10554434
Description
Flashcards by Kamron White, updated more than 1 year ago
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Created by Kamron White
over 6 years ago
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| Question | Answer |
| marketing | process by which companies engage customers, build strong customer relationships, create customer value in order to capture value from customers in return |
| five marketing steps | (1)understand the marketplace and customer needs and wants, (2)design a customer value driven market strategy, (3) construct and integrated marketing program that delivers superior value,(4)engage customers, build profitable relationships and create customer delight, (5)capture value from customers to create profits and customer equity |
| market oriented mission | statement of the organizations purpose--what it wants to accomplish in the larger environment |
| needs | state of deprivation |
| wants | the form human needs take as they are shaped by culture and individual personality |
| demands | human wants that are backed by buying power |
| market offerings | some combination of products, services, information, or experiences offered to a market to satisfy a need or a want |
| marketing myopia | the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products |
| exchange | the act of obtaining a desired object from someone by offering something in return |
| market | 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, customer management and demand management |
| market segmentation | dividing the market into segments of customers |
| target marketing | selecting which segments a product or service will go after |
| value proposition | how can we serve the target market for a product or service in the best way, set of benefits or values it promises to deliver to consumers in every way |
| production concept | the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency |
| product concept | the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvement |
| selling concept | the idea that consumers will not buy enough of the firms products unless the firm undertakes a large scale selling and promotion effort |
| marketing concept | a philosophy in which 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 marketing decisions should consider consumers wants, the company requirements, the consumers long run interests, and society long run interests, |
| customer relationship management | the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
| customer perceived value | the customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing efforts |
| customer satisfaction | depends on the products perceived performance relative to a buyers expectations |
| engagement marketing | fostering direct and continuous customer involvement in shaping brand conversations, brand experience, and brand community, goal is to make the brand a meaningful part of consumers conversation and lives |
| consumer-generated marketing | brand exchanges created by consumers themselves--by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers |
| partner relationship management | working closely with others inside and outside the company to jointly engage and bring more value to customers |
| customer lifetime value | the value of the entire stream of purchases a customer makes over a lifetime of patronage |
| share of customers | the portion of the customers purchasing that a company gets in its product categories |
| customer equity | the total combined customer lifetime values of all the company current and potential customers |
| digital and social media marketing | using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital device |
| strategic planning | process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities |
| business portfolio | the collection of businesses and products that make up the economy |
| portfolio analysis | the process by which management evaluates the products and businesses that make up the company |
| growth-share matrix | a portfolio planning method that evaluates a company sub's in terms of market growth rate and relative market share |
| strategic business units (SBU) | can be a companies division, product line within a division, or sometimes a single product or brand, deciding how much support each sbu deserves |
| stars | high growth high share business or products, heavy investment to finance rapid growth, eventually turn into cash cows |
| cash cows | low growth, high share businesses or products, need less investment to hold market share |
| question marks | low share business units in high growth markets, require a lot of cash to hold their share let alone increase it |
| dogs | low growth low share businesses and products, do not promise to be large sources of cash only generating enough cash to maintain themselves |
| product market expansion grid | a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification |
| market penetration | company growth by increasing sales of current products to current market segments without changing the product |
| market development | company growth by identifying and developing new market segments for current company products |
| product development | company growth by offering modified or new products to current market segments |
| diversification | company growth through starting up or acquiring businesses outside the company current products and markets |
| value chain | the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and supports a firms products |
| value delivery network | a network composed of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value |
| marketing strategy | the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
| market segmentation | diving a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes |
| market targeting | involves evaluating each market segments 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 mind of target consumers |
| differentiation | actually differentiating the market offering to create superior customer value |
| marketing mix | the set of tactical marketing tools--product, price, place, and promotion--that the firm blends to produce the response it wants in the target market |
| product | goods and services combination the company offers to the target market |
| price | the amount of money customers must pay to obtain the product |
| place | company activities that make the product available to target consumers |
| promotion | refers to activités that communicate the merits of the product and persuade target customers to buy it |
| swot analysis | strengths weaknesses opportunities and threats |
| strengths | internal capabilities that may help a company reach its objectives |
| weaknesses | internal limitation that may interfere with a copays ability to achieve its objectives |
| opportunities | external factors that the company may be able to exploit to its advantage |
| threats | current and emerging external factors that may challenge the company performance |
| marketing implementation | turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
| marketing control | measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved |
| marketing return on investment (ROI) | the net return from a marketing investment divided by the costs of the marketing investment |
| big data | the huge and complex data sets generate by todays sophisticated information generation, collection, storage, and analysis technologies |
| customer insights | fresh marketing information based understanding of customers and the marketplace that become the basis for creating customer value, engagement, and relationships |
| marketing information systems (MIS) | people and procedures dedicated to assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights |
| internal databases | collections of consumer and market information obtained from data sources within the company network |
| competitive marketing intelligence | the systematic monitoring, collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace |
| marketing research | the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
| exploratory research | marketing research to gather preliminary information that will help define problems and suggest hypothesis |
| descriptive research | marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers |
| casual research | marketing research to test hypotheses about cause and effect relationships |
| secondary data | information that already exists somewhere, having been collected for another purpose |
| primary data | information collected for the specific purpose at hand |
| observational research | gathering primary data by observing relevant people, actions, and situations |
| ethnographic research | a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments" |
| survey research | gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior |
| experimental research | gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for difference in group responses |
| focus group interviewing | personal interviewing that involves inviting small groups of people to gather for a fw hours with a trained interviewer to talk about a product, service, or organization. the interviewer focuses group discussion on important issues |
| online marketing research | collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking of consumers online behavior |
| behavioral targeting | using online consumer tracking data to target advertisements and marketing offers to specific consumers |
| sample | a segment of the population selected for marketing research to represent the population as a whole |
| customer relationship management | manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty |
| marketing analytics | analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance |
| consumer buyer behavior | the buying behavior of final consumers--individuals and households that buy goods and services for personal consumption |
| culture | the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important situations |
| consumer market | all individuals and households that buy or acquire goos and services for personal consumption |
| subculture | a group of people with shared value systems based on common life experiences and situations |
| total market strategy | integrating ethnic themes and cross cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences |
| social class | relatively permanent and ordered divisions in a society whose members share similar values, interest, and behaviors |
| group | two or more people who interact to accomplish individual or mutual goals |
| word of mouth influence | the impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior |
| opinion leader | a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others |
| online social networks | online communities--blogs, social networking web sites, and other online communities--where people socialize or exchange information and opinions |
| personal factors influencing buyer decisions | occupation, age and life cycle stage, economic situation, lifestyle, personality, and self concept |
| lifestyle | a persons pattern of living as expressed in his or her activities, interests, and opinions |
| personality | the unique psychological characteristics that distinguish a person or group |
| motive | a need that is sufficiently pressing to direct the person to seek satisfaction |
| perception | the process by which people select, organize, and interpret information to form a meaningful picture of the world |
| mallows hierarchy of needs | human needs are arranged in a hierarchy, starving people will take little interest in the latest happenings in the art world |
| physiological needs | hunger and thirst |
| safety needs | security and protection |
| social needs | sense of belonging |
| esteem needs | self esteem, recognition, status |
| self actualization needs | self development and realization |
| learning | changing in individual behavior arriving from experience |
| belief | a descriptive thought that person holds about something |
| attitude | a persons relatively consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea |
| cognitive dissonance | buyer discomfort caused by post purchase conflict |
| adoption process | the mental process through which an individual passes from first hearing about an innovation to final adoption |
| awareness | the consumer becomes aware of the new product but lacks information about it |
| interest | the consumer seeks information about the new product |
| evaluation | the consumer considers whether trying the new product makes sense |
| trial | the consumer tries the new product on a small scale to improve his or her estimate of its value |
| adoption | the consumer decides to make full and regular use of the new product |
| relative advantage | degree to which the innovation appears superior to existing products |
| compatibility | the degree to which the innovation fits the values and experiences of potential consumers |
| complexity | the degree to which the innovation is difficult to understand or use |
| divisibility | the degree to which the innovation may be tried on a limited basis, test driving electric cars to increase adoption rate |
| communicability | the degree to which the results of using the innovation can be observed or described to others |
| business buyer behavior | the buying behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others |
| business buyer processing | the process by which business buyers determine which products and service their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands |
| derived demand | business demand that ultimately comes from (derives from) the demand for consumer goods, |
| supplier development | systematic development of networks of supplier partners to ensure a dependable supply of products and materials for use in making products or reselling them to others |
| straight rebuy | a business buying situation in which the buyer routinely reorders something without any modifications |
| modified rebuy | a business buying situation in which the buyer wants to modify product specifications, prices, arms, or suppliers |
| new task | a business buying situation in which the buyer purchases a product or service for the first time |
| systems selling (solutions selling) | buying a complete solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation |
| buying center | all the individuals and units that play a role in the purchase decision making process |
| business buyer decision process | problem recognition, general need description, product specification, supplier research, proposal solicitation, supplier selection, order routine specification, performance review |
| e-procurement | purchasing through electronic connections between buyers and sellers--usually online |
| direct and digital marketing | engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships |
| digital and social media marketing | using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, anytime via their digital devices |
| omni-channel retailing | creating a seamless cross channel buying experience that integrates in store, online, and mobile shopping |
| online marketing | marketing via the internet using company web sites, online ads and promotions, email, online video, and blogs |
| marketing web site | a web site that engages consumers to purchase or other marking outcome |
| branded community web site | a web site that presents brand content that engages consumers and creates customer community around a brand |
| online advertising | advertising that appears while consumers are browsing online, including display ads and search related ads |
| email marketing | sending highly targeted, tightly personalized, relationship-building marketing message via email |
| spam | unsolicited, unwanted commercial email messages |
| viral marketing | the digital version of word of mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends |
| blogs | online forums where people and companies post their thoughts and other content, usually related to narrowly defined topics |
| social media | independent commercial online social networks where people congregate to socialize and share messages, opinions, pictures, videos, and other content |
| mobile marketing | marketing messages, promotions, and other marketing content delivered to on the go consumers through mobile phones, smartphones, tablets, and other mobile devices |
| direct-mail marketing | marketing that occurs by sending an offer, announcement, reminder, or other item directly to a person at a particular address |
| catalog marketing | direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online |
| telemarketing | using the telephone to sell directly to customers |
| direct response television | direct mareting via television, including direct response television advertising (or infomercials) and interactive television (iTV) advertising |
| sustainable marketing | socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs |
| criticisms of marketing | high prices, deceptive practices (promotion packaging, pricing), high pressure selling (create a sense of consumer urgency, yell and sell), unsafe or harmful products (soft drink industry, planned obsolescence (cars back in the day), poor service to disadvantaged consumers (walmart avoiding inner cities) |
| consumerism | an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers |
| environmentalism | an organized movement of concerned citizens, businesses, and government agencies designed to protect and improve peoples current and future living environment |
| environmental sustainability | a management approach that involves developing strategies that both sustain the environment and produce profits for the company |
| consumer-oriented marketing | a company should view and organize its marketing activities from the consumers point of view |
| customer value marketing | a company should put most of its resources into customer value-building marketing investments |
| innovative marketing | a company should seek real product and marketing improvements |
| sense of mission marketing | a company should define its mission in broad social terms rather than narrow product terms |
| societal marketing | a company should make marketing decisions by considering consumers, wants, the company requirements, consumers long run interests, and societies long run interests |
| deficient products | products that have neither immediate appeal nor long run benefits |
| pleasing products | product that give high immediate satisfaction but may hurt consumers in the long run |
| salutary products | products that have low immediate appeal but may benefit consumers in the long run |
| desirable products | products that give both high immediate satisfaction and high long run benefits |
| american marketing association | do no harm, foster trust in the marketing system, embrace ethical values |
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