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Marketing Terms
Chapters 1, 2, 4, 5, 6, 7
| Question | Answer |
|---|---|
| Marketing | Marketing is the activity, set of institutions, and processes for creating, communicating,, delivering, and exchanging offerings that have value for customers, partners, and societies. |
| Needs | States of felt deprivation. |
| Wants | The form needs take as they are shaped by culture and personality. |
| Demands | Wants that are backed by buying power. |
| Market Offerings | Any combination of products, services, information, or experience offered to a market for sale, use, or consumption. |
| Marketing Myopia | Th mistake of paying more attention to the products a company offers than the benefits and experiences consumers value. |
| Exchange | The act of obtaining something of value (a product, service, information, or experience) by offering something in return (money, time, effort). |
| Market | The set of actual and potential buyers of a market offering. |
| Marketing Management | The combined management tasks of analyzing customers and markets, designing marketing strategy, communicating value propositions ,and serving customers. |
| Target Market | A group of people with shared characteristics that is likely to respond favourably to a market offering. |
| Market Segmentation | the process of dividing a large market into smaller groups that can be more precisely identified and described. |
| De-marketing | The active discouragement of the consumption of a product or service. |
| Value Proposition | The set of benefits or values (contained in the market offering) that the marketers promises to deliver to customers to satisfy their needs. |
| Production Concept | The idea that customers will favour products that are widely, easily, and inexpensively available, and inexpensively available, and that therefore the proper focus of marketing management is to directly help and support the sales team. |
| Selling Concept | The idea that customers need to be persuaded into buying anything, and that therefore the proper focus of marketing management is to directly help and support the sales team. |
| Product Concept | The idea that consumers will favour the best products, and that therefore the proper focus of marketing management is to design and develop superior products. |
| Marketing Concept | The idea that customers will favour products that best serve their needs and that therefore the proper focus of marketing management is to understand the needs and wants of the target market. |
| Societal marketing Concept | The idea that customers will favour products offered by companies that care about society and that therefore the proper ficus of marketing management is to serve customers while also, in some way serving society. |
| Integrated Marketing | Including and applying every element of the marketing mix, product price, place, and promotion in the marketing program. |
| Marketing Mix | Also known as the four P's of marketing: Product, price place, promotion. |
| Marketing Program | A particular marketing activity that is created and executed for the purpose of accomplishing a marketing goal. |
| Customer Relationship Management | The practice of managing customer relationships. |
| Touchpoint | Any aspect of the integrated marketing program, including product packaging, advertising, salespeople and customer service representatives, that reaches or touches a customer. |
| Customer-Perceived Value | The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. |
| Loyalty Program | A type of marketing program that bestows benefits upon customers who one "members" of the program. |
| Partner relationships | Managing important relationships between marketing and other departments inside the company, as well as with business partners outside the company, in order to bring more value to customers. |
| Marketing Channel | Channels of distribution and communication that connect marketers to customers. |
| Supply Chain | The chain of companies and organizations that begins with the source of the raw materials that got into making the product, all the way to the final destination with the customer. |
| Customer Lifetime Value | The dollar value of all purchases of a particular brand or product or from a certain retailer, that a particular customer will make in a lifetime. |
| Share of customer | The portion of a particular customer's purchasing in the marketer's product category |
| Customer Equity | The total combined customer lifetime value of all the company's customers. |
| Internet Marketing | Using the internet in many different ways to support marketing programs and goals, from a distribution channel, to a communications program, to advertising. |
| Web 2.0 | A catch phrase for the new set of web technologies that connect consumers to consumers and consumers to marketers, such as blogs, social networking sites, and photo and video-sharing sites. |
| Mobile Marketing | Sending advertising messages to consumers on their cell phones. |
| Global Marketing | Marketing that reaches beyond the marketer's country of origin to deal with partners and reach customers in many countries around the globe. |
| Strategic planning | The management task and ongoing process of developing and maintaining a strategic fit between an organization's goal and capabilities in the face of an always changing market landscape. |
| Mission Statement | A statement of the organization's purpose- what it wants to accomplish in the larger environment. |
| Business Portfolio | The collection of businesses and products that together make up the company. |
| Strategic Business unit | A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses. |
| Market Penetration strategie | A stratgie for company growth by increasing sales of current products to current markets, without changing the product. |
| Market Development Strategy | A strategy for company growth for identifying and developing new marketing segments for current company products. |
| Product development strategy | Strategy for company growth by offering modified or new products to current markets. |
| Diversification Strategies | a strategy for company growth by starting up or acquiring business outside the companies current products and markets. |
| Value Chain | The collective system of internal company departments and external business partners that together provide customers value by producing, delivering, marketing, and supporting the company's products. |
| Value Delivery network | The network made up of the company suppliers, distributors, and ultimately customers who partners with one another to improve the performance of the entire marketing system. |
| Marketing Strategy | The marketing logic by which the company creates customers value and achieves profitable customer relationships. |
| Marketing Targeting | The process of evaluating each marketing attractiveness and selecting one or more segments to enter. |
| Niche Market | A small market in terms of numbers of potential customers (but not necessarily in terms of dollars) |
| Positioning | A marketing strategy that attempts to describe a product and imbue it with characteristics that differentiate it from the competition and cause it to occupy a clear, distinctive, and desirable place in the mind of the customer. |
| Marketing Mix | The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. |
| Marketing Analysis | A detailed description and analysis of the current situation facing the company. |
| SWOT Analysis | A tool used by marketers to summarize a company's strengths, weaknesses, opportunities, and threats, in preparation for the development of a marketing plan. |
| Marketing Plan | A detailed document, usually prepared once a year, that outlines what the marketing department has planned for the upcoming year. |
| Marketing Budget | A very important part of every marketing plan, the budget details the estimated costs for each proposed marketing program. |
| Marketing Implementation | The process that turns the marketing plan into marketing actions or programs. |
| Chief Marketing Officer (CMO) | A relatively new C-level executive some companies are appointing. The CMO is the ultimate head of the marketing function at the organization |
| Marketing Control | Evaluating the results of marketing strategies and plans, and taking corrective action to ensure that marketing objectives are attained. |
| Return on Marketing Investment | The return on the investment that can be calculated and attributed directly to the efforts of marketing. |
| Marketing Environment | All the actors and forces outside the marketing department that affect marketing management's ability to perform its functions. |
| Microenvironment | The actors and forces close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
| Macroenvironment | Actors and forces in society and the world that affect the microenvironment demographics, economic, natural, technological, political, and cultural forces. |
| Marketing Intermediares | Third-party companies neither the marketers nor the customer that helps the company to promote, sell, and distribute its goods to its customers. |
| Consumer | An individual customer who buys goods and services with his or her own money. |
| Public | Any group of people that has an actual or potential interest in, or impact on, an organization's ability to achieve its objectives. |
| Demography | The study of human populations in terms of size, density, age, gender, race, occupation, and other statistics that can be stated or measured. |
| Statistics Canada | Canada's central statistical agency, legislated to produce statistics that help Canadians better understand their country its population, resources, economy, society, and culture. |
| Baby boomers | A cohort or group of Canadians and people living in Canada, who were born between 1947 and 1966. |
| Generation X | A cohort or group of Canadians and people living in Canada, who were born between 1963 and 1976. |
| Millennials | A cohort or group of Canadians and people living in Canada, who were born between 1980 and 1995. |
| Economic Environment | Economic factors and forces that affect consumer purchasing power and spending patterns. |
| Engel's Laws | As a family's household income rises, the percentage spent on food declines, the spending on housing remains constant, and spending on other categories increases. |
| Natural Environment | The natural resources and forces of nature that are used as inputs by marketers, or that affect or are affected by marketing activities. |
| Technological Environment | Constantly changing technology landscape that influences marketing. |
| Political Environment | Federal, provincial, and municipal laws and bylaws, the mandates of various governments agencies, and the influence of lobby and consumer activists group that influence or limit a company's ability to develop products and offer them to market. |
| Cultural Environment | All the institutions and forces that from a society's basic values, perception, preferences, and behaviours. |
| Tariff | A tax levied by a government on products imported from other countries. |
| Quota | A limit imposed by a government on the amount of a certain goods that can be imported from other countries. |
| Embargo | The banning of commerce or trade. |
| Exchange Controls | Controls that limit the amount or rate of foreign exchange. |
| Non-Tariff Trade barriers | Limits or control on trade that do not involve taxes or tariffs. |
| European Union (EU) | The free trade zone or economic community compromising 27 countries in Europe, all of whom use the Euro as their currency. |
| North American Trade Agreement (NAFTA) | Free trade agreement among Canada, the United States, and Mexico, that created free-trade zone among the 3 countries. |
| Customer Insights | Fresh understandings of customers and the market place derived from marketing information that becomes the basis for creating customer value and relationships. |
| Marketing Information System | People, procedures, and a software system used to collect, analyze, and asses market information so that decision makers can use it. |
| Data Warehouse | A repository for a company's marketing and other business data. |
| Internal Databases | Electronic collections of data obtained from sources within the company. |
| Marketing Intelligence | A systematic collection and analysis of publicly available information about competitors and development in the marketing environment. |
| Marketing Research | The systematic design, collection, analysis, and reporting, of data relevant to a specific marketing situation facing an organization. |
| Secondary Data | Information that already exists somewhere, having been collected for another purpose. |
| Observation Research | The gathering of primary data by observing relevant people, actions and situations. |
| Ethnographic Research | The study of consumers as they interact with products and services in their natural habitat. |
| Survey Research | The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviours. |
| Experimental Research | The gathering of primary data by selecting matched groups of subject, giving them different treatments, controlling unrelated factors and checking for differences in group responses. |
| Focus Group | A moderated small group discuission typically conducted by marketers during the new product development process. |
| Qualitative Data | Data that are not colelcted in the form of numbers or yes/no, either yes/no responses, and therefore cannot be reduced to rates and statistics but must be interpreted by a researcher. |
| Quantitative Research | Research that produces data that can be reduced to statistics or otherwise analyzed numerically, sometimes by a computer. |
| Quantatative Research | Research that produces data that can be reduced to statistic or otherwise analyzed numerically sometimes by a computer. |
| Sample | A segment of the population selected to represent the population as a whole. |
| Neuromarketing | The science of marketing brain activity to learn how consumers feel about and respond to marketing activity. |
| Customer Relationship Management System | Any corporate afotware systems that collects and organizes customer-services representatives, and sales representatives with powerful informational tools. |
| Consumer behaviour | The buying behaviour of consumers individuals who buy goods and services for their own use or consumption. |
| Consumer Market | All individuals in a particular geographic region who are old enough to have their own money and to choose how to spend it. |
| Social Class | as segment of society based on income, education occupation and standing in the community. |
| Opinion Leader | A person not a celebrity, who has the ability to influence the consumer choices of large numbers of peoples. |
| Reference Group | A group you do not belong to, that serves as a point of compensation or reference in forming your attitude and consumers choices. |
| Aspirational Group | A group you hope one day to belong to. |
| Social Network | A Virtual online community created by people using social media websites such as Myspace, Facebook, and Flikr. |
| Motivation | A need that sufficiently pressing to direct one to seek satisfaction. |
| Perception | The process by which people select, organize, and interpret information to form a meaningful picture of the world. |
| Learning | Changes in an individual's behaviour arising from experience. |
| Beleif | A description thought that a person holds about something. |
| Attitude | A person's relatively consistent evaluation of, and feeling toward, an object or idea. |
| Cognitive Dissonance | Buyer discomfort caused by post purchase conflict. |
| Adoption Process | The mental process through which an individual passes from first learning about new products to become a regular user of the product. |
| Business Buyer Behaviour | The buying behaviour of organizations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others. |
| Derived Demand | Business demand that ultimately comes from the demand for consumer goods. |
| Straight Rebuy | A business buying situation in which the buyers reorders something without any modifications. |
| Modified Rebuy | A business buying situation in which the buyers wants to modify product specifications prices terms or suppliers. |
| NewTask Buy | A business buying situations in which the buyer purchases a product or service for the first time. |
| Systems Selling | Buying a packaged solution to a problem from single seller, thereby avoiding all the separate decisions involved in a complex buying situation. |
| Buying Centre | All the individuals and units that participate in the busienss buying decisions process. |
| Value Analysis | An approach to cost reduction in which components are studied carefully to determine whether they can be redesigned, standardized, or made by less methods of production. |
| Segmentation | Dividing a market into distinct groups with distinct needs, characteristics or behaviours that might require separate products or marketing mixes. |
| Targeting | the process of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
| Differentiation | Actually differentiating the market offering to create superior customers value. |
| Positioning | Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. |
| Demographics Segmentation | Dividing the market into groups based on demograhoics variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. |
| Age and Life cycle Segmentation | Dividing a market into different age and life-cycles groups. |
| Gender Segmentation | Diving a market into different groups based on gender. |
| Income Segmentation | Dividing a market into different income groups. |
| Psychographics segmentation | Describing a market segmentation according to shared attitudes and behaviours, lifestyles, and personality. |
| Behaviour Segmentation | Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product. |
| Occasion Segmentation | Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item. |
| Benefits Segmentation | Dividing the market into groups according to the different benefits that consumer seek from the product. |
| Bases of Segmentation | The criteria for divding consumers into identifiable goups. The four main bases of segmentation are geography, demographics psychographics, and behaviour. |
| Intermarket Segmentation | Forming segments of consumers who have similar needs and buying behaviours even though they are located in different countries. |
| Undifferentiated Marketing | A market-coverage strategy in which a firm decides to target several market segments and design separate offers for each. |
| Differentiated Marketing | A market-coverage strategy in which a firm decides to target several market segments and design separate offers for each. |
| Niche Marketing | A market- coverage strategy in which a firm goes after a very narrowly defined market segment. |
| Micromarekting | The practice of tailoring products and marketing programs to needs and wants of specific individuals and local marketing and individual marketing. |
| Local Marketing | Tailoring brands and promotions to needs and wants of local customer groups: cities |
| Individual Marketing | Tailoring products and marketing programs to the needs and preferences of individual customers also labelled markets of one markets and one-to-one marketing |
| Mass Customization | The process of customization products on a mass market level. |
| Collaborative Filtering | The method of making automatic predictions about the interests of an individual user by collecting taste information from many users. |
| Standardized Marketing mix | An international marketing strategy for using basically the same product, advertising, distribution channels and other elements of the marketing mix in all the company's international markets. |
| Adapted Marketing Mix | An international Marketing strategy for using basically the same product, advertising, distribution channels and other elements of the marketing mix in all the company's international markets. |
| Position | The way the products is defined by consuemrs on important attributes the place the product occupies in consumers minds relative to competing products. |
| Competitive Advantage | An advantage over competitors gained by offering greater value either though lower prices or by providing more benefits that justify higher prices. |
| Unique Selling Proposition | The one thing that makes a company's product or offer unique in the marketplace. |
| Value Proposition | The full positioning of a brand: the full mix of bebfits on which it is positioned. |
| Positioning Statement | A statement that summarizes company or brand postioning it takes this form To (target segment and need) our (concept) that (point of difference). |
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