MKTG Exam 1 (copy)

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marketing

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Tags and Description

Marketing

111 Terms

1

marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

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2

What is needed for marketing to occur ?

  1. 2+ parties with unsatisfied needs

  2. a desire and ability to be satisfied

  3. a way for parties to communicate

  4. something to exchange

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3

exchange

The trade of things of value between buyer and seller so that each is better off after the trade

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consumer needs

necessities

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consumer wants

shaped by culture

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market

People with both the desire and the ability to buy a specific offering

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target market

One or more specific groups of potential consumers toward which an organization directs its marketing program

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The four Ps

product

price

promotion

place

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marketing mix

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem

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marketing concept

The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals

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market orientation

An organization with a market orientation focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value

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customer relationship management (CRM)

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchas

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customer experience

The internal response that customers have to all aspects of an organization and its offering

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societal marketing concept

The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

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customer value

the ratio of benefits to the sacrifice necessary to obtain those benefits

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utility

The benefits or customer value received by users of the product

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organizations

legal entities that consists of people who share a common mission

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for-profit organization (business firm)

private owned organization

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profit

The money left after a for-profit organization subtracts its total expenses from its total revenues and is the reward for the risk it undertakes in marketing its offerings

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nonprofit organization

a nongovernmental organization that serves its customers but does not have profit as an organizational goal

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21

government agency

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

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22

industry

a group of companies with similar offerings

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23

strategy

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals

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structure of today's organizations

  • corporate level of top management includes Chief Marketing Officer (CMO)

  • strategic business unit (SBU) level

  • functional level

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organizational structure within the SBU

  1. functional level: groups of specialists create value

  2. department: functions such as finance and marketing

  3. cross-functional teams: different departments contribute to a performance goal

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organizational purpose

Describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work

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core values

The fundamental, passionate, and enduring principles of an organization that guide its conduct over time

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mission / vision

A statement of the organization's function in society that often identifies its customers, markets, products, and technologies

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organizational culture

The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

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business

The clear, broad, underlying industry or market sector of an organization's offering

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31

business model

includes the strategies an organization develops to provide value to customers; changes over time

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goals / objectives

profit

sales

market share

quality

customer satisfaction

employee welfare

social responsibility

efficiency (nonprofit organization)

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market share

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself

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34

marketing plan

A road map for the marketing actions of an organization for a specified future time period, such as one year or five years

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35

marketing dashboard

The visual display of the essential information related to achieving a marketing objective

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36

marketing metric

A measure of the quantitative value or trend of a marketing action or result

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37

business portfolio analysis (BCG Matrix)

A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBUs) as though they were a collection of separate investments

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4 quadrants of BCG Matrix

  1. question marks: low share of high-growth market

  2. stars: high share of high-growth markets

  3. cash cows: generate large amounts of cash

  4. dogs: low share of slow-growth markets

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diversification analysis

A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

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Steps of Diversification Analysis

  1. market penetration: increase sales of current product in current markets

  2. market development: sell current products to new markets

  3. product development: sell new products to current markets

  4. diversification: develop new products to sell in new markets

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41

strategic marketing process

The approach whereby an organization allocates its marketing mix resources to reach its target markets

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42

Guiding principles and assumptions of SMP

  1. customers are different

  2. customers change

  3. competitors change and react

  4. organizational resources are limited

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Phases of SMP

planning -> implementation -> evaluation

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situation analysis

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it

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SWOT analysis

An acronym describing an organization's appraisal of its internal

  • strengths

  • weaknesses

and it’s external

  • opportunities

  • threats

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SWOT analysis actions

  • build on a strength

  • correct a weakness

  • exploit an opportunity

  • avoid a disaster-laden threat

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47

Steps of planning phase

  1. SWOT analysis

  2. develop a market-product focus, customer value proposition, and goals

  3. design the marketing program

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48

market segmentation

Involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action

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customer value proposition

The cluster of benefits that an organization promises customers to satisfy their needs

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50

points of difference

Those characteristics of a product that make it superior to competitive substitutes

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four components of the implementation phase

  1. obtaining resources

  2. designing the marketing organization

  3. defining precise tasks, responsibilities, and deadlines

  4. executing the marketing program

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marketing strategy

The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it

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marketing tactics

The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies

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components of evaluation phase

comparing results with plans

- identify deviations \n - planning gap \n \n acting on deviations: \n - exploiting a positive deviation \n - correcting a negative deviation

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environmental scanning

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

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Trends that affect future marketing:

  • personalized marketing

  • increased emphasis on reusing products and resources

  • visual search

  • artificial intelligence

  • blockchain technologies

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social forces

The demographic characteristics of the population and its culture

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demographics

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

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multicultural marketing

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races

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culture

The set of values, ideas, and attitudes that are learned and shared among the members of a group

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notable cultural changes:

  • attitudes and roles

  • gender stereotypes

  • fashion

  • careers

  • sports

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62

economy

Pertains to the income, expenditures, and resources that affect the cost of running a business and household

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macroeconomics

performance of the economy

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64

inflation

production costs and prices increase

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recession

periods of declining economic activity

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gross income

The total amount of money made in one year by a person, household, or family unit

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disposable income

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

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discretionary income

The money that remains after paying for taxes and necessities

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technology

Inventions or innovations from applied science or engineering research

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70

marketspace

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digital offerings

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electronic commerce

The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services

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Internet of Things (IoT)

The network of products embedded with connectivity-enabled electronics

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competition

The alternative firms that could provide a product to satisfy a specific market's needs

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pure competiton

many sellers with similar products

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monopolistic competiton

many sellers with substitutable products in a price range

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oligopoly

few sellers control majority of sales

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pure monopoly

only one seller

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regulation

Restrictions state and federal laws place on a business with regard to the conduct of its activities

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self-regulation

An alternative to government control whereby an industry attempts to police itself

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80

consumerism

a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions

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81

ethics

The moral principles and values that govern the actions and decisions of an individual or group

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82

business cultures

comprise the effective rules of the game, the boundaries between competitive and unethical behavior and the codes of conduct in business dealings

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caveat emptor

The legal concept of "let the buyer beware" that was pervasive in the American business culture prior to the 1960s

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84

Consumer Bill of Rights

1. rights to safety \n 2. right to be informed \n 3. right to choose \n 4. right to be heard

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85

Two kinds of unethical behavior in competition:

  1. economic espionage

  2. corruption

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86

economic espionage

The clandestine collection of trade secrets or proprietary information about a company's competitors

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corporate culture

set of values, ideas, and attitudes shared among member of an organization

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code of ethics

A formal statement of ethical principles and rules of conduct

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whistle-blowers

Employees who report unethical or illegal actions of their employers

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moral idealism

A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

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utilitarianism

A personal moral philosophy that focuses on "the greatest good for the greatest number" by assessing the costs and benefits of the consequences of ethical behavior

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social responsibility

The idea that organizations are part of a larger society and are accountable to that society for their actions

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Three Concepts of Social Responsibility

1. profit responsibility \n 2. stakeholder responsibility \n 3. societal responsibility

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profit responsibility

obligation to maximize profits for stakeholders

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stakeholder responsibility

obligations to those who can affect achievement of objectives

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societal responsibility

obligations to preserve environment and to the general public

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triple bottom line

The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth

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sustainable marketing

The effort to meet today's (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs

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green marketing

Marketing efforts to produce, promote, and reclaim environmentally sensitive products

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cause marketing

Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products

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