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MKTG 250 - Unit 1
| Term | Definition |
|---|---|
| Marketing | 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. |
| Market | people with both the desire and the ability to buy a specific offering. |
| Exchange | the trade of things of value between a buyer and a seller so that each is better off after the trade. |
| Target Market | one or more specific groups of potential consumers toward which an organization directs its marketing program. |
| Marketing Mix | he controllable factors-product, price, promotion, and place - that can be used by the marketing manager to solve a marketing problem |
| Environmental Factors | the uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces. |
| Customer Value | 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. |
| Marketing Program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
| Relationship Marketing | links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. |
| Market Segments | the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action. |
| Marketing Concept | the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals. |
| Market Orientation | when an organization focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value. |
| 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 -something to exchange |
| Needs vs. Wants | Needs: necessities Wants: shaped by culture |
| Customer Relationship Management (CRM) | 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 purchase |
| Product | a good, service, or idea consisting of a bundle of tangible and intagible attributes that satisfies a consumer's needs and is received in exchange for money or something else of value |
| Ultimate Consumer | the people who use the products and services purchased for a household |
| Organizational Buyer | those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale |
| Societal Marketing Concept | the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
| Marketing seeks to: | -discover needs and wants of customers -satisfy customers -exchange is the key to achieving these two objectives |
| Marketing Mix Factors | 4 P's: -product: good, service, or idea -price: something to exchange -place: get products to consumer -promotion: communication between buyer and seller |
| Profit | 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 |
| Industry | a group of companies with similar offerings |
| Strategy | an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Levels in a corporation | -Corporate Level -SBU Level -Functional Level |
| Organizational Foundation | The why -organizational purpose -core values -mission (vision) -organizational culture |
| Organizational Purpose | describes why an organization exists, what problems it wishes to solve, and who it wants tobe to every person it touches through its work |
| Core Values | the fundamental, passionate, and enduring principles that guide an organization's conduct over time |
| Mission/Vision | a statement of the organization's function in society that often identifies its customers, markets, products, and technology |
| Organizational Culture | the values, attitudes, and norms of behavior that are learned and shared among the members of an organization |
| Organizational Direction | The what -business -goals/objectives |
| Business | the clear, broad, underlying industry or market sector of an organization's offering |
| Goals/Objectives | statements of an accomplishment of a task to be achieved, often by a specific time |
| Organizational Strategies | The how -by level (Corporate, SBU, Functional) -by product (good, service, idea) |
| Types of goals | -profit -sales -market share (the ration of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself -quality -customer satisfaction -employee welfare -social responsibility |
| 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 |
| Strategic Marketing Process | an approach whereby an organization allocates its marketing mix resources to reach its target markets |
| Situation Analysis | 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 | effective summary of a situation analysis; acronym describing an organization's 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 and a marketing program to reach it |
| Marketing Tactics | detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies |
| Market Segmentation | aggregating prospective buyers into groups, or segments, that: 1) have common needs and 2) will respond similarly to a marketing action |
| Points of Difference | those characteristics of a product that make it superior to competitive substitutes |
| Environmental Scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential threats |
| 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 |
| What country will have the largest population in 2050? | India |
| Which group is growing? | 65+ |
| The US Population is becoming... | larger, older, and more diverse |
| Baby Boomers | 1946-1964 |
| Generation X | 1965-1980 |
| Generation Y/Millennials | 1981-1996 Note for the test: Expect companies to embrace social change, corporate social responsibility, and environmental stewardship |
| Generation Z | 1997-2010 |
| Multicultural Marketing | combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different faces |
| Culture | the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Economy | pertains to income, expenditures, and resources that affect the cost of running a business and household |
| Gross Domestic Product | the total monetary value of all final goods and services produced within a country's borders in a specific time period, usually a year |
| Inflation | the general increase in prices for goods and services over time, meaning your money buys less than it used to, reducing its purchasing power |
| Deflation | sustained decrease in the general price level of goods and services across an economy, representing a negative inflation rate (below 0%) |
| Recession | declining economic activity |
| Gross Income | the total amount of money made in one year by a person, household, or family unit |
| 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 |
| Technology | the inventions or innovations from applied science or engineering research |
| Electronic Commerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchagne of products and services |
| Internet of Things (IoT) | the network of products embedded with connectivity-enabled electronics |
| Social Media | digital technologies that facilitate the creating and sharing of user-generated content (photos, videos, and animation/games) through virtual communities and social networks |
| Artificial Intelligence | the simulation or approximation of human intelligence in machines |
| Big Data | 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 |
| Marketing Analytics | the study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics |
| Competition | the alternative firms that could provide a product to satisfy a specific market's needs |
| Barriers to Entry | business practices or conditions that make it difficult for new firms to enter the market |
| Regulation | restrictions that state and federal laws place on business with regard to the conduct of its activities |
| 5 Environmental Forces | Social, Economic, Technological, Regulatory, Competition |
| Self-Regulation | an alternative to government control whereby an industry attempts to police itself |
| Monopolistic Competition | many sellers compete with substitutable products within a price range |
| Oligopolisitic Competition | a few companies control the majority of industry sales |
| Pure Monopoly Competition | only one firm sells the product |
| Pure Competition | there are many sellers and each has a similar product: wheat field farmers |
| Ethics | the 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 | an outline/law presented by president JFK in 1962 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 | the clandestine collection of trade secrets or proprietary information about a company's competitors |
| Code of Ethics | a formal statement of ethical principles and rules of conduct |
| Whistle-Blowers | employees who report unethical or illegal actions of their employers |
| Moral Idealism | a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
| 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 |
| Social Responsibility | the idea that organizations are part of a larger society and are accountable to that society for their actions |
| Triple Bottom Line | 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 | the effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs |
| 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 consumer revenues produced through the promotion of one of its products |
| Social Audit | a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility |
| Sustainable Development | conducting business in a way that protects the natural environment while making economic progress |
| Ethical Principles | not harming the environment, but protecting it |
| Purchase Decision Process | Problem Recognition > Information Search > Alternative Evaluation > Purchase Decision > Postpurchase 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 decisions |
| Problem Recognition Stage | perceiving a need; difference between a consumer's actual and ideal situation |
| Information Search Stage | mental and external search for information |
| Alternative Evaluation Stage | figure out what criteria matters during the purchase and yiled brands that meet criteria |
| Purchase Decision Stage | buying value; decide from whom to buy and when to buy |
| Post-Purchase Behavior Stage | realizing values |
| Cognitive Dissonance | post-purchase psychological tension or anxiety; could be due to two highly attractive alternatives |
| Involvement | the personal, social, and economic significance of the purchase to the consumer |
| High Involvement | product information is a big deal and the consumer does a lot of research |
| Personal Selling | salesperson |
| Low Involvement | want to avoid stockouts; not having it on the shelf means that consumers will consider a different brand |
| consumer touchpoints | a marketer's product, service, or brand points of contact with a consumer from start to finish in the purchase decision process |
| Perceived Risk | the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences |
| Brand Loyalty | a favorable attitude toward and consistent purchase of a single brand over time |
| Opinion Leaders | individuals who exert direct or indirect social influence over others |
| Net Promoter Score (NPS) | "On a scale of 1-10, how did we do?" |
| Family Life Cycle | the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors |
| Subcultures | subgroups within the larger, or national, culture with unique values, ideas, and attitudes |
| Word of Mouth | the influencing of people during conversations |
| Consumer Journey Map | a visual representation of all the touchpoints a consumer comes into contact with before, during, and after a purchase |
| Problem Solving Variations | Extended Problem Solving - each o the 5 stages of the consumer purchase decision process is used Limited Problem Solving - consumers seek some information Routine Problem Solving - recognize a problem, make a decision, and spend little effort |
| Public source | consumer reports |
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