Marketing 305 - Exam 1 Flashcards | Quizlet

    Master this deck with 100 terms through effective study methods.

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    marketing

    The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.

    demands

    Human wants that are backed by buying power

    exchange

    the act of obtaining a desired object from someone by offering something in return

    Market

    the set of all actual and potential buyers of a product or service

    market offerings

    some combination of products, services, information, or experiences offered to a market to satisfy a need or want

    marketing myopia

    the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

    needs

    states of felt deprivation

    Wants

    the form human needs take as they are shaped by culture and individual personality

    marketing concept

    a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

    product concept

    the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

    production concept

    the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency

    selling concept

    the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort

    societal marketing concept

    the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

    customer brand advocacy

    actions by which satisfied customers initiate favorable interactions with others about a brand

    customer equity

    the total combined customer lifetime values of all of the company's customers

    customer lifetime value

    the value of the entire stream of purchases a customer makes over a lifetime of patronage

    customer relationship management

    The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

    customer satisfaction

    The sense of pleasure a buyer feels when a product's perceived performance matches or exceeds their expectations.

    customer engagement marketing

    making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

    Customer-generated marketing

    brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers

    customer perceived value

    the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

    partner relationship management

    working closely with partners in other company departments and outside the company to jointly bring greater value to customers

    share of customer

    the portion of the customer's sepending that a company gets in its product categories

    digital and social media marketing

    Using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.

    internet of things

    a global environment where everything and everyone is digitally connected to everything and everyone else

    growth share matrix

    a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share

    diversification

    company growth through starting up or acquiring businesses outside the company's current products and markets

    strategic planning

    the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

    portfolio analysis

    The process by which management evaluates and plans for the future of the products and businesses that make up the company.

    marketing strategy

    the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

    marketing implementation

    turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

    mission statement

    a statement of the organization's purpose - what it wants to accomplish in the larger environment

    SWOT analysis

    An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).

    differentiation

    actually differentiating the market offering to create superior customer value

    value delivery network

    a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value and driving profits

    market segment

    A group of consumers who are expected to respond in a similar way to a given set of marketing efforts.

    market targeting

    evaluating each market segment's attractiveness and selecting one or more segments to serve

    marketing control

    measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

    marketing mix

    the set of marketing tools - product, price, place, and promotion - the firm blends to produce the response it wants in the target market

    market penetration

    company growth by increasing sales of current products to current market segments without changing the product

    business portfolio

    the collection of businesses and products that make up the company

    product/market expansion grid

    a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

    market development

    company growth by identifying and developing new market segments for current company products

    product development

    company growth by offering modified or new products to current market segments

    market segmentation

    Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

    marketing return on investment

    (marketing ROI) The net return from a marketing investment divided by the costs of the marketing investment.

    value chain

    the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm

    positioning

    Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

    millenials

    the 73 million children of the baby boomers born between 1981 and 1996

    political environment

    laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

    marketing intermediaries

    firms that help the company to promote, sell, and distribute its goods to final buyers

    demography

    the study of human populations in terms of size, density, location, age, gender, race, occupation, and other characteristics

    natural environment

    the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

    microenvironment

    the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

    environmental substainability

    developing strategies and practices that create a world economy that the planet can support indefinitely

    economic environment

    economic factors that affect consumer purchasing power and spending patterns

    cultural environment

    institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors

    marketing environment

    the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

    generation alpha

    kids born after 2012, largely the children of the millennials

    generation z

    people born between 1997 and 2012 who make up the tweens to twenty-something markets

    macroenvironment

    the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces

    baby boomers

    the 71 million people born during the years following WWII from 1946 through 1964

    generation x

    the 65 million people born between 1965 and 1980 following the baby boom

    technological environment

    forces that create new technologies, creating new product and market opportunities

    public

    any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

    learning

    changes in an individual's behavior arising from experience

    Personality

    the psychological characteristics that distinguish a person that are expressed in traits such as self-confidence, dominance, sociability, and adaptability

    consideration set

    The set of perhaps 10 or more brands that consumers begin evaluating in order to generate a smaller choice set.

    lifestyle

    A person's pattern of living as expressed in his or her activities, interests, and opinions

    perception

    the process by which people select, organize, and interpret information to form a meaningful picture of the world

    belief

    a descriptive thought that a person holds about something

    opinion leader

    a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

    alternative evaluation

    the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands

    cognitive dissonance

    buyer discomfort caused by post purchase conflict

    purchase decision

    the buyer's decision about which brand to purchase

    dissonance reducing buying behavior

    consumer buying behavior in situations characterized by high involvement but few perceived differences among brands

    need recognition

    The first stage of the buyer decision process, in which the consumer recognizes a problem or need

    consumer market

    all the individuals and households that buy or acquire goods and services for personal consumption

    variety seeking buying behavior

    consumer buying behavior in situations characterized by low consumer involvement but significant perceived brand differences among brands

    word of mouth influence

    the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

    complex buying behavior

    consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands

    adoption process

    the mental process through which an individual passes from first hearing about an innovation to final adoption

    subculture

    A group of people with shared value systems based on common life experiences and situations

    consumer buyer behavior

    the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption

    online social networks

    Online social communities - blogs, social networking Web sites, and other online communities - where people socialize or exchange information and opinions

    habitual buying behavior

    consumer buying behavior in situations characterized by low consumer involvement and few significant perceived brand differences

    customer journey

    the sum of the ongoing experiences consumers have with a brand that affect their buying behavior, engagement, and brand advocacy over time

    culture

    the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

    attitude

    A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

    reference group

    a social group that serves as a point of reference in shaping a persons attitudes or behavior

    influencer marketing

    enlisting established influencers or creating new influencers to spread positive information about a company's brands

    new product

    a good, service, or idea that is perceived by some potential customers as new

    information search

    the stage of the buyer decision process in which the consumer is motivated to search for more information

    postpurchase behavior

    The stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction

    motive

    a need that is sufficiently pressing that the person seeks to satisfy it

    choice set

    The smaller set of brands—say, five or fewer—that consumers carefully evaluate in order to make their final choice.

    micromarketing

    tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

    intermarket segmentation

    forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

    competitive advantage

    an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

    undifferentiated marketing

    a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer