Essentials of Marketing
geographic variables
geographical units that may be considered in developing a segmentation strategy
value chain
happens in the factory: a series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
Delphi Technique
A decision-making technique in which group members do not meet face-to-face but respond in writing to questions posed by the group leader.
Maslow Hierarchy
5. Physiological Needs 4. Safety and Security Needs 3. Love (social) Needs 2. Esteem Needs 1. Self-Actualization
SWOT Analysis
A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy.
return on investment
(ROI) is one way of considering profits in relation to capital invested.
Y Generation
1977-1999 diverse interests, 2nd largest group, accustomed to technology, least product loyalty,
Demographics
A grouping of people for statistical purposes, based as age, race, gender, etc.
Multinational Corporation (MNC)
A large corporation that produces and sells its goods and services throughout the world
Ralph Nader
A leftist American politician who promotes the environment, fair consumerism, and social welfare programs. His book Unsafe at Any Speed brought attention to the lack of safety in American automobiles.
product development
A marketing strategy that entails the creation of new products for present markets
Hostile Takeover
A merger in which the firm being taken over doesn't want to be taken over.
product maturity
A product reaches maturity when its sales begin to level off. Advertising during maturity focuses on fighting off the competition.
marketing objective
A statement of what is to be accomplished through marketing activities
4 types of advertising
Advocacy, Pioneering, Competitive (Comparative) and Reminder (Reinforcement).
supply chain
Consists of all parties involved, directly or indirectly, in the procurement of a product or raw material
CRM
Customer Relationship Management involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability
Wall Street
Financial center of the USA
product life cycle
Four stages that product goes through over its life: introduction, growth, maturity, and decline.
behavior variable
Includes reported behavior and actual behavior of everything that people do and much of what social scientists are interested in understanding
X Generation
Individuals born from 1965 to 1976; key experiences includes divorce on a massive scale.
Primary research
Involves data that is gathered firsthand for a specific evaluation.
domestic marketing
Marketing activities take place in the home country
Marketing services
Marketing involves a variety of activities, all directed toward providing the kind of product or service desired by consumers
best practices
Methods or techniques that consistently show results superior to those achieved with other means and that are used as benchmarks.
501 (c) 3
Non-profit groups which are tax exempt and cannot participate in elections or campaigns.
501 c 3
Non-profit groups which are tax exempt and cannot participate in elections or campaigns.
product growth
Products experience rapid revenue growth. Prices will be maintained at a high level if demand is high, or reduced to capture additional customers. Distribution will be targeted. Promotion centers around increased advertising to build brand preference.
product decline
Profits are lower than cost to keep the product. companies can drop the product or use several other methods to generate more profit.
SOM
Share of the Market: the percentage of the total market in a product category that buys a particular brand.
Sustainable Competitive Advantage
Something the firm can persistently do better than its competitors
marketing action plan
Specific activities outlined to meet the venture's business plan goals and objectives
market controls
The collection and evaluation of data related to sales, prices, costs, and profits for guiding decisions and evaluating results.
product introduction
The main focus is on promotion and production. Least profitable stage because the cost of introducing a product is very high.
semantic analysis
The process of relating syntactic structures, from the levels of phrases, clauses, sentences and paragraphs to the level of the writing as a whole, to their language-independent meanings, removing features specific to particular linguistic and cultural contexts, to the extent that such a project is possible.
group think
The tendency for members of a cohesive group to reach decisions without weighing all the facts, especially those contradicting the majority opinion.
Secondary research
Uses data already gathered by others and reported in various sources.
merger and acquisition
When two or more organizations merge their assets to create a single new organization.
executive summary
a brief overview of an entire marketing plan
marketing strategy
a company's plan that identifies how it will use marketing to achieve its goals
Marketing plan
a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy
viral advertising
a marketing technique that uses social networks and other technologies to produce increases in brand awareness or sales. It can be delivered by word of mouth or enhanced by the network effects of Internet and mobile networks. Viral marketing may take the form of video clips, interactive games, ebooks, images, text messages, email or web pages.
Mission Statement
a short, specific written statement of the reason a business exists and what it wants to achieve
Middle Class
a social class made up of skilled workers, professionals, business people and wealthy farmers
litigious society
a society prone to engaging in lawsuits (litigation)
behaviourism
an approach to psychology that emphasizes observable measurable behavior
Strategy
an elaborate and systematic plan of action
financial forecast
an estimate of a business's financial outlook for each of the next few years
FTC
an independent agency of the United States fedeal government that maintains fair and free competition
marketing niche
an unfulfilled need in a market
Cause Marketing
any type of marketing effort for social and other charitable causes, including in-house marketing efforts by non-profit organizations.
B2B
business-to-business market, where all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
Repeat Customers
consumers who frequently return to purchase goods/services from a business
Hypothesis
educated guess or assumption, theory requiring proof
Total market offering
includes the reputation of the organization, staff representation, product benefits, and technological characteristics as compared to competitors' market offerings and prices.
Consumerism
interested in the consumer the "End User"
Customer Relationship Management or (CRM)
involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability
Corporate Social Responsibility
is how different business functions affect people and the environment, and how to integrate practices that positively impact society, employees and nature.
emotional intelligence
is the ability to identify, assess, and control the emotions of oneself, of others, and of groups.
heterogeneity
lack of similarity
idea marketing
marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target market's attitude or behavior
Synergism
members cooperate to produce a result that none of them could do alone
dun and bradstreet
national credit agency that gathers info on thousands of businesses. it obtains info on a businesses operations, legal structure, financial condition, and payment history
Consumer advocate
person or organization that works on behalf of consumers' interests and rights. ex. Ralph Nader
Functions of management
planning, organizing, staffing, directing, controlling
psychological pricing
pricing that attempts to influence a customer's perception of price to make a product's price more attractive
PMBOK
project management body of knowledge, contains what many believe are the best project management processes, practices and techniques, 5 process groups and nine knowledge areas
cultural intelligence
recognizing and understanding of the beliefs, values, attitudes, and behaviors of a group of people and the ability to apply that knowledge toward the achieving of specific goals.
Market research
research that gathers and analyzes information about the moving of good or services from producer to consumer
homogeneity
sameness
observation marketing
situation of interest is watched and the relevant facts, actions and behaviors are recorded.
Main Street
street that serves as a principal thoroughfare for traffic in a town
inventory turnover rate
the number of times per year that inventory is purchased, consumed and replaced
Ethics
the principles of right and wrong that guide an individual in making decisions
Management
the process of accomplishing the goals of an organization through the effective use of people and other resources
situation analysis
the study of the internal and external factors that affect marketing strategies
Global
worldwide, universal, widespread
