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Marketing Unit 1
| Term | Definition |
|---|---|
| Marketing | The activity, set of instructions, and processing for cresting, 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 |
| Target Market | One or more specific groups of potential consumers toward which an organization directs its marketing program |
| 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 |
| Relationship Marketing | Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
| Marketing Program | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Market Segments | The relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action |
| Customer Relationship Management (CRM) | The process of finding future buyers, learning what they need, and building lasting trust so they choose your business and recommend it to others |
| Societal Marketing Concept | The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being |
| Industry | A group of companies with similar offerings |
| Profit | 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 |
| Organizations | Legal entities and consists of people who share a common mission |
| Strategy | An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Organizational Purpose | Why an organization exists, what problems it wants so solve, and who it wants to be to every person it touches through its work |
| Core Values | The fundamental, passionate, and enduring principles of an organization that guides it’s conduct over time |
| Mission | A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies |
| Organizational Culture | The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization |
| Business | The clear, broad, underlying industry, or market sector of an organization’s offering |
| Business Model | The strategies an organization develops to provide value to customers |
| Goals or Objectives | The statements of an accomplishment of a task to be achieved, often by a specific time |
| Key Performance Indicators (KPI’s) | How effectively goals are achieved |
| 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 |
| Marketing Plan | The road map for the marketing actions of an organization |
| Marketing Dashboard | The visual computer 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 |
| 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 | An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats |
| Marketing Segmentation | Aggregating prospective buyers into groups, or segments that have common needs and will respond similarly to a marketing action |
| Customer Value Proposition | The cluster of benefits that an organization promises customers to satisfy their needs |
| Point of Difference | Those characteristics of a product that make it superior to competitive substitutes |
| Gantt Chart | A graph of a program schedule |
| Marketing Strategy | 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 | The detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
Created by:
lola.dumler