Marketing 330 Exam 1

mission statement

"who are our customers? And what is our core competency?"

marketing environment

-affect customers lifestyles, standards of living, and preference/need for products -forces help to determine whether and how a marketing manager can perform marketing activities -affect MM decisions and actions by influencing buyers reactions to the firm's marketing mix

marketing concept

A managerial philosophy to satisfy customers' needs

target martket

A specific group of customers on whom an organization focuses is marketing efforts

marketing plan

A written document that specifies the activities to be performed to control the marketing strategies

market orientation

An organization-wide commitment to researching and responding to customer needs

value

Benefits relative to costs in determining the worth

BBB

Better Business Bureau settles problems between customers and specific business firms

brand competitors

Diet Coke/Diet Pepsi

relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationships

FTC

Federal Trade Commission regulates business practices ex: false ads, misleading pricing, deceptive packaging

customer lifetime value

Forecasts the net value for the future relationship with the customer

market share

Google has a dominant share of the search engine market

NARB

National Advertising Review Board considers issues raised by the national advertising division about an ad

marketing mix

Product, price, distribution (place) and promotion

strategic philanthropy

Salesforce.com giving benefits for volunteering because they value volunteering so much.

strategic windows

Starbucks is in the process of accepting payments through Square

SWOT analysis

Strength- competitive advantages Weakness- limitations a company faces in developing or implementing a marketing strategy Opportunity- Threat-barriers

marketing

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment

customers

The purchasers; the focal point of all marketing activities

first-mover advantage

achieve long-term competitive advantages by being the first to offer a certain product

late-mover advantage

achieve long-term competitive advantages by not being the first to offer

marketing cost analysis

allows the marketing department to use resources better in the future

performance standard

an expected level of performance against which actual performance can be compared

market opportunity

an opportunity to take action to reach a particular target market

environmental analysis

analyzing the data from environmental scan and recognizing threats

SBU

another division of a parent company

environmental scanning

collecting info about the marketing environment ex:internet

strategic performance evaluation

comparing actual performance with established standards

total budget competitors

compete for the money ex:newspaper, bananas

stakeholders

customers, employees, investors and shareholders, suppliers, government, community, etc.

decentralized organization

decision making authority is delegated as far down the chain as possible

oligopoly

differentiated ex:UPS, FedEx

strategic marketing management

effectiveness and efficiency are key.

codes of conduct

formalized rules to show what they expect out of employees

strategic planning

formulating goals, corporate strategy, marketing objectives, and marketing strategy

business cycle

four stages: prosperity recession depression recovery

organizational (corporate) culture

goals and beliefs that a company and the employees share

recovery

high unemployment begins to decline, total disposable income increases

product competitors

ice tea, water, juice

sociocultural forces

influences in a society and its culture that change people's attitudes, beliefs, norms, customs, and lifestyles ex: singles make up 51% of American households

green marketing

maintain long-term relationship while maintaining and supporting the natural environment ex: Safeway discontinuing threatened fish

competitive advantage

matching up a core competency to opportunities in the marketplace -Verizon 4G coverage

buying power

money goods and services that can be traded in exchange ex:income, credit, wealth

income

money received through wages, rents, investments, pensions, and subsidy payments

pure comp

no barriers ex:corn

monopoly

no substitutes ex: water utilities

sustainable competitive advantage

one that cannot be copied in the foreseeable future -Amazon maintains its competitive advantage in shipping because of the high-tech logistics system

social responsibility

organization's obligation to maximize its positive impact and minimize its negative impact on society

monopolistic comp

product differentiation ex: jeans

consumerism

protect consumers' rights

marketing strategy

selecting a target market creating a marketing mix to satisfy those customers

marketing ethics

standards that define acceptable marketing conduct

marketing citizenship

strategically focusing on fulfilling the economic, legal, ethical social responsibilities expected by stakeholders

ethical issue

the claim that McDonalds has contributed to childhood obesity and should retire Ronald

cause-related marketing

the practice of linking products to a particular social cause ex: bank of america and non-profit partnership

core competencies

things that companies do so well that it gives them an edge

centralized organization

top-level managers delegate little authority to lower levels -ineffective for firms that must respond quickly to fluctuations in customer demand

depression

unemployment is high, wages are low

prosperity

unemployment low, income high

recession

unemployment rises, total buying power declines

CRM

using information about customers to create marketing strategies that develop and sustain desirable customer relationships ex: frequent flyer programs

corporate strategy

utilizes marketing, production, finance, research and development, and human resources to achieve a goal

generic competitors

water from the tap

marketing objective

what's to be accomplished by marketing activities