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Marketing unit 1
unit 1 (first 5 chapters) vocabulary
| Term | Definition |
|---|---|
| Marketing | The activity, set of institutions, and processors 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 buyers and seller so that each is better off after the trade. |
| Marketing research | better understand customers' needs |
| the 4 P's | Product, Price, Promotion, and Place |
| Target market | one or more specific groups of potential consumers towards which an organization directs its marketing program |
| Marketing mix | The controllable factors (4Ps) that can be used by the marketing manager to solve a marketing problem |
| Environmental forces | The uncontrollable that affect a marketing Deison (social, economic, technological, competitive, reputation) |
| Customer value | The unique combinations of benefits received by targeted buyers that includes quality, convince, on time delivery and both before and after sale service at a specific price. |
| Relationship marketing | links the organizations to its individual customers, suppliers, and other partners for their mutual long-term benefits |
| Marketing program | A plan that integrates the marketing mix to provide a good service, or idea to prospective buyers |
| Marketing segments | homogenous groups who have a common need and will respond similar to the marketing action |
| societal marketing concept | organizations should satisfy the needs of customers in a way that provides society well being |
| ultimate consumers | people who buy household products |
| organization buyers | agencies who buy a product to resell |
| Market | consists of people with both the desire and the ability to buy a specific offering |
| CRM (customer relationship management | the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organizations and its offerings so that buyers will choose them in the marketplace and become advocates after their purchas |
| organization | a legal entity that consists of people who share a common interest |
| Profit | the money left after a for-profit organization subtracts its total expense 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 (makeup, cars) |
| strategy | an organization long term course of action designed to deliver a unique customers experience while achieving its goals |
| 3 levels of strategies | corporate level, strategic business unit, and functional level |
| organizational purpose | describe why an organization exits, what problems it wishes to solve and what it wants to be to every person it touches through work |
| core values | The fundamental, passionate, and enduring principles of an organization that guides its conducts over time |
| Mission | a statement of the organizations functions in society that often identifies its customers, markets, products and technologies. often interchangeable with vision |
| organizational culture | " Names of business" unwritten rules. the values, ideas, attitudes and norms of behavior that are learned and shared among the members of an organization |
| Business | describes the clear, broad, underlying industry or market sector of an organizations offering |
| goals or objectives | statements of an accomplishment of a task to be achieved, often by a specific time |
| KPIs (key performance indicators ) | demonstrates how effectively they are achieving each goal |
| Marketing plan | a road map for the marketing actions of an organization for a specific future time period |
| Marketing metric | a measurement of the quantitative value or trend of a marketing action or result |
| Marketing dashboard | the visual display of the essential information related to achieving a marketing objective |
| Business portfolio analysis | a technique that mangers use to quantify performance and growth targets to analyze their firms SBU as though they were a collection of separate investment |
| strategic marketing process | involves the allocation of an organization marketing mix resources to reach its target market |
| SWOT analysis | an acronym describing an organization appraisal of its internal STRENGTH, WEAKNESS, external OPPORTUNIES, and THREATS |
| 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 organizations marketing plans and its external forces and trends affecting it |
| points of difference | those characteristics of a product that makes 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 tactic | the detailed day to day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies |
| evaluation phase | marketing process that keeps the marketing program moving in the direction set for it. |
| environmental scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| 5 sources of environmental trends | social, economic, technological, competitive, and regulatory forces |
| 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 |
| multicultural marketing | Marketing approaches that reflect the unique attitudes, ancestry, communication, preferences and lifestyles of diverse race and ethnic groups |
| culture | the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| value consciousness | the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior |
| 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. |
| 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. |
| 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 | is the network of products embedded with connectivity-enabled electronics. |
| 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. |
| Marketing analytics | is the study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics. |
| competition | consists of the alternative firms that could provide a product to satisfy a specific market’s needs. |
| barriers to entry | consists of business practices or conditions that make it difficult for new firms to enter the market. |
| regulation | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities. |
| consumerism | is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. |
| self-regulation | is an alternative to government control whereby an industry attempts to police itself. |
| protecting competition | Sherman antitrust act, clayton act, Robinson- Patman |
| 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. |
| Caveat emptor | is the legal concept of “let the buyer beware” that was pervasive in the American business culture before the 1960s. |
| 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 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. |
| 3 social responsibility | profit responsibility, stakeholders' responsibility, societal responsibility, |
| 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. |
| 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) postpurchase behavior. |
| involvement | is the personal, social, and economic significance of the purchase to the consumer. |
| cognitive dissonance | post purchase tension or anxiety |
| situational influences | 1, purchase task 2, social surroundings 3, physical surroundings 4, temporal effects 5, antecedents states |
| 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. |
| consumer journey maps | is a visual representation of all the touchpoints a consumer comes into contact with before, during, and after a purchase. |
| 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. |
| reference groups | are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards. |
| brand community | is a specialized group of consumers with a structured set of relationships involving a particular brand, fellow customers of that brand, and the product in use. |
| 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 |
| inflation | a general increase in prices and fall in the purchasing value of money |
| recession | a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters |
| Pure competition | Many sellers with similar products (Ex: commodities). |
| Monopolistic competition | Many sellers with substitutable products in a price range (Ex: coffee, tea). |
| Oligopoly | Few sellers control majority of sales (Ex: T-Mobile, AT & T). |
| Pure monopoly | Only one seller (Ex: utilities). |
| 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 |
| Gen y (millennials) | includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom |
| Gen z | refers to the post-millennial generation, which includes consumers born between 1997 and 2010. |
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