Principles of Marketing Test 1 Moore Definitions

Marketing (Extended)
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Market Offerings
Products
Services
Experiences
Production Concept
Available/Affordable
Product Concept
Quality/Performance/Features
Selling Concept
Large-Selling/Promo
Marketing Concept
Needs/Wants of Customer
Societal Marketing Concept
Needs/Wants of Society
Marketing
a philosophy, attitude, perspective, set of activities including the 4 P’s
Marketing Myopia
Paying more attention to specific products a company offers than to the benefits and experiences produced by these products
Exchanges
acts of obtaining a desired object from someone by offering something in return
Market
set of all actual and potential buyers of a product or service
Marketing Management
choosing target markets and building profitable relationships with them
Strategic Planning
the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities
Steps of Strategic planning
-Defining the company mission
-Setting company goals & objectives
-Designing the business portfolio
-Planning marketing and other functional strategies
Product-Oriented
has an emphasis of the product
EX)- “We make & sale furniture”
Market-Oriented
satisfying basic customer needs
Dog
Low growth, Low share
Cows
Low growth, High share
Stars
High growth, High share
Value Chain
series of internal departments that carry out value, creating activities
Value Delivery Network
made up of the company, suppliers, distributors, and customers who partner with each other
Segmentation
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or market programs
Positioning
arranging for a project to occupy a clear, distinctive, and desirable place relative to companies products in the minds of target consumers
Marketing ROI (Return on Investment)
Net return from a marketing investment divided by the costs of the marketing investment
-Hard to Measure
Marketing Dashboard
a set of marketing performance measures in a single display used to monitor strength marketing performance
Public
any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
Market Intermediaries
help the company promote, sell, and distribute its products to final buyers
Customers
the most important actors in the company’s microenvironment
Demography
study of human populations in terms of size, location, age, gender, race, occupation, other statistics
Baby Boomers
-78 Million
-1946 -1964
Generation X
-49 Million
-1965-1976
Generation Y
-83 Million
-1977-2000
Generation Z
-2000-Present
Types of Economies
Industrial
Subsistence
Developing
Natural Environment
the physical environment and the natural resources needed as inputs by marketers or that are affected by marketing activities
Technological Environment
new technological resources produced
Political Environment
Laws, government agencies
Pyramid of Corporate Social
Philanthropic
Ethical
Legal
Economic
Ethics
must follow the right behavior to benefit the good of everybody
Social Responsibility
the community helps
Cultural Environment
institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors
Core beliefs
high degree of persistence
Secondary beliefs
more open to change
Key words for MIS System
Assess
Develop
Use
Internal Data
electronic collections of consumer and market information within a company’s network
Competitive Marketing Intelligence
the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace
Marketing Research
systematic design, collection analysis, and reporting of data
Exploratory Research
used to gather preliminary information;
helps to define problems and suggest hypothesis
Descriptive Research
used to better describe the market potential for a project or the demographics and attitudes of consumers
Casual Research
used to test hypothesis about cause-and-effect relationships
Primary data
information collected for specific purpose at hand
Secondary data
information that already exists, collected for another purpose
Observational Research
involves gathering primary data by observing relevant people, actions, and situations
Survey Research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
Experimental Research
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
Focus Group
personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about the product, service, or organization.
The interviewer focuses the group discussion on important issues
Behavioral Targeting
using online customer tracking data to target advertisement and marketing offers to specific consumers
Sample
Segment of the population selected for marketing research to represent the population as a whole
Probability sample
each population member has a known chance of being included in the sample, researched can be calculated confidence limits for sampling error.
-Simple Random Sample
-Stratified Random Sample
-Cluster Sample
Non probability Sample
sampling error, can’t be measured
-Quota Sample
-Judgment Sample
-Convenience Sample
Hardest Marketing Research
International Marketing Research