Marketing Final

Marketing

An organizational function and set of processes for creating, communicating, and delivering value to customers and managing relationships.

Consumer Needs

Basic necessities that consumers require.

Consumer Wants

Needs shaped by knowledge, culture, and personality.

Target Markets

Specific groups of consumers that organizations focus on to satisfy their needs.

Marketing Mix

The combination of product, price, promotion, and place used to satisfy customers.

Environmental Forces

Uncontrollable variables that affect marketing decisions, including social, economic, technological, competitive, and regulatory forces.

Customer Value

The unique combination of benefits received by targeted buyers including quality, price, convenience, and service.

Best Price Strategy

A value strategy focusing on providing the lowest cost products.

Best Product Strategy

A value strategy emphasizing product quality and features.

Best Service Strategy

A value strategy prioritizing customer service and support.

Core Values

Fundamental principles guiding an organization’s conduct.

Mission Statement

An organizational statement defining its function in society and identifies key stakeholders.

Organizational Culture

Shared values, ideas, attitudes, and norms within an organization.

Business

The broad industry category or market sector of an organization's offerings.

Goals

Specific tasks intended to be achieved within a certain timeframe.

SWOT Analysis

A strategic planning tool assessing strengths, weaknesses, opportunities, and threats.

Diversification Analysis

Identifying growth opportunities by evaluating market and product strategies.

Situational Analysis

Assessing the firm's internal and external environments for strategic decision making.

Implementation Phase

The stage where marketing strategies and tactics are executed.

Evaluation Phase

The process of assessing the effectiveness of marketing strategies and making adjustments.

Market Segmentation

The process of aggregating prospective buyers into groups based on common needs.

Buyer Behavior

The decision-making process and actions of consumers when purchasing products.

Consumer Purchase Decision Process

Five stages: problem recognition, information search, alternative evaluation, purchase decision, and postpurchase behavior.

Psychographic Segmentation

Segmenting consumers based on lifestyle, values, and personality traits.

Demographic Segmentation

Classifying consumers based on measurable statistics like age, income, and gender.

Behavioral Segmentation

Dividing consumers based on their actions towards products, such as purchasing habits.

Consideration Set

The brands a consumer considers when making a purchase decision.

Cognitive Dissonance

Post-purchase anxiety experienced by consumers when they doubt their purchase decisions.

Organizational Buying

Buying behavior exhibited by organizations for products and services used in production.

Buying Center

A group of individuals in an organization involved in the purchase decision process.

Industrial Market

Organizations that reprocess products they purchase before selling them.

Reseller Market

Wholesalers and retailers that buy products to sell them without any reprocessing.

Government Market

Agencies at various levels buying goods and services to serve constituents.

E-Marketplaces

Online trading communities facilitating real-time exchanges between buyers and sellers.

Sales Forecast

An estimate of future sales revenue used for business planning.

Primary Data

Data collected directly for the specific research purpose.

Secondary Data

Data previously collected for another purpose that can be used for research.

Observational Data

Data gathered by watching how consumers behave in different situations.

Questionnaire Data

Information obtained by asking consumers about their attitudes and behaviors.

Test Marketing

Offering a product for sale in a limited area to evaluate its performance before a full-scale launch.

Promotional Mix

The blend of advertising, public relations, sales promotion, direct marketing, and personal selling.

Integrated Marketing Communications

The process of coordinating all promotional activities to deliver a consistent message.

Publicity

Non-paid communication of information about a company or product.

Price Elasticity of Demand

The responsiveness of consumer demand to changes in price.

Break-even Point

The quantity at which total revenue equals total cost.

Price Skimming

Setting a high price initially before lowering it over time.

Penetration Pricing

Setting a low initial price to attract a significant number of buyers.

Value Pricing

Pricing based on the perceived value of the product to the customer.

Bait and Switch

A deceptive practice where consumers are attracted to store by low-priced items.

Direct Marketing

Promotional method that communicates directly with targeted customers.

Product Life Cycle

The progression of a product through introduction, growth, maturity, and decline stages.

Brand Equity

The value added to a product by having a well-known brand name.

Packaging

The external container that holds a product and conveys information to consumers.

Service Quality

A subjective assessment of how well a service meets or exceeds customer expectations.

Customer Relationship Management (CRM)

Strategies for managing a company's interactions with current and potential customers.

Market Share

The portion of the market controlled by a particular company or brand.

Channel of Distribution

The path through which products pass from producers to consumers.

Logistics Management

The process of managing the movement and storage of products and materials.

Pricing Constraints

Factors that limit the ability of a firm to set prices.

Competitive Pricing

Setting prices based on what competitor's charge.