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
