MGMT 324 midterm review (vocabulary)

marketing

a process by which companies create value for customers and build strong customer relationships 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, information, or experiences offered to a market to satisfy a need or want

marketing myopia

paying more attention to the specific products than to the benefits and experiences produced

market

the set of actual and potential buyers

marketing management

the art and science of choosing target markets and building profitable relationships with them

value proposition

the full mix of benefits upon which a brand is positioned; the set of benefits or values it promises to deliver to customers to satisfy their needs

marketing mix

the set of controllable, tactical marketing tools- product, price, place, and promotion- that the firm blends to produce the response it wants in the target market

integrated marketing program

a comprehensive plan that communicates and delivers intended value

customer relationship management

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction; managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

customer-perceived value

the difference between total customer perceived benefits and customer cost

customer satisfaction

the extent to which perceived performance matches a buyer's expectations

customer-engagement marketing

fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community

consumer-generated marketing

brand exchanges created by consumers themselves

customer lifetime value

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

customer equity

the total combined customer lifetime values of all the company's customers

digital and social media marketing

using digital marketing tools such as websites, social media, mobile ads and apps, online videos, email, and blogs that engage customers anywhere, at any time, via their digital devices

mobile marketing

using mobile channels to stimulate immediate buying, make shopping easier, and enrich the brand experience

big data and AI

brands can use big data to gain deep customer insights, personalize marketing offers, and improve customer engagements and service

not-for-profit marketing

helping organizations attract membership, funds, and support

strategic planning

the process of developing and maintaining a strategic fit between the organization's goals and capabilities, and its changing marketing opportunities

mission

the organization's purpose; what the organization wants to accomplish in the larger environment

business portfolio

the collection of businesses and products that make up the company

portfolio analysis

a major activity in strategic planning whereby management evaluates the products and businesses that make up the company

downsizing

when a company must prune, harvest, or divest businesses that are unprofitable or that no longer fit the strategy

value chain

a series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm's products

value delivery network

made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system

marketing strategy

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

market segmentation

the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes

market segment

a group of consumers who respond in a similar way to a given set of marketing efforts

market targeting

the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

market positioning

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

differentiation

begins the positioning process

positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products from competing brands and give them the greatest advantage in their target markets

strengths

internal capabilities that may help a company reach its objectives

weaknesses

internal limitations that may interfere with a company's ability to achieve its objectives

opportunities

external factors that the company may be able to exploit to its advantage

threats

current and emerging external factors that may challenge the company's performance

marketing implementation

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

return on marketing investment (marketing ROI)

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

customer insights

fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships

marketing information system

the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

internal databases

collections of consumer and market information obtained from data sources within the company network

competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

secondary data

information that already exists somewhere, having been collected for another purpose

primary data

information collected for the specific purpose at hand

observational research

gathering primary data by observing relevant people, actions, and situations

ethnographic research

sending trained observers to watch and interact with consumers in their "natural environments"

survey research

gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

experimental research

gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

consumer buyer behavior

the buying behavior of final consumers- individuals and households that buy goods and services for personal consumption

consumer markets

made up of all the individuals and households that buy or acquire goods and services for personal consumption

culture

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

subcultures

groups of people within a culture with shared value systems based on common life experiences and situations

family

the most important consumer-buying organization in society

role and status

defined by a person's position in a group

occupation

affects the goods and services bought by consumers

age and life stage

affect tastes in food, clothes, furniture, and recreation

economic situations

trends in things such as spending, personal income, savings, and interest rates

lifestyle

a person's pattern of living as expressed in their psychographics

personality

the unique psychological characteristics that distinguish a person or group

motive

a need that is sufficiently pressing to direct the person to seek satisfaction of the need

motivation research

qualitative research designed to probe consumers' hidden, subconscious motivations

perception

the process by which people select, organize, and interpret information to form a meaningful picture of the world

selective attention

the tendency for people to screen out most of the information to which they are exposed

selective distortion

the tendency for people to interpret information in a way that will support what they already believe

selective retention

the tendency to remember good points made about a brand they favor and forget good points made about competing brands

learning

the change in an individual's behavior arising from experience

belief

a descriptive thought that a person has about something based on knowledge, opinion, faith, etc.

attitude

a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea

need recognition

the first stage of the buyer decision process, in which the consumer recognizes a problem or need triggered by internal and external stimuli

information search

the stage of the buyer decision process in which the consumers is motivated to search for more information

alternative evaluation

the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set

purchase decision

the buyer's decision about which brand to purchase

postpurchase behavior

the stage of the buyer decision process in which consumers take further action after purchase, based on their satisfaction or dissatisfaction

cognitive dissonance

buyer discomfort caused by postpurchase conflict

customer value analysis

determines the benefits that target customers value and how customers rate the relative value of various competitors' offers

geographic segmentation

divides the market into different geographical units such as nations, regions, states, counties, cities, or even neighborhoods

demographic segmentation

divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

age and life-cycle stage segmentation

divides a market into different age and life-cycle groups

gender segmentation

divides a market into different segments based on gender

income segmentation

divides a market into different income segments

psychographic segmentation

divides a market into different segments based on social class, lifestyle, or personality characteristics

behavioral segmentation

divides a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product (e.g., occasions, benefits sought, user status, usage rate, loyalty status)

multiple segmentation

used to identify smaller, better-defined target groups

target market

a set of buyers who share common needs or characteristics that the company decides to serve

undifferentiated marketing

targets the whole market with one offer

differentiated marketing

targets several different market segments and designs separate offers for each

concentrated marketing

targets a large share of a smaller market

micromarketing

the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations

local marketing

involves tailoring brands and promotion to the needs and wants of local customer segments

individual marketing

involves tailoring products and marketing programs to the needs and preferences of individual customers

product position

the way the product is defined by consumers on important attributes

positioning maps

show consumer perceptions of marketer's brands versus competing products on important buying dimensions

competitive advantage

an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices

positioning statement

summarizes company or brand positioning

product

anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want