Question | Answer |
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 | Marketing |
The focal point of all marketing activities | Customers |
A specific group of customers on whom an organization focuses its marketing efforts | Target Market |
Four marketing activities -- product, pricing, distribution, and promotion -- that a firm can control to meet the needs of customers within its target market | Marketing Mix |
The four marketing activites in the Marketing Mix | 1. product2. pricing3. distribution4. promotion |
A good, service, or idea | Product |
relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices | Price Variable |
relates to activities used to inform individuals or groups about the organization and its products | Promotion variable |
The provision or transfer of goods, services, or ideas in return for something of value | exchanges |
Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes | stakeholders |
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix | marketing environment |
A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals | marketing concept |
an organizationwide commitment to researching and responding to customer needs | marketing orientation |
establishing long-term, mutually satisfying buyer-seller relationships | relationship marketing |
using information about customers to create marketing strategies that develop and sustain desireable customer relationships | Customer relationship management (CRM) |
a customer's subjective assessment of benefits relative to costs in determining the worth of a product | value= benefits - costs |
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently | marketing management |
marketing concept emerged when? | United States during the 1950's |
how much of each buyer's dollar goes to marketing | about 1/2 |
systematic process of assessing opportunities and resources, determining market objectives, developing a marketing startegy, and preparing for implementation and control | planning (part of marketing management) |
involves developing the marketing unit's internal structure | Organizing (part of marketing management) |
how to implement marketing plans | coordinate marketing activities, motivate marketing personnel, and communicate effectively within the unit |
what to do before developing a marketing mix | collect in-depth, up-to-date information about customer needs |
the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan | strategic planning |
a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market | marketing strategy |
a written document that specifies the activities to be performed to implement and control an organization's marketing activities | marketing plan |
things a firm does extremely well, which sometimes gives it an advantage | core competencies |
a combination of circumstances and timing that permits an organization to take action to reach a target market | market opportunity |
temporary periods of optimal fit between the key requirements of a market and a firm's capabilities | strategic windows |
the result of a company's matching a core competancy to opportunities in the marketplace | competitive advantage |
a tool that marketers use to assess an organization's strengths, weaknesses, opportunities, and threats | SWOT analysis |
a long-term view of what the organization wants to become | mission statement |
a statement of what is to be accomplished through marketing activities | marketing objective |
a strategy that determines the means for using resources in the various functional areas to reach the organization's goals | corporate strategy |
a division, product line, or other profit center within a parent company | strategic business unit (SBU) |
a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products | market |
the percentage of a market that actually buys a specific product from a particular company | market share |
a strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining market strategy | market-growth/market-share matrix |
an advantage that the competition cannot copy | sustainable competitive advantage |
the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program | marketing planning |
the process of putting marketing strategies into action | marketing implementation |
the strategy the company decides on during the planning phase | intended strategy |
the strategy that actually takes place | realized strategy |
individuals who patronize a business | external customers |
a company's employees | internal customers |
coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers | internal marketing |
a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality | total quality management (TQM) |
comparing the quality of the firm's goods, services, or processes with that of the best performing competitors | benchmarking |
giving customer-contact employees authority and responsibility to make marketing decisions on their own | empowerment |
a structure in which top management delegates little authority to levels below it | centralized organization |
a structure in which decision making authority is delegated as far down the chain of command as possible | decentralized organization |
establishing performance standards and trying to match actual performance to those standards | marketing control process |
an expected level of performance | performance standard |
the process of collecting information about forces in the marketing environment | environmental scanning |
the process of assessing and interpreting the information gathered through environmental scanning | environmental analysis |
other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area | competition |
firms that market products with similar features and benefits to the same customers at similar prices | brand competitors |
firms that compete in the same product class but market products with different features, benefits, and prices | product competitors |
firms that provide very different products that solve the same problem or satisfy the same basic customer need | generic competitors |
firms that compete for the limited financial resources of the same customers | total budget competitors |
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply | monopoly |
a competitive structure in which a few sellers control the supply of a large proportion of a product | oligopoly |
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product | monopolistic competition |
a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply | pure competition |
resources, such as money, goods, and services, which can be traded in an exchange | buying power |
after-tax income | disposable income |
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter | discretionary income |
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces | willingness to spend |
a pattern of economic fluctuations that has four stages: Prosperity, recession, depression, and recovery | business cycle |
an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling | Federal Trade Commission (FTC) |
a local, nongovernmental regulatory agency, supported by the local businesses, that helps settle problems between customers and specific business firms | better business bureau |
a self-regulatory unit that considers challenges to issues raised by the national advertising division (an arm of the better business bureaus) about an advertisement | national advertising review board (NARB) |
the application of knowledge and tools to solve problems and perform tasks more efficiently | technology |
the influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles | sociocultural forces |
an organization's obligation to maximize its positive impact and minimize its negative impact on society | social responsibility |
the adoption of a strategic focus for fufilling the economic, legal, ethhical, and philanthropic social responsabilities expected by stakeholders | marketing citizenship |
principles and standards that define acceptable marketing conduct as determined by various stakeholders | marketing ethics |
an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical | ethical issue |
the practice of linking products to a particular social cause on an ongoing or short-term basis | cause-related marketing |
the synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits | strategic philanthrophy |
the specific developement, pricing, promotion, and distribution of products that do not harm the natural environment | green marketing |
organized efforts by individuals, groups, and organizations to protect consumers' rights | consumerism |
formalized rules and standards that describe what the company expects of its employees | codes of conduct |
an overall plan for obtaining the information needed to adress a research problem or issue | research design |
an informed guess or assumption about a certain problem or set of circumstances | hypothesis |
research conducted to gather more information about a problem or to make a tentative hypothesis more specific | exploratory research |
research designed to verify insights through objective procedures and to help marketers in making decisions | conclusive research |
research conducted to clarify the characteristics of certain phenomena and thus solve a particular problem | descriptive research |
research that allows marketers to make casual inferences about relationships | experimental research |
a condition existing when a research technique produces almost identical results in repeated trials | reliability |
a condition existing when a research method measures what it is supposed to measure | validity |
data observed and recorded or collected directly from respondents | primary data |
data compiled both inside and outside the organization for some purpose other than the current investigation | secondary data |
all the elements, units, or individuals of interest to researchers for a specific study | population |
a limited number of units chosen to represent the characteristics of a population | sample |
the process of selecting representative units from a total population | sampling |
a sampling technique in which every element in the population being studied has a known chance of being selected for study | probability sampling |
a type of probability sampling in which all units in a population have an equal chance of appearing in a sample | random sampling |
a type of probability sampling in which the population is divided into groups according to a common attribute, and a random sample is then chosen within each group | stratified sampling |
a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen | nonprobability sampling |
a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group | quota sampling |
a research method in which respondents answer a questionnaire sent through the mail | mail survey |
a research method in which respondents' answers to a questionnairre are recorded by interviewers on the phone | telephone survey |
a research method in which respondents answer a questionnaire via e-mail or on a website | online survey |
a research method in which participants respond to survey questions face to face | personal-interview survey |
a personal interview that takes place in the respondent's home | in-home (door to door) interview |
a research method involving observation of a group interaction when members are exposed to an idea or a concept | focus-group interview |
small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of marketing strategy | customer advisory boards |
an interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys | telephone depth interview |
a research method that involves interviewing a percentage of persons passing by "intercept" points in a mall | shopping-mall intercept interviews |
analysis of what is typical or what deviates from the average | statistical interpretation |
a framework for the management and structuring of information gathered regularly from sources inside and outside an organization | marketing information system (MIS) |
information provided by a single marketing research firm | single-source data |
customized computer software that aids marketing managers in decision making | marketing decision support system (MDSS) |