Definitions MKTG 2101 - 005
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MKTG 2101 - 005
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Popular in Marketing
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This 9 page Study Guide was uploaded by Roberto Pelucarte on Saturday September 19, 2015. The Study Guide belongs to MKTG 2101 - 005 at Temple University taught by Craig Atwater (P) in Fall 2015. Since its upload, it has received 262 views. For similar materials see MARKETING MANAGEMENT in Marketing at Temple University.
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Date Created: 09/19/15
Marketing 2101 Exam 1 De nition Chapter 1 Consumer The ultimate user good or service Marketing The activity set of institutions and processes for creating communicating delivering and exchanging offering that have value to customers clients partners and society at large Marketing Mix A combination of the product itself the price of the product the promotional activities that introduce it and the place where it is made available that together create a desired response among a set of prede ned consumers Four Ps Product Price Promotion and Place Product A tangible good service idea or some combination of these that satisfy consumer of business customer needs through the exchange process a bundle of attribution including features functions bene ts and uses Promotion The coordination of a marketers communication efforts to in uence attitudes or behavior Place The availability of the products to the customer at the desired time and loca on Price The assignment of value or the consumer must exchange to receive the offering Exchange The process by which some transfer of value occurs between a buyer and a seller Businesstobusiness marketing The marketing if goods or organizations buy for further processing or for their own when they do business eCommerce The buying or selling of goods and services electronically usually over the internet Marketing concept A management orientation that focuses on identify and satisfy consumer needs to ensure the organizations longterm pro tability Need The recognition of any difference between a consumers actual state and some ideal or desired state Want The desire to satisfy needs in speci c ways that are culturally and socially in uenced Bene t The outcome sought by a customer that motivates buying that satis es need or want Demand Customer desires for products coupled with the resources needed to obtain them Market All the customer and potential customers who share a common need that can be satisfy by a speci c product who are willing to make the exchange and who have the authority to make the exchange Marketplace Any location or medium used to conduct an exchange Market offerings Some combination of product service experience and information Utility The usefulness or bene t that consumers receive from a product Stakeholders Buyers sellers or investors in a company community residents and even citizens od te nation where goods and services are made or soldin others words any person or organization that has a quotstakequot in the outcome Production orientation A management philosophy that emphasizes the most ef cient ways to produce and distribute products Selling orientation A management view of marketing as a sales function or a way to move products out of warehouses to reduce inventory Societal marketing concept A management philosophy that marketers must satisfy customers needs in ways that also bene t society and also deliver pro t to the rm Sustainability A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generation to meet their needs Value proposition A marketplace offering that fairly and accurately sums up the value that will be realized if the good or services is purchases Lifetime value of the customer The potential pro t a single customers purchase of a rm products generates over the customer lifetime Metrics Measurements or quotscorecardsquot that marketers use to identify the effectiveness of different strategies Market segment A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customer in the larger market Target market The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts Chapter 3 Business planning An ongoing process of making decision that guides the rm both in the term and in the long term Business plan A plan that includes the decision that guide the entire organization Marketing plan A document that describes the marketing environment outlines the marketing objectives and strategy and identi es who will be responsible for carrying out each part of the marketing strategy Strategy Basic longterm goals and objectives Strategic planning Strategic t Matching resources and capacity to ger the goal Strategic business units SBUs Individual units within the rm that operate like separate businesses with each having its own mission business objectives resources managers and competitors Mission statement A formal statement in an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customer products and resources Situational analysis An assessment of a rms internal and external environments Internal environment The controllable elements inside an organization including its people its facilities and how it39s does thing that in uence the operations of the organization External environment The uncontrollable elements outside an organization that may affect its performance either positively or negatively SWOT analysis An analysis of an organization strengths and weaknesses and the opportunities and threats in its external environment Business portfolio The group of different products or brands owned by an organization and characterized by different income generating and growth capacities Portfolio analysis A management tool for evaluating a rms business mix and assessing the potential of an organizations strategic business units BCG growthmarket share matrix A portfolio analysis model developed by the Boston Consulting Group that assesses the potential of successful products to generate cash that a rm can then use to invest ir new products Stars With a products that have dominant markets share in a high growth markets Cash cows With a dominant market share in a low growth potential market Question marks With low market shares in fast growth markets Dogs With a small share of a slow growth markets They are businesses that offer specialized products in limited markets that are not likely to growth quickly Market penetration strategies Growth strategies designed to increase sales of existing products to current customers nonusers and users of competitive brands in server markets Market development strategies Introduce existing products to new markets Product development strategies Create growth by selling new products in existing markets Diversi cation strategies Emphasize both new products and new markets to archive growth Chapter 4 Marketing Information System MIS A process that determine what information marketing managers need and then gathers sorts analyzes stores and distribute relevant and timely marketing information to system users Market intelligence system A method by which marketers get information about everyday happening in the marketing environment Market research The process of collecting analyzing and interpreting data about customers competitors and the business environment in order to improve marketing effectiveness Data Raw unorganized that need to be processed Information Interpreted data Customer insights The collection deployment and interpretation of information that allows a business to acquire develop and retain their customer Research design A plan that specifies what information marketers will collect and what type of study they will do Secondary data Data that have been collected for some purpose other than problem at hand Primary data Data from research conducted to help make a speci c decision Exploratory research A technique that marketing use to generate insight for future more rigorous studies Interview Guided one on one discussion with a trained interviewer Focus group A productoriented discussion among a small group of consumers led by a trained moderator Ethnography An approach to research based on observations of people in their own homes or communities Descriptive research A tool that probes more systematically into the problem and bases its conclusion on large numbers of observations Causal research A technique that attempts to understands causeandeffect relationships Experiments A technique that tests predicted relationship among variables in a controlled environment Neuromarketing A type of brain research that uses technologies such as function magnetic resonance imaging fMRI to measure brain activity to better understand why consumers make the decisions they do Validity The extent to which research actually measures what it was intended to measure Reliability The extent to which research measurement techniques are free of errors Representativeness The extent to which consumers in a study are similar to a large group in which the organization has in interest Sampling The process of selecting respondents for a study Probability sample A sample in which each member of the population has some know chance of being included Nonprobability sample A sample in which personal judgment is used to select respondents Convenience sample A nonprobability sample composed of individuals who just happen to be available when and where the data are being collectedO Chapter 5 Customer Relationship Management CRM A systematic tracking of consumers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual unique wants and needs Onetoone marketing Facilitated by CRM onetoone marketing allows for customization of some aspect of the goods or services that are offered to each customer Touchpoint Any point of direct interface between customers and a company online by phone or in a person Share of customer The percentage of an individual customers purchases of a product that is a single brand Customer equity The nancial value of a customer throughout the lifetime of the relationship Big data A popular term to describe the exponential growth of databoth structured and unstructuredin massive amount that are hard or impossible to process using traditional databases techniques Internet of Things Describe a system which everyday objects are connected to the internet and in turn are able to communicate information throughout an interconnected system Scanner data Data derived from items that are scanned at the cash register when you check out with your loyalty card Data mining Sophisticated analysis techniques to take advantages of the massive amount of transaction information now available Reality mining The collection and analysis of machinesensed environmental data pertaining to human social behavior with goal identifying predictable patterns of behavior Marketing analytics A group of technologies and processes that enable marketers to collect measure analyze and asses the effectiveness of marketing efforts Predictive analytics Uses large quantities of data within variables that have identi ed relationships to more accurately predict speci c future outcomes Marketing metrics Speci c measures that help marketers watch the performance of their marketing campaigns initiatives and channels and when appropriate serve as a control mechanism Chapter 6 Consumer behavior The process involved when individuals or group select purchase use and dispose if goods services ideas or experiences to satisfy their needs and desires Involvement The relative importance of perceived consequences of the purchase to a consumer Problem recognition The process that occurs whenever the consumer sees a signi cant different between his current state of affairs and some desired or ideal state this recognition initiates the decisionmaking process Information search The process whereby a consumer searches for appropriate information to make a reasonable decision Evaluation criteria The dimensions consumers use to compare competing product altenatives Heuristics A mental rule of thumb that leads a speedy decision by simplifying the process Brand loyalty A pattern of repeat product purchases accompanied by an underlying positive attitude toward the brand based on the belief that the brand makes products superior to those its competition Consumer satisfaction dissatisfaction The overall feelings or attitude a person has about a product after purchasing it Cognitive dissonance The anxiety or regret a consumer may feel after choosing from among several similar attractive choices Perception The process by which people select organize and interpret information from the outside world Exposure The extent to which a stimulus is capable of being registered persons sensory receptiors Attention The extent to which a person devotes mental processing to a particular stimulus Interpretation The process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it Motivation An internal state that drives us to satisfy needs by activating goal oriented behavior Learning A relatively permanent change behavior caused by acquired information expe ence Attitude A learned predisposition to respond favorably or unfavorably to stimuli on the basis if relatively enduring evaluation of people objects and issues Cognition The knowing component of attitudes refers to the beliefs or knowledge a person has about a product and its important characteristics Behavior The doing component of attitudes involves a consumers intention to do something such as the intention to purchase or use a certain product Personality The set of unique psychological characteristics that consistently in uences the way a person responds to situation in the environment Family life cycle A means of characterizing consumers within a family structure on the basics of different stages through which people pass as they grow older Lifestyle The pattern of living that determines how people choose to spend their time money and energy and that re ects their values tastes and preferences Psychographics The use of psychological sociological and anthropological factors to construct market segments Culture The values beliefs customs and tastes a group of people values Subculture A group within a society whose members share a distinctive set of beliefs characteristics or common experiences Reference group An actual imaginary individual or group that has signi cant effect on an individuals evaluations aspirations or behavior Opinion leader A person who is frequently able to in uence others attitudes or behaviors by virtue of his or her active interest and expertise inone or more product categories Gender roles Society39s expectation regarding the appropriate attitudes behaviors and appearance for men and women Businesstobusiness BZB markets The group of customers that include manufactures wholesale Organizational markets Another name for businessto business Derived demand Demand for business or organizational products caused u demand for Inelastic demand Demand which change in price have little or no effective on the amount Producers The individual or organization that purchase products for use in the production of other goods and services Resellers The individuals or organizations that buy nished goods for the purpose of reselling renting or leasing to others to make a pro t and to maintain their business operations Government markets The federal state county and local government that buy goods and services to carry our public objective and support their operations Straight rebuy A buying situation in which business buyers make routine purchases that require minimal decision making Modi ed rebuy A buying situation classi cation used by business buyers to categorize a previously made purchase that involves some change and that requires limited decision making Newtask buy A new businessto business purchase that is complex or risky and that requires extensive decision making Buying center The group of people in an organization who participate in a purchasing decision Product speci cations A written description of the quality size weight and other details required of a product purchase Outsourcing The Business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied inhouse Offshoring A process by which companies contract with companies or individuals in remote places ike China or India to perform work they used to do at home Crowdsourcing A practice where rms outsource marketing activities such as selecting an ad to a community of users Businesstobusiness BZB ecommerce Online exchange between companies and individual consumers
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