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| An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organizations and its stakeholders. |
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| Customers' desires for products coupled with the resources needed to obtain them |
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| All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange |
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| Any location or medium used to conduct an exchange |
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| The usefulness or benefit customers receive from a product |
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| The process by which some transfer of value occurs between a buyer and a seller |
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| a management philosophy that emphasizes the most efficient ways to produce and distribute products |
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| A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory |
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| A management philosophy that focuses on ways to satisfy customers' needs and wants |
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| A business person who only produces a product when it is ordered |
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| A management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm |
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| Customer relationship management |
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| A systematic tracking of consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts. |
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| A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs |
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| The music, movies, sports, books, celebs and other forms of entertainment consumed by the mass market |
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| stories containing symbolic elements that express the shared emotions and ideals of a culture |
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| The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts |
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| A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased |
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| Lifetime value of a customer |
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| How much profit companies expect to make from a particular customer, including each and every purchase he will make from them now and in the future. To calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship. |
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| A superior capability of a firm in comparison to its direct competitors |
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| The on-line consumer-generated comments, opinions, and product related stores available to other consumers through digital technology. |
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| A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. |
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| A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. |
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| A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers. |
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| Product, price, promotion, place |
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| A plan that includes the decisions that guide the entire organization |
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| Rules of conduct for an organization |
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| Individual units within a firm that operate like separate businesses, whth each having its own missions, business objectives, resources, managers, and competitors. |
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| A formal statement in an organizations's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources |
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| An assessment of a firm's internal and external environments. |
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| A process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis |
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| Quantifying just how an investment in marketing has an impact on the firm's success, financially and otherwise |
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| Individual support plans included in a marketing plan that provide the guidance for implementation and control of the various marketing strategies within the plan. |
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| A type of trade in which goods are paid for with other items instead of with cash |
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| A policy adopted by a government to give domestic companies an advantage |
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| Limitations set by a government on the amount of a product allowed to enter or leave a country |
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| A quota completely prohibiting specific goods from entering or leaving a country |
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| Groups of countries that band together to promote trade among themselves and to make it easier for member nations to compete elsewhere |
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| The quality of a country's distribution, financial, and communications systems |
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| Level of economic development |
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| The broader economic picture of a country |
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| A country at the lowest stage of economic development |
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| The process of gathering and analyzing publicly available info about rivals |
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| A form of protectionism stipulating that a certain proportion of a product must consist of components supplied by industries in the host country or economic community |
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| Norms regarding the conduct of everyday life |
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| Items manufactured outside a country and then imported without the consent of the trademark holder |
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| A company tries to get a toehold n a foreign market by pricing its products lower than it offers them at home |
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| The process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness |
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| Research conducted for a single firm to provide specific info its managers need |
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| The marketing practice by which marketers deliver advertisements for products a consumer is looking for by watching what the consumer does on-line |
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| Data that have been collected for something other than the problem at hand |
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| Data from research conducted to help make a specific decision |
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| A test that marketers use to explore people's underlying feelings about a product; especially appropriate when consumers are unable tor unwilling to express their true reactions. |
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| A comprehensive examination of a particular firm or organization |
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| An approach to research based on observations of people in their own homes or communities |
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| a type of descriptive technique that involves the systematic collection of quantitative info |
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| A technique that tracks the responses of the same sample of respondents over time |
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| A research technique that attempts to understand cause-effect relationships |
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| A study in which researchers recruit shoppers in malls or other public areas |
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