marketing test 1 CHAPTERS 1-5
target marketing
choosing a particular segment and developing a marketing mix that will satisfy their wants and needs
internal database
collections of consumer and market information obtained from data sources within the company network
SBU aka strategic business unit
company division, product line within a division, or a single product or brand
suppliers microenvironment
in creating value for customers, marketers must partner with other firms in the company's value delivery network involved in the ___
primary data
information collected for the specific purpose at hand
secondary data
information that already exists somewhere, having been collected for another purpose
competitive marketing intelligence
the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment
descriptive research
type of research that better describes marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers
exploratory research
type of research that gathers preliminary information that will help define problems and suggest hypotheses
casual research
type of research that tests hypotheses about cause-and-effect relationships
marketing research process
-defining the problem and research objectives. -developing the research plan for collecting information. -implementing the research plan (collecting and analyzing the data) -interpreting and reporting findings.
positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
wants
Form taken by human needs when shaped by culture and individual personality
demands
Human wants that are backed by buying power
Marketing Environment
Outside forces that affect marketing management's ability to build and maintain successful relationships with target customers
marketing mix + target market
__ + __ = marketing strategy
divest
__ IS THE OPPOSITE OF INVEST when a company chooses to __ a particular strategic business unit, it sells off or phases out the strategic business unit
production concept: available/highly affordable product concept quality and features
__ focuses on the production process, manufacturing efficiency, and ability to produce large quantities - consumers favor products that are __ and ______ "if we make it, they will buy it" __ focuses on making the very best product possible, with features and materials that are the most efficient to include - consumers will favor products that offer the most __, performance, and __
mission statement market customer strengths
__ is a statement of the organization's purpose - is __ oriented which means it is defined in terms of satisfying basic __ needs - emphasize the company's __ - focus on customers and customer experience
differentiation and positioning
__ is process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer __ is used to determine the place an offering should occupy in a given market; involves seeking a less-competitive, smaller market niche in which to locate a brand
business portfolio
a collection of businesses and products that make up the company - steps include: analyze the firm's current ____ and develop strategies to shape the future portfolio
corporate social responsibility corporate giving controversy
a companies' acknowledged responsibility to society; they can use cause-related marketing to exercise their ______ and build more positive images; the primary form of _______ - __ is the strategy for selling more rather than a strategy for giving
marketing segment
a group of consumers who respond in a similar way to a given set of marketing efforts
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 concept market customer integrated customer satisfaction
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 starting point = __ focus = __ needs means = __ marketing end = profits through _____
BCG matrix market growth rate and relative market share stars dogs stars
a portfolio planning method that evaluates a company's strategic business units in terms of ____ and relative ___ - assess SBUs attractiveness and decide on the level of support each SBU deserves ex) question marks that become great turn into ___ but question marks that don't go well turn into __ you want to be a cash cow product/business with high market share and in a high-growth market are what?
product/market expansion grid (market growth strategies) existing markets new products
a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification looks at ___ vs. ___ THEN direct the resources toward more profitable businesses, then phase down or drop the weaker ones **adding new products is not always the best way to grow because more products gives too many choices and stresses customers out**
diversification
a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets
economic environment macro-environment
affect consumer purchasing power and spending ex) changes in consumer spending/confidence ex) differences in income distribution like taxes involved in the ___
integrated marketing program
all of a company's plans and tools are blended into a comprehensive ______________
publics microenvironment 1. financial 2. media 3. government 4. citizen action 5. local 6. general 7. internal
any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives involved in the ___ types: 1. influences the company's ability to obtain funds; banks, investment analysts, stockholders 2. carries news, features, editorial opinions, and other content; TV, newspapers, magazines, social media, blogs 3. marketers consult the company's' lawyers on issues of product safety, truthful advertising 4. a company's marketing decisions may be questioned by consumer organizations, environmental groups or minorities; its PR department helps stay in touch 5. includes neighborhood residents/community organizations; large companies become responsible members of communities in which they operate 6. a company needs to be concerned about the public's attitude towards its products/image to keep tabs on buying behavior 7. includes workers, managers, volunteers, and board of directors; use newsletters to inform/motivate employees
market penetration market development
both _____ strategies and ____ strategies primarily involve selling a company's current products
expectations low high
customers form __ about the value and satisfaction of market offerings; satisfied customers buy again but dissatisfied customers switch to competitors - __ expectations may fail to attract buyers but __ expectations may disappoint buyers
sampling data
detailed outline of which measurements will be taken at what times, on which material, in what manner, and by whom
market segmentation
diving a market into distinct groups of buyers who have different or similar needs, wants, characteristics, or behaviors or preferences and who might require separate marketing strategies or mixes
marketing
engaging customers and managing profitable customer relationships; attract new customers by promising superior value and keep/grow current customers by delivering satisfaction
instrument
everything the firm can do to take influence on the demand for its offering
needs, wants and demands market value and satisfaction exchanges and relationships markets
five core customer and marketplace concepts 1. __, __ and __ 2. __ offerings 3. __ and __ 4. __ and __ 5. __
microenvironment 1. consumer 2. business 3. reseller 4. government 5. international
five types of customer markets: involved in the ___ 1. individuals and households that buy goods/services for personal consumption 2. buy goods and services for further processing or use in their production processes 3. buy goods and services to resell at a profit 4. agencies that buy goods and services to produce public services or transfer the goods/services who need them 5. buyers in other countries, including consumers, producers, resellers, and governments
product, price, place (distribution), and promotion marketing mix
four p's of marketing aka the ______
customer insights
fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships
marketing intermediaries microenvironment 1. resellers 2. physical distribution firms 3. marketing service agencies 4. financial intermediaries
help the company promote, sell, and distribute its products to final buyers involved in the ___ 1. ___ are distribution channel firms that help the company find customers or make sales to them; wholesalers and retailers that buy and resell merchandise 2. __ help the company stock and move goods from their points of origin to their destinations 3. ____ are marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets 4. ___ include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risk associated with the buying and selling of goods
cultural environment macro-environment core persistence secondary
institutions and other forces that affect a society's basic values, perceptions, and behaviors involved in the ____ - __ beliefs and values have a high degree of ___ - __ beliefs and values are open to change ex) about themselves, others, organizations, society, nature and the universe
millennials or generation Y
largest generation in the U.S. is?
political environment macro-environment
laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society involved in the ____
contact method
mail, telephone, personal, online
customer relationship management CRM
managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
the company microenvironment
marketers must work in harmony with other departments to create customer values and relationships involved in the ___
marketing mix + time-bound objectives
marketing PLAN
sales time loyalty
marketing captures value from customers through: __ dollars __ and __
marketplace/customers value marketing relationships
marketing creates value for customers by: understanding the __ and __ design a customer __ driven marketing strategy construct a __ program engage customers, build __
technological environment macro-environment
new __ create new markets and opportunities involved in the ____ ex) radio frequency identification (RFID) tracks products through various points in the distribution channel; government agencies investigate and ban potentially unsafe products
research approaches
observation, survey, experiment
marketing myopia
paying more attention to the specific products than to the benefits and experiences produced
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
market offerings
products, services, information or experiences offered to satisfy a need or want
management hierarchy business and marketing
setting company objectives/goals: - detailed supporting objectives for each level of management - setting a __ for objectives like __ and __ objectives
needs physical social individual
states of felt deprivation __ is food, clothing, warmth and safety __ is belonging and affection __ is knowledge and self-expression
mission objectives/goals portfolio market marketing
steps in strategic planning: (corporate level) 1. define the company __ 2. set company ___ 3. design a business __ (__ level) plan __ and other functional strategies
exchange
the act of obtaining a desired object from someone by offering something in return - markets consist of creating, maintaining, and growing desirable __ relationships by consistently delivering superior customer value
microenvironment
the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, competitors, publics and customers
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
societal marketing concept society consumers company
the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers's long-run interests, and society's long-run interests REMEMBER: __ (human welfare) vs. __ (want satisfaction) vs. __ (profits)
macroenvironment
the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces
natural environment macro-environment sustainability
the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities - involved in the ___ - environmental __ concerns have grown steadily over the past three decades trends: shortages of raw materials, increased pollution and increased government intervention
marketing management
the process of choosing and building relationships with target markets
market targeting
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
value proposition
the set of benefits or values a company promises to deliver to consumers to satisfy the needs
demographics environment macro-environment
the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics involved in the ___ analyze changing age and family structures, geographic population shifts, educational characteristics, population diversity
marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
selling concept factory existing promoting sales volume
we will be successful if we effectively tell enough people about and convince them to buy our product; consumers won't buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort starting point = __ focus = __ products means = selling and __ end = profits through ______