MKTG 305 Chapters 1 & 2 Vocab

Marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Exchange

The trade of things of value between a buyer and a seller so that each is better off after the trade

Market

People with both the desire and ability to buy a specific offering

Target market

One or more specific groups of potential consumers toward which an organization directs its marketing program

Environmental forces

Forces mostly beyond control that affect a marketing decision, which consist of social, economic, technological, competitive, and regulatory forces

Customer value

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Relationship marketing

Links an organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Marketing program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Market segments

relatively homogenous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action

Marketing concept

The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals

Market orientation

An organization with this 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

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 and become advocates after their purchase

Customer experience

The internal response that customers have to all aspects of an organization and its offering

Societal marketing concept

the view that organizations should satisfy the needs of customers in a way that provides for society's well-being

Product

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

Ultimate consumers

The people who use the products and services purchased for a household

Organizational buyers

The manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale

Utility

The benefits or customer value received by users of the product

core values

The fundamental, passionate, and enduring principles that guide its conduct over time

Mission

A statement of the organization's function in society that often identifies its customers, markets, products, and technologies

Business

Describes the clear, broad, underlaying industry or market sector of an organization's offering

Goals or objectives

Are statements of an accomplishment of a task to be achieved, often by a specific time

Market share

The ratio of sales revenue of the firm to the sales revenue of all firms in the industry, including the firm itself

Marketing dashboard

The visual display of the essential information related to achieving a marketing objective

Business portfolio analysis

A technique that managers use to to quantify performance measures and growth targets to analyze their firms' SBU as though they were a collection of separate investments

Diversification analysis

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

Strategic marketing process

Involves the allocation of an organization's marketing mix resources to reach its target markets and achieve a competitive advantage

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 marketing plans and the external forces and trends affecting it

SWOT analysis

An acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats

Market segmentation

Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action

Customer value proposition

A cluster of benefits that an organization promises customers (or segments) to satisfy their needs

Points of difference

The characteristics of a product that make it superior to competitive substitutes

Marketing strategy

The menas by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

Marketing tactics

Detailed day-to-day operational marketing actions fort each element of the marketing mix that contribute to the overall success of marketing strategies