of one or more specific groups of potential consumers toward which an organization (business) directs its marketing program |
| Marketing mix (four p's) | consists of the controllable factors--product, price, promotion, and place--that can be used by the marketing manager to solve a marketing problem |
| Environmental forces | are the uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces |
| Customer value | is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price |
| Relationship marketing | links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
| Marketing program | is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Market segments | are the relatively homogenous groups of prospective buyers that 1) have common needs and 2) will respond similarly to a marketing action |
| Customer relationship management (CRM) | is 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 purch |
| Societal marketing concept | is the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
| Product | is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value |
| Ultimate consumers | consist of the people who use the products and services purchased for a household. Also called consumers, buyers, or customers |
| Organizational buyers | are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use of for resale |
| Profit | is 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 |
| Strategy | is an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Core values | are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| Mission (vision) | is a statement of the organization's function in society that often identifies its customers, markets, products, and technologies. The term is often used interchangeably with vision |
| 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's offering |
| Goals or objectives | are the statements of an accomplishment of a task to be achieved, often by a specific time |
| Market share | is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself |
| Marketing plan | is a road map for the marketing actions of an organization for a specified future time period, such as one year or five years |
| Marketing dashboard | is the visual computer display of the essential information related to achieving a marketing objective |
| Marketing mertric | is a measure of the quantitative value or trend of a marketing action or result |
| Business portfolio analysis | is 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 |
| Diversification analysis | is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
| Strategic marketing process | is an approach whereby an organization allocates its marketing mix resources to reach its target markets |
| Situation analysis | involved taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it |
| SWOT analysis | is an acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats |
| Market segmentation | involves aggregating prospective buyers into groups, or segments, that 1) have common needs and 2) will respond similarly to a marketing action |
| Customer value proposition | is the cluster of benefits that an organization promises customers to satisfy their needs |
| Points of difference | are those characteristics of a product that make it superior to competitive substitutes |
| Marketing strategy | is the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it |
| Marketing tactics | are the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
| 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 |
| Environmental scanning | is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Social forces | are the demographic characteristics of the population and its culture |
| Demographics | describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Baby boomers | include the generation of 76 million children born between 1946 to 1964 |
| Generation X | includes the 55 million people born between 1965 and 1980. Also called the baby bust |
| Generation Y | includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom |
| Generation Z | refers to the post-millennial generation, which includes consumers born between 1997 and 2010 |
| Multicultural marketing | consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
| Culture | consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Economy | pertains to the income, expenditures, and resources that affect the cost of running a business and household |
| Macroeconomics | |
| Microeconomics | |
| Gross income | is the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau |
| Disposable income | is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| Discretionary income | is the money that remains after paying for taxes and necessities |
| Technology | consists of the inventions or innovations from applied science or engineering research |
| Social media | consists of digital technologies that facilitate the creation and sharing of user-generated content--text, photos, video, and animation (games)--through virtual communities and social networks |
| Electronic commerce | is any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce |
| Internet of things (IoT) | is the network of products embedded with connectivity-enabled electronics |
| Big data | the extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision-making in marketing |
| Artificial intellegence | is the simulation or approximation of human intelligence in machines |
| Marketing analytics | is the study of data to evaluate the performance of. marketing activities in numerical terms, which are called metrics |
| Competition | consists of the alternative firms that could provide a product to satisfy a specific market's needs |
| Barriers to entry | consists of business practices or conditions that make it difficult for new firms to enter the market |
| Regulation | consists of the restrictions state and federal laws place on businesses with regard to the conduct of its activities |
| Consumerism | is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions |
| Self-regulation | is an alternative to government control whereby an industry attempts to police itself |
| Ethics | |
| Laws | |
| Consumer Bill of Rights (1962) | |
| Economic espionage | |
| Code of ethics | |
| Whistle-blowers | |
| Moral idealism | |
| Utilitarianism | |
| Social responsibility | |
| Triple bottom line | |
| Green marketing | |
| Cause marketing | |
| Sustainable marketing | |
| Social audit | |
| Sustainable development |
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