Vocabulary Flashcards
The leading and managing of the facets of marketing to improve individual, unit, and organizational performance.
Marketing Management
A ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
Value
Marketing: The dimension of marketing that focuses on external forces that affect the organization and serves as the driver of business strategy.
marketing: The dimensions of marketing that focuses on the functional or operational level of the organization.
Marketing vs. marketing
The synthesis of activities within a firm involved in designing, producing, marketing, delivering, and supporting its products or services.
Value Chain
The process of measuring marketing, results and adjusting the marketing plan as needed.
Marketing Control
Tools and processes designed to identify, track, evaluate, and provide key benchmarks for improvement of marketing activities.
Marketing Metrics
Combining flexible manufacturing with flexible marketing to greatly enhance customer choice.
Mass Customization
A group of individuals whose beliefs, attitudes, and behavior influence (positively or negatively) the believes, attitudes, and behavior of an individual.
Reference Groups
a metric that represents the total net profit a company makes from any given customer.
A projection to estimate a customer’s monetary worth to a business after factoring in the value of the relationship with a customer over time.
An important metric for determining how much money a company wants to spend on acquiring new customers and how much repeat business a company can expect from certain consumers.
Customer Lifetime Value
The whole bundle of benefits a company promises to deliver to the customer, not just the benefits of a product itself.
Value Proposition
The treating of employees as customers and developing systems and benefits that satisfy their needs to promote internal service quality.
Internal Marketing
A set of defined stages through which marketing information is collected.
Market Research Process
Something tangible that records communication or facts with the help of marks, words, or symbols. A document serves to establish one or several facts, and can be relied upon as a proof thereof. Generally speaking, documents function as evidence of intentions, whereas records function as evidence of activities.
Research Plan
is a detailed outline of which measurements will be taken at what times, on which material, in what manner, and by whom. Should be designed in such a way that the resulting data will contain a representative sample of the parameters of interest and allow for all questions, as stated in the goals, to be answered.
Sampling Plan
Data collected specifically for a particular research question.
Primary Data
Data collected for some other purpose than the problem currently being considered.
Secondary Data
The verbal articulation of an organization’s purpose, or reason for existence.
Mission Statement
A comprehensive business model for increasing revenues and profits by focusing on customers.
CRM
an evolving term that describes any voluminous amount of structured, semi structured and unstructured data that has the potential to be mined for information.
Big Data
A significant outcome of an individual’s motivation that mediates the product choice decision. It is activated by three elements: background and psychological profile, aspirational focus, and the environment at the same time of purchase decision.
Involvement
the family that we create by getting married and having children
Family of Procreation
refers to the family that we are born into
Family of Orientation
A system of values, beliefs, and morals shared by a particular group of people that permeates over time.
Culture
A group within a culture that shares similar cultural artifacts created by differences in ethnicity, religion, race, or geography.
Subculture
Products bought outside the individual’s social standing.
Aspirational Purchases
a group that an individual would like to belong to, for example, a music group.
Aspirational Groups
A system developed by the U.S., Canada, and Mexico that classifies companies on the basis of their primary output to define and segment business markets.
North American Industrial Classification System (NAICS)
The activity of acquiring goods or services to accomplish the goals of an organization.
Purchasing Roles
Demand that originates from the demand for consumer products in business – to – business marketing
Derived Demand
A compilation of customer data generated through touchpoints that can be transformed into useful information for marketing management decision making and marketing planning.
Data Warehouse
A sophisticated analytical approach to using the massing amounts of data accumulated through a firm’s CRM system to develop segments and microsegments of customers for purposes of either market research or development of market segmentation strategies.
Data Mining
Communicating and delivering value in different ways to different customer groups.
Differentiations
The aspects of the product offering that are largely similar to the offerings of like competitors.
Points of Parity
The aspects of the product offering that are relatively distinct to the offerings of like competitors.
Points of Difference
