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Marketing Exam 1 Par
| Term | Definition |
|---|---|
| Strategic Marketing Process | is an approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| 4 guiding principles | customers are different, customers change, competitors change and react, organizational resources are limited |
| Situational Analysis | involves 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. |
| 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. (bigger goal) |
| Marketing tactic | 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 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 |
| World point of view | India will have the largest population in 2050 |
| Baby boomers | 1946-1964 |
| Gen X | 1965-1980 |
| Gen Y (Millennials) | 1981-1996 |
| Gen Z | 1997-2010 |
| 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. |
| Which is higher? Top management or department heads? | Top management is above department heads |
| 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. |
| 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 | consist 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. |
| Macroeconomics | GDP, inflation, deflation, recession |
| Microeconomics | Ability of consumers to buy goods and services |
| 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. |
| Competition | consists of the alternative firms that could provide a product to satisfy a specific market’s needs. |
| Pure Competition | Many sellers with similar products (crops wheat, corn, rice) |
| Monopolistic Competition | Many sellers with substitutable products in a price range (coffee shops) |
| Oligopoly | Few sellers control majority of sales (T-mobile) |
| Pure Monopoly | Only one seller (utilities) |
| 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. |
| 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. |
| Marketing Analytics | is the study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics. |
| Ethics | are the moral principles and values that govern the actions and decisions of an individual or group. |
| Laws | are society’s values and standards that are enforceable in the courts. |
| Consumer Bill of Rights (1962) | 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-blowers | 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. |
| Green marketing | consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products. |
| 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. |
| 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. |
| social audit | consists of a systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility. (how are we doing?) |
| Sustainable development | involves conducting business in a way that protects the natural environment while making economic progress. |
| Consumer ethics | Consumers should act ethically. "Everyone does it" |
| Profit responsibility | Take care of stockholders, maximize profits, center of responsibility |
| Stakeholder responsibility | Obligations to those who can affect achievement of company objectives. middle |
| Social responsibility | Obligations to the environment and public. overall |
| 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) postpurchase 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. |
| Opinion leaders | are individuals who exert direct or indirect social influence over others. |
| 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. |
| Subcultures | are the subgroups within the larger, or national, culture with unique values, ideas, and attitudes. |
| Consumer journey map | is a visual representation of all the touchpoints a consumer comes into contact with before, during, and after a purchase. |
| Consumer touchpoints | are a marketer’s product, service, or brand points of contact with a consumer from start to finish in the purchase decision process. |
| Extended problem solving | high involvment |
| Limited problem solving | (medium involvement). |
| Routine problem solving | (low involvement). |
| 1st step in purchase decision process | Problem recognition: gap between consumer's ideal situation and actual situation |
| 2nd step in purchase decision process | Information search: internal and external search |
| 3rd step in purchase decision process | Alternative evaluation: Assessing value, criteria for purchase, assessing brands (who do you usually purchase from) |
| 4th step in purchase decision process | Buying value: 1. who to buy from 2. When to buy |
| 5th step in purchase decision process | Postpurchase behaivor: customer satisfaction |
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