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specifies the marketing activities for a specific period of time |
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groups of people who are pertinent to an organization for certain reasons |
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necessary conditions for exchange |
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at least 2 parties something of value communication and delivery freedom to accept or reject desire to deal with other party |
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creating value anything that can be offered in an exchange |
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capturing value everything a buyer gives up in exchange for the product |
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delivering the value proposition |
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communicating value informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
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business-to-business business-to-consumer consumer-to-consumer |
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marketing designed to benefit an entire industry at large undertaking marketing research to understand what potential employees are seeking |
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share information across organization balance customer's benefits and costs build relationships with customers |
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customer relationship management identify and build loyalty among valued customers |
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feeling that a product met or exceeded customer's expectations |
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specifies the marketing activities for a specific period of time |
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groups of people who are pertinent to an organization for certain reasons |
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necessary conditions for exchange |
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Definition
at least 2 parties something of value communication and delivery freedom to accept or reject desire to deal with other party |
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Definition
creating value anything that can be offered in an exchange |
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Term
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Definition
capturing value everything a buyer gives up in exchange for the product |
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Term
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Definition
delivering the value proposition |
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Term
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Definition
communicating value informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
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Term
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Definition
business-to-business business-to-consumer consumer-to-consumer |
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Term
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Definition
marketing designed to benefit an entire industry at large undertaking marketing research to understand what potential employees are seeking |
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Term
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Definition
share information across organization balance customer's benefits and costs build relationships with customers |
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Term
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Definition
customer relationship management identify and build loyalty among valued customers |
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Term
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Definition
feeling that a product met or exceeded customer's expectations |
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Term
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Definition
specifies the marketing activities for a specific period of time |
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Term
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Definition
groups of people who are pertinent to an organization for certain reasons |
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necessary conditions for exchange |
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Definition
at least 2 parties something of value communication and delivery freedom to accept or reject desire to deal with other party |
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Term
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Definition
creating value anything that can be offered in an exchange |
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Term
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Definition
capturing value everything a buyer gives up in exchange for the product |
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Term
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Definition
delivering the value proposition |
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Term
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Definition
communicating value informs, persuades and reminds potential buyers about a product/service to influence opinions or elicit a response |
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Term
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Definition
business-to-business business-to-consumer consumer-to-consumer |
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Term
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Definition
marketing designed to benefit an entire industry at large undertaking marketing research to understand what potential employees are seeking |
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Term
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Definition
share information across organization balance customer's benefits and costs build relationships with customers |
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Term
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Definition
customer relationship management identify and build loyalty among valued customers |
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Definition
feeling that a product met or exceeded customer's expectations |
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must understand what customers view as the key benefits and how to improve them |
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why is marketing important? |
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expands firm's global presence pervasive across supply chain enriches society |
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growing fragmentation proliferation of products and technologies multiplication of messages new distribution channels increasing costs demand for better return |
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a marketing strategy identifies... |
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a firm's target market a related marketing mix basis on which the firm plans to build a sustainable competitive advantage |
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4 strategies for building competitive advantage |
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customer excellence operational excellence product excellence locational excellence |
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strong brand unique merchandise clear and precise positioning retaining customers customer service |
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efficient operations supply chain management knowledgeable and skilled employees |
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physical location store atmosphere |
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phases in developing a marketing plan |
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planning phase implementation phase control phase |
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steps in developing a marketing plan |
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defining mission statement situation analysis identify opportunities apply 4 Ps performance evaluation |
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what are our competencies, abilities, our strengths |
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what you do better than competition |
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organizational objectives should be... |
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specific, measurable, attainable, reasonable, time specific |
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segmentation targeting positioning |
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consumers who respond consistently groups of customers with different needs, wants, characteristics |
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evaluating attractiveness of various segments and deciding which to pursue as a market |
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defining 4 Ps so target market has a clear, distinct and desirable understanding of what product does |
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measuring system that quantifies trend, dynamic or characteristic |
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percent of market accounted for by a specific entity |
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current products, current customers |
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current products, new customers |
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new products, current customers |
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new products, new customers |
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organized actions of groups of consumers seeking to increase their influence on business practices |
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moral or ethical dilemmas that arise in a business setting |
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having a set of values that guides decision making and behavior |
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causes of unethical behavior |
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environment with diminished ethics pressure from boss/peers unsure with unclear outcomes lack of training self-interest misguided loyalty lack of consequences |
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statement of responsibilities for honest and proper conduct |
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corporate social responsibility |
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voluntary actions taken by a company to address the social, ethical, and environmental impact of its business operations and the concerns of its stakeholders |
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inputs that a firm needs to understand and appreciate |
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consumer company cause/issue |
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business people helping to solve some of society's problems |
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framework for ethical decision making |
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identify issues gather information & identify stakeholders brainstorm and evaluate alternatives choose a course of action |
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examples of unethical marketing |
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deceptive or unfair practices offensive marketing materials objectionable marketing practices dangerous/non-performing products |
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components of the immediate environment |
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company capabilities competitors corporate partners |
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satisfying customer needs that match their core competencies competitive advantage |
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how many? how big? how interdependent is the industry? what is your competition doing? how do customers perceive your brands v. other brands? |
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parties that work with focal firm |
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macro environmental factors |
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culture demographics social trends technological advances economic situation political environment |
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shared meanings, beliefs, morals, values and customs of a group of people |
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generational cohorts income education gender ethnicity |
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a group of people of the same generation and have similar purchase behaviors based on experience |
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price sensitivity health and wellness concerns greener consumers privacy concerns time-poor society |
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improving products, services, access |
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monitor home country and abroad because it affects how consumers buy/spend |
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political/regulatory environment |
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government enacts laws based on industries |
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understanding needs and wants of customers how to assist the consumer in decision-making |
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the processes a consumer uses to make purchase decisions as well as to use and dispose of purchased goods/services |
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buy for personal, family, household make decisions as individuals use personal and discretionary income |
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use in operations, production, resale purchase decisions in groups base decisions on derived demand |
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consumer decision making process |
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need recognition informational search evaluation of alternatives purchase decision post-purchase |
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an imbalance between present status and preferred status |
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search for information about various options that exist to satisfy taht need |
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internal search for information |
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recall information from memory |
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external search for information |
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look somewhere else for information |
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internal locus of control |
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external locus of control |
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fate controls all outcomes |
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universal set of alternatives |
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retrieval set of alternatives |
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options that we remember easily |
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evoked set of alternatives |
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options that we will actually consider buying |
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so important to the buyer so that different brands have perceived differences in attributes |
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compensatory decision rule |
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good characteristics compensate for bad |
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non-compensatory decision rule |
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choose a product on the basis of one characteristic regardless of all other attributes |
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mental shortcuts to narrow down ex: price, brand, presentation |
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place and method of purchase |
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entails actual rather than potential customers |
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internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior should i have bought this product? |
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satisfied customers become loyal, purchase again, and spread positive word-of-mouth |
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ways to ensure/improve satisfaction |
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build realistic expectations demonstrate correct product use money back guarantees and warranties customer feedback |
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psychological factors influencing consumer decisions |
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motives attitude perception learning lifestyle |
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social factors influencing consumer decisions |
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family reference groups culture |
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one or more people who we use as a basis for comparison |
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situational factors influencing consumer decisions |
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purchase situation shopping situation temporal state (state of mind) |
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involvement in decisions depends on |
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consumer's degree of interest or concern |
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buying because it's there you see it so you want it |
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little conscious effort involved buy what you always buy |
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used to manufacture other products aid the normal operations of an organization acquired for resale without change in form |
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manufacturers resellers institutions government |
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manufacturers or producers |
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buy raw material and make into new product product changes form |
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resellers - wholesale and distributors |
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product doesn't change form, just arrangement |
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hospitals, schools, museums, etc. buy in bulk because it is cheaper |
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north american industry classification system |
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demand for business products results from demand for consumer products |
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a change in price will not significantly affect the demand for product |
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multiple items are used together in final product so demand for one item affects all |
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need recognition product specifications RFP process proposal analysis, vendor negotiation and selection order specification vendor/product performance assessment |
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used by suppliers to develop proposals can be done collaboratively with suppliers |
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proposal analysis, vender negotiation and selection |
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often vendors are negotiating against each other considerations other than price play a role |
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considerations in selecting vendor |
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product availability customer service good price level and terms prompt delivery consisten quality seller reliability |
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review of the qualities of the product for the price |
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review of the services of the vendor |
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most extensive new vendor and new products |
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buying same products from same vendor |
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buying slightly different products from same vendor |
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actors in the buying center |
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initiator influencer decider buyer user gatekeeper |
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expresses the need or interest |
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influence decision/timing/need |
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evaluates all alternatives and decides |
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handles paperwork of buying |
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benefits from product/service |
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controls access to information |
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