Commerce Chapters 1-4

Customer Experience

The internal responses and reactions customers have when interacting with a company, its products, or its services.

Customer Relationship

A connection between a company and its customers that is developed through interactions and transactions.

Management (CRM)

The process of identifying prospective buyers, understanding their needs, and maintaining long-term customer relationships.

Customer Value

The unique combination of benefits received by targeted customers, including quality, price, convenience, and delivery.

Environmental Forces

Factors outside a company that influence its marketing decisions and performance.

Exchange

The process of giving up something of value to receive something desired in return.

Market

People with the desire and ability to buy a product or service.

Market Orientation

Focusing on discovering and satisfying customer needs while considering competitors and the organization's capabilities.

Market Segments

Groups of consumers who have similar needs and respond similarly to marketing efforts.

Marketing

The activity and processes used to create, communicate, deliver, and exchange offerings that provide value to customers and society.

Marketing Concept

The idea that an organization should satisfy customer needs while achieving its own goals.

Marketing Mix

The controllable marketing tools: product, price, promotion, and place.

Marketing Program

A plan that combines marketing strategies and tactics to achieve marketing objectives.

Organizational Buyers

Individuals or organizations that purchase products for business use, resale, or producing other goods and services.

Product

A good, service, or idea that satisfies a consumer's needs or wants.

Relationship Marketing

Developing and maintaining long-term, mutually satisfying relationships with customers.

Societal Marketing Concept

The idea that organizations should satisfy customer needs while considering society's long-term well-being.

Target Market

One or more specific groups of potential customers an organization focuses its marketing efforts on.

Ultimate Consumers

People who use products and services for personal or household consumption.

Utility

The ability of a product or service to satisfy a need or want.

Business

An organization that seeks to provide goods or services to customers in exchange for value, usually profit.

Business Portfolio Analysis

Evaluating a firm's existing products and businesses to determine how resources should be allocated.

Core Values

Fundamental, enduring beliefs that guide an organization's behavior and decisions.

Customer Value Proposition

The unique combination of benefits a company promises to deliver to customers in exchange for their money.

Diversification Analysis

Evaluating opportunities to develop new products for new markets.

Goals (Objectives)

Specific, measurable outcomes an organization seeks to achieve.

Market Segmentation

Dividing a market into groups of potential buyers with similar needs or characteristics.

Market Share

The percentage of total industry sales accounted for by a particular company or brand.

Marketing Dashboard

A visual display of key marketing metrics used to monitor performance.

Marketing Metric

A measure used to evaluate marketing performance and results.

Marketing Plan

A written document describing the marketing strategy and activities an organization will use to achieve its objectives.

Marketing Strategy

The means by which a marketing goal is achieved.

Marketing Tactics

Specific actions taken to implement a marketing strategy.

Mission

A statement describing an organization's purpose and what it seeks to accomplish.

Organizational Culture

The set of values, ideas, attitudes, and behaviors shared by members of an organization.

Organizational Purpose

The reason an organization exists and the value it aims to provide.

Points of Difference

Features or benefits that make a product or brand distinct from competitors.

Profit

The money remaining after a business subtracts its expenses from its revenues.

Situation Analysis

An examination of an organization's internal and external environments.

Strategic Marketing Process

The planning process used to identify opportunities, develop strategies, and implement and evaluate marketing activities.

Strategy

An organization's long-term plan for achieving its goals.

SWOT Analysis

An evaluation of Strengths, Weaknesses, Opportunities, and Threats affecting an organization.

Baby Boomers

The generation born approximately between 1946 and 1964.

Cause Marketing

Marketing efforts that associate a company or product with a social cause.

Caveat Emptor

Latin for "let the buyer beware"; the buyer is responsible for evaluating a purchase.

Code of Ethics

A formal statement of ethical principles and rules an organization expects employees to follow.

Competition

Other organizations that offer similar products or services and seek the same customers.

Consumer Bill of Rights

The rights of consumers to safety, information, choice, and to be heard.

Consumerism

A social movement seeking to strengthen the rights and power of buyers in relation to sellers.

Culture

The values, beliefs, customs, and behaviors shared by a group of people.

Demographics

Statistics that describe a population, such as age, income, gender, education, and ethnicity.

Discretionary Income

Money remaining after paying for taxes and necessities that can be spent or saved.

Economic Espionage

Illegally obtaining confidential business information from competitors.

Economy

The system through which goods and services are produced, distributed, and consumed.

Electronic Commerce

Buying and selling goods or services through the internet.

Environmental Scanning

Collecting and analyzing information about external forces that may affect an organization.

Ethics

Moral principles or standards that guide behavior and decisions.

Generation X

The generation born approximately between 1965 and 1980.

Generation Y

The generation commonly known as Millennials, generally born approximately between 1981 and 1996.

Generation Z

The generation generally born from the late 1990s through the early 2010s.

Green Marketing

Marketing products or practices based on their environmental benefits.

Gross Income

Total income earned before taxes and other deductions.

Internet of Things (IoT)

A network of physical devices connected to the internet that collect and exchange data.

Marketspace

An electronic marketplace where products and services are exchanged online.

Moral Idealism

The belief that certain actions are inherently right or wrong regardless of the outcome.

Multicultural Marketing

Marketing designed to appeal to people from different cultural backgrounds.

Regulation

Government rules or laws that control business activities.

Self-regulation

Industry-created rules and standards businesses voluntarily follow.

Social Forces

Cultural, demographic, and social influences that affect consumer behavior and marketing.

Social Responsibility

The obligation of an organization to act in ways that benefit society.

Sustainable Development

Meeting present needs without compromising the ability of future generations to meet their needs.

Sustainable Marketing

Creating, communicating, and delivering value in ways that preserve resources and support long-term societal well-being.

Technology

The application of knowledge, tools, and processes to solve problems or create products and services.

Triple Bottom Line

Evaluating performance based on people, planet, and profit.

Utilitarianism

The ethical belief that the right action produces the greatest good for the greatest number of people.

Whistle-blowers

Employees who report unethical or illegal activities within an organization.

Attitude

A lasting evaluation of a person, object, or idea.

Beliefs

A consumer's perceptions or opinions about something.

Brand Community

A group of consumers who share an interest in and connection to a particular brand.

Brand Loyalty

A consumer's consistent preference for and repeated purchase of a particular brand.

Consumer Behavior

The actions and decision processes of people who purchase and use products and services.

Consumer Journey Map

A visual representation of the steps and experiences a customer goes through when interacting with a company.

Consumer Touchpoints

Every interaction a consumer has with a company or brand.

Family Life Cycle

The stages families go through as their needs and purchasing patterns change over time.

Involvement

The level of personal importance or interest a consumer attaches to a purchase.

Learning

Changes in behavior resulting from information, experience, or practice.

Motivation

The driving force that causes a person to take action to satisfy a need.

Opinion Leaders

People who influence the attitudes or purchasing decisions of others.

Perceived Risk

The uncertainty consumers feel about the possible negative consequences of a purchase.

Perception

The process by which people select, organize, and interpret information.

Personality

A person's unique and consistent psychological characteristics.

Purchase Decision Process

The steps consumers go through when recognizing a need, searching for information, evaluating alternatives, purchasing, and evaluating afterward.

Reference Groups

Groups that influence a person's attitudes, values, or behavior.

Social Class

A group of people with similar social standing based on factors such as income, education, and occupation.

Subcultures

Groups within a larger culture that share distinct values, beliefs, or behaviors.

Word of Mouth

Communication between consumers about products, services, or brands.