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Mkt text 1 ttu brown
tn tech mkt brown
| Question | Answer |
|---|---|
| Marketing | Process by which companies create value for customers and build strong customers relationships in order to capture value from customers in return. |
| Marketing short def. | managing profitable customer relationships |
| 5 core customer and markeplace concepts | 1. needs, wants and demands 2.market offerings ( products, services, and experiances) 3. value and satisfaction 4. exchanges and relationships 5. markets. |
| Need | States of felt deprivation. example food, clothing, warmth. |
| wants | form that human needs take as they are shaped by culture and individual personality. example big mac or a type of brand. |
| Demands | human wants backed by buying power |
| Market offerings | Some combination of products, services, information of experiances to satify need or want. Include wide range not just products, also services and information, ideas. |
| Marketing Myopia | Mistake of paying more attention to the specific products a company offers than to the benifits and experiance produced by the products. |
| Exchange | 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 | Art and science of choosing target markets and building profitable relationships. |
| Production concept | Idea that consumers will favor products that are available and highly affordable; focus on improving production, distrbution. |
| Product concept | Idea that consumers will favor products that offer the most quality, performance,j and features; therefore, organization should focus on products improvments. |
| Selling concept | Idea that consumers will not buy enough products unless firm undertakes large scale selling promotion. |
| Marketing concept | Philosophy in which acheiveing organizational goals depends on knowing the needs, wants, of the target markets and delivering satisfaction better that competitors |
| Societal Marketing concept | Idea that a company's marketing should consider consumers wants, the companys requirements, and society interests. |
| 4 p's | place, product, price, promotion. |
| Customer relationship management | overall process of building and maintaining profitable relationships by delivering super customer value and satisfaction |
| Customer-perceived value | Customers evaluation of the difference between all the benefits and all the cost of a marketing offer relative to competing offer. |
| customer satisfaction | extent to which products perceived perfomance matches a buyers expectation's |
| Customer-managed relationshipR | Relationships in which customers, empowered by new digital technologies, interact with companies and with each other to shape relationships with brands |
| customer-generated marketing | Brand exchanges created by consumers themselves---both invited and uninvited by which consumers are playing and increaseing role in shaping their own brand experiances and those of other consumers. |
| Partner relationship management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
| Partner relationship management | Working closely with partners in other company departments and outside the company to jointly bring greater value to customers. |
| Customer lifetime value | Value of the entire stream of purchases a customer makes over a lifetime. |
| Customer lifetime value | Value of the entire stream of purchases a customer makes over a lifetime. |
| Share of customer | Portion of the customer's purchasing that a company gets in its product categories. |
| Share of customer | Portion of the customer's purchasing that a company gets in its product categories. |
| customer equity | Total combinded customer lifetime values of all the company's customers |
| customer equity | Total combinded customer lifetime values of all the company's customers |
| Digital Age | Explosive growth in digital technology, that has changed the way we live and communicate. |
| Internet | Vast public web of computer networks that connect users of all types all around the world to each other. |
| sustainable markting | corporate ethics and social responsibility |
| Strategic planning | Process of developing and maintaining strategic fit between the oraganization's goal and capabilities and its changing marketing opportunities. |
| Mission statement | statement of the organizations purpose- what is wants to accomplish in the larger enviroment |
| Market- oriented missions | defined to serve basic needs not just products. |
| Business portfolio | collection of businesses and products that make up the company |
| Portfolio analysis | process by which management evaluates the products and businesses them make up the company |
| Strategic business units(SBUs) | A division, product line within a division, or a single product or brands. |
| Growth-share matrix | A portfolio-planning method that evaluates a company's SBUs in terms of its market growth rate and relative market share |
| Stars | High growth, high share, needs heavy investments, |
| cash cow | low growth, high share, low investment |
| question marks | low share in high growth markets requires large investment. |
| dogs | low growth, low share, no investment. might be self maintaining. |
| Product/market expansion grid | Portfolio- planning tool for identifying company growth opportunities through market penetration, market development, product devlopment, 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 prodcucts to current market segments |
| diversification | company growth through starting up or acquiring businesses outside the company's current products and markets. |
| Value chain | series of internal departments that carry out value-creating activities to designj produce, market, deliver, and support a firms products. |
| value delivery network | suppliers, distributors, customers, who partner with each other to improve performance of the entire system. |
| Marketing strategy | Marketing logic by which the company hopes to create customer value and achieve profitable customer relationships |
| market segmentation | Dividing market into distinct groups of buyers with differnet needs, behaviors, charateristics, might need seperate products or programs. |
| Market segment | group of consumers who respond in a similar way to a given set of marketing efforts |
| market targeting | process of evaluating each market segments attractiveness and selecting one or more segments to enter. |
| Positioning | Arranging for product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target comsumers |
| differentiantion | actually differentiating the market offering to create superior customer value |
| marketing mix | set of markting tools, product, place, promotion price that a firm blends to produce the responce it wants in target market. |
| product | customer solution |
| price | customer cost |
| place | convenience |
| promotion | communication |
| swot analysis | evaluation of stengths, weaknesses, opputnities and threats |
| Managing marketing | Analysis, Planning, Implementation,control |
| Marketing implementation | turning strategies and plans into marketing actions to accomplish strategic marketing objectives |
| marketing control | Measuring and evaluating the results of marketing stategies and plans and taking corrective action to ensure that the objective are achieved |
| Return on marketing investment(or marketing ROI) | Net return from a marketing investment divided by the costs of the marketing investment |
| Marketing environment | Actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers |
| Micorenvironment | actors close to the company that affect is ability to serve customers- the company,j suppliers, marketing intermediaries, customer markets, competitors, and pubics. |
| Macroenvironment | larger societal forces -demograpic, economic, natural, technological, political, and cultural forces. |
| marketing intermediaries | firms that help the company to promote, sell, and distribute its goods to final buyers |
| publics | any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives |
| demography | study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
| baby boomers | 78 million post wwII until 1964 born |
| Generation X | 49 million born between yrs 65 and 76 in the birth dirth |
| Millennials(Generation Y) | 83 million children of the baby boomers born between 77 and 2000 |
| Economic environment | economic factors that affect consumer purchasing power and spending patterns |
| industrial economies | rich markets for many differnent kinds of goods |
| subsistence economies | consume their own agriculture, industrial output offers few marktet oppertunties |
| develping economies | offer outstanding markets oppertunites for the right type of prodcucts. |
| Natural environment | natural resources that are needed as inputs by markets or that are affected by marketing activities |
| environmental sustainability | developing strategies and practices that creat a world economy that the planet can support indefinitely |
| technology environment | forces that create new technologies creating new products and market opportuniies |
| political environment | Laws, goverments agencies pressure groups that influence and limit various organization and individuals in a giving society |
| socially responsible behavior | system of "do the right thing" |
| cause-related marketing | do the right thing with positive causes to build a more postive image. |
| cultural environment | institutions and othere forces that affect the society's basic values, perceptions, and preferences, and behaviors. |
| core beliefs | passed on from from parents to children, reinforced by school, church ect. |
| secodary beliefs | belief that or more likely to change. such as, veiw on themselves,other,organizations,society,nature and universe |
| customer insights | fresh understanding of customer and the marketplace derived from marketing information that becomese the basis for creating customer value and relationships |
| Management information systems MIS | People and procedures dedicated to assessing information information needs, devloping the needed information, to generate and validate actionable customer and market insights. |
| Internal databases | electronic collections of consumer and market information obtained from data sources within the company |
| competitive marketing intellegence | the systematic collection and analysis of public available information about consumers, competitors, and development in the market environment |
| marketing research | The systematice design,j collection, analysis, and reporting of data relevant to a specific marketing situation facing and organization |
| exploratory research | marketing research used to gather preliminary information that will help define problems and suggest hypotheses |
| descriptive research | marketing research used to better descibe marketing problems situations, or markets |
| causal research | research used 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. |
| low cost data, ex. commercial online, interent search | secondary data |
| types of primary data collection | research approach, contact methods, sampling, research instuments |
| obsevational research | gathering primary data by observering relevant people, actions and situations |
| ethnograpic research | form of o.b. research involves sending trained observers to watch and interact with consumers in their "natural environments" |
| survey research | primary data by asking people questions about their knowledge, attitudes prefernces, and buying power. |
| experimental research | primary data by selecting groups of subjects and giving them diffenent treatment, controlling related factors and checking for diffences. |
| online marketing research | primary data online through intenet, web-based experiments, focus group on line, or tracking online behavior. |
| customer relationship management (CRM) | Managing detailed information about individual customers and carefully managing customer touch point to maximize customer loyalty |
| survey abuse caused | codes of standards |
| consumer buyer behavior | behavior of final consumers- indivduals and house holds that buy goods and services for PERSONAL consumption |
| consumer market | all individuals and households that buy acquire goods and services for personal consumption |
| culture | set of basic values, perceptions, wants and behaviors learned by a memeber of society from a family and other improtant institutions |
| subculture | groups with shared value system based on common life experiances and situations, include nationalities, religion, racial group, geograpic region |
| social class | relatively permanet and ordered divisions in a society whose members share similar values, intersest and behaviors |
| group | two or more people , with common goal |
| work-of-mouth influence | personal words and recommendationtion of trusted friends associates and other consumeres impact buying behavior. |
| opinion leader | a person within a reference group who because of special skills, knowledge, personality, or other characterics, exerts social influence on others |
| online social networks | blogs, websites where people socialize or exchance information and opinions |
| buzz marketing | brand ambassordors, spead the word on line to increase word or mouth |
| Role and status | where someone belongs, family, clubs, online communities. where they are expected to perform in a certain manner. |
| Personal factors | age, lifecycley stage, occupation economic situation, lifestyle, personaliyand self concept |
| lifestyle | pattern of living as expressed to activites, interests, and opinions |
| personality | psychological charateristic that distiquish person are group |
| psychological factors | motivation, perception, learning,beliefs and attitudes. |
| motive | need to sufficiently pressing to direct the person to seek satisfaction of the need |
| perception | process by which people select oraganize, and interpret information to form a meaningful picture of the world. |
| selective attention | the tendency for people to screen out most of what the information to which they are exposed |
| selective distortion | describes tendency for people to interperate information in a way to support what they already believe |
| selective retention | remember good points made about a brand they favor and forget points made about competitor |
| learning | changes in an individuals behavior arising from expericance |
| belief | decriptive thought that a person holds about something |
| attitude | a persons consistently favorable of unfavorable evaluations, feeling, and tendencies toward an object or idea |
| buying process | need recongnition, information search, evaluation of alternative, purchace decision, postpurchase behavior |
| cognitive dissonance | buyer discomfort caused by postpuchase behavior |
| New product | good, service, or idea that is precieved by some potential customers as new |
| adoption process | mental process through which an indvidual passes from first hearing about an innovation to final adoption |
| 5 stages of adoption | awareness, interest, evaluation, trial, adoption |
| 5 adoption catagories | innovators, early adoptions, early majority, late majority, laggards. |
| 5 charateristics that affect adoption | relative advantage, compatibilty, complexity, divisibility, communicability |
| buisness buying behavior | buying behavior or 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 buying process | decision process by which business buyer determine which products and services they need to purchase and then find evaluate and choose amoung alternative suppiers and brands |
| derived demand | demand that is ultimately derived from consumer good, in raw form later processed to goods sold. |
| supplier development | systematic development of networks of supplier-partners to ensure an appopriate and dependable supply of products and materials exist for use in making products or reselling them to others |
| staight rebuy | situation in which the buyer routinely reorders something without modifications |
| modified rebuy | situation in which buyer wants to modify product specifications , price, terms or suppliers |
| new task | situation in which the buyer purchases a prodcuct for the first time. |
Created by:
ricksmith2008
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