119 terms

MKTG 351 Cousley (Ole Miss) Ch 1-5 [Exam 1]

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Marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customers
The purchasers of organizations' products; the focal point of all marketing elements
Target market
the group of customers on which marketing efforts are focused
marketing mix
four marketing elements- Product, distribution, promotion, and pricing- that a firm can control to meet the needs of customers within its target markets
Product
A good, service, or idea
Exchanges
The provision or transfer of goods, services, or ideas in return for something of value
Stakeholders
Constituents who have a "stake," or claim , in some aspect of a company's products, operations, markets, industry, and outcomes
marketing environment
the competitive, economical, political, legal and regulatory, technological, and sociocultural forces that surround the costumer and affect the marketing mix
Marketing Concept
A philosophy that an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals
Market Orientation
An organization wide commitment to researching and responding to customer needs
Relationship Marketing
Establishing long-term, mutually satisfying buyer-seller relationships
Customer-centric marketing
Developing collaborative relationships with customers based on focusing on their individual needs and concerns
Customer relationship management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Value
A customer's subjective assessment of benefits relative to costs in determining the worth of a product
Marketing management
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
Green marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Strategic planning
the process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
Marketing strategy
a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
Marketing plan
a written document that specifies the activities to be performed to implement and control the organization's marketing activities
Core competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
Marketing opportunity
a combination of circumstances and timing that permits an organization to take action to reach a particular target market
Strategic window
temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
Competitive advantage
the result of a company matching a core competency to opportunities it has discovered in the marketplace
SWOT analysis
assessment of an organization's strengths, weaknesses, opportunities, and threats
Mission statement
A long-term view, or vision, of what the organization wants to become
Marketing objective
A statement of what is to be accomplished through marketing activities
Corporate strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals
Strategic business unit (SBU)
a division, product line, or other profit center within the parent company
Market
A group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products
Market share
the percentage of a market that actually buys a specific product from a particular company
Market growth/market share matrix
a helpful business tool, based on the philosophy that a product's market growth rate and its market share are important considerations in determining its marketing strategy
Sustainable competitive advantage
an advantage that the competition cannot copy
marketing planning
the systematic process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
marketing implementation
the process of putting marketing strategies into action
intended strategy
the strategy the organization decides on during the planning phase and wants to use
realized strategy
the strategy that actually takes place
external customers
individuals who patronize a business- the familiar definition of "customers"
internal customers
the company's employees
internal marketing
a management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers
total quality management (TQM)
a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers' perceptions of quality
benchmarking
comparing the quality of the company's goods, services, or processes with that of its best-performing competitors
empowerment
giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors
centralized organization
a structure in which top-level managers delegate little authority to lower levels
decentralized organization
a structure in which decision making authority is delegated as far down the chain of command as possible
marketing control process
establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance
performance standard
an expected level of performance against which actual performance can be compared
environmental scanning
the process of collecting information about forces in the marketing environment
environmental analysis
the process of assessing and interpreting the information gathered through environmental scanning
competition
other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographic area
brand competitors
firms that market products with similar features and benefits to the same customers at similar prices
product competitors
firms that compete in the same product class but market products with different features, benefits, and prices
generic competitors
firms that provide very different products that solve the same problem or satisfy the same basic customer need
total budget competitors
firms that compete for the limited financial resources of the same customers
monopoly
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
oligopoly
a competitive structure in which a few sellers control the supply of a large portion of a product
monopolistic competition
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
pure competition
a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
business cycle
a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
prosperity
a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)
recession
a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
depression
a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy
recovery
a stage of the business cycle in which the economy moves from recession or depression towards prosperity
buying power
resources, such as money, goods, and services, that can be traded in an exchange
income
for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
disposable income
after-tax income
discretionary income
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
wealth
the accumulation of past income, natural resources, and financial resources
willingness to spend
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
Federal Trade Commission (FTC)
an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
Better Business Bureau (BBB)
a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between cutovers and specific business firms
National Advertising Review Board (NARB)
a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
technology
the application of knowledge and tools to solve problems and perform tasks more efficiently
Sociocultural forces
the influences in a society and its culture(s) that change people's attitudes, belief, norms, customs, and lifestyles
consumerism
organized efforts by individuals, groups, and organizations to protect consumers' rights
social responsibility
an organization's obligation to maximize its positive impact and minimize its negative impact on society
marketing citizenship
the adoption of strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
marketing ethics
principals and standards that define acceptable marketing conduct as determined by various stakeholders
cause-related marketing
the practice of linking products to a particular social cause on an ongoing or short- term basis
strategic philanthropy
the synergistic use of organizational core competencies and resources to address key stakeholders' interest and achieve both organizational and social benefits
sustainability
the potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies
green marketing
a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
ethical issue
an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical
organizational (corporate) culture
a set of values, beliefs, goals, norms, and rituals that members of an organization share
codes of conduct
formalized rules and standards that describe what the company expects of its employees
marketing research
the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
research design
an overall plan for obtaining the information needed to address a research problem or issue
hypothesis
an informed guess or assumption about a certain problem or set of circumstances
exploratory research
research conducted to gather more information about a problem or to make a tentative hypothesis more specific
conclusive research
research designed to verify insights through objective procedures and to help marketers in making decisions
descriptive research
research conducted to clarify the characteristics of certain phenomena to solve a particular problem
experimental research
research that allows marketers to make casual inferences about relationships
reliability
a condition that exists when a research technique produces almost identical results in repeated trials
validity
a condition that exist when a research method measures what it is supposed to measure
primary data
data observed and recorded or collected directly from respondents
secondary data
data compiled both inside and outside the organization for some purpose other than the current investigation
population
all the elements, units, or individuals of interest to researchers for a specific study
sample
a limited number of units chosen to represent the characteristics of a total population
sampling
the process of selecting representative units from a total population
probability sampling
a type of sampling in which every element in the population being studied has a known chance of being selected for study
random sampling
a form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place
stratified sampling
a type of probability sampling in which the population is divided into groups with a common attribute and a random sample is chosen within each group
nonprobability sampling
a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
quota sampling
a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
mail survey
a research method in which respondents answer a questionnaire sent throughout the mail
telephone survey
a research method in which respondents' answer to a questionnaire are recorded by an interviewer on the phone
online survey
a research method in which respondents answer a questionnaire via e-mail or on a website
crowdsourcing
combines the words 'crowd' and 'outsourcing' and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call
personal interview survey
research method in which participants respond to survey questions face-to-face
in-home (door-to-door) interview
a personal interview that takes place in the respondent's home
focus-group interview
an interview that is often conducted informally, without a structured questionnaire, in small groups of 8 to 12 people, to observe interaction when members are exposed to an idea or concept
customer advisory boards
small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of its marketing strategy
telephone depth interview
an interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
shopping mall intercept interview
a research method that involves interviewing a percentage of individuals passing by "intercept" point in a mall
on-site computer interview
a variation of the shopping mall intercept interview in which respondents complete a self-administered questionnaire displayed on a computer monitor
statistical interpretation
analysis of what is typical and what deviates from the average
marketing information system (MIS)
a framework for managing and structuring information gathered regularly from sources inside and outside the organization
database
a collection of information arranged for easy access and retrieval
single-source data
information provided by a single marketing research firm
marketing decision support system (MDSS)
customized computer software that aides marketing managers in decision making