mktg exam 1
Terms
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- marketing
- managing profitable customer relationships
- marketing offer
- some combination of products, services, information, or experiences offered to a market to satisfy a need or want
- marketing myopia
- sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products
- exchange
- act of obtaining a desired object from someone by offering something in return
- transaction
- trade of values between two parties
- market
- the set of actual and potential buyers of a product, they share a need or want that can be satisfied through exchange relationships
- elements of a marketing system
- suppliers, company, competitors, marketing intermediaries, final consumers
- marketing management
- the art and science of choosing target markets and building profitale relationships with them
- value proposition
- the set of benefits/values a company promises to deliver to consumers to satisfy their needs
- production concept
- holds that consumers will favor products that are available and highly affordable
- product concept
- consumers will favor products that offer the most in quality, performance, and innovative features
- selling concept
- consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort
- marketing concept
- achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
- societal marketing
- marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and the society's well-being
- customer-driven marketing
- understanding customer needs even better than the customers themselves do and creating products and services that will neet existing and latent needs
- the marketing mix
- product, price, placement, promotion; set of controllable marketing tools that the firm blends
- customer relationship management
- the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction, want long term
- customer perceived value
- evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
- customer satisfaction
- dependent on the product's perceived performance relative to a buyer's expectations
- customer lifetime value
- the entire stream of purchases that the customer would make over a lifetime of patronage
- share of customer
- the share a company gets of the customers purchasing in their product categories
- customer equity
- total combined customer lifetime values of all the company's customers
- customer relationship groups
- butterflies, true friends, barnacles, strangers
- strategic planning
- the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities (mission, goals, business portfolio, strategies)
- strategic business unit
- a unit of the company that has a separte mission and objectives and tha tcan be planned independently from other company businesses
- boston consulting group approach
- stars, cash cows, question marks, dogs
- existing product, existing market
- market penetration-make more sales to current customers without changing products (new stores, improve advertising, prices)
- existing product, new market
- market development-identify and develop new markets for current products (demographic, geographic)
- new product, existing market
- product development-offering modified or new products to current markets (add offerings)
- new product, new market
- diversification-start up or buy businesses outside current products and markets
- value chain
- each company department carries out value-creating activities to design, produce, market, deliver, and support the firm's products
- value-delivery network
- consists of the value chain, distributors, suppliers, and customers
- market positioning
- arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
- marketing audit
- comprehensive, systematic, independent, and periodic examinatino of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities
- organization types
- functional, product mgmt, geographic, market/customer, combination
- microenvironment
-
actors close to the company that affect its ability to serve its customers
competitors, publics, marketing intermediaries, customers, the company, suppliers - publics
- groups that have an interest in or impact on an organization's ability to achieve its objectives (financial, media, govt, citizen-action, local, general, internal)
- macroenvironment
-
larger societal forces that affect the microenvironment
demographic, economic, natural, technological, political, cultural - marketing information system
- consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers
- marketing research
- the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
- marketing research process
-
define the problem and objectives
develop the research plan
implement the research plan
interpret and report the findings - marketing intelligence
- the systematic collection and analysis of publicly available information about competitors and developments in the marketplace
- consumer buyer behavior
- refers to the buying behavior of people who buy goods and services for personal use
- buyer responses
- product choice, brand choice, dealer choice, purchase timing, purchase amount
- cultural factors
- culture, subculture social class
- social factors
- groups, family, roles and status
- personal factors
- age life-cycle stage, lifestyle, occupation, personality, economic situation
- pychological factors
- motivation, learning, perception, beliefs and attitudes
- buyer decision process
-
1.need recognition
2. info search
3. evaluation of alternatives
4. purchase decisionj
5. post-purchase behavior - buyer decision process for new products (adoption)
-
1. awareness
2. interest
3. evaluation
4. trial
5. adoption - opinion leaders
- people wihtin a reference group who, because of special skills, knowledge, personality or other characteristics, exert influence on others
- influence of product characteristics on rate of adoption
-
relative advantage
compatibility
complexity
divisibility
communicability