dlarewMarketingTest1Review.txt

Review

the activity of creating and delivering offerings that benefit the org., its stakeholders, and society

the trade of things of value between a buyer and seller so that each is better off

• research and development
• human resources
• information systems
• manufacturing
• finance
• marketing

• Competitive
• Regulatory
• Economic
• Social
• Technological

• 1. two or more parties with unsatisfied needs
• 2. desire and ability to satisfy these needs
• 3. a way for the parties to communicate
• 4. something to exchange

identifying the needs and wants of prospective customers and satisfying them

people with both the desire and ability to buy a specific offering

• because an organization can't satisfy the needs of all consumers
• one or more specific groups of potential consumers toward which an organization directs its marketing program

• product- a good, service, or idea to satisfy the consumer's needs
• price- what is exchanged for the product
• promotion- a means of communication between the seller and buyer
• place- a means of getting the product to the consumer

a cluster of benefits that an organization promises customers to satisfy their needs

buyers benefits, including quality, convenience, on time delivery, and before and after sale service at a specific price

• best price
• best product
• best service

linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long term benefit

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

the idea that an organization should 1. strive to satisfy the needs of consumers while also 2. trying to achieve the org. goals

focusing org. efforts to collect and use information about customers needs to create customer value

the view that organizations should satisfy the needs of consumers in a way that also provides for societys well being

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value

the people who use the products and services purchased for a household

manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale

the benefits or customer value received by users of the product

form, place, time, possession

Review

the reward to a business firm for the risk it undertakes in marketing its offerings

an org. long term course of actoin that delivers a unique customer experience while achieving its goals

• board of directors
• corporate level
• strategic business unit level
• funcional level- information systems, finance, research and development, marketing, manufacturing, human resources

the fundamental, passionate, and enduring principles that guide an org.

a statement or vision of an org. function in society

the set of values, ideas, attitudes, and behavioral norms that is learned and shared among the members of an org.

the underlying industry or market sector of an org. offering

targets of performance to be achieved, often by a specific time

ratio of a firms sales to the total sales of all firms in the industry

the visual computer display of essential martketing information

a measure of the value or trend of a marketing activity or result

a road map for the marketing activities of an org. for a specified future time period

a technique that managers use to quantify performance measures and growth targets of their firms strategic business units

SBU's (strategic business units) that generate large amounts of cash, more than they can use. dominant shares of slow growth markets

SBU's with a high share of high growth markets that may need extra cash. when growth slows, become cash cows

SBU's with low share of high growth markets. require large injections of cash to maintain market share

SBU's with low shares of slow growth markets

a technique(4) a firm uses to search for growth opportunities from among current and new products and markets

• market penetration- increase sales of current products in current markets
• market development- sell current products to new markets
• product development- selling new products to current markets
• diversification- developing new products and selling them in new markets

an approach whereby an organization allocates its marketing mix resources to reach its target market

taking stock of where a firm or product has been recently, where it is now, and where it is headed

an org. appraisal of its internal strengths and weaknesses and its external opportunities and threats

the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action

those characteristics of a product that make it superior to competitive substitutes

• 1. SWOT analysis
• 2. market product focus and goal setting
• 3. marketing program

the means by which a marketing goal is to be achieved

detailed day-to-day operational decisions essential to the overall sucess of marketing strategies

• 1. obtaining resources
• 2. designing the marketing organization
• 3. defining precise tasks, responsibilities, and deadlines
• 4. executing the marketing program

• 1. comparing results with plans to identify deviations
• 2. acting on deviations

Review

the process of acquiring information on events outside the org. to identify and interpret potential trends

the demographic characteristics and the culture of the population

description of a population according to characteristics such as age, gender, ethnicity, income, and occupation

the generation of children born between 1946-1964

members of the US population born between 1965-1976

the 72 million americans born between 1977-1994

marketing programs that reflect unique aspects of different races

the set of values, ideas, and attitudes that is learned and shared among the members of a group

pertains to the income and resources that affect the cost of running a business or household

total amount of money made in one year by a person

the money a consumer has left after paying taxes to use for necessitiies such as food, housing, clothing, and transportation

the money that remains after paying for taxes and necessities

inventions from applied science or engineering research

an information and communication based electronic exchange environment occupied by digitized offerings

alternative firms that could provide a product to satisfy a specific markets needs

• pure competition- many sellers and similar product
• monopolistic competition- many sellers compete with substitutable products
• oligopoly- few companies control the majority of industry sales
• pure monopoly- occurs when only one firm sells the product
• small businesses

restrictions that state and federal laws place on business

a movement started to increase the influence, power, and rights of consumers in dealing with institutions

an alternative to government control, whereby an industry attempts to police itself

• issues cease and desist orders
• order corrective advertising

the moral principles and values that govern the actions and decisions of an individual or a group

codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard

a formal statement of ethical principles and rules of conduct

a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome

a personal moral philosophy that focuses on the "greatest good for the greatest number"

the idea that org. are part of a larger society and are accountable to that society for their actions

marketing efforts to produce, promote, and reclaim environmentally sensitive products

tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products

involves conducting business in a way that protects the natural environment while making economic progress