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Marketing Unit 1
Chapters 1-5
| Term | Definition |
|---|---|
| Marketing | the activity, set of instructions, and process 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 |
| Marketing works with who? | Multiple departments: IT, HR, manufacturing, finance, senior management, regulatory, and research & development |
| What is needed for Marketing to occur | Two or more parties with unsatisfied needs, a desire and ability to have their needs satisfied, a way for the parties to communicate, and something to exchange |
| Market | consists of people with both the desire and the ability to buy a specific offering |
| Target Market | consists of one or more specific groups of potential consumers toward which an organization directs its marketing program |
| What are Controllable Factors? | Product, price, promotion, and place |
| Marketing Mix | consist of the controllable factors (4 P's) that can be used by the manager to solve a marketing problem |
| 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 segments | are the relatively homogenous group of prospective buyers that (1) have common need and (2) will respond similarly to a marketing action |
| Marketing concept | is the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals |
| 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 |
| Discovering needs does what? | Discovering needs leads to new products! |
| Environmental Factors | are the uncontrollable forces that affect a marketing decision and consists of social, economic, technological, competitive, and regulatory forces |
| Marketing Program | is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Customer Relationship Management | CRM 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 marketspace, becoming advocates after their purchase |
| Societal Marketing Concept | is the internal response that customers have to all aspects of an organization |
| Ultimate Consumer | people who use the products and services purchased for a household. Also called consumers, buyers or customers |
| Organizational Buyers | buyers are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale |
| Strategy | an organization's LONG-TERM COURSE OF ACTION designed to deliver a unique customer experience while achieving its goals. |
| Organization | are legal entities and consist of people who share a common mission. 1. For-profit (business firms) 2. Nonprofit (ex. Red Cross) 3. Government agencies |
| Types of businesses | For-profit, Nonprofit, and Government agencies |
| Profit | The money left after a For-profit organization subracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing offerings |
| 3 levels of an organization | Corporate level (top), Strategic Business Unit (SBU, middle), and Functional Level (bottom) |
| Corporate Level | The top level that sets the strategy for the organization, includes the CEO-Chief Executive Officer and CMO- Chief Marketing Officer |
| Strategic Business Unit | |
| Functional Level | |
| Organizational foundation | THE WHY - organizational purpose, core values, mission (vision), organizational culture |
| Organizational direction | THE WHAT - business, goals (objectives) -> long-term and short-term |
| Organizational strategies | THE HOW = why + what - By level - Corporate, SBU, Functional. By product - Good, Service, Idea. |
| Mission/vision | is a STATEMENT of the organization's function in society that often identifies its customers, markets, products and technologies |
| Core Values | are fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| Organizational/Corporate culture | consists of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization |
| 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 (Percentage % question in exam) |
| Ways to measure goals/objectives | profit, sales, market share, quality, customer satisfaction, employee welfare, social responsibility, Efficiency (nonprofit) |
| Ways to measure goals - QUALITY | A firm may seek to offer a level of quality that meets or exceeds the cost and performance expectations of its customers |
| Ways to measure goals - CUSTOMER SATISFACTION | Customers are the reason an organization exists, so their perceptions and actions are of vital importance. Customer satisfaction can be measured by with surveys or by the number of customer complaints |
| Key Performance Indicators (KPI) | demonstrate how effectively goals are achieved |
| 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 Dashboard | The visual 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 |
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