Marketing midterm

Marketing

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

Consumer Needs

Basic necessities that consumers require or desire.

Consumer Wants

Needs shaped by knowledge, culture, and personality.

Marketing Mix

The strategic set of four elements: Product, Price, Promotion, and Place.

Environmental Forces

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

Customer Value

The unique combination of benefits received by targeted buyers.

Value Strategies

Approaches used by marketers: best price, best product, or best service.

Target Markets

Subgroups of consumers that businesses aim to serve.

Core Values

The fundamental, enduring principles guiding an organization's conduct.

Mission Statement

A declaration defining an organization's function in society.

Organizational Culture

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

Marketing Dashboard

A visual display of crucial information for achieving marketing objectives.

SWOT Analysis

An assessment of internal strengths and weaknesses and external opportunities and threats.

Sales Forecast

A prediction of future sales revenue over a specific period.

Primary Data

Data collected directly for a specific research purpose.

Secondary Data

Pre-existing data that has been collected for other purposes.

Consumer Bill of Rights

Rights that include the right to safety, to be informed, to choose, and to be heard.

Cognitive Dissonance

Post-purchase anxiety experienced by consumers.

E-Marketplaces

Online platforms that enable trading between buyers and sellers.

Market Segmentation

The process of aggregating prospective buyers into groups with common needs.

Positioning

The process of establishing a product's place in the minds of consumers.

Market-Product Grid

A tool for outlining target markets and corresponding products.

Ethical Marketing

Marketing that reflects societal norms and values.

Green Marketing

Marketing practices aimed at producing, promoting, and reclaiming environmentally friendly products.

Customer Value Proposition

A cluster of benefits promised to customers to meet their needs.

Buying Center

A group of individuals involved in a purchasing decision.

Organizational Buying

Purchasing by organizations for use or resale.

Online Marketing

Promoting products or services via the internet.

Functional Level Strategy

Specific strategic directions set by managers to create value.

Market Penetration

A strategy to sell more of the current product to the current market.

Differentiated Marketing

Marketing to several different market segments while offering different products.

Market Development

A strategy to sell current products to new markets.

Product Development

A strategy to create new products for existing markets.

Market Research

The process of systematically collecting and analyzing information to improve marketing decisions.

Consumer Behavior

The study of how individuals make decisions to spend their available resources.

Rolodex of Contacts

A method for maintaining relationships with potential buyers and stakeholders.

Marketing Strategy

A plan to design and deliver a product offering to meet customer needs.

Data Mining

The process of discovering patterns in large data sets.

Perceptual Map

A visual representation of how consumers perceive competing products.

Sales Revenue

The total amount of money received from sales of goods or services.

Pure Competition

A market structure with many sellers offering identical products.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical.

Oligopoly

A market structure dominated by a small number of large firms.

Monopoly

A market structure where a single seller controls the entire market.

Buying Objectives

Goals of the buyer during the purchasing process.

Regulatory Forces

Government controls that ensure fair competition and protect consumers.

Buyer-Seller Relationships

The interactions and connections between buyers and sellers.

Data Analytics

The process of analyzing and interpreting data to inform marketing decisions.

Real-Time Information

Data that is available immediately as events occur.

Market Synergies

Efficiencies derived from targeting similar market segments with the same marketing mix.

Product Synergies

Efficiencies obtained from offering similar products through the same production process.

Budget Constraints

Financial limitations that affect research planning.

Interest Surveys

Gathering data on consumer intentions to predict future sales.

Customer Satisfaction

The extent to which a product's perceived performance meets expectations.

Market Development Strategy

A growth strategy focusing on finding new markets for existing products.

Competitor Analysis

Researching and assessing competitive strengths and weaknesses.

Organizational Synergy

The concept where different departments or teams work together efficiently to achieve greater results than if they functioned independently.

Cannibalization

A situation where a company's new product eats into the sales of one of its existing products, rather than expanding the overall market.

“Tiffany/Walmart” Strategy

A marketing approach that targets both high-end and budget-conscious/low end consumers

geograhical segmentation

The process of dividing a market into different geographical units such as nations, regions, states, or cities to tailor marketing strategies accordingly.

demographical segmentation

The process of dividing a market based on demographic factors such as age, gender, income, education, and family size to better target marketing efforts.

physcographic segmentation

A marketing strategy that divides consumers into groups based on their psychological traits, including values, interests, and lifestyles.

behavioral segmentation

The process of dividing a market based on consumer behaviors, including purchasing patterns, brand loyalty, and usage rates, to tailor marketing strategies effectively.

80/20 rule

The principle that 80 percent of the business is going to come from 20 percent of our customers

Relationship Marketing

A marketing strategy focused on building long-term relationships with customers to enhance customer loyalty and retention.

Marketing program

A coordinated set of marketing activities designed to achieve specific objectives and promote products or services effectively.