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MKTG
chapter 1-5
| 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 |
| Exchange | the TRADE of things of value between a buyer and a seller |
| Market | consists of people with both the DESIRE and the ABILITY to buy a specific offering |
| Target Market | consists of one or more SPECIFIC groups of potential consumers toward which an organization directs its marketing program |
| Marketing Mix | consists of the CONTROLLABLE factors-product, price, promotion, and place-that can be used by the marketing manager to solve a marketing problem |
| Environmental Forces | the UNCONTROLLABLE forces that affect a marketing decision and consist of social, economic, 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 point |
| 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 GROUP 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 organizations goals |
| Marketing 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 creates customer value |
| 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 |
| Customer Experience | the INTERNAL response that customers have to all aspects of an organization and its offering |
| Societal Marketing Concept | the view that organizations should satisfy the NEEDS of consumers in a way that provides for society's WELL-BEING |
| Product | a GOOD, SERVICE, or IDEA consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value |
| Ultimate Consumers | consist of the people who use the products and services purchased for a HOUEHOLD |
| Organizational Buyers | organizational buyers are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for RESELL |
| Utility | utility consists of the BENEFITS or customer value received by users of the product |
| 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 unique customer experience while achieving its goals |
| Core Values | the fundamental, passionate, and enduring PRINCLIPLES of an organization that guide its conduct over time |
| Mission | a STATEMENT of the organization's function in society that often identifies its CUSTOMERS, markets, products, and technologies. INTERCHANGABLE WITH VISION |
| Organizational Culture | consists of the set of values, ideas, attitudes, and norms of behavior that is learned and SHARED among the members of an organization |
| Business | describes the clear, broad, underlying industry, or market sector of an organization's offering |
| Goals and Objectives | the statements of an ACCOMPLISHMENT of a task to be achieved, often by a specific time |
| 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 | 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 computer display of the essential information related to achieving a marketing objective |
| Marketing Metric | a MEASURE of the quantitative value or trend of marketing action or result |
| Business Portfolio Analysis | a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBU'S) as though they were a collection of separate INVESTMENTS |
| Diversification Analysis | a technique that helps a firm search for GROWTH opportunities from among current and new markets as well as current and new products |
| Strategic Marketing Process | an approach whereby an organization ALLOCATES its marketing mix resources to reach its target market |
| Situation 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 |
| SWOT analysis | an acronym describing an organization's appraisal of its internal STRENGTHS AND WEAKNESSES and its external OPPURTUNITIES 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 |
| Customer Value Proposition | the cluster of BENEFITS that an organization promises customers to satisfy their needs |
| Points of Difference | those characteristics of a product that make it SUPERIOR to competitive substitutes |
| Marketing Strategy | the means by which a marketing goal is to be achieved, usually characterized by 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 |
| Organizational Purpose | describes why an organization EXISTS, what problems it wishes to solve, and who it wants to be to every person it touches through its work |
Created by:
paige.J