Marketing Chapter 1-5

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marketing mix

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139 Terms

1

marketing mix

Four marketing variables—product, pricing,

distribution, and promotion—that a firm controls

to meet the needs of customers within its target

market

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2

Customer relationship management (CRM)

Using information about customers to create

marketing strategies that develop and sustain

desirable customer relationships

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3

green marketing

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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4

relationship marketing

Establishing long-term, mutually satisfying buyer–seller relationships

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5

value

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

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6

market orientation

An organizationwide commitment to researching and responding to customer needs

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product

A good, a service, or an idea

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8

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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9

exchanges

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

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10

marketing

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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11

customers

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

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12

target market

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

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13

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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14

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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15

Strategic marketing management

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

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16

strategic business unit (SBU)

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

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17

Marketing implementation

The process of putting marketing strategies into

action

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18

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

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19

SWOT analysis

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

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20

market opportunity

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

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21

market share

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

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22

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

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23

first-mover advantage

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

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24

strategic planning

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan

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25

late-mover advantage

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

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26

Corporate strategy

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals

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27

Corporate strategy

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals

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28

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

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29

competitive advantage

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

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30

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

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31

marketing objective

A statement of what is to be accomplished through marketing activities

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32

centralized organization

structure in which toplevel managers delegate little authority to lower levels

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core competencies

Things a company does extremely well, which sometimes give it an advantage over its competition

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34

sustainable competitive advantage

An advantage that the competition cannot copy

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35

mission statemet

A long-term view, or vision, of what the organization wants to become

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36

Sales analysis

Analysis of sales figures to evaluate a firm’s performance

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37

marketing plan

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

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38

decentralized organization

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

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39

Strategic performance evaluation

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

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40

performance standard

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

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Marketing cost analysis

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

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42

Environmental scanning

The process of collecting information about forces in the marketing environment

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43

Environmental analysis

The process of assessing and interpreting information gathered through environmental scanning

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44

Total budget competitors

Firms that compete for the limited financial resources of the same customers

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45

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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46

buying power

Resources—such as money, goods, and services—that can be traded in an exchange

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47

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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48

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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49

Brand competitors

Firms that market products with similar features and benefits to the same customers at similar prices

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50

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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51

Generic competitors

Firms that provide very different products that solve the same problem or satisfy the same basic customer need

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52

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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Product competitors

Firms that compete in the same product class but market products with different features, benefits, and prices

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54

business cycle

A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

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55

Better Business Bureau

A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms

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56

oligopoly

A competitive structure in which a few sellers control the supply of a large proportion of a product

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57

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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58

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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59

Technology

The application of knowledge and tools to solve problems and perform tasks more efficiently

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60

Technology

The application of knowledge and tools to solve problems and perform tasks more efficiently

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61

disposable income

After-tax income

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62

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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63

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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64

social responsibility

An organization’s obligation to maximize its positive impact and minimize its negative impact on society

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65

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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66

cause-related marketing

The practice of linking products to a particular social cause on an ongoing or short-term basis

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67

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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68

Consumerism

Organized efforts by individuals, groups, and organizations to protect consumers’ rights

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69

codes of conduct

Formalized rules and standards that describe what a company expects of its employees

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70

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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71

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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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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73

exploratory research

Research conducted to gather more information about a problem or to make a tentative hypothesis more specific

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74

focus group

An interview that is often conducted informally, without a structured questionnaire, in small groups of 8 to 12 people, to observe interaction when members are exposed to an idea or a concept

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75

Conclusive research

Research designed to verify insights through objective procedures and to help marketers in making decisions

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76

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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77

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

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hypothesis

An informed guess or assumption about a certain problem or set of circumstances

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80

reliability

A condition that exists when a research technique produces almost identical results in repeated trials

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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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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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84

Secondary data

Data compiled both inside and outside the organization for some purpose other than the current investigation

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85

population

All the elements, units, or individuals of interest to researchers for a specific study

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86

sample

A limited number of units chosen to represent the characteristics of a total population

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87

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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Sampling

The process of selecting representative units from a total population

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89

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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91

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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92

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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95

personal interview survey

A research method in which participants respond to survey questions face-to-face

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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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telephone survey

A research method in which respondents’ answers to a questionnaire are recorded by an interviewer on the phone

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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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99

Shopping mall intercept interviews

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 self-administered questionnaire displayed on a computer monitor

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