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| The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers |
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| the actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
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| some combination of productions, services, information, or experiences offered to a market to satisfy a need or want |
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| the larger societal forces that affect the microenvironment--demographic, economic, natural, technological, political and cultural forces |
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| firms that help the company to promote, sell, and distribute its goods to final buys. They include resellers, physical distribution firms, marketing services agencies, and financial intermediaries |
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| when the seller only focuses on existing wants and lose sight of underlying customer needs |
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| the act of obtaining a desired object from someone by offering something in return |
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| the set of actual and potential buyers of a product |
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| the art and science of choosing target markets and building profitable relationships with them |
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| Resellers, physical distribution firms, marketing services agencies, financial intermediaries, customer markets |
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| dividing the market into sements of customers |
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| selecting which segments it will go after |
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| any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives: financial publics, media publics, government publics, citizen-action publics, local publics, general public, internal publics |
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| the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities |
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| a statement of the organization’s purpose-what it wants to accomplish in the larger environment |
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the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Economic environment: factors that affect consumer buying power and spending patterns |
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| the collection of businesses and products that make up the company |
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| differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises |
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| management evaluates the products and businesses making up the company |
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| natural resources that are needed as inputs by marketers or that are affected by marketing activities |
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| Technological Environment |
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| forces that create new technologies, creating new product and market opportunities |
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| strategic business unit (SBU) |
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| unit of a company that has a separate mission and objectives and that can be planned independently from other company businesses (can be a company division or product line without a division) |
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| laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society |
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| institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors |
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| product/market expansion grid |
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| a portfolio planning tool for identifying company growth opportunities through market penetration, market development, or diversification |
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| Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships |
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| making more sales to current customers without changing its products |
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| Marketing information system (MIS) |
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| people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights |
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| a strategy for company growth by identifying and developing new market segments for current company products |
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| How to obtain intelligence/information |
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| Assessing information needs → Developing needed Information (Internal databases → Marketing Intelligence → Marketing research)→ Analyzing and using information |
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| a strategy for company growth by offering modified or new products to current market segments |
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| electronic collections of consumer and market information obtained from data sources within the company network |
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| the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment |
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| a strategy for company growth through starting up or acquiring businesses outside the company’s current products and markets |
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| the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
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| reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy |
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| marketing research to gather preliminary information that will help define problems and suggest hypotheses |
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| 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 |
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| The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products |
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| marketing research to test hypotheses about cause and effect relationships |
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| the network made up of the company, suppliers, distributors, and ultimately customers who “partner” with each other to improve the performance of the entire system |
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| information that already exists somewhere, having been collected for another purpose |
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| Information collected for the specific purpose at hand |
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| Commercial Online Databases |
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| Computerized collections of information available from online commercial sources or via the internet |
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| a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural habitat” |
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| gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses |
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| the marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships |
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| questionnaire (in person, by phone, or online) or mechanical devices (monitoring brain activity) |
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| dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs |
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| the process of evaluting each market segment's attractiveness and selecting one or more segments to enter |
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| dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs |
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| the process of evaluting each market segment's attractiveness and selecting one or more segments to enter |
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| arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
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| actually differentiating the market offering to create superior customer value |
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| the set of controllable tactical marketing tools-product, price, place, and promotion-that the firm blends to produce the response it wants in the target market |
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| an overall evaluation of the company's S strengths, W weaknesses, O opportunities, T threats |
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| the process that turns marketing strategies and lans into marketing action in order to accomplish strategic marketing objectives |
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| the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved |
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| a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performace |
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| Return on marketing investment |
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| the net return from a marketing investment divided by the costs of the marketing investment |
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