Marketing Management

Strategy

A plan to achieve your goals.

Personality

A set of distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli.

Strategic Business Units

A single business or collection of related businesses that can be panned sperately from the rest of the company, with its own set of competitors and a manager who is responsible for strategic planning and profit performance.

Category membership

A starting point in defining a competitive frame of reference for a brand positing.

Environmental Threat

Challenge posed by an unfavourable trend or development that would lead, in the absence of defensive marketing action, to lower sales or profit.

Customization

Combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.

Family of Orientation

Consists of Parents and Siblings

Market Segment

Consists of a group of customers who share a similar set of needs and wants.

Brand Associations

Consists of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes and so on that becomes linked to the brand node.

Reference Group

Consists of all the groups that have a direct or indirect influence on his or her attitudes or behaviours.

Business Market

Consists of all the organizations that acquire goods and services used in the production of other goods or services that are sold, rented, or supplied to others.

Organization

Consists of its structure, policies, and corporate culture, all of which can become dysfunctional in a rapidly changing business environment.

Marketing Information System

Consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.

Institutional Market

Consists of schools, hospitals, nursing homes, prisons and other institutions that must provide goods and services to people in their care.

Role

Consists of the activities a person is expected to perform.

Marketing Network

Consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

Flexible Market Offering

Consists of two parts: a naked solution containing the product and service elements that all segment members value, and discretionary options that some segment member value.

Lexicographic Heuristic

Consumer chooses the best brand on the basis of its perceived most important attribute.

Elimination by aspects heuristic

Consumer compares brands on an attribute selected probabilistically

Conjunctive Heuristic

Consumer sets a minimum acceptable cutoff level for each attribute and chooses the first alternative that meets the minimum standard for all attributes

Anchoring and adjustment heuristic

Consumers arrive at an initial judgement and then make adjustments off that first impression based on additional information.

Representativeness heuristic

Consumers base their predictions on how similar the outcomes is to other examples.

Availability

Consumers base their predictions on the quickness and ease with which a particular example of an outcome comes to mind.

Occasions

Defined in terms of day, week, month, year or in other terms of well-defined temporal aspects of a consumer's life.

Life Stage

Defines a person's major concern (Ex. divorce, second marriage, buying a new home.)

Goal Formation

Develop specific goals for the planning period.

Scenario Analysis

Developing plausible representations of a firm's possible future that makes different assumptions about forces driving the market and include different uncertainties.

Trend

Direction or sequences of events that has some momentum and durability.

Geographic Segmentation

Divides the market into geographical units such as nations, states, regions, counties, cities or neighbourhoods.

Multitasking

Doing two or more things at the same time.

Strategic Group

Firms pursuing the same strategy directed to the same target markets.

Strategic Marketing Plan

Lays out the target markets and the value proposition that will be offered based on an analysis of the best market opportunities.

Consumer Involvement

Level of engagement and active processing undertaken by the consumer in responding to marketing stimulus

Income Segmentation

Long-standing practice in such categories as automobiles, clothing, cosmetics, financial services, and travel.

Prospect Theory

Maintains that consumers frame decisions acceding to a value function.

Gender

Men and women have different attitudes and behave differently, based partly on genetic makeup and partly on socialization.

Subcultures

Provides more specific identification and socialization of members.

Marketing Plan

is the central instrument for direction and coordination the marketing effort. Has 2 level, strategic and tactical

Transfer

B gives X to C but does not receive anything tangible in return.

Core Competencies

1. It is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits. 2. it has applications in a wide variety of markets 3. it is difficult for competitors to imitate.

Supply Chain

A longer channel stretching from raw materials to components to finished products carried to final buyers.

Value-delivery Network

AKA Supply Chain. A company's supply chain and how it partners with specific suppliers and distributers to make products and bring them to market.

Multicultural Marketing

An approach recognizing that different ethnic and cultural segments have sufficiently different needs and wants to require targeted marketing activities, and that a mass market approach is not refined enough for the diversity of the marketplace.

Marketing Opportunity

An area of buyer and needs and interests in which there is a high probability that a company can profitably satisfy that need.

Internal Marketing

An element of holistic marketing, is the task of hiring, training, and motivation able employees who want to serve customers well.

Brand

An offering from a known source.

Consumerist Movement

An organized movement of citizens and government to strengthen the rights and powers of buyers in relation to sellers.

Core Beliefs and Values

Are passed from parents to children and reinforced by social institutions - schools, churches, businesses and governments.

Expectancy-value model

Attitude information posits that consumers evaluate products and services by combining their brand beliefs.

Offering

Can be a combination of products,services, information and experiences.

Primary Activities

Cover the sequence of bringing materials into the business, converting them into final products, shipping out final products.

Five Attitudes of Marketing

Enthusiastic, Positive, Indifferent, Negative, Hostile.

Value Chain

Every firm is a synthesis of activities performed to design, produce, market and deliver its product.

Culture

Fundamental determinant of a persons wants and behaviours.

Membership Groups

Groups having a direct influence on a person

Subculture

Groups with shared values emerging from their special life experiences or circumstances.

Competition

Includes all the actual and potential rival offerings and substitutes of a buyer might consider.

Learning

Involves changes in an individuals behaviour arising from experience.

Megatrends

Large social, economic, political and technological changes that are slow to form and once in place they influence us for some time. 7-10 years.

Behavioural segmentation

Marketers divide buyers into routs on the basis of their knowledge of, attitude toward, use of or response to a product.

Cues

Minor stimuli that determine when, where, and how a person responds.

Secondary Beliefs and Values

More open to change

Long Term Memory

More permanent repository

Selective Attention

Most stimuli will be screened out

Family of Procreation

Namely one's spouse and children

Motive

Need that is sufficiently pressing to drive the person to act

Integrated Marketing

Occurs when the marketer devises marketing activities and assembles marketing programs to create, communicate and deliver value for consumers such that the whole is greater than the sum of its parts.

Status

One's position within his or her own hierarchy or culture.

Support Activities

Procurement, technology development, human resources management, firm infrastructure.

Modern Marketing 4 P's

People, processes, programs, performance.

Discrimination

Person has learned to recognize differences in sets of similar stimuli and can adjust to responses accordingly

Opinion Leader

Person in informal, product-related communications who offers advice or information about a specific product or product category, such as which of several brands is best or how a particular product may be used.

Attitude

Person's enduring favourable evaluation, emotional feeling, and action tendencies toward some object or idea.

Lifestyle

Person's pattern of living in the world as expressed in activities.

Noncompensatory models

Positive and Negative attribute considerations do not necessarily net out.

Perception

Process by which an individual selects, organizes and interprets information inputs to create a meaningful picture of the world.

Subliminal Perception

Receiving and processing subconscious messages that affect behaviour.

Memory encoding

Refers to how and where information gets into memory.

Memory Retrieval

Refers to how information gets out of memory.

Organizational Buying

Refers to the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and close among alternative brands and suppliers.

Satisfaction

Reflects a person's judgment of a product's perceived performance in relationship to expectations.

Social Class

Relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests and behaviours.

Secondary Groups

Religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction.

Selective Retention

Retain information that supports their attitudes and beliefs

Heuristics

Rules of thumb or mental shortcuts in the decision process

Psychographics

Science of using psychology and demographics to better understand consumers.

Value Proposition

Set of benefits that satisfy those needs.

Marketing Intelligence System

Set of procedures and sources of managers use to obtain everyday information about developments in the marketing environment.

Misson Statement

Share with managers, employees and customers.

Corporate Culture

Shared experiences, stories, beliefs and norms that characterize an organization.

Marketer

Someone seeking a response from another party, called the prospect.

Brand Personality

Specific mix of human traits that may be attributed to a particular brand.

Tactical Marketing Plan

Specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channel and service.

Megamarketing

Strategic coordination of economic, psychological, political, and public relations skills to gain the cooperation of a number of parties in order to enter or operate in a given market.

Drive

Strong internal stimulus impelling action

Consumer Behaviour

Study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas or experiences to satisfy their needs and wants. Marketers must fully understand both theory and reality of consumer behaviour.

Primary Groups

Such as family friends, neighbours and co-workers, those with whom the person interacts fairly continuously and informally.

Short Term Memory

Temporary repository of information

Positioning

The act of designing the company's offering and image to occupy a distinctive place in mind of the target market.

Relationship Marketing

The aim of building mutually satisfying long term relations with key parties.

Marketing Management

The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer and stakeholder value.

Core Values

The belief systems that underline consumer attitudes and behaviours.

Holistic Marketing

The development, design, and implementation of marketing programs, processes and activities that recognizes the breadth and interdependencies of their effects.

Market Partitioning

The process of investigating the hierarchy of attributes consumers examine in choosing a brand if they use phased decisions strategies.

Exchange

The process of obtaining a desired product from someone by offering something in return.

Mass Marketing

The seller engages in mass production, mass distribution and pass promotion of one product for all buyers.

Brand Personality

The specific mix of human traits that we can attribute to a particular brand.

Consumer Behaviour

The study of how individuals, groups and organizations select, buy, use and dispose of goods, services, ideas or experiences to satisfy their needs and wants.

Value

The sum of tangible an intangible benefits and cots to him or her.

Selective distortion

The tendency to interpret information in a way that will fit our preconceptions

Aspirational Groups

Those groups that a person wishes to join.

Dissociative Groups

Those whose values or behaviour an individual rejects.

Market Opportunity Analysis

To determine the attractiveness and probability of success.

Partner Relationship Management

To keep their strategic alliances thriving, corporations have begun to develop organizational structures to support them and have come to view the ability to form and manage partnerships as core skills.

fad

Unpredictable, short lived, and without social, economic, and political significance.