foundations of marketing chapters 1 and 2

marketing
the process of creating distributing promoting pricing goods services and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic enviroment
Marketing Mix
The blending of four marketing elements-product, distribution, price, and promotion
customers
the purchasers of organizations products that focal point of all marketing activites
target market
a specific group of customers on whom an organization focuses its marketing efforts
marketing mix
four marketing activites product pricing distribution and promotion that a firm can control to meet the needs of customers within its target market
product
a good service or an idea
exchanges
the provision or transfer of goods services or ideas in return for something of value
stakeholders
constituents who have a stake or claim in some aspect of a companys products operations markets industry and outcomes
marketing environment
the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
marketing concept
a mangagerial philosophy that an organization should try to satisfy customers needs through a coordinated set of activites that also allows the organization to achieve its goals
marketing orientation
an organizationwide commitment to researching and responding to customer needs
relationship marketing
establishing long-term, mutually satisfying buyer-seller relationships
customer relationship management
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
value
A customers subjective assessment of benefits relative to costs in determining the worth of a product
marketing management
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
strategic planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
marketing strategy
a plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market
marketing plan
A written document that specifies the activites to be performed to implement and control an organizations marketing activites
core competencies
Things a company does extremely well, which sometimes give it an advantage over its competition
marketing opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
strategic windows
Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market
competitive advantage
the result of a companys matching a core competency to opportunities in the marketplace
swot analysis
A tool that marketers use to assess an organzation’s strengths weaknesses opportunties and threats
mission statement
a longterm view of what the organization wants to become
marketing objective
a statement of what is to be accomplished through marketing activities
corporate strategy
a strategy that determines the means for using resources in the various functional areas to reach the organizations goals
strategic business unit
a division product line or other profit center within a parent company
market
a group of individuals and or organizations that have needs for products in a product class and have the ability willingness and authority to purchase those products
market share
the percentage of a market that actually buys a specific product from a particular company
market growth/ market share matrix
A strategic planning tool based on the philosophy that a product’s market growth rate and market share are important in determining marketing strategy
sustainable competitive advantage
an advantage that the competition cannot copy
marketing planning
the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program
marketing implementation
the process of putting marketing strategies into action
intended strategy
the strategy the company decides on during the planning phase
realized strategy
the strategy that actually takes place
external customers
individual who patronize a business
internal customers
a companys employees
internal marketing
coordinating internal exchanges between the firm and its employees to achieve successful external exchanges between the firm and its customers
total quality management
a philosophy that uniform commitment to quality in all areas of an organization will promote a culture that meets customers’ perceptions of quality
benchmarking
comparing the quality of the firms goods services or processes with that of the best performing competitors
empowerment
giving customer contact employees authority and responsibility to make marketing decisions on their own
centralized organization
a structure in which authority is concentrated at the top, and very little decision-making authority is delegated to lower levels
decentralized organization
a structure in which decision-making authority is delegated as far down the chain of command as possible
marketing control process
establishing performance standards and trying to match actual performance to those standards
performance standard
an expected level of performance