StratComm1
Terms
undefined, object
copy deck
- 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
- 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