Term
| The Marketing Management Framework |
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Definition
| Customer 4 Ps, Marketing mix/ controllable variables--> external/uncontrollable variables--> global environment |
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Term
| What are key marketing strategies? |
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Definition
| differentiation(product/service) and segmentation (target market) |
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Term
| positioning is a subset of what? |
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Definition
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Term
| marketing is a process that involves what? |
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Definition
| planning, implementing, directing, and controlling activities. |
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Term
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Definition
| satisfying customers at a profit. important to take all stakeholders into consideration. |
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Term
| what is the primary role of marketing? |
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Definition
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Term
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Definition
| the ratio of benefits to cost |
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Term
| what does marketing facilitate? |
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Definition
| exchange between buyers and sellers |
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Term
| who delivers value in the exchange process? |
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Definition
| intermediearies/ collaborators |
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Term
| what is the value proposition? |
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Definition
| the benefits bundle a customer receieves from purchasing a good/service |
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Term
| how does marketers deliver value? |
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Definition
| through a superior, sustainable, competitive advantage. the difference has to be relevant to the customer. |
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Term
| what is the promimse to the customer? |
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Definition
| the value proposition/benefit (aka branding) |
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Term
| marketing transactions create what?through what 4 characteristics? |
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Definition
utility (usefulness):
form, place, time, possession |
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Term
the evolution of marketing.
name the 4 eras in order. |
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Definition
production era- homogenous market perception
sales era- emphasis on selling
marketing/relationship era (consumer orientation)
TQM- continuous product qualit improvement
CRM- systematically track customer's preferences/behaviors over time; customer retention key. |
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Term
| what is at the forefront of manufacturing and marketing today? |
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Definition
| sustainability and environmental stewardship.. (3 Rs: reduce, reuse, recycle) |
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Term
Types of Marketing
name the 5 types |
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Definition
Consumer B2c
B2B
C2C
not-for-profit
idea/place/people |
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Term
Chapter 2 Begins
strategic planning involves matching company resources with market opportunities. These opportunities are called : |
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Definition
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Term
| strategic plans are are short term or long term? |
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Definition
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Term
| components of the plan include: |
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Definition
a mission statement
defining the business you're in/ the business you should be in
a swot analysis
identification of customers served
capabilities and resources
business portfolio
SBUs
BCG matrix
Grows Strategies
Market Penetration
Market development
product development
diversification |
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Term
| what is a mission statement |
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Definition
| a broad definition of corporate goals |
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Term
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Definition
strengths and weaknesses (internal
opportunities and threats (external) |
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Term
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Definition
| profit centers that compete for company resources linked to organizational structure |
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Term
| what is market penetration? |
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Definition
| existing products, existing markets |
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Term
| what is market development? |
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Definition
| existing products, new markets |
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Term
| what is product development? |
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Definition
| new products, existing markets |
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Term
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Definition
| new products, new markets |
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Term
| what are important considerations? |
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Definition
| corporate culture and code of ethics |
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Term
| what is a marketing plan? |
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Definition
| a written statement of marketing strategy and the action steps and time-related details necessary to carry out the plan (not set in stone). |
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Term
| what are the elemtns of a marketing plan? |
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Definition
an executive summary
a situation analysis
marketing objectives/goals (what is to be accomplished)
marketing strategies and tactics
implementation plan
control metrics
exhibits |
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Term
| what are marketing objectives? |
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Definition
| objectives need to be specific, measurable, attainable and time-related. they should also be sustainable and stated in numerical terms. |
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Term
| what are control metrics? |
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Definition
| measure success of proposed actions important to establish benchmarks and measure performance against goals |
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Term
| ch 3: who said the world is flat? |
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Definition
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Term
| what does friedman suggest? |
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Definition
| posits that technology has created a level playing field; national borders not as prevalent |
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Term
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Definition
| differences in resources, customs, culture, laws, customer preferences.etc. |
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Term
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Definition
flow of goods and services among nations; currency exchange rates, domestic/competitive v. comparative advantage
international,regional and country regulations- GATT |
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Term
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Definition
| World TRade Organization- represents 153 nations that account for over 97% of world trade; protectionism/import quotas, tariffs |
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Term
the marketing environment
define economic environment |
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Definition
| important concepts/considerations include GDP, GNP, per-capita income, government, developed/developing/least developed countries, global economic stability/instability, political environment, technological advancements, supply and demand, standard of living, purchasing power/discretionary income and exchange rate |
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Term
| define competitive environment |
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Definition
| important considerations include the competitive structure of an industry, types of competition (perfect v imperfect/ substitutes and barriers to entry |
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Term
| define technological environment |
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Definition
| represents the investment in a nation's future various technologies have spawned and impacted numerous inudstries including medical, manunfacturing, distribution, education |
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Term
| political/legal environment |
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Definition
| local, state, national, and global laws impact businesses; U.S. laws differ from other nations |
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Term
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Definition
| includes characteristics of a society such as culture, values, beliefs, customs, demographics, social norms, and idiosyncracies/ innuendos; ethical issues emerge because business is conducted differently across borders |
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Term
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Definition
| encompasses green marketing, sustainability and the 3 Rs |
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Term
|
Definition
| important considerations include cultural differences (individualism v collectivism, standardization v localization, degree of involvement, exporting contractual agreements |
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Term
marketing research ch 4
define marketing research |
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Definition
| systematic and objective process of generating information to aid in making marketing decisions |
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Term
| Marketing information system (MIS) |
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Definition
| included 3 components: data, hardware/software, information derived from reports |
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Term
| marketing decision support system (MDSS) |
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Definition
| analysis and interactive software that facilitates data mining |
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Term
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Definition
| analysts sift through data to uncover patterns |
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Term
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Definition
reduce uncertainty in decision making
gather information/ systematic inquiry
to be proactive/uncover opportunities
essential to repeatedly strive for quality and customer satisfaction
necessary for retaining existing customer base
need to continually monitor external environment |
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Term
| steps in the marketing research process |
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Definition
1. define the problem
2. create the research design
3. choose the research method
4. design the sample
5. collect the data
6. analyze/interpret the data
7. generate a research report |
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Term
| profound impact of the internet on marketing research. how much does it comprise of? |
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Definition
| comprises about 50% of all market research revenue in the U.S. |
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Term
| what are the 7 impacts of the internet on marketing research? |
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Definition
1. speed (gathering intelligence, responding to customer needs and market shifts/ opportunities)
2. Facilitates follow-up studies and longitudinal research
3. substaintially reduced costs
4. collect and anaylze data simultaneously
5. instantaneous access to libraries/archives/various printed materials
6. ability to solicit and respond to RFPs quickly
7. ability to use online conferencing to discuss status of ongoing MR projects, anaylzze statistics, etc
8. ability to deliver oral presentations in a virtual environment
9. target previously hard-to-reach demographics
10. personalization
11. higher response rates. |
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Term
ch 5 consumer behavior
what is consumer behavior/ |
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Definition
| the process of selecting, buying, using and disposing of goods, ideas, and or experiences to satisfy needs, wants, and desires. goald is to understand why people buy what they do. |
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Term
| what are consumers influenced by? |
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Definition
| internal and situational and social factors |
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Term
| what are characteristics of internal factors? |
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Definition
| psychological, motivational, personality traits |
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Term
| what are characteristics of situational factors? |
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Definition
| purchase situation, physical surroundings, poverty of time |
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Term
| what are charcateristics of social factors? |
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Definition
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Term
| situational and social factors are what influences? |
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Definition
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Term
| what is the consumer decision making process? |
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Definition
| problem recognition--> information search --> evaluation of alternatives --> product choice --> postpurchase evaluation |
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Term
| what is important to reduce in the postpurchase evaluation of the consumer decision making process? |
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Definition
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Term
extended v. habitual problem solving
what are the important criteria? |
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Definition
| level of involvement, perceived risk, information processsing, learning model, needed marketing actions |
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Term
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Definition
| (mental rules of thumb) guide the consumer decision process. brand loyalty and country-of-origin are two key heuristics |
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Term
internal influences
what are the internal influences? |
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Definition
| Perception, exposure, attention, motivation, learning, attidues, personality |
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Term
|
Definition
| gathering and interpretating of information, sensory receptors |
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Term
| what are the sub-sections of perception? |
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Definition
| Exposure, attention, interpretation |
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Term
|
Definition
| ability of sensory receptors to register stimuli |
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Term
|
Definition
| use of stimuli/cues to facilitate mental processing |
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Term
|
Definition
| prior associations, experience, and assumptions influence decision process |
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Term
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Definition
| driving force which propels a person to act, maslow's hierarchy |
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Term
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Definition
| result of past experience; intentional and non-intentional |
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Term
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Definition
| point of view about a person, object, or issue; tend to be enduring |
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Term
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Definition
| traits, self-concept, values, lifestyle, age, pyschographics |
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Term
|
Definition
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Term
|
Definition
| surroundings influence moods/behaviors through experiences and contribute to brand image |
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Term
|
Definition
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Term
| social influences consists of |
|
Definition
culture: rituals, values, subcultures
family
consumerism, environmentalism
social class |
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