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Marketing Review
Marketing review 1-5
| Question | Answer |
|---|---|
| Definition of Marketing | The activity, set of institutions, and processes 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 buyer and seller so that each is better off after the trade. |
| What is lifestyle referred to as? | Psychographics. |
| Factors required for marketing to occur | -Two or more parties (individuals or organizations) with unsatisfied needs -A desire and ability on their part to have their needs satisfied -A way for the parties to communicate -Something to exchange |
| Target market/market | One or more specific groups of potential consumers toward which an organization directs its marketing program. |
| 4 Ps of marketing | -Product. A good, service, or idea to satisfy the consumers needs. -Price. What is exchanged for the product. -Promotion. A means of communication between the seller and buyer. -Place. A means of getting the product to the consumer |
| 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. |
| 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 |
| Societal Marketing Concept | The view that organizations should satisfy the needs of consumers in a way that provides for societies well being. |
| Ultimate Consumer | The people who use the products and services purchased for a household. Also called consumers, buyers, or customers. |
| Marketing segment | The relatively homogenous groups of prospective buyers (1) have common needs and (2) will respond similarly to marketing action. |
| 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. |
| Organization | a legal entity that consists of people who share a common mission. |
| Types of businesses/Corporate levels | -For profit organizations -Nonprofit organizations -Government agencies |
| Figure 2-2 | Organizational Foundation (why) purpose, values, mission, culture + Organizational direction (what) business, goals, longterm and short term = Organizational strategies (how) by level (Corporate, SBU, functional) By product (good, service, idea) |
| mission/vision | A statement of the organization's function in society that often identifies its consumers, markets, products, and technologies. Used interchangeably with vision |
| 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. Strategy- An organization's long-term course of action designed to deliver a uni |
| 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. |
| Strategic marketing process | The approach whereby an organization allocates its marketing mix resources to reach its target audience. |
| SWOT | An acronym describing an organization's appraisal of its internal strengths and weaknesses and its external opportunities and threats. |
| Segmentation | Involves aggregating prospective buyers into groups or segments that (1) have common needs (2) will respond similarly to marketing actions. |
| Market 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. |
| Economic – | pertains to the income, expenditures, and resources that affect the cost of running a business and household. |
| Technology – | consists of the inventions or innovations from applied science of engineering research |
| Regulatory | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities |
| Strategy | An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals. |
| Points of difference | Those characteristics of a product that make it superior to competitive substitutes. |
| Marketing Tactics | The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies. |
| Gross | the total amount of money made in one year by a person, household, or family unit. Also known as money income. |
| Disposable | the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| Discretionary | the money that remains after paying for taxes and necessities ( a lot of money that is left over after) (Vacations, cars, houses) |
| marketspace | a virtual, information driven environment where buying and selling occur through the computer networks and the internet rather than a physical location |
| e commerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products of services. |
| IoT | the network of products embedded with connectivity-enabled electronics. |
| Goals/Objectives | -Profit -Sales (dollars or units) -Market share -Quality -Customer satisfaction -Employee welfare -Social responsibility -Efficiency (nonprofit organization) -Key performance indicators (KPIs) demonstrate how effectively goals are achieved |
| Self regulation | an alternative to government control whereby an industry attempts to police itself |
| Consumer bill of rights | An outline presented by President John F. Kennedy 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 |
| Culture | consists pf the set of values, ideas, and attitude that are learned and shared among the members of a group |
| Espionage | is 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 blower | 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. (either right or wrong) Ultilitarism- a personal moral philosophy that focuses on “the greatest good for the greatest number” by ass |
| 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 (3 concepts) | The idea that organizations are part of a larger society and are accountable to that society for their action 1. 2. 3. |
| Triple bottom line | the recognition of the need to improve the state of people, place, 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 | a systematic assessment of a firm's objectives, strategies, and performance in terms of social responsibility Sustainable development- Conducting |
| Green Marketing | Marketing offers 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 ethics | the moral responsibility of consumers to act honestly and responsibly when purchasing, using and disposing of products and services. |
| 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 actions. |
| Stages of purchase decision process | -Problem recognition -Information search -Alternative evaluation -Purchase decision -Postpurchase behavior |
| Involvement | is the personal, social, and economic significance of the purchase to the consumer. |
| Problem solving variations | Extended=Big purchase Limited=Moderate purchase Routine= everyday purchase As consumer involvement decreases the number of brands sellers attributes information sources and time spent searching all decrease |
| Situational influences | (1) the nature of the purchase task. (2) Social surroundings. (3) Physical surroundings. (4) Temporal effects. (5) antecedent states |
| Perceived risk | The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences. |
| Brand loyalty | is a favorable attitude toward and consistent purchase of a single brand over time. |
| Word of mouth | is the influence of people during conversations. |
| opinion leaders | 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. |
| Subculture | Subgroups within the larger, or national, culture with unique values, ideas, and attitudes. |
| 3 levels of market strategy | Corporate level Strategic business unit level Functional level |
| CMO | chief marketing officer |
| Goals/ Objectives | Profit Sales (dollars or units) Market share Quality |
| Strategic Marketing process | Customers are different Customers change Competitors change and react Organizational resources are limited |
| Environmental Scan | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| Social | the demographic characteristics of the population and its culture. |
| US population is becoming... | larger, older, more diverse |
| Culture | consists pf the set of values, ideas, and attitude that are learned and shared among the members of a group |
| Multicultural marketing | Consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication, preferences, and lifestyles of different races. |
| Inflation | production costs and prices increase |
| Recession | periods of declining economic activity |
| Barriers to entry | consists pf business practices or conditions that make it difficult for new firms to enter the market |
| Social media | consists of digital technologies, that facilitate the creation and sharing of user-generation content |
| AI | simulation or approximation of human intelligence in machines. |
| 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 analysis | the study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics. |
| Cognitive dissonance | post purchase psychological tension or anxiety |
| Evaluative Criteria | When comparing brands |
| Vision and mission can be used | interchangeably |
| ways to measure goals | quality, customer satisfaction, and market share which will be a %, and profit |
| 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 mix- | The controllable factors- product, price, promotion, and place-that can be used by the marketing manager to solve a marketing problem. |
| 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. |
| demographics | describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. |
| Lifestyle Analysis | psychographics |
| Purchase Decision Making | Problem recognition-preceiving a need Information search - seeking value Alternative evaluation -assessing value Purchase decision-buying value Postpurchase behavior -realizing value |
| consumer bill of rights | The right to safety The right to be informed The right to choose The right to be heard |
| Baby Boomers | (1946 to 1964): 76 million 10,000 retiring every 24 hrs All will be 65+ by 2030 Boomer I and Boomer II cohorts |
| Generation X | (1965 to 1980) 55 million Self-reliant, support diversity |
| Generation Y | ( millennials) (1981 to 1996) 62 million Strong-willed, passionate, optimistic |
| Generation Z | (1997 to 2010) Broadest diversity, independent Hardworking, financially responsible, embrace diversity |
| Millennials expect what | companies to embrace social change, corporate social responsibility and environmental stewardship |
| Values | The fundamental, passionate, and enduring principles of an organization that guide its conduct over time. |
| Corporate levels | Corprate levels of top management includes chief marketing officer (CMO) Strategic business unit (SBU) level Functional level |
| Types of competition | Pure competition: many sellers with similar product Monopolistic competition: Many sellers with substitutable products in a price range Oligopoly: Few sellers control majority of sales Pure monopoly: Only one seller |
| Situational Influences | Purchase task- reason behind the decision Social surroundings- includes other people Physical surroundings- decor, music, crowds Temporal effects- time of day and time available Antecedent states- consumers mood, circumstances, money |
| Corporate Culture | the shared set of values, beliefs, behaviors, and unwritten rules that define the personality of a workplace and guide how employees interact |
Created by:
ashlynpaige