MGT252-Tab Flashcards
Marketing
The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.
Needs
State of felt deprivation
Wants
The form human needs take as they are shaped by culture and individual personality.
Marketing offerings
Some combination of products, services, information, or 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 someone by offering something in return.
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
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 product 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 all the benefits and all the costs of a marketing offer relative to those of competing offers.
Customer satisfaction
The extent to which a product’s perceived performance matches a buyer’s expectations.
Customer-engagement marketing
Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.
Consumer-generated marketing
Brand exchanges created by consumers themselves, both invited and uninvited, by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.
Partner relationship management
Working closely with partners in other company departments and outside the company to jointly bring greater value to customer.
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 purchasing that a company gets in its product categories.
Customer equity
The total combined customer lifetime values of all of the company’s customers.
Strategic planning
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Mission statement
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 the products and businesses that make up the company.
Growth-share matrix
A portfolio-planning method that evaluates a company’s 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 series 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, 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 mixes.
Market segment
A group of consumers who respond in a similar way to a given set of marketing efforts.
Market targeting (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.
Marketing mix
The set of tactical 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, weaknesses, opportunities, and threats.
Marketing implementation
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.
Marketing control
Setting specific marketing goals, and then 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.
Marketing environment
The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
Microenvironment
The actors close to the company that affect its ability to serve its customers. The company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Macroenvironment
The larger societal forces that affect the microenvironment. The demographic, economic, natural, technological, political, and cultural forces.
Marketing intermediaries
Firms that help the company to promote, sell, and distribute its goods to final buyers.
Public
Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
Demography
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Baby boomers
The 9.4 million people born during the years following World War II and lasting until 1965.
Generation X
The 7.2 million people born between 1966 and 1980 in the “bierth dearth” following the baby boom.
Millennials
The 8.6 million children of the baby boomers born between 1981 and 1997.
Economic environment
Economic factors that affect consumer purchasing power and spending patterns.
Natural environment
The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Environmental sustainability
Developing strategies and practices that create a world economy that the planet can support indefinitely.
Technological environment
Forces that create new technologies, creating new product and market opportunities.
Political environment
Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
Cultural environment
Institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.
Big Data
The huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies
Customer Insights
Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and other relationships.
Marketing Information System (MIS)
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 monitoring, 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
Exploratory Research
Marketing research to gather preliminary information that will help define problems and suggest hypotheses
Descriptive Research
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
Causal Research
Marketing research to test hypotheses about cause-and-effect relationships.
Primary Data
Information collected for the specific purpose at hand.
Observational Research
Gathering primary data by observing relevant people, actions, and situations.
Ethnographic Research
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”
Survey Research
Gathering prime 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
Focus Group Interviewing
Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues
Online Marketing Research
Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.
Online Focus Groups
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
Behavioral Targeting
Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.
Sample
A segment of the population selected for marketing research to represent the population as a whole
Customer Relationship Management (CRM)
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
Marketing Analytics
The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance
Artificial intelligence (AI)
Technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity
Consumer buyer behavior
The buying behavior of final consumers, individuals and households that buy goods and services for personal consumption
Consumer market
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
Subculture
A group of people with shared value systems based on common life experiences and situations
Total Market Strategy
Integrating ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences.
Social Class
Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
Reference Group
A group that serves as direct or indirect point of comparison or references in forming a person’s attitudes or behavior
Opinion Leader
A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
Word-of-mouth Influence
The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers from buying behavior
Influencer marketing
Enlisting established influencers or creating new influencers to spread the word about a company’s brands.
Online social networks
Online social communities, blogs, online social media, brand communities, and other online forums, where people socialize or exchange information and opinions.
Lifestyle
Aperson’s pattern of living as expressed in his or her activities, interests, and opinions.
Personality
unique psychological characteristics that distinguish a person or group.
Motive (drive)
A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
Perception
The process by which people select, organize, and interpret information to form a meaningful picture of the world.
Learning
Changes in an individual’s behavior arising from experience
Attitude
A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.
Cognitive Dissonance
Buyer discomfort caused by post-purchase conflict
New Product
A good, service, or idea that is perceived by some potential customers as new.
Business Buyer Behaviour
The buyer behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
Business buying process
The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.
Derived demand
Business demand that ultimately comes from (desires from) the demand for consumer goods
Supplier Development
Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others.
Straight Rebuy
A business buying situation in which the buyer routinely reorders something without modifications.
Modified Rebuy
A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.
New Task
A business buying situation in which the buyer purchases a product or service for the first time
Systems selling (solutions selling)
Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
Buying Centre
All the individuals and units that play a role in the purchase decision-making process
E-procurement
Purchasing through electronic connections between buyers and seller, usually online
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
Marketing Targeting (Targeting)
Evaluating each market segment’s attractiveness and selecting one or more segments to serve.
Differentiation
Actually differentiating the market offering to create superior customer value.
Geographic Segmentation
Dividing a market into different geographical units, such as nations, regions, provinces, cities, or even neighborhoods.
Demographic Segmentation
Dividing the market into segments based on variables such as age, life-cycling stage, gender, income, occupation, education, religion, ethnicity, and generation.
Age and life-cycle segmentation
Dividing a market into different age and life-cycle groups
Psychographic Segmentation
Dividing a market into different segments based on lifestyle or personality characteristics
Behavioural Segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses a product, or responses to a product
Occasion Segmentation
Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Benefit Segmentation
Dividing the market into segments according to the different benefits that consumers seek from the product.
Intermarket (cross-market) Segmentation
Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
Target Market
A set of buyers who share common needs or characteristics that a company decides to serve
Undifferentiated (mass) marketing
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one after
Differentiated (segmented) marketing
A market-coverage strategy in which a firm targets several market segments and designs separate offers for each
Concentrated (niche) marketing
A market-coverage strategy in which a firm goes after a large share of one or a few segment or niches
Micromarketing
Tailoring products and marketing programs for the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing
Local Marketing
Tailoring brands and marketing to the needs and wants of local customer segments e.g. cities, neighborhoods, and even specific stores
Individual Marketing
Tailoring products and marketing programs to the needs and preferences of individual customers
Product Position
The way a product is defined by consumers on important attributes. The place it occupies in consumers’ minds relative to competing products
Competitive advantage
An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices
Value Proposition
The full positioning of a brand, the full mix of benefits on which it is positioned
Positioning Statement
A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is a (concept) that (point of differences)
Market
The set of all actual and potential buyers of a product or service.
Demands
Human wants that are backed by buying power.
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.
Generation Z
People born after 1997 who include the kid, tween, and teen markets.
Secondary Data
Information that already exists somewhere, having been collected for another purpose
Belief
A descriptive thought that a person holds about something
Adoption Process
The mental process through which an individual passes from first hearing about an innovation to final adoption.
Positioning
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Gender Segmentation
Dividing a market into different segments based on gender
Income Segmentation
Dividing a market into different income segments
