Marketing Exam M300

Need

A basic state of physical or psychological deprivation.

Want

A form that a human need takes as it is shaped by culture and individual personality.

Demand

A human want that is backed by buying power.

Marketing

The process of creating customer value, building strong customer relationships, and capturing value from customers in return.

Marketing Myopia

The mistake of paying more attention to the specific products offered than to the benefits and experiences produced by those products.

Exchange

The act of obtaining a desired object from someone by offering something in return.

4 Ps of Marketing

Product, Price, Place, and Promotion.

Strategic Planning

The process of developing and maintaining a strategic fit between organizational goals/capabilities and changing marketing opportunities.

Mission Statement

A statement outlining an organization's purpose and what it wants to accomplish in the larger environment.

Product-Oriented Business Definition

Defining a company by the specific goods or services it produces and sells.

Market-Oriented Business Definition

Defining a company in terms of satisfying basic customer needs and providing value.

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.

Market Targeting

Evaluating each market segment's attractiveness and selecting one or more specific segments to enter.

Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Market Penetration

Growth strategy focused on increasing sales of existing products to existing market segments.

Market Development

Growth strategy focused on identifying and developing new market segments for existing products.

Product Development

Growth strategy focused on offering modified or new products to existing market segments.

Diversification

Growth strategy focused on starting up or acquiring businesses outside current products and markets.

Microenvironment

Close actors around the company that affect its ability to serve customers, including suppliers, marketing intermediaries, competitors, publics, and customers.

Macroenvironment

Broader societal forces that affect the entire operating environment: demographic, economic, natural, technological, political, and cultural forces.

Marketing Intermediary

A firm that helps a company promote, finance, sell, or distribute its products to final buyers.

Customer Insights

Fresh understandings of customers and the marketplace derived from marketing information, used to create customer value.

Internal Data

Information gathered from operations and data sources within the company's own network.

Competitive Marketing Intelligence

Systematic collection and analysis of publicly available information about consumers, competitors, and marketplace developments.

Marketing Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Primary Data

Information gathered specifically for the current research purpose at hand.

Secondary Data

Information that already exists, having been previously collected for another purpose.

Exploratory Research

Marketing research used to gather preliminary information that helps define a problem and suggest hypotheses.

Descriptive Research

Marketing research used to describe marketing problems, situations, or markets such as demographics and attitudes.

Causal Research

Marketing research used to test hypotheses about cause-and-effect relationships.

Survey Research

Gathering primary data by asking people questions regarding their attitudes, preferences, or behavior.

Experimental Research

Gathering primary data by giving different groups distinct treatments, controlling extraneous factors, and comparing results.

Consumer Behavior

The processes individuals and households use to search for, buy, use, evaluate, and dispose of products and services.

Cultural Factors

External buyer influences stemming from overall culture, subculture, and social class.

Social Factors

External buyer influences stemming from reference groups, family, and social roles/status.

Personal Factors

Individual buyer characteristics including age, occupation, economic situation, lifestyle, and personality.

Psychological Factors

Internal mental elements influencing buyer choices, including motivation, perception, learning, and beliefs/attitudes.

Buyer Decision Process

Problem recognition → Information search → Alternative evaluation → Purchase decision → Postpurchase evaluation