Marketing Ch 1 - 6

supplier development

systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others

local marketing

tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores

micromarketing

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments: it includes local marketing and individual marketing

marketing environment

the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

marketing management

the art and science of choosing target markets and building profitable relationships with them

business portfolio

the collection of businesses and products that make up the company

customer perceived value

the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

macro environment

the larger societal forces that affect the microenvironment - demographic, economics, natural, technological, political and cultural forces.

marketing strategy

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

marketing ROI

the net return from a marketing investment divided by the costs of the marketing investment

value delivery network

the network made up of the company, its suppliers, its distributors and ultimately its customers who partner with each other to improve the performance of the entire system

customer relationship management

the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

natural environment

the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

share of customer

the portion of the customer's purchasing that a company gets in its product categories

portfolio analysis

the process by which management evaluates the products and businesses that make up the company

strategic planning

the process of developing and maintaing a strategic fit between the organizations goals and capabilities and its changing marketing opportunities

market targeting

the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

value chain

the series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products

marketing mix

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

demography

the study of human populations in terms of size, density, location, age, gender, race occupation and other statistics

competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

customer lifetime value

the value of the entire stream of purchases a customer makes over a lifetime of patronage

product position

the way a product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products

customer equity

total combined customer lifetime values of all of the company's current and potential customers

marketing implementation

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

digital and social media marketing

using digital marketing tools such as Web sites, social media, mobile apps and abs, online video, email, and blogs that engage consumers anywhere, at any time, via their digital devices

partner relationship management

working closely with others inside and outside the company to jointly bring more value to customers

new task

a business buying situation in which the buyer purchases a product or service for the first time

straight rebuy

a business buying situation in which the buyer routinely reorders something without any modifications

modified rebuy

a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers

ethnographic research

a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments

opinion leader

a person within a reference group who because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

growth share matrix

a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate and relative market share

product/market expansion grid

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

mission statement

a statement of the organization's purpose - what it wants to accomplish in the larger environment

positioning statement

a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)

microenvironment

actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors and publics.

differentiation

actually differentiating the market offering to create a superior customer value

buying center

all the individuals and units that play a role in the purchase decision-making process

public

any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

customer generated marketing

consumers themselves are playing a bigger role in shaping their own brand experiences and those of others

customer satisfaction

depends on the product's perceived performance relative to a buyer's expectations

environmental sustainability

developing strategies and practices that create a world economy that the planet can support indefinitely

psychographic segmentation

dividing a market into different segments based on social class, lifestyle or personality characteristics

market segmentation

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.

occasion segmentation

dividing a market into segments according to accessions when buyers get the idea to buy, actually make their purchase, or use the purchased item

behavioral segmentation

dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product

behavioral targeting

marketers use the online data to target ads and offers to specific consumers

descriptive research

marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers

exploratory research

marketing research to gather preliminary information that will help define problems and suggest hypotheses

causal research

marketing research to test hypotheses about cause-and-effect relationships

marketing control

measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

e-procurement

purchasing through electronic connections between buyers and sellers - usually online

societal marketing concept

questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.

derived demand

business demand that ultimately comes from the demand for consumer goods

systems selling

buying a packaged solution to a program from a single seller, thus avoiding all the separate decisions invoked in a complex buying situation

product value analysis

carefully analyzing a product's or service's components to determine they can be redesigned and made more effectively and efficiently to provide greater value

market development

company growth by identifying and developing new market segments for current company products

market penetration

company growth by increasing sales of current products to current market segments without changing the product

product development

company growth by offering modified or new products to current market segments

diversification

company growth through starting up or acquiring businesses outside the company's current products and markets

marketing intermediaries

firms that help the company to promote, sell and distribute its goods to final buyers

customer engagement marketing

fostering direct and continuous customer involvement in shaping brand conversations, brand experiences and brand community.

marketing concept

holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

production concept

holds that consumers will favor products that are available and highly affordable

product concept

holds that consumers will favor products that offer most in quality, performance and innovative features

selling concept

holds that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort

cross cultural marketing

including ethnic themes and cross-cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities, across subcultures rather than differences