Marketing 310 Exam 1

Relationship Marketing
Establishing long term, mutually satisfying buyer-seller relationships
Customer Relationship Management(CRM)
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
Marketing plan
a written document that specifies the activities to be performed to implement and control an organizations marketing activities
core competencies
things a firm does extremely well, which sometimes give it an advantage over its competition
Market oppertunity
a combination of circumstances and timing that permits an organization to take action to reach a target market
Strategic Windows
temporary periods of optimal fit between the key requirements of a market and a firms capabilities
competitive advantage
the result of a company’s matching a core competency to opportunities in the marketplace
SWOT analysis
a tool that marketers use to assess an organizations strengths, weaknesses, opportunities, and threats
Strategic business unit (SBU)
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 products market growth rate and market share are important in determining marketing strategy
external customers
individuals who patronize a business
internal customers
a companys employees
internal marketing
coordinating internal exchanges between the firm and its employees to achieve a successful external exchanges between the firm and its customers
Total quality management (TQM)
a philosophy that uniform commitment to quality in all areas of the 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
environmental scanning
the process of collecting information about forces in the marketing environment
environmental analysis
the process of assessing and interpreting the information gathered through environmental scanning
competition
other firms that market products that are similar to or can be substituted for a firms products in the same geographic area
brand competitors
firms that market products with similar features and benefits to the same customers at similar prices
product competitors
firms that compete in the same product class but market products with different features, benefits, and prices
generic competitors
firms that provide very different products that solve the same problem or satisfy the same basic customer need
total budget competitors
firms that compete for the limited financial resources of the same customers
monopoly
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
oligopoly
a competitive structure in which a few sellers control the supply of a large proportion of a product
monopolistic competition
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
pure competition
a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
buying power
resources, such as money, goods, and services, that can be traded in an exchange
disposable income
after-tax income
discretionary income
disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
willingness to spend
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
business cycle
a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
Federal Trade Commision (FTC)
An agency that regulates a variety of business practices and curbs false advertising, misleading pricing , and deceptive packaging and labeling
online survey
a research method in which respondents answer a questionnaire vie email or on a website
social networking sites
used to gather useful information in understanding customer decisions
personal interview survey
a research method in which participants respond to survey questions face to face
in-home interview
a personal interview that takes place in the respondents home
focus group interview
a research method involving observation of group interaction when members are exposed to an idea or concept
customer advisory boards
small groups of actual customers who serve as sounding boards for new-product ideas and offer insights into their feelings and attitudes towards a firms products and other elements of marketing strategy
telephone depth interview
an interview that combines the traditional focus groups ability to probe with the confidentiality provided by telephone surveys
shopping-mall intercept interviews
a research method that involves interviewing a percentage of persons passing by “intercept” points in a mall
statistical interpretation
analysis of what is typical or what deviates from the average
marketing information system (MIS)
a framework for the management and structuring of information fathered regularly from sources inside and outside an organization
Marketing decision support system(MDSS)
Customized computer software that aids marketing managers in decision-making
Benefit segmentation
the division of a market according to benefits that customers want from the product
Executive judgement
sales forecasting based on the intuition of one or more executives
customer forecasting survey
a survey of customers regarding the types and quantities of products they intend to buy during a specific period
sales force forecasting survey
a survey of a firms sales force regarding anticipated sales in their territories for a specified period
expert forecasting survey
sales forecasts prepared by experts such as economists, management consultants, professors, and others outside the firm
Delphi technique
a procedure in which experts create inital forecasts and submit to the company for averaging and then refine the forecasts
time series analysis
a forecasting method that uses historical sales data to discover patterns in the firms sales over time and generally involves trend, cycle, season, and random factor analyses
trend analysis
an analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
cycle analysis
an analysis of sales figures for a period of 3 to 5 years to see if sales fluctuate in a consistent, periodic manner
seasonal analysis
an analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
random factor analysis
an analysis attempting to attribute erratic sales variation to random, nonrecurrent events
regression analysis
a method of predicting sales based on finding a relationship between past sales and one or more variables, such as population or income
market test
marking a product available to buyers in one or more test areas and measuring purchases and consumer responses