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Marketing 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 specific offering. |
| Target Market | consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. |
| 4 P's | Product, Price, promotion, and place |
| 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 homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action |
| 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 p |
| Societal Marketing Concept | is the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. |
| Ultimate Consumer | consist of the people who use the products and services purchased for a household. Also called consumers, buyers, and customers |
| Organizational 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 | 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 | 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 |
| 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 Metric | is a measure of the quantitative value or trend of a marketing action or result. |
| Strategic Marketing Process | is an approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| 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. |
| 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 |
| Environmental Scan | 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 and 1964 |
| Gen 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 to 2010 |
| Economy | pertains to the income, expenditures, and resources that affect the cost of running a business and household. |
| 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. |
| E 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. |
| Competition | consists of the alternative firms that could provide a product to satisfy a specific market’s needs. |
| Regulation | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities. |
| Self-Regulation | is an alternative to government control whereby an industry attempts to police itself |
| Consumer Bill of rights | is a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard |
| Economic Espionage | is the clandestine collection of trade secrets or proprietary information about a company’s competitors. |
| Code of Ethics | is a formal statement of ethical principles and rules of conduct |
| Whistle Blower | are employees who report unethical or illegal actions of their employers. |
| Moral Idealism | is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. |
| Utilitarianism | is 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. |
| Social responsibility | is the idea that organizations are part of a larger society and are accountable to that society for their actions. |
| Triple Bottom Line | is the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth. |
| Sustainable Marketing | is the effort to meet today’s (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs. |
| Cause Marketing | occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products |
| Social Audit | consists of a systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsability |
| Green Marketing | consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products. |
| Sustainable Development | involves conducting business in a way that protects the natural environment while making economic progress. |
| Consumer Behavior | consists of 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 | consists of the five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) Purchase decision and (5)post purchase behavior |
| Involvement | is the personal, social, and economic significance of the purchase to the consumer. |
| Perceived Risk | is the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences |
| Brand Loyalty | is a favorable attitude toward and consistent purchase of a single brand over time. |
| Opinion leaders | are individuals who exert direct or indirect social influence over others |
| Word of Mouth | is the influencing of people during conversations. |
| Family life cycle | consists of the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
| Subculture | are the subgroups within the larger, or national, culture with unique values, ideas, and attitudes. |
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