Marketing Concepts and Terms: A Comprehensive Glossary, Quizzes of Principles of Marketing

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TERM 1 Marketing DEFINITION 1 the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large TERM 2 Marketing as a Social Mechanism (Macro) DEFINITION 2 the social mechanism that fuels economic development and improved quality of life by connecting members of a society and sectors of an economy enabling specialization TERM 3 Marketing as a Business Function (Micro) DEFINITION 3 the set of activities for creating, communicating, delivering, exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large TERM 4 Marketing as a Personal Success Tool (Social) DEFINITION 4 the set of activities to establish and communicate ones self image and personal assets in order to form and sustain relationships and achieve personal goals TERM 5 Market DEFINITION 5 a collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need TERM 6 Marketplace DEFINITION 6 a location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services TERM 7 Market Creation DEFINITION 7 the co-production of identity (purpose or cause) and meaning (culture) in order to create a community. Once created or selected the organization establishes relationships (psychological connection) to better understand needs and wants and create value induced demand; and channels (physical connection) that allows those in the community with a demand to physically acquire organizations product or service TERM 8 Marketing Mix DEFINITION 8 the controllable factors that the marketing manager can use to solve a marketing problemthe 4 Pscreates trust, empathy, and rewards loyalty which creates relationships to retain customers on the retention continuum TERM 9 Marketing Concept DEFINITION 9 the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals TERM 10 Customer Value DEFINITION 10 the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and before-sale and after-sale service at a specific price TERM 21 Relational Transactions DEFINITION 21 a customer wants/needs your product and only your product TERM 22 Need DEFINITION 22 deprivation of some physical and/or psychological requirement for survival TERM 23 Want DEFINITION 23 expressed or desired learned form of behavior in order to satisfy a need TERM 24 Demand DEFINITION 24 having desire and ability to address a want to satisfy a need TERM 25 Customer Satisfaction DEFINITION 25 rating of usage experiencecan be measured with surveys or by the number of customer complaints an organization receives TERM 26 Customer Loyalty DEFINITION 26 purchase insistence and frequencyhow often and how consistently a customer purchases a particular brand TERM 27 Relationship DEFINITION 27 mutual interactive connection of lives or lifestyles part of the emotional connection/essence of marketing. Used to retain satisfaction and trust/empathy TERM 28 Customer Expectations DEFINITION 28 perceived-value customers seek from the purchase of a good or service TERM 29 Product Performance DEFINITION 29 how well the product works after purchase TERM 30 Company DEFINITION 30 the organization itself: senior management and its departments (research and development, human resources, information systems, marketing, finance, manufacturing) TERM 31 Stakeholders DEFINITION 31 owners in society not directly in the company. Stock shareholders or representatives of groups served by a nonprofit organization, suppliers TERM 32 Pure Competition DEFINITION 32 many sellers and they each have a similar product TERM 33 Monopolistic Competition DEFINITION 33 many sellers compete with substitutable products within a price range TERM 34 Oligopoly DEFINITION 34 occurs when a few companies control the majority of industry sales TERM 35 Pure Monopoly DEFINITION 35 when only one firm sells the product TERM 46 Stars DEFINITION 46 SBUs (strategic business units) with HIGH shares of HIGH- growth markets that may need extra cash to finance their own rapid future growthwhen their growth slows, they are likely to become cash cows TERM 47 Dogs DEFINITION 47 SBUs (strategic business units) with LOW shares of SLOW-growth markets. Although they may generate enough cash to sustain themselves, they do not hold the promise of ever becoming real winners for the organizationdropping these kinds of SBUs may be required, except when relationships with other SBUs, competitive considerations, or potential alliances exists TERM 48 Business Portfolio Analysis / BCG (Boston Consulting Group) Portfolio Analysis DEFINITION 48 a technique that managers use to quantify performance measures and growth targets to analyze their firms strategic business units (SBUs) as though they were a collection of separate investmentspurpose is todetermine the appeal of each SBU or offering and then determine the amount of cash each should receivedeveloped by a nationally known management consulting firm TERM 49 Diversification Analysis DEFINITION 49 a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products TERM 50 Market Development DEFINITION 50 market strategy to sell EXISTING products to NEW markets TERM 51 Penetration DEFINITION 51 marketing strategy to increase sales of EXISTING products in EXISTING marketsthere is no change in the product line or the markets servedincreased sales are generated by selling either more through better promotion or distribution or the same amount at a higher price to current customers TERM 52 Product Development DEFINITION 52 marketing strategy of selling NEW products to EXISTING markets TERM 53 Diversification DEFINITION 53 market strategy of developing NEW products and selling them in NEW marketshelps firms search for growth opportunitiesmost difficult to do TERM 54 Marketing Dashboard DEFINITION 54 the visual computer display of the essential information related to achieving a marketing objective TERM 55 Marketing Metric DEFINITION 55 a measure of the quantitative value or trend of a marketing activity or result TERM 56 Marketing Process DEFINITION 56 a three-phase process consisting of a planning phase, an implementation phase, and an evaluation phase TERM 57 Point of Difference DEFINITION 57 those characteristics of a product that make it superior to competitive substitutes TERM 58 S.W.O.T. Analysis DEFINITION 58 an analysis of an organizations strengths and weaknesses (gleaned from competitor analysis) and its opportunities, and threats (gleaned from environmental scan) to determine how well the companys skills and resources match the predicted market environment. provides information on the organization itself, placing its strengths, weaknesses, goals, and strategic direction in the context of the environment and competitive conditions to identify opportunities and threats TERM 59 Situation Analysis DEFINITION 59 taking stock of where a firm or product has been recently, where it is now, and where it is headed in terms of the organizations marketing plans, the external forces, and trendsconsists of two separate analyses: environmental scan and competitor analysis TERM 60 Marketing Strategy DEFINITION 60 the means by which a marketing goal is to be achievedlong- termbroad perspectivedirectional TERM 71 Internal Data DEFINITION 71 information created by the operation of an organization that includes sales, purchase orders, and transactions in inventorysecondary data TERM 72 External Data DEFINITION 72 data being created by an independent study or database TERM 73 Secondary Data DEFINITION 73 the data collected in the past or by other partiespublished data TERM 74 Primary Data DEFINITION 74 data observed or collected directly from first-hand experience TERM 75 Marketing Environment DEFINITION 75 all factors that affect a business TERM 76 Environmental Scanning DEFINITION 76 collecting and analyzing information about the marketing environment in order to detect important changes or trends that can affect companys strategy the process of acquiring information on events outside the organization to identify and interpret potential trends TERM 77 Substitutes DEFINITION 77 an alternative to a product TERM 78 Competition DEFINITION 78 alternative firms that could provide a product to satisfy a specific markets needs TERM 79 Marketspace DEFINITION 79 an information- and communication-based electronic exchange environment occupied by digitized offerings TERM 80 Green Marketing DEFINITION 80 marketing efforts to produce, promote, and reclaim environmentally sensitive products TERM 81 Cause Marketing DEFINITION 81 tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products TERM 82 Disposable Income DEFINITION 82 the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportationif taxes rise or fall faster than income, consumers are likely to have more or less TERM 83 Discretionary Income DEFINITION 83 the money that remains after paying taxes and necessitiesused for luxury items TERM 84 (Baby) Boomers DEFINITION 84 generation of consumers born from 1946 to 1964 TERM 85 Generation X DEFINITION 85 generation of consumers born from 1965 to 1976self-reliant, supportive of racial and ethnic diversity, and better educated than previous generations TERM 96 Marketing Program DEFINITION 96 a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers TERM 97 Marketing Orientation DEFINITION 97 focusing organized efforts to collect and use information about customers needs to create customer value TERM 98 Societal Marketing Concept DEFINITION 98 the view that organizations should satisfy the needs of consumers in a way that also provides for societys well-being TERM 99 Ultimate Consumer DEFINITION 99 the people who use the product and services purchased for a household TERM 100 Organizational Buyers DEFINITION 100 manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale TERM 101 Utility DEFINITION 101 the benefits or customer value received by users of the productresult of the marketing exchange process and the way society benefits from marketing TERM 102 Form Utility DEFINITION 102 the production of the product or service TERM 103 Place Utility DEFINITION 103 having an offering available where consumers need it TERM 104 Time Utility DEFINITION 104 having an offering available when consumers need it TERM 105 Possession Utility DEFINITION 105 the value of making an item easy to purchase through the provision of credit cards or financial arrangements TERM 106 Profit DEFINITION 106 the reward to a business firm for the risk it undertakes in marketing its offerings TERM 107 Business DEFINITION 107 the underlying industry or market sector of an organizations offering TERM 108 Goals / Objectives DEFINITION 108 targets of performance to be achieved, often by a specific time TERM 109 Market Share DEFINITION 109 ratio of a firms sales to the total sales of all firms in the industry TERM 110 Marketing Plan DEFINITION 110 a written document for business unit/profit center, providing guidelines for achieving strategic position and efficiency in marketing programs to achieve competitive advantages and long-term performance goals a road map for the marketing activities of an organization for a specified future time period