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Terms in this set (64)
Sales Orientation (1920s-1960s)-Many products with not enough demand -Businesses viewed sales and selling as the main means of increasing profitsMarket Orientation (1960s-current)-An organization-wide commitment to researching and responding to customer needs -Determine what customers want and produce those productsStrategic Marketing Managementthe process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.Strategic Planningprocess of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan.Mission Statementlong-term vision of what the organization wants to becomeCorporate Identityshould support all corporate activities -Unique symbols -Personalities -PhilosophiesCompetitive Advantagethe result of a company's matching a core competency (superior skill or resources) to opportunities in the marketplace.Marketing Strategynext step in the development of strategies for each functional area of the organizationTarget Marketselecting an appropriate target market may be the most important decision a company has to make in the strategic planning process.Sustainable Competitive Advantagean advantage that the competition cannot easily copy in the foreseeable future.Marketing ImplementationThe process of putting marketing strategies into actionIntended Strategythe strategy the organization decides on during the planning phase and wants to use.realized strategythe strategy that actually takes placemonopolyA market dominated by a single selleroligopolyA market structure in which a few large firms dominate a marketmonopolistic competitionwhen an organization with many competitors develops a marketing strategy to differentiate its productPure Competitioninvolves a large number of sellers, no one of which influences price or supplydisposable incomeafter tax incomeSocial Responsibilityan organizations obligation to maximize its positive impact and minimize its negative impact on societyCause-Related Marketingthe practice of linking products to a particular social cause on an ongoing or short-term basisStrategic Philanthropythe synergistic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits.Marketing ResearchSystematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.Conclusive Researchdesigned to verify insights through objective procedures and to help marketers in making decisionsMarketing Information Systema framework for managing and structuring information gathered from internal and external sourcesDatabasesa collection of information arranged for easy access and retrievalCustomer Relationship Managementemploys database-marketing techniques to identify different types of customers and develop specific strategies for interacting with each customerMarketing Decision Support Systems (MDSS)customized computer software that aids marketing managers in decision-making. Anticipates the effects of certain decisionsCustomer Marketpurchasers are household members who intend to consume or benefit from purchased products and do not buy products to make profits -Also referred to as business to consumer (B2C) marketsBusiness Marketsindividuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations -Also referred to as business to business (B2B), industrial, or organizationalMarket Segmentationthe process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.Market SegmentsIndividuals, groups, or organizations with one or more similar characteristics that cause them to have similar product needshomogenous marketcustomers have similar needs for a productHeterogeneous marketindividuals or organizations with diverse needs for products in the same classSegmentation Variablescharacteristics of individuals, groups, or organizations used to divide a market into segmentsConsumer Buying Behaviorthe decision processes and purchasing activities of ultimate consumers, those people who purchase products for personal or household use and not for business purposes.Problem RecognitionOccurs when a buyer becomes aware of a difference between a desired state and an actual conditionInformation SearchAfter recognizing the problem, they seek out product information- internal and externalEvaluation of Alternativesa. Consideration Set aka (evoked set): a group of brands within a particular product category that the buyer view as alternatives for possible purchase b. Evaluation Criteria: objective and subjective product characteristics that are important to the buyer.PurchaseChooses the product or brand to be bought (Product availability may influence the decision); makes the actual purchaseSituational InvolvementTemporary or dynamic involvement resulting from a particular set of circumstancesProducer MarketsIndividuals or business organizations that purchase products in order to make a profit by using them in producing other products or in their operationsResellersIntermediaries (wholesalers) who buy finished goods and resell them to final consumers for a profitGovernment MarketsFederal, State, county, or local governments that buy goods and services to support their internal operations and provide products to their constituenciesInstitutional MarketOrganizations with charitable, educational, community, or other non-business goalsReciprocityan agreement in which two organizations agree to buy from each otherNew Task Purchase-An item is purchased to be used to perform a new job or solve a new problemStraight Re-BuyRoutine purchases of same products under approximately the same termsModified Re-Buy-A new task purchase that is changed on subsequent orders or when straight re-buy requirements are modifiedThe Buying Centerthe group of people within an organization who make business purchase decisions.Initiator/Useruse the product being acquired, generate purchase specifications, evaluate product performanceinfluencersdevelop specifications and evaluate alternative productsbuyersselect suppliers and negotiate purchasedeciderschoose the product, usually high management-gatekeeperssecretary that directs flow of information