The process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
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Marketing Mix
Four marketing variables—product, price, distribution, and promotion— that a firm controls to meet the needs of customers within its target market
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customers
The purchasers of organizations' products; the focal point of all marketing activities
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target market
A specific group of customers on whom an organization focuses its marketing efforts
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product
A good, a service, or an idea
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value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product
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exchanges
The provision or transfer of goods, services, or ideas in return for something of value
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stakeholders
Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes
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marketing environment
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
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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
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market orientation
An organization wide commitment to researching and responding to customer needs
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customer relationship management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
A strategic process involving stakeholder assessment to create meaningful, long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
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environmental scanning
The process of collecting information about forces in the marketing environment
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environmental analysis
The process of assessing and interpreting information gathered through environmental scanning
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competition
Other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area
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brand competitors
Firms that market products with similar features and benefits to the same customers at similar prices
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product competitors
Firms that compete in the same product class but market products with different features, benefits, and prices
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generic competitors
Firms that provide very different products that solve the same problem or satisfy the same basic customer need
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total budget competitors
Firms that compete for the limited financial resources of the same customers
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monopoly
A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
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oligopoly
A competitive structure in which a few sellers control the supply of a large proportion of a product
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monopolistic competition
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
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pure competition
A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
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buying power
Resources—such as money, goods, and services—that can be traded in an exchange
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disposable income
After-tax income
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discretionary income
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
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willingness to spend
An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
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business cycle
A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
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Federal Trade Commission (FTC)
An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
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Better Business Bureau (BBB)
A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms
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National Advertising Review Board (NARB)
A self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
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technology
The application of knowledge and tools to solve problems and perform tasks more efficiently
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sociocultural forces
The influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles
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social responsibility
An organization's obligation to maximize its positive impact and minimize its negative impact on society
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marketing citizenship
The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
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ethical issue
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical
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cause-related marketing
The practice of linking products to a particular social cause on an ongoing or short-term basis
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strategic philanthropy approach
The synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits
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consumerism
Organized efforts by individuals, groups, and organizations to protect consumers' rights
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codes of conduct
Formalized rules and standards that describe what a company expects of its employees
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marketing research
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
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exploratory research
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
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customer advisory boards
Small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of its marketing strategy
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focus group
A small group of 8 to 12 people who are brought together to participate in an interview that is often conducted informally, without a structured questionnaire, to observe interaction when members are exposed to an idea or a concept
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conclusive research
Research designed to verify insights through objective procedures and to help marketers in making decisions
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descriptive research
Research conducted to clarify the characteristics of certain phenomena to solve a particular problem
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experimental research
Research that allows marketers to make causal inferences about relationships between variables
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research design
An overall plan for obtaining the information needed to address a research problem or issue
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hypothesis
An informed guess or assumption about a certain problem or a certain set of circumstances
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reliability
A condition that exists when a research technique produces almost identical results in repeated trials
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validity
A condition that exists when a research method measures what it is supposed to measure
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primary data
Data observed and recorded or collected directly from respondents
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secondary data
Data compiled both inside and outside the organization for some purpose other than the current investigation
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population
All the elements, units, or individuals of interest to researchers for a specific study
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sample
A limited number of units chosen to represent the characteristics of a total population
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sampling
The process of selecting representative units from a total population
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probability sampling
A type of sampling in which every element in the population being studied has a known chance of being selected for study
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random sampling
A form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place
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stratified sampling
A type of probability sampling in which the population is divided into groups with a common attribute, and a random sample is chosen within each group
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nonprobability sampling
A sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
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quota sampling
A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
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mail survey
A research method in which respondents answer a questionnaire sent through the mail
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telephone survey
A research method in which respondents' answers to a questionnaire are recorded by an interviewer on the phone
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telephone depth interview
An interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
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personal interview survey
A research method in which participants respond to survey questions face-to-face
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in-home (door-to-door) interview
A personal interview that takes place in the respondent's home
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shopping mall intercept interview
A research method that involves interviewing a percentage of individuals passing by "intercept" points in a mall
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on-site computer interview
A variation of the shopping mall intercept interview in which respondents complete a selfadministered questionnaire displayed on a computer monitor
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online survey
A research method in which respondents answer a questionnaire via email or on a website
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crowdsourcing
Combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call
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statistical interpretation
Analysis of what is typical and what deviates from the average
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marketing analytics
The use of databases, big data, and measurement methods enabled by technology to interpret the effectiveness of a firm's marketing functions
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big data
Involves massive structured and unstructured data sources that can be used by marketers to discover unique insights and make strategic decisions
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data silo
A file of fixed data that is in one department isolated from the rest of the organization
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database
A collection of information arranged for easy access and retrieval
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single-source data
Information provided by a single marketing research firm
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marketing decision support system (MDSS)
Customized computer software that aids marketing managers in decision making
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marketing information system (MIS)
A framework for managing and structuring information gathered regularly from sources inside and outside the organization
Studied by 329 people
