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