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Chp 1-5 Kotler Armst
Principles of Marketing 14th edition Kotler & Armstrong
| Question | Answer |
|---|---|
| Marketing | process by which companies create value for costumers and build strong costumer relationships in order to capture value from costumers in return |
| 1.Undrstnd d mrketplce&costumers needs&wants 2.Dsgn a costmr-drven mrketing stratgy 3.cnstruct an intgratd mrktng program that dlvers superior value 4.Build proftble rltionshps&create cstmr delight 5.capture value frm cstmers 2create prfits & cstmr eq | Marketing Process |
| Product Placing Price Production | 4 p's of management |
| Marketing Management | The art and science of choosing target markets and building profitable relationships with them. |
| Needs | States of felt deprivation |
| Wants | The form human needs take as shaped by culture and individual personality. |
| Demands | Human wants that are backed by buying power. |
| Market Offering | Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. |
| Marketing Myopia | the mistake of paying more attention to the specific products a comapny offers than to the benefits and experiences produced by these products. |
| Exchange | The act of obtaining a desired object from someone by offering somthing in return |
| Market | The set of all actual and potential buyers of a product or service. |
| Marketing Management | The art and science of choosing target markets and building profitable relationships with them. |
| Production Concept, Product Concept, Selling Concept, Marketing Concept Societal Concept | Marketing Management Orientations/Philosophies |
| Production Concept | The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. |
| Product Concept | The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. |
| Selling Concept | The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort. |
| Marketing Concept | The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
| Societal Marketing Concept | The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests. |
| Costumer Relationship management | The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. |
| Customer-perceived value | The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. |
| Customer Satisfaction | The extent to which a product's perceived performance matches a buyer's expectations. |
| Consumer-generated Marketing | marketing messages, ads, and other brand exchanges created by consumers themselves - both invited and uninvited. |
| partner relationship Management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
| Customer lifetime value | The value of the entire stream of purchases that the customer would make over a lifetime of patronage. |
| Share of Customer | The portion of the customer's purchasing that a company gets in its product categories. |
| Customer Equity | The total combined customer lifetime values of all of the company's customers. |
| Internet | A vast public web of computer networks, which connects users of all types all around the world to each other and to an amazingly large information repository. |
| Strategic Planning | The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. |
| Mission Statement | A statement of the organization's purpose - what it wants to accomplish in the larger environment. |
| Business Portfolio | The collection of businesses and products that make up the company. |
| portfolio Analysis | The process by which management evaluates the products and businesses making up the company. |
| Growth share matrix | A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs. |
| Product/Market Expansion grid | A portfolio-planning tool for identifying company growth oppportunities through market penetration, market development, product development, or diversification. |
| Market penetration | A strategy for company growth by increasing sales of current products to current market segments without changing the product. |
| Market development | A strategy for company growth by identifying and developing new market segments for current company products. |
| Product development | A strategy for company growth by offering modified or new products to current market segments. |
| Diversification | A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets. |
| Downsizing | Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy. |
| Value chain | The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products. |
| Value delivery network | The network made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improve the performance of the entire system. |
| Marketing Strategy | The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships. |
| Market Segmentation | Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs. |
| Market Segment | A group of consumers who respond in a similar way to a given set of marketing efforts. |
| Market Targeting | The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
| Positioning | Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
| Differentiation | Actually differentiating the market offering to create superior customer value. |
| Marketing Mix | The set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market. |
| SWOT analysis | An overall evaluation of the company's strengths, weaknesses, opportunities, and threats. |
| Marketing Implementation | The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. |
| Marketing Control | The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved. |
| Marketing Audit | Comprehensive,systematic,independent,and periodic examination of a company's enviroment, objectives, strategies, anf activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance |
| Return on Marketing Investment | the net return from a marketing investment divided by the costs of the marketing investment. |
| (1)Defining the Company Mission/Vision (2)Setting the Company Objectives and Goals (3)Designing the Business Portfolio (4)Coordinated Functional Strategies | Steps in Strategic planning |
| Young Urban Professional Purchaser | YUPPIES |
| Market Process | process of analyzing marketing opportunity select target market, developing the marketing mixes and managing the marketing effort |
| Marketing Analysis | Analyzing the company environment |
| Marketing Planning | designing & making marketing strategies that help the company attain its objectives. |
| Microenvironment | forces close to the company that affects its ability to serve its consumers; Internal analysis w/in the company and industry |
| Macroenvironment | larger societal forces that affect the whole microenvironment |
| Consumer Market | consist of individuals and household that buy goods and services for personal consumption |
| Business Market | buy goods and services for further processing or use in their production processes |
| Government Market | consist of government agencies that buy goods and services to produce public services` |
| International Market | consist of these buyers in other countries. Culture must fit on the product |
| Marketing Environment | The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
| Marketing Intermediaries | Firms that help the company to promote, sell, and distribute its goods to final buyers. |
| Public | Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. |
| Demography | The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
| Economic Environment | Factors that affect consumer buying power and spending patterns. |
| Natural Environment | Natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
| Environmental sustainability | Developing strategies and practices that create a world economy that a planet can support indefinitely |
| Technological environment | Forces that create new technologies, creating new product and market opportunities. |
| Political Environment | Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
| Cultural Environment | Institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors. |
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