Marketing Chapter 1,2,3

Marketing
process by which companies create value for sutomers and build strong customer relationships in order to capture value from customers in return
Market Offerings
combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing Myopia
mistake of paying more attention to the specific products a company offers than to benefit and experience produced by these products
Market
the set of all actual and potential buyers of a product or service
Marketing Management
the art and science of choosing target markets and building profitable relationships with them
Production Concept
the idea that customers will favor products that are available and that the organization should therefore focus on improving production and distribution efficiency
Product Concept
the idea that consumers will favor products that offer the most in quality, performance, and innovative features and that the organization should therefore devote its energy to making continuous product improvements
Selling Concept
the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort
Marketing Concept
a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
Societal Marketing Concept
the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long run interests
Customer Relationship Management
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer-percieved Value
the customers evaluation of the difference between all benefits and all costs of a marketing offer relative to those of competing offers
Customer Satisfaction
the extent to which a product’s perceived performance matches a buyers expectations
Customer Equity
the total combined customer lifetime values of all of the company’s current and potential customers
Strategic Planning
the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities
Mission Statement
a statement of the organizations purpose- what it wants to accomplish in the larger environment
Portfolio Analysis
the process by which management evaluates the products and businesses that make up a company
Growth-share Matrix
A portfolio planning method that evaluates a company’s SBUs in terms of its market growth rate and relative market share
Product/market Expansion Grid
A portfolio planning tool for identifying company growth opportunities through market penetration, market development, produce development, or diversification
Market Penetration
company growth by increasing sales of current products to current market segments without changing the product
Market Development
company growth by identifying and developing new market segments for current company products
Product Development
company growth by offering modified or new products to current market segments
Diversification
company growth through starting up or acquiring businesses outside the company’s current products and markets
Value Chain
the series of internal departments that carry out value-creating actives to design, produce,market, deliver, and support a firm’s product
Value delivery network
the network made up of the company,its suppliers, its distributors, and ultimately its customers who partner with each other to improve the performance of the entire system
Marketing strategy
the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
Positioning
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Differentiation
actually differentiating the market offering to create superior customer value
Marketing mix
the set of tactical tools-product, price, place, and promotion- that the firm blends to produce the response it wants in the target market
SWOT analysis
an overall evaluation of the company’s strengths, weaknesses, opportunities, and threats
Marketing implementation
turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
Marketing control
measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved
ROI marketing
the net return from a marketing investment divided by the costs of the marketing investment
Marketing Environment
the actors and forces outside marketing that affect marketing managements ability to build and maintain successful relationships with target customers
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
Macro environment
the larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, cultural forces
Marketing intermediaries
firms that help the company promote, sell, and distribute its products to final buyers
Demography
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
Economic Environment
economic factors that affect consumer purchasing power and spending patterns
Natural Environment
natural resources that are needed as inputs by marketers or that are affected by marketing activities
Environmental sustainability
developing strategies and practices that create a world economy that the planet can support indefinitely
Technological Environment
forces that create new technologies creating new product and market opportunities
Political Environment
laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society
Cultural Environment
Institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviors