Marketing Fundamentals and Environment Lecture Notes

A set of vocabulary flashcards derived from the lecture notes covering core marketing principles, organizational structure, environmental forces, demographics, economics, and marketing research.

Marketing

The activity of creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society.

Market Offerings

A combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Marketing Mix

The controllable marketing factors a company uses to reach customers, consisting of Product, Price, Promotion, and Place (the 4 Ps).

Environmental Forces

Outside factors that influence an organization, its suppliers, and its customers, which are generally uncontrollable and require companies to respond rather than directly control them.

Value Proposition

The set of benefits or values a company promises to deliver to customers to satisfy their needs.

Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer Lifetime Value

The value of the entire stream of purchases a customer would make over a lifetime of patronage.

Customer Loyalty

When customers continue choosing a company or product.

Customer Retention

Keeping existing customers rather than losing them.

Ultimate Consumers

People who buy products or services for their own personal use or consumption.

Organization

A legal entity of people who share a mission.

For-Profit Organization

A privately owned organization that earns a profit by serving customers.

Non-Profit Organization

An organization that serves customers where earning a profit is not the goal.

Government Agency

A federal, state, or county unit that provides a specific service to its constituents.

Industry

Organizations that develop similar offerings.

Strategy

A plan for achieving an organization's goals, usually including the goal (the WHAT) and actions (the HOW).

Corporate Level Strategy

The level involving top management that sets the organization's overall, high-level strategy.

Strategic Business Unit (SBU)

A subsidiary, division, or unit of an organization that markets related offerings to a clearly defined group of customers with more focused and tangible strategy and goals.

Functional Level Strategy

The strategy level within groups of specialists that create value, where strategy is very focused and goals are tangible.

Demographics

Statistics that describe a population, such as age, race/ethnicity, population size, and other population characteristics.

Gray Divorce

Divorce involving older adults.

Blended Family

A family where spouses or partners bring children from previous relationships into one household.

Exurbs

Communities outside suburban areas, generally farther from the central city.

Multicultural Marketing

Marketing designed to reach and communicate effectively with people from different cultural or ethnic backgrounds.

GDP (Gross Domestic Product)

The total value of goods and services produced within a country over a period of time.

GDP per Capita

Gross Domestic Product divided by the total population.

Unemployment Rate

The percentage of people in the labor force who are unemployed and looking for work.

Consumer Confidence

How optimistic or pessimistic consumers feel about the economy and their financial situation.

Gross Income

Income before taxes and other deductions.

Disposable Income

Income available after paying taxes.

Discretionary Income

Money left after paying for necessities that can be spent or saved as the consumer chooses.

Technology

The use of knowledge, tools, and processes to create new or improved products, services, and ways of doing things.

Connectivity

The ability of people, devices, or systems to connect and communicate.

Intelligent Data Collection

Using technology to collect and use information/data in intelligent ways.

Green Infrastructure

Infrastructure designed to support environmental sustainability.

Electronic Commerce (E-Commerce)

Any activity using electronic communication in the inventory, advertisement, exchange, distribution, and payment of a product or service.

Regulation

Rules or laws that control how businesses and organizations operate.

Marketing Research

The process of defining a market problem and opportunity, systematically collecting and analyzing information, and making recommendations.

Exploratory Research

Research used to explore a problem and gain initial understanding.

Descriptive Research

Research that describes characteristics, behaviors, or situations.

Causal Research

Research that examines whether one factor causes a change in another.

Primary Data

New information collected specifically for the current research problem.

Secondary Data

Information that already exists and was originally collected for another purpose.

Market

A group of people or organizations that have a need or want, the ability to buy, and the willingness to buy.

Market Segment

A group of customers who have similar needs or characteristics.

Goods

Physical or tangible products you can touch.

Services

Activities or benefits provided to customers.

Ideas

Concepts or beliefs that can be promoted.

Organizational Buyers

Entities or individuals that purchase products or services for an organization rather than personal use.

Organizational Mission

What an organization does and why it exists.

Organizational Vision

What an organization wants to become in the future.

Organizational Culture

The shared attitudes, behaviors, and beliefs within an organization.