Marketing (TEST 1)


Terms in this set (...)

The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large.
People with both the desire and the ability to buy a specific offering.
Target market
One or more specific groups of potential consumers toward which an organization directs its marketing program.
Marketing mix
The controllable factors - product, price, promotion, and place - that the marketing manager can use to solve a marketing problem.
Customer value proposition
A cluster of benefits that an organization promises customers to satisfy their needs.
Environmental forces
The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision.
Customer value
Buyers' benefits, including quality, convenience, on-time delivery, and before-and-after sale service at a specific price.
Relationship marketing
Linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Marketing program
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Market orientation
Focusing on organizational efforts to collect and use information about customers' needs to create customer value.
Societal marketing concept
The view that organizations should satisfy the needs of consumers in a way that also provides for society's well-being.
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.
Ultimate consumers
The people who use the products and services purchased for a household.
Organizational buyers
Manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.
The benefits or customer value received by users of the product.
The reward to a business firm for the risk it undertakes in marketing its offerings.
An organization's long-term course of action that delivers a unique customer experience while achieving its goals.
Corporate level
The level at which top management directs overall strategy for the entire organization.
Strategic business unit level (SBU)
A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
Functional level
The level at which groups of specialists actually create value for the organization.
Cross-functional teams
These consist of a small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals.
Core values
The fundamental, passionate, and enduring principles that guide an organization's conduct overtime.
A statement or vision of an organizations function in society.
Organizational culture
The set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an organization.
The underlying industry or market sector of an organizations offering.
Goals (objectives)
Targets of performance to be achieved, often by a specific time.
Market share
Ratio of a firm's sales to the total sales of all firms in the industry.
Marketing dashboard
The visual computer display of essential marketing information.
Marketing metric
A measure of the value or trend of a marketing activity or result.
Marketing plan
A road map for the marketing activities of an organization for specified future time period.
Business portfolio analysis
A technique that managers use to quantify performance measures and growth targets of their firms' strategic business units.
Cash cows (SBU)
SBU's that generate large amounts of cash, far more than they can use. They have dominant shares of slow-growth markets and provide cash to cover the organizations overhead and to invest in other SBU's.
Stars (SBU)
SBU's with a high share of high-growth markets that may need extra cash to finance their own rapid future growth. When their growth slows, they are likely to become cash cows.
Question marks (SBU)
SBU's with a low share of high-growth markets. They require large injections of cash just to maintain their marketshare, much less increase it. The name implies management's dilemma for these SBU's: choosing the right ones to invest in and phasing out the rest.
SBU's with low shares of slow-growth markets. Although they may generate enough cash to sustain themselves, they do not hold the promise of ever becoming real winners for the organization. Dropping SBU's that are dogs may be required, except when relationships with other SBU's, competitive considerations, or potential strategic alliances exist.
Diversification analysis
A technique a firm uses to search for growth opportunities from among current and new products and markets.
Market penetration
A marketing strategy to increase sales of current products in current markets, such as selling more Ben & Jerry's Bonnaroo Buzz Fair Trade-sourced ice cream to U.S. consumers. Increased sales are generated by selling either more ice cream (through better promotion or distribution) or the same amount of ice cream at a higher price to its current customers.
Market development
A marketing strategy to sell current products to new markets. This can be beneficial in attractive new markets but difficult if the new market does not recognize the brand.
Product development
A marketing strategy of selling new products to current markets. Ben & Jerry's could leverage its brand by selling children's clothing in the United States. This strategy is risky because Americans may not see the company's expertise in ice cream as extending to children's clothing.
A marketing strategy of developing new products and selling them in new markets. This is a potentially high-risk strategy for Ben & Jerry's if it decides to try to sell Ben & Jerry's branded clothing in Brazil. Why? Because the firm has neither previous production nor marketing experience on which to draw in marketing clothing to Brazilian consumers.
Strategic marketing process
An approach whereby an organization allocates its marketing mix resources to reach its target markets.
Situation analysis
Taking stock of where a firm or product has been recently, where it is now, and where it is headed.
SWOT analysis
And acronym describing an organization's appraisal of it's an internal strengths and weaknesses and its external opportunities and threats.
Market segmentation
The sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action.
Points of difference
Those characteristics of a product that make it superior to competitive substitutes.
Marketing strategy
The means by which a marketing goal is to be achieved.
Marketing tactics
Detailed day-to-day operational decisions essential to the overall success of marketing strategies.