Term
|
Definition
Customer Solution
Customer Cost
Convenience
Communication |
|
|
Term
|
Definition
Measures market growth rate and relative market share
Star, Cash Cow, Dog, Question Mark |
|
|
Term
|
Definition
78 Million people born between 1946 and 1964
-Wealthiest generation in history
-50% of consumer spending |
|
|
Term
|
Definition
| Buy for use in production processes |
|
|
Term
|
Definition
| The collection of business and products that make up a company |
|
|
Term
|
Definition
| To exercise their social responsibility and build more positive images, many companies are now linking themselves to worthwhile causes |
|
|
Term
|
Definition
| Uses some combination of the previous four approaches |
|
|
Term
| Competitors (Microenvironment) |
|
Definition
-A company must provide greater customer value and satisfaction than its competitors do
-The company must position its offerings strongly against competitors offerings in the minds of consumers |
|
|
Term
|
Definition
| Buy for personal consumption |
|
|
Term
| Consumer-Generated Marketing |
|
Definition
| Brand exchanged created by consumers which consumers play an increasing role in shaping their own brand experiences and those of consumers |
|
|
Term
|
Definition
| Institutions and other forces that affect societies basic values, perceptions, preferences, and behaviors |
|
|
Term
|
Definition
Total combined customer lifetime values of all the company's current and potential customers
-Ultimate goal of relationships |
|
|
Term
|
Definition
| Value of entire stream of purchases that the customer would make over a lifetime of patronage |
|
|
Term
|
Definition
| The customer's evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers |
|
|
Term
| Customer Profitability Analysis |
|
Definition
| Eliminates losing customers and selects profitable ones with whom relationships should be developed |
|
|
Term
| Customer Relationship Management |
|
Definition
| The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
|
|
Term
|
Definition
| The extent to which the product's perceived performance matches a buyer's expectations |
|
|
Term
| Customer Value and Satisfaction |
|
Definition
| Expectations about the value and satisfaction that various market offerings will deliver |
|
|
Term
| Customer-Mangaged Relationships |
|
Definition
| Marketing relationships in which customers, empowered by digital technologies, interact with companies and each other to shape their relationships with brands |
|
|
Term
|
Definition
| Human wants that are backed up by buying power |
|
|
Term
|
Definition
| The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics |
|
|
Term
|
Definition
| Offer outstanding marketing opportunities for the right kinds of products |
|
|
Term
|
Definition
| Actually differentiating the market offering to create superior customer value |
|
|
Term
|
Definition
Starting up or acquiring businesses outside the company's current products and markets
New Product/New Market |
|
|
Term
|
Definition
| Reduces the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy |
|
|
Term
| Environmental Sustainability |
|
Definition
| Developing strategies and practices that create a world economy that the planet can support indefinitely |
|
|
Term
|
Definition
| The act of obtaining a desired object from someone by offering something in return |
|
|
Term
|
Definition
| Each marketing activity is headed by a functional specialist |
|
|
Term
|
Definition
49 Million born from 1965 to 1976
-Most educated generation to date
-Careful spenders |
|
|
Term
|
Definition
| Sales and marketing people are assigned to specific countries, regions, and/or districts |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Rich markets form many different kinds of goods |
|
|
Term
|
Definition
| Buyers in other countries |
|
|
Term
|
Definition
| Consists of the broader forces that affect the actors in the microenvironment |
|
|
Term
|
Definition
Identifying and developing new market segments for current company products
Existing Product/New Market |
|
|
Term
| Market Offerings (Products, services, and experiences) |
|
Definition
-Not limited to physical products
-Include entities such as persons, places, organizations, information, and ideas |
|
|
Term
|
Definition
Increasing sales of current products to current market segments without changing the product
Existing Product/Existing Market |
|
|
Term
|
Definition
| A group of consumers who respond in a similar way to a given set of marketing efforts |
|
|
Term
|
Definition
| Dividing the market into segments of customers |
|
|
Term
|
Definition
| The process of evaluating each market segment's attractiveness and selecting one or more segments to enter |
|
|
Term
| Market or Customer Organization |
|
Definition
| Manager responsible for particular market or type of customer |
|
|
Term
|
Definition
| The process by which companies create value for customers and build strong customer relationships in order to capture value in return |
|
|
Term
|
Definition
| Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
|
|
Term
|
Definition
| Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objects are achieved |
|
|
Term
|
Definition
| The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers |
|
|
Term
|
Definition
| Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives |
|
|
Term
| Marketing Intermediaries (Microenvironment) |
|
Definition
| Firms that help the company promote, sell, and distribute its goods to final buyers |
|
|
Term
|
Definition
| The art and science of choosing target markets and building profitable relationships with them |
|
|
Term
|
Definition
| Product, Price, Place (distribution), Promotion |
|
|
Term
|
Definition
| The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products |
|
|
Term
|
Definition
| Net return from marketing investment divided by the costs |
|
|
Term
|
Definition
| The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
|
|
Term
|
Definition
| The set of all actual and potential buyers of a product or service |
|
|
Term
|
Definition
| Actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
|
|
Term
|
Definition
83 Million, born between 1977 and 2000
-Ethnically diverse
-Fluent with digital technology |
|
|
Term
|
Definition
A statement of the organization's purpose — what it wants to accomplish in the larger environment
-Should be market-oriented not product orientated |
|
|
Term
|
Definition
| States of felt deprivation |
|
|
Term
| Old vs. New view of marketing |
|
Definition
Old view: making a sale "telling and selling"
New view: Satisfying customer needs |
|
|
Term
|
Definition
| Evaluates performance against the annual plan and takes corrective action |
|
|
Term
|
Definition
| External factors that the company may be able to exploit to its advantage |
|
|
Term
| Partner Relationship Management |
|
Definition
| Working closely with others inside and outside of the company to jointly bring more value to customers |
|
|
Term
|
Definition
| The process by which management evaluates the products and businesses that make up the company |
|
|
Term
|
Definition
| Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
|
|
Term
|
Definition
| Manage the marketing environment via actions designed to affect the publics and forces in the marketing environment |
|
|
Term
|
Definition
-Consumers will favor products that offer the most quality, performance and features
-The organization should devote its energy to making continuous product improvement |
|
|
Term
|
Definition
Offering modified or new products to current market segments
New product/Existing Market |
|
|
Term
| Product Management Organization |
|
Definition
| One person is given responsibility for complete strategy and marketing program for a single product |
|
|
Term
|
Definition
-Consumers will favor products that are available and highly affordable
-The organization should focus on improving production and distribution efficiency |
|
|
Term
| Publics (Microenvironment) |
|
Definition
| Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives |
|
|
Term
| Purpose of Portfolio Analysis |
|
Definition
| To direct resources toward more profitable businesses while phasing out or dropping weaker ones |
|
|
Term
|
Definition
| Passive, simply react to changes in the marketing environment |
|
|
Term
|
Definition
-Rapid growth of the company
-Lack of experience in a market
-Change in market environment
-Decline of a particular product |
|
|
Term
|
Definition
-Market actions build and maintain exchange relationships with target audiences involving an idea, product, service, or other object
-Marketers build strong relationships by consistently delivering superior value |
|
|
Term
|
Definition
| Buy to resell at a profit |
|
|
Term
|
Definition
| Goal is to match the company's strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats. |
|
|
Term
|
Definition
| Consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort |
|
|
Term
| Share of Customer (Market Share) |
|
Definition
| The portion of the customer's purchasing that a company gets in its product categories |
|
|
Term
| Socially Responsible Behavior |
|
Definition
| Actively seek out ways to protect the long run interests of consumers and the environment |
|
|
Term
| Societal Marketing Concept |
|
Definition
A company's marketing decisions should consider consumers wants, the company's desires, consumer's long-run interests and society's long run interests.
-Calls for sustainable marketing (socially and environmentally responsible marketing) |
|
|
Term
|
Definition
| Evaluates whether strategies match opportunities |
|
|
Term
|
Definition
| The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities |
|
|
Term
|
Definition
| Internal capabilities that may help a company reach its objectives |
|
|
Term
|
Definition
| Consumer most of their own agricultural and industrial output |
|
|
Term
|
Definition
| Selecting one or more segments to cultivate |
|
|
Term
| Technological Environment |
|
Definition
| Forces that create new technologies, creating new products and market opportunities |
|
|
Term
| The Company (Microenvironment) |
|
Definition
-Other company gouts must be considered when designing marketing plans
-Marketing decisions are made within the broader strategies made by top management
-All departments share responsibility for understanding customer needs and creating value |
|
|
Term
|
Definition
| Involves natural resources that are needed as inputs by marketers or that are affected by marketing activities |
|
|
Term
| The Political and Social Environment |
|
Definition
| Include laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society |
|
|
Term
| The Suppliers (Microenvironment) |
|
Definition
| Provide resources needed to produce goods and services |
|
|
Term
|
Definition
| Current and emerging external factors that may challenge the company's performance |
|
|
Term
|
Definition
Physical needs (food, clothing, warmth, safety)
Social needs (belonging and affection)
Individual needs (learning, knowledge, self-expression) |
|
|
Term
|
Definition
| Series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products |
|
|
Term
|
Definition
| Network made up of the company, its suppliers, its distributors, and ultimately, its customers who partner with each other to improve the performance of the entire system |
|
|
Term
|
Definition
| The set of benefits or values and company promises to deliver to consumers to satisfy their needs |
|
|
Term
|
Definition
| The form human needs take as they are shaped by culture and individual personality |
|
|
Term
|
Definition
| Internal limitations that may interfere with a company's ability to achieve its objectives |
|
|
