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Glossary of StratComm1

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Created by MollieMarcolla

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Data Mining
statistical analysis of large databases seeking to discover hidden pieces of info
Customer Relationship Management (CRM)
The activities that are used to establish, develop, and maintain customer relationships
relationship marketing
process of developing and enhancing long-term relationships with profitable customers
customer loyalty
the degree to which a customer will select a particular brand when a purchase from that product category is being considered
Customer Lifetime Value (CLV)
present value of all profits expected to be earned from a customer over the lifetime of his r her relationship within a company
customer satisfaction
the degree to which a product meets or exceeds customer expectations
value map
graphical representation of the ratio between customers perceived benefits and the perceived total cost of a product
fair value zone
area on value map where customers perceived benefits qual customers perceived cost
customer value
benefits customer receives and total cost from acquiring, using, and disposing a product
corporate social responsibility (CSR)
philosophy that encourages decision makers to take into account the social consequences of their business actions
regulations
rules and orders issued by an official government agency with proper authority and which carry the force of law
puffery
refers to claims of a product superiority that cannot be proven as true or false
exaggerated claims
extravagant statements made in advertising, either explicitly or implicitly that have no substantiation or reasonable basis in truth
organic foods
foods grown naturally without the use of pesticides or fertilizers
green marketing
refers to marketing efforts to produce more environmentally responsible products and services
environmentalism
an organized movement of citizens, businesses and government agencies to protect and improve our living environment
environmental sustainability
achieving financial objectives while promotion the long-term well-being of the earth
consumerism
the organized efforts on the part of consumer groups or governments to improve the rights and power of buyers n relation to sellers
boycotts
happen when consumers refuse to do business with a company or nation in order signal their disapproval of its actions and encourage change
culture
refers to the shared values, beliefs, and preferences of a particular society
society
community, nation, or group that shares common traditions, institutions, activities and interests
nongovernmental organizations
grops of private individuals who monitor the behavior of marketers or governments
GDP
measures the total dollar value of goods and services a country produces
Target Market
a group of consumers that a business determines to be the most viable for its products or services
Return on Marketing Investment (ROMI)
the impact on business performance resulting from executing specific marketing activites
promotion strategy
identifies how a business communicates product or service benefits and value to its target market
pricing strategy
identifies the product and service portfolio, including packaging, branding, and warranty for its target market
place strategy
identifies where, how and when products and servies are made available to target consumers
marketing strategy
a statement of how a business intends to achieve its marketing objectives
marketing plan
document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives.
marketing objective
something that a marketing function is attempting to achieve in support of a strategic business plan
marketing mix
a group of marketing variabes that a business controls with the intent of implementing a marketing strategy and marketing initiatives
marketing audit
a comprehensive review and assessment of a business marketing environment
marketing planning
part of business planning devoted to connecting a business to the environments in which that business functions in order to accomplish the business's goals
tactical planning
the process of developing actions for various functions within a business to support implementing a business's strategic plan
stars
represent products or services with high growth and high market share
question marks
products or services with low relative market share in a sector with high growth
portfolio analysis
the process a business uses to evaluate the different combinations of products and services that the business offers based on its objectives
dogs
products or services with low relative market share in a low growth sector
cash cows
products or services with high market share and low growth opportunites
business vision
statement in a strategic plan that identifies an idealized picture of a future state a business is aiming to achieve
business objective
something that a business attempts to achieve in support of an overarching strategy
business mission
statement that identifies the purpose of a business and what makes that business different from others
balanced scorecard
relates a business's vision and mission to individual business activities
strategic planning
determines the overall goals of the business and the steps the business will take to achieve those goals
systems
groups of interacting related parts that perform a specific function
elevator pitch
a brief description of a product or service designed to gain attention of desired parties and to generate interest in achieving a desired outcome
business planning
a decision process for people and business to manage systems to achieve an objective
business plan
written document that defines the operational and financial objectives of a business over a particular time and how the business plans to accomplish those objectives
planning process
the series of steps business's take to determine how they will achieve their goals
North American Industrial Classification System (NAICS)
classifies businesses operating in the U.S., Canada, and Mexico into groups based on their activites
derived demand
the demand for a product or service
buying center
the collection of individuals that perform specific roles in the procurement process
buyclasses
major classifications of business buying situations
business-to-business (B2B)
sales of products and services from one business to another
business markets
individuals and organizations that are potential or actual buys of goods and services that are used in or in support of the production of other products or services that are supplied to others.
consumer surplus
occurs when a consumer purchases a product or service at a price less than the utility of the product or service
consumer products
products that directly fulfill the desires of consumers and are not intended to assist in the manufacture of other products
consumer markets
individuals and households that are potential or actual buys of goods and services that assist in further production only indirectly or incidentally
unemployment levels
the number of unemployed persons divided by the aggregate labor force
technological environment
factors that influence marketing, based on scientific actions and innovation
social & cultural environment
factors that relate marketing to the needs and wants of society and culture
political environment
includes factors that select national leadership, create laws, and provide a process for discourse on a wide range of issues
microenvironment
forces close to a company, yet outside its internal environment that influence the ability of a business to serve its customers
macro environment
includes societal forces that are essentially uncontrollable and influence the microenvironment of a business
legal environment
factors that provide riles and penalties for violations, designed to protect businesses from unfair competitive practices
internal marketing
the implementation of marketing practices within an organization to communicate organizational policies and practices to employees and internal stakeholders
internal environment
a business involves all those activities that occur within the organizational functions in a business
inflation
an increase in the price of a collection of the goods that represent the overall economy
income levels
average consumer earnings used to approximate national earnings
external marketing
implementation of marketing practices directed outside the business to create value and to form productive customer relationships
external environment
business involves all those activities that occur outside the organizational functions of a business
economic environment
factors that influence consumer purchase ability and buying behavior
demographics
characteristics of human population used to identify markets
competitive environment
includes those factors that relate to the nature, quantity, and potential actions of competitors
marketing environment
set of forces some controllable and some uncontrollable, that influence the ability of a business to create value and attract and serve customers
physical functions
activities that enable the flow of goods from manufacturer to consumer
facilitating functions
activities that promote and enable transfer of ownership
exchange functions
activities that promote and enable transfer of ownership
4 Ps
-product
-price
-place
-promotion


marketing functions
activities performed both by consumers and by businesses involved in value creation for specific products or services
sales orientation
reflects a business focus on advertising and persona selling to create demand and move product inventory

relationship orientation
reflects a business focus on creating value-added relationships with suppliers and consumers
production orientation
reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy
customer relationships
when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interaction between the business and the consumer
customer lifetime value
the present value of all profits expected to be earned from a customer over the lifetime of the customer's relationship with a company
consumer orientation
reflects a business focus on satisfying unmet consumer needs and wants
marketing concept
organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value
marketing
an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and it's stakeholder
want
a desire for something that is not essential
value
the benefits that exceed the cost of products services or other items
utility
the satisfaction received from owning or consuming a product or service
need
a necessity to meet an urgent requirement
demand
is the financial capacity to buy what one wants
brand
a promise to deliver specific benefits associated with products or services to consumers
halo effect
when more than the brand benefits
earned media
when people "buzz" about you without paid advertising
BRIC
Brazil, Russia, India, China... biggest growth potentials
CMO
chief marketing officer
vampire effect
when viewer only remember a joke from a commercial but not what company is being advertised
cause marketing
donating money for endorsing product (Like us on facebook and we'll donate a dollar)
legs
ad that can be used for videos, print, etc
co branding
two brands in partnership
comparative ad
mention competition in the ad, MUST be true
FTC (Federal Trade Commission)
in charge of monitoring ads
mission statement
purpose of organization
vision statement
long term "dream"
rating
percentage of all household with a tv in the US that tuned in for at least 15 minutes
Neilson
company that collects tv ratings
parity products
products where brand doesn't matter (tissues, pencils, insurance, etc)
value proposition
the package of benefits
product advocate
talk up and promote a product without getting paid
top-of-mind
first brand you think of when you hear: pizza
soda
chocolate

80/20
80% of profits from only 20% of customers (Pareto rule)
turnover rate
losing people/business

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