M&S-- Ch. 1-7

Ch. 1-5 added

marketing

the activity for creating, communicating, delivering, and exchanging offerings that benfit its customers, the organization, its stakeholders, 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

consists of people with both the desire and the ability to buy a specific offering

target market

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

marketing mix

consits of the marketing manager’s controllable factors— product, price, promotion, and place— that can be used to solve a marketing problem

market orientation

focuses on efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value

customer value proposition

the cluster of benefits that an organization promises customers to satisfy their needs

environmental forces

the uncontrollable forces that affect a marketing decision and consists of social, economic, technological, competitive, and regulatory forces

customer value

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

relationship marketing

links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefitm

marketing program

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

makret 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 and (2) while also trying to achieve the organization’s goals

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

customer experience

the internal response that customers have to all aspects of an organization and its offerings

societal marketing concept

the view that organizations should satisfy the needs of consumers 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. Also called consumers, buyers, or customers

organizational buyers

manufacturers, wholesalers, retailers, 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

profit

the money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings

strategy

an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals

core values

the fundamental, passionate, and enduring principles of an organization 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. The temr is often used interchangeably with vision

organizational culture

consists of the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

business

the clear, broad, underlying industry, or market sector of an organization’s offering

goals or objectives

the 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 total sales revenue of all firms in the industry, including the firm itself

marketing plan

a road map for the marketing actions of an organization for a specified future time period, such as one year or five years

marketing dashboard

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

marketing metric

a measure of the quantitative value or trend of a marketing action or result

Business Portfolio Analysis

a technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business units (SBUs) 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

an approach wherby an organization allocates its marketing mix resources to reach its target markets

Situation Analysis

takings 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

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

Points of Difference

characteristics of a product that make it superior to competitive substitutes

Marketing Strategy

the measure 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

the detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies

Environmental Scanning

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Social Forces

the demographic characteristics of the population and its culture

Demographics

describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

Baby Boomers

the generation of 76 million children born between 1946 and 1964. They are the wealthiest generation in U.S. history, accounting for an estimated 50% of all consumer spending

Generation X

includes the 50 million people born between 1965 and 1976. Also called the baby bust. This generation of consumers are self-reliant, supportive of racial and ethnic diversity, and better educated than any previous generation.

Generation Y

includes the 72 million Americans born between 1977 and 1994. Also called the echo-boom. Members are interested in distinctive, memorable, and personal experiences. The term millennials is often used to refer to this generation.

Generation Z

includes those born between 1995 and 2010. They embrace the broadest definitions of diversity and inclusivity to include race, ethnicity, the LGBT community, different body types, and those with physical challenges.

Multicultural Marketing

consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

Culture

the set of values, ideas, and attitudes that are learned and shared among the members of a group

Value Consciousness

the concern for obtaining the best quality, features, and performance of a porudct or service for a given price that drives consumption behavior

Economy

pertains to the income, expenditures, and resources that affect the cost of running a business and household

Gross Income

the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau

Disposable Income

the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

Discretionary Income

the money that remains after paying for taxes and necessities

Technology

the inventions or innovations from applied science or engineering research

Marketspace

an information- and communication-based electronic exchange environment mostly occupied by sophisticated compute and telecommunication technologies and digitized offerings.

Electronic Commerce

any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of products and services.

Internet of Things (IoT)

the network of prorducts embedded with connectivity-enabled electronics

Competition

consists of the alternative firms that could provide a product to satisfy a specific market’s needs

Barriers to Entry

business practices or conditions that make it difficult for new firms to enter the market

Regulation

consists of the restrictions state and federal laws place on business with regard to the conduct of its activities

Consumerism

a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

Self-Regulation

an alternative to government control where an industry attempts to police itself

Ethics

the moral principles and values that govern the actions and decisions of an individual or group

Laws

society’s values and standards that are enforceable in the courts

Caveat Emptor

the legal concept of “let the buyer beware” that was pervasive in the American business culture before the 1960s

Consumer Bill of Rights (1962)

a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard

Economic Espionage

the clandestine collection of trade secrets or proprietary information about a company’s competitors

Code of Ethics

a formal statement of ethical principles and rules of conduct

Whistle-blowers

employees who report unethical or illegal actions of their employers

Moral Idealism

a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

Utilitarianism

a personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior

Social Responsibility

the idea that organizations are part of a larger society and are accountable to that society for their actions

Triple Bottom Line

the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth

Green Marketing

consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products

Cause Marketing

when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

Sustainable Marketing

the effort to meet today’s (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs.

Social Audit

a systematic assessment of a firm’s objectives, strategies, and performance in terms of social responsibility

Sustainable Development

involves conducting business in a way that protects the natural environment while making economic progress

Consumer Behavior

the actions a person takes in purchasing and using products and services including the mental and social processes that come before and after these actions.

Purchase Decision Process

consists of five stages a buyer passes through in making choices about which products and services to buy: (1) problem recognition, (2) information search, (3) alternative evaluation, (4) purchase decision, and (5) post purchase behavior

Evaluative Criteria

the factors that represent both the objective attributes of a brand and the subjective ones a consumer uses to compare different products and brands

Consideration Set

the group of brands that a consumer would consider acceptable from among all the brands in the product class of which he or she is aware

Cognitive Dissonance

the feeling of post purchase psychological tension or anxiety consumer may experience when faced with two or more highly attractive alternatives

Involvement

the personal, social, and economic significance of the purchase to the consumer

Situational Influences

the five aspects of the purchase situation that impact the consumers’s purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states

Consumer Touchpoints

a marketer’s product, service, or brand points of contact with a consumer from start-to-finish in the purchase decision process

Consumer Journey Map

a visual representation of all the touchpoints for a consumer who comes into contact with a compnay’s products, services, or brands before, during, or after a purchase

Motivation

the energizing force that stimulates behavior to satisfy a need

Personality

a person’s consistent behaviors or responses to recurring situations

Self-Concept

the way people see themselves and the way they believe others see them

Perception

the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world

Subliminal Perception

seeing or hearing messages without being aware of them

Perceived Risk

the anxiety felt because the consumer cannot anticipate the outcomes of a purchase but beleives that there may be negative consequences

Learning

those behaviors that result from (1) repeated experience and (2) reasoning

Brand Loyalty

a favorable attitude toward and consistent purchase of a single brand over time

Attitude

a learned predisposition to respond to an object or class of objects in a consistently favorable or unfavorable way

Beliefse

a consumer’s subjective perception of how a product or brand performs on different attributes based on personal experience, advertising, and discussions with other people

Lifestyle

a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.

Opinion Leaders

individuals who exert direct or indirect social influence over others