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Marketing Exam 1
| Term | Definition |
|---|---|
| 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. |
| Need | Fundamental state of felt deprivation (survival/health) |
| Want | Specific object, style, or experience desired to satisfy a need |
| Target Market | One or more specific groups of potential consumers toward which an organization directs its marketing program. |
| Market | The trade of things of value between buyer and seller so that each is better off after the trade. |
| 4ps of Marketing | Product, Price, Promotion, Place |
| 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 |
| Product | A good, service, or idea to satisfy the consumers needs |
| 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. |
| Marketing Segment | The relatively homogeneous groups of prospective buyers who (1) have common needs and (2) will respond similarly to a marketing action. |
| CRM | Identifiying prospective buyer, understanding them intimately, and developing favorable long- term perceptions of the organizations. |
| Societal Marketing Concept | The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. |
| Ultimate Consumer | The people who use the products and services purchased for a household. Also called consumers,buyers, or customers. |
| 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. |
| Marketing Mix | 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, technological, competitive, and regulatory forces. |
| Organization | legal entity that consists of people who share a common mission |
| Mission | A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Often 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 unique customer experience while achieving its goals. |
| Corporate Level | Top management directs overall strategy for the entire organization |
| Top Management | The board of directors and senior management officers with a variety of skills and experience that are invaluable in establishing the organizations overall strategy |
| Core Values | The fundamental, passionate, and enduring principles of an organization that guide its conduct over time. |
| Organizational Culture | The values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization. |
| Goals | Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives. |
| Objectives | Statements of an accomplishment of a task to be achieved, often by a specific time. Also called goals. |
| 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 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. |
| Strategic Marketing Process | The approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| SWOT | An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. |
| Point of Difference | Those characteristics of a product that make it superior to competitive substitutes. |
| Environmental Scan | The process of continually acquirirng information on events occuring outside the organization to identify and interpret potential trends |
| Demographic | Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Gross Income | The total amount of many made in one year by a person or house hold (Census Bureau) |
| Disposable Income | Money a consumer has left after paying taxes to use for necessities such as food housing, clothing, and transportation |
| Discretionary Income | The money that remains after paying taxes and necessities |
| self regulation | industry attempts to police itself |
| Baby Boomers | 76 million babys born between 1946-1964 |
| Generation X | Includes the 55 million people born between 1965 and 1980. Also called the baby bus |
| Generation Y | Includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom. |
| Generation Z | The post-millennial generation, which includes consumers born between 1997 and 2010. |
| Technology | The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes. |
| Electronic Commerce | The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce. |
| Internet of Things (IOT) | The network of products embedded with connectivity-enabled electronics. |
| Barrier to entry | Business practices or conditions that make it difficult for new firms to enter the market. |
| Regulation | Restrictions state and federal laws place on a business with regard to the conduct of its activities. |
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