Think Marketing Chapter 1 Definitions

marketing
the process of planning the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges
product orientation
occurs when organizations pay little attention to what customers need, concentrating instead on what they are capable of producing
selling orientation
occurs when companies believe that the more they sell the more profit they will make
marketing concept
the process of determining the needs and wants of a target market and delivering a set of desired satisfactions to that target market more effectively than competition
socially responsible marketing
the nation that business should conduct itself in the best interests of consumers and society
cause marketing
an organization’s support of causes that benefit society
social network
a website that connects people with different kinds of interests for the purpose of socializing
brand democratization
a situation in which the customer can interact with a brand
consumer generated content
content produced by consumers for consumers
content marketing
a marketing format that involves the creation and sharing of relevant brand-orientated in order to acquire customers
market
a group of people who have a similar need for a product or service, the resources to purchase it, and the willingness and ability to buy it
needs assessment
the initial stage of marketing planning in which a company collects appropriate information to determine if a market is worth pursuing
market analysis
the collection of appropriate information to determine if a market is worth pursuing
consumer analysis
the monitoring of consumer behavior changes so that marketing strategies can be adjusted accordingly
target market
a group of customers who have certain characteristics in common
marketing mix
the four strategic elements of product, price, distribution, and marketing communications
product strategy
making decisions about such variables as product quality, product features, brad names, packaging, customer service, guarantees, and warranties
product differentiation
a strategy that focuses on the unique attributes or benefits of a product that distinguish it from another product
price strategy
the development of a pricing structure that is fair and equitable for consumers and still profitable for the organization
distribution strategy
the selection and management of marketing channels and the physical distribution of products
marketing channel
a series of firms or individuals that participate in the flow of goods and services from producer to final users or customers
marketing communication strategy
the blending of advertising, sales promotion, event marketing and sponsorship, personal selling, and public relations to present a consistent and persuasive message about a product or service
integrated marketing communications
the coordination of various forms of marketing communications into a unified program that maximizes impact on consumers and other types of customers
sales promotions
activity that provides special incentives to bring about immediate action from consumers, distributors, and an organization’s sales force
public relations
a variety of activities and communications that organizations undertake to monitor, evaluate, influence, and adapt to the behaviors of their publics
experiential marketing
type of marketing that creates awareness for a product by having the customer directly interact with the product
event marketing
the process, planned by a sponsoring organization, of integrating a variety of communications elements behind an event theme
public image
the reputation that a product, service, or company has among its various publics
customer relationship management
strategies designed to optimize profitability, revenue, customer retention, and customer satisfaction
loyalty programs
offer the consumer a small bonus, such as points or “play money” when they make a purchase
customer relationship management programs
analyzes data about consumer’s buying behavior, their preferences when buying and their likes and dislikes to create individualized marketing programs to meet unique customer needs
business ethics
the study and examination of moral and social responsibility in relation to business practices and decision making in business