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MKTG EXAM 1
| Term | Definition |
|---|---|
| Marketing | activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers |
| exchange | the trade of things of value between a buyer and a seller so that each is better off after the trade. |
| factors required for marketing to occur (4) | +2 parties (individuals and organizations) with unsatisfied needs A desire and ability to have their needs satisfied A way of communicating Something to exchange |
| target market | specific groups of potential consumers toward which an organization directs its marketing program. |
| market | people with both the desire and the ability to buy a specific offering. |
| 4 ps of marketing = marketing mix | controollable factors product price promotion place |
| 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 | plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. How customer relationships are built |
| marketing segment | are the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action. |
| CRM | Process of identifying prospective buyers, understanding them, and developing long-term perceptions of the organization and its offerings so that buyers will choose them. |
| societal marketing concept | is 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 | are those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. |
| Organization | describes the clear, broad, underlying industry, or market sector of an organization’s offering. |
| strategy | organization’s LONG TERM COURSE OF ACTION designed to deliver a unique customer experience while achieving its goals |
| types of businesses | For-Profit = goals is to make money Non-profit = focus on actions and client satisfaction government agencies = market themselves |
| corporate levels | Corporate level = where top management is SBU level. Functional level. |
| mission | = vision statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. |
| vision | mission |
| values | are the fundamental, passionate, and enduring principles of an organization that guide its conduct over time |
| corporate culture | the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization. |
| ways to measure goals | profit and market share |
| profit | 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. |
| 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 | road map for the marketing actions of an organization for a specified future time period |
| marketing dashboard | the visual computer display of the essential information related to achieving a marketing objective. |
| marketing metrics | a measure of the quantitative value or trend of a marketing action or result. |
| startegic marketing rpocess | an approach whereby an organization allocates its marketing mix resources to reach its target markets. |
| SWOT | an organization’s appraisal of its INTERNAL Strengths and Weaknesses and its external Opportunities and Threats. |
| environmental scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends CONSIDER HOW TRENDS IMPACT THE BUSINESS |
| Market segmentation | involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action |
| points of difference | 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 a specified target market and a marketing program to reach it. |
| merketing 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 |
| social forces | are 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 |
| gross income | the total amount of money made in one year by a person before you pay taxes |
| disposable income | the money a consumer has left after paying taxes to use for necessities; money left after paying taxes and necessities (food, housing, clothing, transportation), having a little bit more than what you have to live |
| discretionary income | the money that remains after paying for taxes and necessities. Used for luxuries Lots of extra to buy an extra home, traveling, vacation, etc |
| technology | inventions and innovations from applied science or engineering research |
| marketplace | a place or platform where buyers and sellers meet to exchange goods or services. |
| ecommerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase and exchange of products. |
| IOT | Internet of Things is the network of products embedded with connectivity-enabled electronics |
| Types of competition | Pure comp Many sellers with similar products = commodities Monopolistic comp: Many sellers with substitutable products in a price range = coffee, tea Oligopoly: Few sellers = T-Mobile Pure monopoly: Only one seller (Ex: utilities) |
| barriers to entry | consists of business practices or conditions that make it difficult for new firms to enter the market. |
| regulatory | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities. |
| self regulation | is an alternative to government control whereby an industry attempts to police itself. |
| consumer bill of rights + 4 rights | codified the ethics of exchange between buyers and sellers 1. to safety 2. to be informed 3. to choose 4. to be heard |
| culture | the set of values, idea, and attitudes that are learned and shared among the members of a group |
| espionage | the CLANDESTINE!!!!! collection of trade secrets or proprietary information about a company’s competitor’s |
| 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 + example | consider certain individual rights or duties as universlam regardless of the outcome. Very black and white. All or nothing Example: 3M’s Scotchgard stopped production due to harmful chemicals. 3M just Took it off the market. |
| utiilitarianism + example | “gratest good for the greatest number” Nestlé’s Gerber Good Start infant formula kept producing the formula for the babies who were not allergic, but there are also people who don’t benefit from it |
| social responsbility 3 concepts) | 1. PROFIT = make money 2. STAKEHOLDER = obligations an organizaiton has to those who are affected by them (consumers, employees, etc) 3. SOCIETAL = preservation of ecological environment |
| tripple 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 |
| 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 | charitable contributions of a firm are tied directly to the customers’ revenues produced thought the promotion of one of its products. |
| social audit | - systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility. - check toSee if we’re doing well |
| green marketing | consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products |
| sustainable development | CONDUCT BUSINESS in a way that protects the natural environment while making economic progress |
| consumer ethics | Consumers should act ethically. Unethical practices of consumers such as purchase of counterfeit products. “Everyone does it |
| 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 | 1. Problem recognition = perceive the need 2. information search - internal - external 3. alternative evaluation = exactly what + charac. 4. purchase decision = WHO WHEN 5. post purchase behavior = realizing the value |
| cognitive dissiments | postpurchase psychological tension or anxiety (when you have that feeling that maybe it was not a good purchase?) |
| situational influences | 1. purchase task = reason you're buying 2. social surrounding = rommate vs mom with kids you're recomending to 3. physical surrounding = place to park? music? 4. temporal effects = areyou rushing? 5. atecedent states = consumer's mood |
| involvement | the personal, social and economic significance of the purchase to the consumer. Low - AVOID STOCK OUT - Reduce cognitive dissonance with ads = ex: comprar margarina High - + info - compare ads - use personal selling (sales person) |
| problem solving variations | extended = think a lot, dono't buy often (ex: car) limited = look at a few sellers, don't think much, don't buy that often (ex: air fryer, winter coat) routine = think very little (ex: toothpaste) |
| perceived risk | the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believe there may be negative consequences |
| brand loyalty | Is a favorable attitude toward and consistent purchase of a single brad over time |
| word of mounth | influencing people during conversations |
| opinion leaders | individuals who exert direct or indirect social influence over others |
| family life cycle | • Consist of the distinct phases that a family progresses through from formation to retirement, each phase bringing with the indentifible purchasing bejaviors • Ex: when you have a baby you buy milk and dippers, |
| subculture | = subgroups within a larger cuklture with unique values, ideas and attitutdes |
| marketing must... | work with other departments |
| USA demographics is | larger, older and more diverse |
| How many levels of strategy;structure of organizaitons exist? | 3 (board of directors don't count) |
| Organizaitonal foundation (why) + (organizational direction (what) = | organizational strateggy (why) |
| India | They'll have the largest population by 2050 |
| Baby Boomers (Year + Characteristic) | 1946-1964 |
| Gen X (Year + caracteristic) | 65-80 self-reliant, support diversity |
| Gen Y =.... (characteristic + year) | Millennials 81 - 96 srong-willed, passionate, optimistc the ones to make social transformations bc they have money |
| Gen Z (year + carachtersitics | 97 - 2010 Broaderst diversity independent hardworking, financially responsible, embrace diversity |
| WICH GENERATION DOES ALL OF THESE THINGS: , EXPECT COMPANIES TO EMBRACE SOCIAL CHANGE, CORPORATE SOCIAL RESPONSIBILITY, AND ENVIRONMENTAL STEWARDSHIP | Gen Y |
| multicultural marketing | combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. |
| If an example has money, and it's talking about income and etc, what force would that be? | economics |
| marketing analystics | the study of data to evaluate the performance of marketing activities in numerical terms, called metrics |
| big data | 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 |
| ethics | - the moral principles and values that govern actions and decision of an individual or group. - Serve as guidelines on how to act rightly and justly when faced with moral dilemmas. |
| laws | society’s values and standards that are ENFORCEABLE IN THE COURTS |
| social responsibility (definition) | Business are part of a larger society and are accountable to that society for their actions |
| Purchase decision process | the stages a buyer passes through in making choices about which products and services to buy |
| objective attributes vs subjective attributes of a brand | objective = the characteristic of the brand subjective = changes from person to person |
| consideration set | The group of brands you would normally consider Ex: college students are going to buy coffee at radinas, starbucks, cornerstone, etc. We don’t consider macdonalds, even thought they have coffee |
| lifestyle | Lifestyle analysis is called psychographics |
| consumer touchpoints | marketer’s product, service, or brand points of contact with a consumer from start to finish in the purchase decision process where to put this product so that the consumer will se it |
| FIGURE 2-2 | |
| STRATEGIC MARKETING PTOCESS | |
| goals | objective |
Created by:
alicerpio