Marketing Ch1-Ch3
Notes for Marketing Chapter 1-3
Terms
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- Generation X
- Includes the 15 percent of the population born between 1965 and 1976.
- Ultimate consumers
- People who use the goods and services purchased for a household.
- Marketing mix
- The marketing manager's controllable factors (product, price, promotion, place, and packaging), that can be used to solve a marketing problem.
- Micromarketing
- How an individual organization directs its marketing activities and allocates its resources to benefit its customers.
- Competitive advantage
- A unique strength relative to competitors, often based on quality, time, cost, or innovation.
- Functional level
- Where groups of specialists actually create value for the organization.
- Cross-functional teams
- A small number of people from different departments in an organization who are mutually accountable to a common set of performance goals.
- Mission
- A statement of the organization's scope, often identifying its customers, markets, products, technology, and values.
- Multicultural marketing
- Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
- Utility
- The benefits or customer value received by users of the product.
- Blended family
- One formed by the merging into a single household of two previously separated units.
- Gross income
- The total amount of money made in one year by a person, household, or family unit.
- Competition
- The alternative firms that could provide a product to satisfy a specific market's needs.
- Market orientation
- focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value.
- Electronic commerce
- Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
- Stakeholders
- The people who are affected by what the company does and how well it performs.
- Business unit
- An organization that markets a set of related products to a clearly defined group of customers.
- Discretionary Income
- The money that remains after paying for taxes and necessities.
- Exchange
- The trade of things of value between buyer and seller so that each is better off after the trade.
- Market segmentation
- Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.
- Business unit level
- The level at which business unit managers set the direction for their products and markets to exploit value-creating opportunities.
- Marketing
- An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholder.
- Social forces
- Include the demographics characteristics of the population and its values.
- Target market
- One or more specific groups of potential consumers toward which an organization directs its marketing program.
- Baby boomers
- The generation of children born between 1946 and 1964
- Points of difference
- Those characteristics of a product that make it superior to competitive substitutes.
- Disposable income
- The money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.
- Regulation
- Consists of restrictions state and federal laws place on business with regard to the conduct of its activities.
- Relationship marketing
- Linking the organization to its individual customers, employees, suppliers, other partners for their mutual long-term benefits.
- Environmental factors
- In a marketing decision, the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.
- Organizational buyers
- Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.
- Value consciousness
- The concern for obtaining the best quality, features, and performance of a product or service for a given price.
- Barriers to entry
- Business practices or conditions that make it difficult for new firms to enter the market.
- Extranets
- Use internet-based technologies, and permit communication between a company and its supplier, distributors, and other partners (such as advertising agencies).
- Profit
- the reward to a business firm for the risk it undertakes in offering a product for sale, the money left over after a firm's total expenses are subtracted from its total revenues.
- Marketing concept
- The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals.
- SWOT analysis
- an acronym describing and organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.
- Strategic marketing process
- An organization allocates its marketing mix resources to reach its target markets.
- Marketspace
- An information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitalized offerings.
- Economy
- The income, expenditures, and resources that affect the cost of running a business and household.
- Generation Y
- Includes the 72 million Americans born between 1977 and 1994.
- Quality
- Those features and characteristics of a product that influence its ability to satisfy customer needs.
- Consumerism
- A grassroots movement started in the 1960s to increase the influence, power and rights of consumers in dealing with institutions.
- Competencies
- An organization's special capabilities, including skills, technologies, and resources that distinguish it from other organizations.
- Corporate level
- Where top management directs overall strategy for the entire organization.
- Technology
- Inventions or innovations from applied science or engineering research.
- Intranet
- An Internet/web-based network used within the boundaries of an organization.
- Benchmarking
- Discovering how others do something better than your own firm so you can imitate or leapfrog competition.
- Market share
- The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.
- Self-regulation
- Where an industry attempts to police itself.
- Marketing strategy
- The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it.
- Customer relationship management (CRM)
- The process of identifying prospective buyers, understanding them intimately, and developing favorable long=term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
- Macromarketing
- The study of the aggregate flow of a nation's goods and services to benefit society.
- Marketing program
- A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
- Marketing tactics
- Are detailed day-to-day operational decisions essential to the overall success of marketing strategies.
- Situation analysis
- Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it.
- Goals or Objectives
- Convert the mission into targeted levels of performance to be achieved, often by a specific time.
- Environmental scanning
- The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
- Culture
- Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
- Customer value
- The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service.
- Demographics
- Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
- Marketing plan
- A road map for the marketing activities of an organization for a specified future period of time, such as one year or five years.
- Organizational culture
- A set of values, ideas, and attitudes that is learned and shared among the members of an organization.
- Societal marketing concept
- The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.