International marketing

marketing

The set of strategies and activities by which companies acquire and engage customers, build strong customer relationships, and create superior customer value in order to capture value from customers in return.

needs

States of felt deprivation.

wants

The form human needs take as they are shaped by culture and individual personality.

demands

Human wants that are backed by buying power.

market offerings

Some combination of products, services, solutions, and experiences offered to a market to satisfy a need or want.

marketing myopia

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

exchange

The act of obtaining a desired object from a person or an organization by offering something in return.

market

The set of all actual and potential buyers of a product or service.

production concept

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

product concept

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

selling concept

The idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.

marketing concept

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

societal marketing concept

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

customer relationship management

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

customer perceived value

The customer’s evaluation of the difference between the benefits delivered by and the costs of obtaining and using a market offering, relative to those of competing offerings.

customer satisfaction

The sense of pleasure a buyer feels when a product’s perceived performance matches or exceeds their expectations.

customer- engagement marketing

Making the brand a meaningful part of customers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.

customer brand advocacy

Actions by which satisfied customers initiate favorable interactions with others about a brand.

customer- generated marketing

Brand exchanges created by customers themselves—both invited and uninvited—by which customers play a role in shaping their own brand experiences and those of other customers

partner- relationship management

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

customer lifetime value

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

share of customer

The portion of the customer’s spending in its product categories that a company captures.

customer equity

The total combined customer lifetime values of all of the company’s customers.

internet of things (IoT)

A global environment where everything and everyone is digitally connected to everything and everyone else.

digital and social media marketing

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.

strategic planning

The process of developing and maintaining a profitable strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

mission statement

A statement of the organization’s purpose—what it wants to accomplish in the larger environment.

business portfolio

The collection of businesses and products that make up the company.

portfolio analysis

The process by which management evaluates and plans for the future of the products and businesses that make up the company.

growth- share matrix

A portfolio-planning method that evaluates a company’s strategic business units (SBUs) in terms of market growth rate and relative market share.

product/ market expansion grid

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

market penetration

Company growth by increasing sales of current products to current market segments without changing the product.

market development

Company growth by identifying and developing new market segments for current company products.

product development

Company growth by offering modified or new products to current market segments.

diversification

Company growth through starting up or acquiring businesses outside the company’s current products and markets.

value chain

The set of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

value delivery network

A network composed of the company, suppliers, distributors, and, ultimately, even customers who partner with each other to improve the performance of the entire system in delivering customer value.

marketing strategy

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

market segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

market segment

A group of consumers who are expected to respond in a similar way to a given set of marketing efforts.

market targeting

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

positioning

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

differentiation

Actually differentiating the market offering to create superior customer value relative to the competition.

marketing mix

The set of marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.

swot analysis

An overall evaluation of the company’s strengths (S), weaknesses (W), opportunities (O), and threats (T).

marketing implementation

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

marketing control

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

marketing return on investment (marketing ROI)

The net return from a marketing investment divided by the costs of the marketing investment.