marketing test 1 CHAPTERS 1-5

target marketing

choosing a particular segment and developing a marketing mix that will satisfy their wants and needs

internal database

collections of consumer and market information obtained from data sources within the company network

SBU aka strategic business unit

company division, product line within a division, or a single product or brand

suppliers microenvironment

in creating value for customers, marketers must partner with other firms in the company's value delivery network involved in the ___

primary data

information collected for the specific purpose at hand

secondary data

information that already exists somewhere, having been collected for another purpose

competitive marketing intelligence

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

descriptive research

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

exploratory research

type of research that gathers preliminary information that will help define problems and suggest hypotheses

casual research

type of research that tests hypotheses about cause-and-effect relationships

marketing research process

-defining the problem and research objectives. -developing the research plan for collecting information. -implementing the research plan (collecting and analyzing the data) -interpreting and reporting findings.

positioning

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

wants

Form taken by human needs when shaped by culture and individual personality

demands

Human wants that are backed by buying power

Marketing Environment

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

marketing mix + target market

__ + __ = marketing strategy

divest

__ IS THE OPPOSITE OF INVEST when a company chooses to __ a particular strategic business unit, it sells off or phases out the strategic business unit

production concept: available/highly affordable product concept quality and features

__ focuses on the production process, manufacturing efficiency, and ability to produce large quantities - consumers favor products that are __ and ______ "if we make it, they will buy it" __ focuses on making the very best product possible, with features and materials that are the most efficient to include - consumers will favor products that offer the most __, performance, and __

mission statement market customer strengths

__ is a statement of the organization's purpose - is __ oriented which means it is defined in terms of satisfying basic __ needs - emphasize the company's __ - focus on customers and customer experience

differentiation and positioning

__ is process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer __ is used to determine the place an offering should occupy in a given market; involves seeking a less-competitive, smaller market niche in which to locate a brand

business portfolio

a collection of businesses and products that make up the company - steps include: analyze the firm's current ____ and develop strategies to shape the future portfolio

corporate social responsibility corporate giving controversy

a companies' acknowledged responsibility to society; they can use cause-related marketing to exercise their ______ and build more positive images; the primary form of _______ - __ is the strategy for selling more rather than a strategy for giving

marketing segment

a group of consumers who respond in a similar way to a given set of marketing efforts

value delivery network

a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value

marketing concept market customer integrated customer satisfaction

a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do starting point = __ focus = __ needs means = __ marketing end = profits through _____

BCG matrix market growth rate and relative market share stars dogs stars

a portfolio planning method that evaluates a company's strategic business units in terms of ____ and relative ___ - assess SBUs attractiveness and decide on the level of support each SBU deserves ex) question marks that become great turn into ___ but question marks that don't go well turn into __ you want to be a cash cow product/business with high market share and in a high-growth market are what?

product/market expansion grid (market growth strategies) existing markets new products

a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification looks at ___ vs. ___ THEN direct the resources toward more profitable businesses, then phase down or drop the weaker ones **adding new products is not always the best way to grow because more products gives too many choices and stresses customers out**

diversification

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

economic environment macro-environment

affect consumer purchasing power and spending ex) changes in consumer spending/confidence ex) differences in income distribution like taxes involved in the ___

integrated marketing program

all of a company's plans and tools are blended into a comprehensive ______________

publics microenvironment 1. financial 2. media 3. government 4. citizen action 5. local 6. general 7. internal

any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives involved in the ___ types: 1. influences the company's ability to obtain funds; banks, investment analysts, stockholders 2. carries news, features, editorial opinions, and other content; TV, newspapers, magazines, social media, blogs 3. marketers consult the company's' lawyers on issues of product safety, truthful advertising 4. a company's marketing decisions may be questioned by consumer organizations, environmental groups or minorities; its PR department helps stay in touch 5. includes neighborhood residents/community organizations; large companies become responsible members of communities in which they operate 6. a company needs to be concerned about the public's attitude towards its products/image to keep tabs on buying behavior 7. includes workers, managers, volunteers, and board of directors; use newsletters to inform/motivate employees

market penetration market development

both _____ strategies and ____ strategies primarily involve selling a company's current products

expectations low high

customers form __ about the value and satisfaction of market offerings; satisfied customers buy again but dissatisfied customers switch to competitors - __ expectations may fail to attract buyers but __ expectations may disappoint buyers

sampling data

detailed outline of which measurements will be taken at what times, on which material, in what manner, and by whom

market segmentation

diving a market into distinct groups of buyers who have different or similar needs, wants, characteristics, or behaviors or preferences and who might require separate marketing strategies or mixes

marketing

engaging customers and managing profitable customer relationships; attract new customers by promising superior value and keep/grow current customers by delivering satisfaction

instrument

everything the firm can do to take influence on the demand for its offering

needs, wants and demands market value and satisfaction exchanges and relationships markets

five core customer and marketplace concepts 1. __, __ and __ 2. __ offerings 3. __ and __ 4. __ and __ 5. __

microenvironment 1. consumer 2. business 3. reseller 4. government 5. international

five types of customer markets: involved in the ___ 1. individuals and households that buy goods/services for personal consumption 2. buy goods and services for further processing or use in their production processes 3. buy goods and services to resell at a profit 4. agencies that buy goods and services to produce public services or transfer the goods/services who need them 5. buyers in other countries, including consumers, producers, resellers, and governments

product, price, place (distribution), and promotion marketing mix

four p's of marketing aka the ______

customer insights

fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships

marketing intermediaries microenvironment 1. resellers 2. physical distribution firms 3. marketing service agencies 4. financial intermediaries

help the company promote, sell, and distribute its products to final buyers involved in the ___ 1. ___ are distribution channel firms that help the company find customers or make sales to them; wholesalers and retailers that buy and resell merchandise 2. __ help the company stock and move goods from their points of origin to their destinations 3. ____ are marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets 4. ___ include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risk associated with the buying and selling of goods

cultural environment macro-environment core persistence secondary

institutions and other forces that affect a society's basic values, perceptions, and behaviors involved in the ____ - __ beliefs and values have a high degree of ___ - __ beliefs and values are open to change ex) about themselves, others, organizations, society, nature and the universe

millennials or generation Y

largest generation in the U.S. is?

political environment macro-environment

laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society involved in the ____

contact method

mail, telephone, personal, online

customer relationship management CRM

managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

the company microenvironment

marketers must work in harmony with other departments to create customer values and relationships involved in the ___

marketing mix + time-bound objectives

marketing PLAN

sales time loyalty

marketing captures value from customers through: __ dollars __ and __

marketplace/customers value marketing relationships

marketing creates value for customers by: understanding the __ and __ design a customer __ driven marketing strategy construct a __ program engage customers, build __

technological environment macro-environment

new __ create new markets and opportunities involved in the ____ ex) radio frequency identification (RFID) tracks products through various points in the distribution channel; government agencies investigate and ban potentially unsafe products

research approaches

observation, survey, experiment

marketing myopia

paying more attention to the specific products than to the benefits and experiences produced

marketing information system

people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

market offerings

products, services, information or experiences offered to satisfy a need or want

management hierarchy business and marketing

setting company objectives/goals: - detailed supporting objectives for each level of management - setting a __ for objectives like __ and __ objectives

needs physical social individual

states of felt deprivation __ is food, clothing, warmth and safety __ is belonging and affection __ is knowledge and self-expression

mission objectives/goals portfolio market marketing

steps in strategic planning: (corporate level) 1. define the company __ 2. set company ___ 3. design a business __ (__ level) plan __ and other functional strategies

exchange

the act of obtaining a desired object from someone by offering something in return - markets consist of creating, maintaining, and growing desirable __ relationships by consistently delivering superior customer value

microenvironment

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

marketing analytics

the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

societal marketing concept society consumers company

the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers's long-run interests, and society's long-run interests REMEMBER: __ (human welfare) vs. __ (want satisfaction) vs. __ (profits)

macroenvironment

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

natural environment macro-environment sustainability

the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities - involved in the ___ - environmental __ concerns have grown steadily over the past three decades trends: shortages of raw materials, increased pollution and increased government intervention

marketing management

the process of choosing and building relationships with target markets

market targeting

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

value proposition

the set of benefits or values a company promises to deliver to consumers to satisfy the needs

demographics environment macro-environment

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics involved in the ___ analyze changing age and family structures, geographic population shifts, educational characteristics, population diversity

marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

selling concept factory existing promoting sales volume

we will be successful if we effectively tell enough people about and convince them to buy our product; consumers won't buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort starting point = __ focus = __ products means = selling and __ end = profits through ______