MKT 309 - Review 1 - Summer 2026

Maggie Mcdermot

big data

Massive data files that can be obtained from both structured and unstructured databases.

certified B corporation

A designation given to for-profit companies that have achieved private certifications regarding their social and environmental performance and which also contribute to environmental causes.

customer lifetime value (CLV)

A key measurement that forecasts a customer’s lifetime economic contribution based on continued relationship marketing efforts.

customer relationship management (CRM)

Using information about customers to create marketing strategies that develop and sustain rewarding customer relationships.

customers

The purchasers of organizations’ products and the focal point of all marketing activities.

exchanges

The provision or transfer of goods, services, or ideas in return for something of value.

green marketing

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.

market orientation

An organization-wide commitment to researching and responding to customer needs.

marketing concept

A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.

marketing environment

The competitive, economic, political/legal/regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.

marketing mix

Four marketing variables—product, distribution, promotion, and pricing—that a firm can control to meet the needs of customers within its target market.

marketing

The process of exploring, developing, and delivering value to satisfy the needs of a target market.

product

A good, a service, or an idea.

relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationship.

stakeholders

Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcome.

target market

A specific group of customers on whom an organization focuses its marketing efforts.

value

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.

centralized organization

A structure in which top-level managers delegate little authority to lower levels.

competitive advantage

The result of a company matching a core competency to opportunities it has discovered in the marketplace.

core competencies

Activities that differentiate an organization from its competition and that create a company’s competitive advantage in the marketplace.

corporate strategy

A long-term plan designed to help the firm gain a competitive advantage in the marketplace while creating customer value.

decentralized organization

A structure in which decision-making authority is delegated as far down the chain of command as possible.

first-mover advantage

The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace.

late-mover advantage

The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace.

market

A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.

market growth/market share matrix

A helpful business tool based on the philosophy that a product’s market growth rate and its market share are important considerations in determining its marketing strategy.

market opportunity

A combination of circumstances and timing that permits an organization to take action to reach a particular target market.

market share

The percentage of a market that actually buys a specific product from a particular company.

marketing cost analysis

Analysis of costs to determine which are associated with specific marketing efforts.

marketing implementation

The process of putting marketing strategies into action.

marketing objective

A statement of what is to be accomplished through marketing activities.

marketing plan

A written document that specifies the activities to be performed to implement and evaluate the organization’s marketing strategies.

marketing strategy

A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market.

mission statement

A concise explanation of an organization’s reason for being.

performance standard

An expected level of performance against which actual performance can be compared.

sales analysis

Analysis of sales figures to evaluate a firm’s performance.

strategic business unit (SBU)

A division, product line, or other profit center within the parent company.

strategic marketing management

The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.

strategic performance evaluation

Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed.

strategic planning

defines a company’s vision for the future and identifies its organizational objectives.

strategic windows

Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market.

sustainable competitive advantage

An advantage that the competition cannot copy.

SWOT analysis

Assessment of an organization’s strengths, weaknesses, opportunities, and threats.