understanding the marketplace and consumer value Flashcards
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, the suppliers, marketing intermediairies, customer markets, competitors, publics
macroenvironment
the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political and cultural forces
marketing intermediairies
firms that help the company to promote, sell and distribute its goods to the 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
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 indefenitely
technological environment
forces that create new technologies, creating new product and market opportunities
political environment
laws, goverment 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 relationships
marketing information system
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 systemic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment
marketing research
the systemic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
exploratory research
marketing research needed 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
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
a form of observational research that involves sending trained observers to watch and interact with customers in their ‘natural environments’
survey research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour
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 that 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 behaviour
behavioural targeting
using online consumer tracking data 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
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
consumer buyer behaviour
the buying behaviour 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 behaviours 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 behaviours
group
two or more people who interact to accomplish individual or mutual goals
word-of-mouth influence
the impac of the personal words or recommendations of trusted friends, family, associates, and other consumers on buying behavior
opinion leader
a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others
online social networks
online social communities - blogs, online social media, brand communities, and other online forums - where people specialize or exchange information and opinions
lifestyle
a person’s pattern of living as expressed in his or her activities, interests and opinions
personality
the 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 individuals behavior arising from experience
belief
a descriptive thought that a person holds about something
attitude
a person’s consistently favorable or unfavorable evaluations, feelings and tendencies toward an object or idea
complex buying behaviour
consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands
dissonance-reducing buying behaviour
consumer buying behaviour in situations characterized by high involvement but few perceived differences among branda
habitual buying behaviour
consumer buying behaviour in situations characterized by low consumer involvement and few significant perceived brand differences
variety-seeking buying behaviour
consumer buying behaviour in situations characterized by low consumer involvement but significant perceived brand differences
need recognition
the first stage of the buyer decision process, in which the consumer recognized a problem or need
information search
the stage of the buyer decision process in which the consumer 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 behaviour
the stage of the buyer decision process in which customers take further action after purchase, based on their satisfaction or dissatisfaction
cognitive dissonance
buyer discomfort caused by pospurchase conflict
new product
a good, service or idea that is perceived by some potential customer as new
adoption process
mental process through which an individual passes from first hearing about an innovation to final adoption
business buyer behaviour
the buying behaviour 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 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 medication
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
buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation
buying center
all the individuals and units that play a rol in the purchase decision-making process
users
members of the buying organization who will actually use the purchased product of service
buyers
people in an organization’s buying center who make an actual purchase
deciders
people in an organization’s buying center who have formal or informal power to select or approve the final suppliers
gatekeepers
people in an organization’s buying center who control the flow of information to others
problem recognition
the first stage of the business buying process in which someone in the company recognizes a problem or need that can be met by acquiring a good or a service
general need description
the stage in the business buying process in which a buyer described the general characteristics and quanitity of a needed item
product specification
the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item
supplier search
the stage of the business buying process in which the buyer tries to find the best vendors
proposal sollicitation
the stage of the business buying process in which the buyer invites qualified suppliers to submit proposals
supplier selection
the stage of the business buying process in which the buyer reviews proposals and selects a supplier or suppliers
order-routine specification
the stage of the business buying process in which the buyer writes the final order with the chosen suppliers, listing the technical specifications, quantify needed, expected time of delivery, return policies and warranties
performance review
the stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify or drop the arrangement
e-procurement
purchasing through electronic connections between buyers and sellers - usually onlin
B-toB digital and social marketing
using digital and social media marketing approaches to engage business customers and manage customer relationships anywhere, anytime
institutional market
schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care
