Marketing

Terms
1 Definition
Marketing Create, communicate and deliver value to the target market at a profit
Target Market A specific group of customers on whom an organization focuses its marketing efforts
Product Goods, services, or ideas that satisfy customer needs
Price Determined by margins, pricing, discounts, allowances, value
Place inventory, distribution, warehousing, order processing, materials handling
Promotion advertising, personal selling, public relations, sales promotions, word-of-mouth*
Exchange The provision or transfer of goods, services, or ideas in return for something of value
Market Orientation An organizationwide commitment to researching and responding to customer needs
Customer Relationship Management (CRM) Using information about customers to create marketing strategies that develop and
sustain desirable customer relationships
Relationship Marketing Establishing long-term, mutually satisfying buyer-seller relationships
Marketing Environment The competitive, economic, political, legal and regulatory, technological, and sociocultural
forces that surround the customer and affect the marketing mix
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
Marketing Mix Four marketing activities - product, price, place (distribution), and promotion - that a firm
can control to meet the needs of customers within its target market
Value A customers subjective assessment of benefits relative to costs in determining the worth
of a product
Stakeholders Constituents who have a stake, or claim, in some aspect of a companys products,
operations, markets, industry, and outcomes
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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Strategic Marketing Management
Strategic Planning
Mission Statement
Corporate Strategy
Strategic Business Unit (SBU)
Market
Market Share
Market Growth/Market Share Matrix
Core Competencies
Market Opportunity
Strategic Windows
Competitive Advantage
SWOT Analysis
First-Mover Advantage
Late-Mover Advantage
Marketing Objective
Marketing Strategy
Sustainable Competitive Advantage
Marketing Implementation
Centralized Organization
Decentralized Organization
Strategic Performance Evaluation
Performance Standard
Sales Analysis
Marketing Cost Analysis
Marketing Plan
Definition
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy
A long-term view, or vision, of what the organization wants to become
A strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals
A division, product line, or other profit center within the parent company
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
The percentage of a market that actually buys a specific product from a particular company
A helpful business tool, based on the philosophy that a products market growth rate and its market share are important considerations in determining its
marketing strategy
Things a company does extremely well, which sometimes give it an advantage over its competition
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
The result of a company matching a core competency to opportunities it has discovered in the marketplace
Assessment of an organizations strengths, weaknesses, opportunities, and threats
The ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the market place
The ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace
A statement of what is to be accomplished through marketing activities
A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
An advantage that the competition cannot copy
The process of putting marketing strategies into action
A structure in which top-level managers delegate little authority to lower levels
A structure in which decision-making authority is delegated as far down the chain of command as possible
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed
An expected level of performance against which actual performance can be compared
Analysis of sales figures to evaluate a firms performance
Analysis of costs to determine which are associated with specific marketing efforts
A written document that specifies the activities to be performed to implement and control the organizations marketing strategies
3 Definition 4 Definition 5
Marketing Research
Exploratory Research
Focus Group
Hypothesis
Reliability
Validity
Primary Data
Secondary Data
Population
Sample
Sampling
Probability sampling
Random sampling
Stratified sampling
Nonprobability
Sampling
Quota Sampling
Mail Survey
Telephone Survey
Telephone Depth
Survey
Personal Interview
Survey
In-Home (Door-to-
door) Interview
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the marketing strategy, if needed Shopping Mall
Intercept Interview
On-Site Computer
Interview
Online Survey
Crowdsourcing
Statistical
Interpretation
Definition
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
A study in which a small group of 8-12 people are interviewed, often informally, without a structured questionnaire, to observe interaction when members are exposed to an idea or concept
An informed guess or assumption about a certain problem or set of circumstances
A condition that exists when a research technique produces almost identical results in repeated trials
A condition that exists when a research method measures what it is supposed to measure
Data observed and recorded or collected directly from respondents
Data compiled both inside and outside the organization for some purpose other than the current objective
All the elements, units, or individuals of interest to researchers for a specific study
A limited number of units chosen to represent the characteristics of a total population
The process of selecting representative units from a total population
A type of sampling in which every element int he population being studied has a known chance of being selected for study
A form of probability sampling in which all units in a population have an equal chance of appearing in the sample
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
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
Nonprobability sampling technique in which researchers divide the population into groups and arbitrarily choose participants from each group
A research method in which respondents answer questionnaire sent through the mail
A research method in which respondents answers to the questionnaire recorded by an interviewer on the phone
An interview that combines the traditional focus groups ability to probe with the confidentiality provided by telephone surveys
A research method in which participants respond to survey questions face-to-face
A personal interview that takes place in the respondents home
Research method that involves interviewing a percentage of individuals passing by intercept points in a mall
A variation of the shopping mall intercept interview in which respondents complete self administered questionnaire displayed on the computer monitor
A research method in which respondents answer a questionnaire by email or on the website
Combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer research or outsourcing them to a crowd potential market through an open call
Analysis of what is typical and what deviates from the average
6
Consumer Market
Business Market
Undifferentiated
Targeting Strategy
Homogenous Market
Heterogenous Market
Market Segmentation
Market Segment
Concentrated Targeting
Strategy
Differentiated Targeting
Strategy
Segmentation Variable
Market Density
Geodemographic
Segmentation
Micromarketing
Benefit Segmentation
Market Potential
Company Sales
Potential
Breakdown Approach
Buildup Approach
Sales forecast
Executive Judgment
Customer Forecasting
Survey
Sales Force Forecasting
Survey
Expert Forecasting
Survey
Delphi Technique
Time Series Analysis
Trend Analysis
Cycle Analysis
Seasonal Analysis
Random Factor Analysis
Regression Analysis
Market Test
Definition
Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make
profits
Individuals organizations or groups that purchase a specific kind of product for resale direct use in producing other products for use in
general daily operations
A strategy in which an organization designs a single marketing mix and directed at the entire market for a particular product
A market in which a large proportion of customers have similar needs for a product
A market made up of individuals or organizations with diverse needs for products in a specific product class
The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
Individuals, groups, or organizations sharing one or more similar characteristics that causes them to have similar product needs
A market segmentation strategy in which an organization targets a single market segment using one marketing mix
A strategy in which an organization targets two or more segments by developing a marketing next for each segment
Characteristics of individuals, groups, or organizations used to divide a market into segments
The number of potential customers within a unit of land area
A method of market segmentation clusters people in ZIP Code areas and smaller neighborhood units based on lifestyle and demographic
information
And approach to market segmentation which organizations focus precise marketing efforts Im very small geographic markets
The division of a market according to benefits the consumers want from the product
The total amount of a product that customers will purchase within a specified. Any specific level of industrywide marketing activity
The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
Measuring company sales potential based on a general economic forecast for specific and the market potential derived from it
Measuring company sales potential by estimating how much of a product and potential buyer interspecific geographic area will purchase any
given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered
The amount of a product a company expects to sell during a specified period specified level of marketing activities
A sales forecasting method based on the intuition of one or more executives
A survey of customers regarding the types and quantities of products they intend to buy during a specified period
Survey of a form salesforce regarding anticipated sales in their territories for a specified period
Sales forecast prepared by experts outside the firm, such as economist, management consultants, advertising executives, or college
professors
A procedure in which experts create initial forecast, submit them to company for averaging, and then refine the forecast
A forecasting method that uses historical sales data to discover patterns in the firms sales overtime and generally involves trend, cycle,
seasonal, and random factor analysis
An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
And analysis of sales figures for a 3 to 5 year. To ascertain whether sales fluctuate in a consistent periodic manner
And analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
And analysis attempting to attribute erratic sales variations to random, nonrecurrent events
A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population
or income
Making a product available to buyers in one more or more test areas and measuring purchases and consumer responses to marketing
efforts
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Buying Behavior
Consumer Buying
Behavior
Consumer Buying
Decision Process
Internal Search
External Search
Consideration Set
Evaluative Criteria
Cognitive
Dissonance
Level of Involvement
Routinized
Response Behavior
Limited Decision
Making
Extended Decision
Making
Impulse Buying
Situational
Influences
Psychological
Influences
Perception
Information Inputs
Selective Exposure
Selective Distortion
Selective Retention
Motive
Maslows Hierarchy
of Needs
Patronage Motives
Learning
Attitude
Attitude Scale
Personality
Self-Concept
Lifestyle
Social Influences
Roles
Consumer
Socialization
Reference Group
Opinion Leader
Social Class
Culture
Subculture
Consumer
Misbehavior
Definition
The decision processes and actions of people involved in buying and using products
The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
A five stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and post-
purchase evaluation
And information search in which buyers search their memories for information about products that might solve their problem
And information search in which buyers seek information from sources other than their memories
A group of brands within a product category that a buyer views as alternatives for possible purchase
Objective and subjective product characteristics that are important to a buyer
A buyers doubts shortly after he purchased about whether the decision was a right one
And individuals degree of interest in a product and the importance of the product for that person
A consumer decision-making process used when buying frequently purchased, low-cost items that require very little search and decision effort
A consumer decision-making process used when purchasing products occasionally or needing information about unfamiliar brand in a familiar
product category
A consumer decision-making process employed when purchasing unfamiliar, expensive, or infrequently bought products
An unplanned buying behavior resulting from a powerful urge to buy something immediately
Influences the result from circumstances, time, and location that affect the consumer buying decision process
Factors that in part determine peoples general behavior, thus influencing their behavior as consumers
The process of selecting, organizing, and interpreting information inputs to produce meeting
Sensations receive through sight, taste, hearing, smell, and touch
The process by which some inputs are selected to reach awareness and others are not
And individuals changing or twisting of information that is inconsistent with personal feelings or beliefs
Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
An internal energizing force the director persons behavior toward satisfying needs or achieving goals
The five levels of needs that humans seek to satisfy, from most to least important
Motives that influence where a person purchases products on a regular basis
Changes in an individuals thought processes and behavior caused by information and experience
And individuals and during evaluation of feelings about an behavioral tendencies toward an object or idea
A means of measuring consumer attitudes by engaging the intensity of individuals reactions to adjectives, phrases, or sentences about an object
A set of internal traits and distinct behavioral tendencies the resulting consistent patterns of behavior in certain situations
A perception or view of oneself
And individuals pattern of living expressed through activities, interests, and opinions
The forces other people exert on ones buying behavior
Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
The process through which a person acquires the knowledge and skills to function as a consumer
A group that a person identifies with so strongly that he or she adopt the values, attitudes, and behavior of group members
A member of an informal group who provides information about a specific topic to other group members
An open group of individuals with similar social rank
The accumulation of values, knowledge, beliefs, customs, objects, and concepts they society uses to cope with its environment and passes on to
future generations
A group of individuals is characteristics, values, and behavioral patterns are similar with in the group and different from those people in the
surrounding culture
Behavior that violates generally accepted norms of a particular society
8
Producer Markets
Reseller Markets
Government Markets
Institutional Markets
Reciprocity
New-Task Purchase
Straight Rebuy
Purchase
Modified Rebuy
Purchase
Derived Demand
Inelastic Demand
Joint Demand
Business
(Organizational)
Buying Behavior
Buying Center
Value Analysis
Vendor Analysis
Multiple Sourcing
Sole Sourcing
North American
Industry
Classification
System (NAICS)
Definition
This organizations that purchase products to make profits by using them to produce other products or using them in their operations
Intermediaries that by finished goods and resell them for a profit
Federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their
constituencies
Organizations with charitable, educational, community, or other nonbusiness goals
An arrangement unique to business marketing and which two organizations agreed to buy from each other
An organizations initial purchase an item to be used to performing new job or solve a new problem
A routine purchase of the same products under approximately the same terms of sale by business buyer
A new task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
Demand for business products that stems from demand for consumer products
Demand that is not significantly altered by price increase or decrease
Demand involving the use of two or more items in combination to produce a product
The purchase behavior of producers, government units, institutions, and resellers
The people within an organization to make business purchase decision
An evaluation of each component of a potential purchase
A formal, systematic evaluation of current and potential vendors
An organizations decision to use several suppliers
An organizations decision to use only one supplier
And industry classification system that generates comparable statistics among the United States, Canada, and Mexico
9 Definition 11 Definition 12 Definition 13
Homesourcing
Intangibility
Inseparability
Perishability
Heterogeneity
Client-based relationships
Customer contact
Definition
The practice whereby customer contact jobs are outsourced into workers homes
The characteristic that a service is not physical and cannot be perceived by the senses
The quality of being produced and consumed at the same time
The inability of unused service capacity to be stored for future use
Variation in quality
Interactions that result in satisfied customers who use a service repeatedly over time
The level of interaction between provider and customer needed to deliver the service
14
Brand
Brand name
Brand mark
Trademark
Trade name
Brand loyalty
Brand recognition
Brand preference
Brand insistence
Brand equity
Manufactured brand
Private distributor
brand
Generic brand
Individual branding
Family branding
Brand extension
Co-branding
Brand licensing
Family packaging
Labeling
Universal Product
Code (UPC)
Definition
A name, term, design, symbol, or other features that identifies one sellers product as distinct from those of other sellers
The part of a brand that can be spoken, including letters, words, and numbers
The part of the brand that is not made up of words, such as a symbol or design
A legal designation of exclusive use of a brand
The full legal name of an organization
A customers favorable attitude toward a specific brand
The degree of brand loyalty in which a customer is aware that a brand exists and use the brand as an alternative purchase if their preferred brand is unavailable
The degree of brand loyalty in which a customer prefers one brand over competitive offerings
The degree of brand loyalty which a customer strongly prefers a specific brand and will accept no substitute
The marketing and financial value associated with a brands strength in a market
A brand initiated by producers to ensure the producers are identified with their products at the point of purchase
A brand initiated and owned by a reseller
A brand indicating only the product category
A branding strategy in which each product is given a different name
Branding all of the firms products with the same name or part of the name
An organization uses one of its existing brands to Brandon new product in a different product category
Using two or more brands on one product
An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
Using similar packaging for all of the firms products or packaging that has one common design element
Providing identifying, promotional, or other information on package labels
A series of electronically readable lines identifying a product containing inventory and pricing information
15 Definition 16 Definition 17 Definition 18 Definition 19 Definition
The degree of brand loyalty in which a customer is aware that a brand exists and use the brand as an alternative purchase if their preferred brand is unavailable
20 Definition 21 Definition