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Needs | States of felt deprivation |
What is marketing? | The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return |
Wants | The form human needs take as shaped by culture and individual personality |
Demands | Human wants that are back buy buying power |
Market offering | products, services, information, or experiences offered to a market to satisfy a need or want |
Marketing myopia | Mistake of paying more attention to product then benefits and experience |
marketing management | Art and science of choosing target markets and building profitable relationships with them. |
Production Concept | The idea that consumers will favor products that are available and highly affordable and there for organizations should focus on improving production and distribution efficiency |
Product Concept | The idea that consumers will favor products that offer most quality, performance, and features there for organizations should focus on improving product improvements |
Selling concept | The idea that consumers will not buy enough of the firms products unless it undertakes a large-scale selling and promotion effort |
Marketing concept | Management philosophy according to which a firm's goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants. |
Societal Marketing concept | The idea that a company's marketing decisions should consider consumers wants, the company's requirements, consumers' long run interests, society long-run interests |
Customer-perceived value | Customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers |
Customer satisfaction | The extent to which a products perceived performance matches a buyers expectation |
Consumer-generated marketing | Marketing messages, ads, and other brand exchanges created by consumers themselves-both invited and uninvited |
Partner relationship management | working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
Share of customer | The portion of the customer's purchasing that a company gets in its product categories |
Customer Equity | The total Combined customer lifetime values of all of the company's customers. |
Value Chain | The series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products |
Value delivery network | Mage up of the companies suppliers, distributors, and ultimately, customers who "partner" with each other to improve the performance of the entire system. |
Market segmentation | Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs |
Market segment | group of consumers who respond in a similar way to a given set of marketing efforts |
Market targeting | The process of evaluating each market segments attractiveness and selecting one or more segments to enter |
Marketing Mix | The set of controllable tactical marketing tools-products, price, place, and promotion-that the firm blends to produce the response it wants in the target market. |
Four Ps | Product, Price, Promotion, Place |
Product | Variety, Quality, design, features, brand name, Packaging, Services |
Price | List price, Discount,allowance, payment periods, credit terms |
Promotion | Advertising,personal selling, sales promotion, PR |
Place | Channels, Coverage, Assortments, locations, Inventory, transportation, logistics |
Marketing Control | The process of measuring and evaluating the results of marketing strategies and plans and taking corrective actions to ensure that objectives are achieved |
Marketing environment | the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers |
Public | Any group that has an actual or potential interest in or impact on an organization's ability to achieve it objectives. |
Demography | study of human populations in terms of size, density, location, age, gender, race, occupation, and other stats |
Microenvironment | The actors close to the company that affect its ability to serve its customers-the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
Macroenvironment | Demographic, economic, natural, technological, political, and culture forces. |
Public | Any group that has an actual or potential interest in or impact on an organization's ability to achieve it objectives. |
Demography | study of human populations in terms of size, density, location, age, gender, race, occupation, and other stats |
Baby boomers | 78 million Following WW2 and until 1964 |
Generation X | 45 million born between 1965-1976 " birth dearth " |
Generation Y (millennials) | 83 million children of babyboomers 1977-2000 |
Engel's Law | Diffences noted on how people shift spending across food, housing, transportation, health care and other goods, |
Marketing Information System | People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. |
Consumer buyer behavior | the buying behavior of the final consumers |
Consumer Market | all the individuals and households who buy or acquire goods and services for personal consumption |
Culture | The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other institutions |
Subculture | A group of people with shared value systems based on common life experiences and situations |
Social Class | Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors. |
Group | 2 or more people who interact to accomplish individuals or mutual goals |
Stages of Adoption Process | Awareness,Interest, Evaluation, Trial, Adoption |
Sustainable Marketing | Marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. |
Consumerism | An organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers. |
Environmentalism | An organized movement or concerned citizens and government agencies to protect and improve peoples current and future living environment. |
Environmental Sustainability | A management approach that involves developing strategies that both sustain the environment and produce profits for the company |
Consumer-Oriented MArketing | The philosophy of sustainable marketing that holds that the company should view and organize it marketing activities from the consumers point of view |
Customer-Value marketing | A principle of sustainable marketing that holds that a company should put most of its resources into customer-value-building marketing investments |
Innovative marketing | A principle of sustainable marketing that requires that a company seeks real product and marketing impovements. |
Sense-of-Mission marketing | A principle of sustainable marketing that holds that a company should define its mission in broad social terms rather than narrow products term. |
Societal Marketing | A principle of sustainable marketing that holds that a company should make marketing decisions by considering consumer wasnts, the companys requirements, consumers' long-run interests, and society's long run interest. |
Deficient Products | Products that have neither immediate appeal nor long-run benefits |
Pleasing Products | Products that give high immediate satisfaction but may hurt consumers in the long-run |
Salutary Products | Products that have low appeal but may benefit consumers in the long-run |
Desirable Products | Products that give both high immediate satisfaction and high long-run benefits |
Attitude | A person's consistently favorable or unfavorable evaluations, feelings, and tendencies towards and object or idea |
Life-cycle stage segments | Youth-Younger than 18, Getting Started 18-35, Builders 35-50, Accumulators 50-60, Preservers 60+ |
Lifestyle | A person's pattern of living as expressed in his or her activities, interests, and opinions |
Which pricing strategy is both unethical and illegal?
What Is Predatory Pricing? Predatory pricing is the illegal act of setting prices low to attempt to eliminate the competition. Predatory pricing violates antitrust laws, as it makes markets more vulnerable to a monopoly.
How many commandments did the Jews eventually write to supposedly govern their moral behaviors?
Centuries of debate among scholars concluded in most circles that the rabbis found 613 commandments in the Torah. This is the number that most Jews agree on today.
Should marketers tell the truth?
The Importance of Truth in Advertising
You want potential customers to know exactly what you're offering. If they show up and it turns out you promised more than you can deliver, they're going to leave, and it's going to hurt your reputation.
When engaging in market segmentation What is the primary goal of marketers?
Market segmentation can help you to target just the people most likely to become satisfied customers of your company or enthusiastic consumers of your content. To segment a market, you split it up into groups that have similar characteristics. You can base a segment on one or more qualities.