organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
activity in which two or more parties give something of value to each other to satisfy perceived needs.
business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them.
company-wide consumer orientation with the objective of achieving long-run success.
development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefits.
management's failure to recognize the scope of its business.
marketing efforts designed to cultivate the attention, interest, and preferences of a target market toward a person (perhaps a political candidate or celebrity).
marketing efforts to attract people and organizations to a particular geographic area
identification and marketing of a social issue, cause, or idea to selected target markets
marketing of sporting, cultural, and charitable activities to selected target markets
marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some way
partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market
moral standards of behavior expected by a society
help the marketer to perform the exchange and physical distribution functions
final four marketing functions
standardizing and grading, financing, risk taking, and securing marketing information
buying and selling
physical distribution functions
transporting and storing
repeat customers that create spread the word (create a buzz) around a product
marketing messages transmitted via wireless technology
buyer-seller communcations which the customer controls the amount and type of information received from a marketer
lifetime value of a customer
the revenues and intangible benefits that a customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer
traditional view of marketing, as a simple exchange process
business jargon that refers to the overall profitability of an organization
one in which there were more goods and services than people willing to buy them
one in which there were more buyers for fewer goods and services
assume that customers will resist purchasing essential goods and services and that the task of personal selling and advertising is to persist them to buy
prevailing attitude of this era held that a high-quality product will sell itself
strategic business unit (SBU)
key business units within diversified firms
evaluation of a company's products and divisions to determine the strongest and the weakest
rule of three
the three strongest, most efficient companies dominate between 70 and 90 percent of the market
the methods of setting profitable and justifiable prices
integrated marketing communications (IMC)
consumers receive newsletters, e-mail updates, discount coupons, catalogs, invitations to company-sponsored events, and any number of other types of marketing communications about a product
coordinating transportation and storage to ensure consumers find their products in the proper quantities at the right times and places
decisions about customer service, package design, brand names, trademarks, patents, warranties, the life-cycle of the product, positioning the product in the marketplace, and new-product development
blending of the four elements- products, distribution, promotion, and pricing- to fit the needs and preferences of a specific target market
the group of people toward whom the firm aims its marketing efforts and ultimately its merchandise
limited periods when key requirements of a market and a firm's particular competencies best fit together
review that helps planners compare internal organizational strengths and weaknesses with external opportunites
capabilities that customers value and competitors find difficult to duplicate
second mover strategy
theory that advocates observing closely the inonvations of first movers and then improving on them to gain advantage in the marketplace
first mover strategy
theory advocating that the company first to offer a product in a marketplace will be the long-term market winner
sustainable competitive advantage
other companies cannot provide the same value to their customers that the firm does
porter's five forces
model developed by strategy expert by Michael Porter that identifies five competitive forces that influence planning strategies: the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products, and rivalry among competitors
sound conceived goals that state specific intentions
an overall, company-wide program for selecting a particular target market and then satisfying consumers in that market through a careful blending of the elements of the marketing mix
essential purpose that differentiates one company from others
planning that guides the implementations of activities specified in the strategic plan
process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives
implementing planning activities devoted to achieving marketing objectives
process anticipating future events and conditions and of determining the best way to achieve organizational objectives
marketing philosophies, policies, procedures, and actions that have the enhancement of society's welfare as a primary objective
production, promotion, and reclamation of environmentally sensitive products
people or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, values, and conduct, such as spouse, family, friends, or celebrities.
values, beliefs, preferences, and tastes handed down from one generation to the next.
process through which buyers make purchase decisions.
the degree to which newcomers have adapted to U.S. culture.
trendsetters who purchase new products before others in a group and then influence others in their purchases.
imbalance between a consumer's actual and desired states
inner state that directs a person toward the goal of satisfying a need.
meaning that a person attributes to an incoming stimuli gathered through the five senses.
person's enduring favorable or unfavorable evaluations, emotions, or action tendencies toward some object or idea.
knowledge or skill acquired as a result of experience, which changes consumer behavior.
person's multifaceted picture of himself or herself.
number of alternatives a consumer actually considers in making a purchase decision.
features a consumer considers in choosing among alternatives.
imbalance among knowledge, beliefs, and attitudes that occurs after an action or decision, such as a purchase.
the process of applying a series of such as repeat purchase behavior gradually over time.
the reduction in drive that results from a proper response
an individual's reaction to a set of cues and drives.
retailers or wholesalers that purchase products for resale to others
Marketing intermediaries that operates in the trade sector.
individuals and firms that acquire products to support, directly or indirectly, production of other goods and services
dividing a business-to-business market into homogeneous groups based on buyers' product specifications.
North American Industry Classification System (NAICS)
Classification used by NAFTA countries to categorize the business marketplace into detailed market segments.
end-use application segmentation
Segmenting a business-to-business market based on how industrial purchasers will use the product.
purchasing goods and services from suppliers worldwide.
movement of high-wage jobs from one country to lower-cost overseas locations
using outside vendors to provide goods and services formerly produced in-house.
purchasing from several vendors
participants in an organizational buying action
vendor-managed inventory (VMI)
inventory management system in which the seller- based on an existing agreement with a buyer- determines how much of a product is needed
electronic data interchange (EDI)
computer-to-computer exchanges of invoices, orders, other business documents
affiliation of two or more companies that help each other achieve common goals
customer relationship management (CRM)
combination of strategies and tools that drives relationship programs, reorienting the entire organization to a concentration focus on satisfying customers
placing a product at a certain point or location within a market in the minds of prospective buyers
targeting potential customers at very narrow, basic levels such as by zip code, specific occupation, or lifestyle possibly even individuals themselves
focusing marketing efforts on satisfying a single market segment; also called a niche
strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments
strategy that focuses on producing a single product and marketing it to all customers; also called mass marketing
division of a population into homogeneous groups based on their relationships to a product
division of a population into groups having similar attitudes, values, and lifestyles
the tendency of members of a generation to be influenced and bound together by significant events occurring during their key formative years, roughly, 17 to 22
division of an overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family life cycle; also called socioeconomic segmentation.
division of the total market into smaller, relatively homogeneous groups
division of an overall market into homogeneous groups based on their locations
goods and services purchased for use either directly or indirectly in the production of other goods and services
products bought by ultimate consumers for personal use
estimate of a firm's revenue for a specified future period
marketing decision support system (MDSS)
marketing information system component that links a decision maker with relevant databases and analysis tools
the process of searching through computerized data files to detect patterns
simultaneous personal interview of a small group of individuals that relies on group discussion about a certain topic
observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography, or "going native".
sample that involves personal judgement somewhere in the selection process
sample that gives every member of the population a chance of being selected
process of selecting survey respondents or research participants
information collected for a specific investigation
previously published information
a tentative explanation for some specific event
process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources
form of exporting whereby goods and services are bartered rather than sold for cash
contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer or other franchiser
agreement that grants foreign marketers the right to distribute a firm's merchandise or to use its trademark, patent, or process in a specified geographic area
European Union (EU)
customs union that is moving in the direction of an economic union by adopting a common currency, removing trade restrictions, and permitting free flow of goods and workers throughout the member nations
North American Free Trade Agreement (NAFTA)
accord removing trade barriers between Canada, Mexico, and the United States
World Trade Organization (WTO)
organization that replaces GATT, overseeing GATT agreements, making binding decisions in mediating disputes, and reducing trade barriers
General Agreement on Tariffs and Trade (GATT)
international trade accord that has helped reduce world tariffs
tax levied against imported goods
trade restrictions limiting the number of units of certain goods that can enter a country for resell
price of one nation's currency in terms of another country's currency
the underlying foundation for modern life and efficient marketing that includes transportation, communications, banking, utilities, and public services
efforts to restore worn-out products to like-new conditions
control the information that all buying center members will review
a practice of buying from suppliers who are also customers
moving jobs to vendors in countries close to the business's home country