WGU Marketing C212

Stakeholders
Constitutes who have a stake or claim in some aspects of a company’s products, operations, markets, industries, and outcomes
Target Market
A specific group of customers on whom a company focuses it’s marketing efforts
Relationship Marketing
Establishing long term, mutually satisfying buyer-seller relationships
Marketing Environment
The competitive, economic, political, legal, regulatory, technological and social-cultural forces that surround the customer and affect the marketing mix
Marketing
The process of creating, distributing, promoting and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop favorable relationships with stakeholders in a dynamic environment
Value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product
Product
A good, a service, or an idea
Marketing Concept
A managerial philosophy than an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
Green Marketing
A strategic process involving stakeholder assessment to create meaningful long term relationships with customers while maintaining, supporting, and enhancing the natural environment
Exchanges
The provisions or transfers of goods, services, or ideas in return for something of value
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Marketing Mix
Four marketing activities – PRODUCT, PRICING, DISTRIBUTION, and PROMOTION – that a firm can control to meet the needs of customers within its target market
Market Orientation
An organization wide commitment to researching and responding to customer needs
Customers
The purchasers of organizations’ products; the focal point of all marketing activities
Exchange
The provision or transfer of goods, services, or ideas in return for something of value
Decentralized Organization
A structure in which decision making authority is delegated as far down the chain of command as possible
Strategic Business Unit (SBU)
A division, product line, or other profit center within the parent company
Late-Mover Advantage
The ability of later market entrants to achieve long term competitive advantages by not being the first one to offer a certain product in to the marketplace
Sales Analysis
Analysis of sales figures to evaluate a firm’s performance
Competitive Advantage
The result of a company matching a core competency to opportunities it has discovered in the marketplace
Strategic performance evaluation
Establishing performance standards, measuring actual performance, comparing actual performance with established standards, and modifying the market strategy if needed
Marketing Plan
A written document that specifies the activities to be performed to implement and control the organization’s marketing strategy
Marketing Cost Analysis
Analysis of costs to determine which are associated with specific marketing efforts
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
Centralized Organization
A structure in which top level management delegate little authority to lower levels
Marketing Objective
A statement of what is to be accomplished through marketing activities
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
Performance Standard
An expected level of performance of which an actual performance could be compared against
Market Growth/Market Share Matrix
A helpful business tool, based on the philosophy that a product’s market growth rate and its market share are important considerations in determining its market strategy
Sustainable Competitive Advantage
An advantage that the competition cannot copy
Marketing Implementation
The process of putting marketing strategies into action
Market Opportunity
A combination of circumstances and timing that permits an organization to take action to reach a particular target market
First Mover Advantage
The ability of an innovative company to achieve a long term competitive advantage by being the first to offer a certain product into the market place
Corporate Strategies
A strategy that determines the means for utilizing resources in the various functional areas to reach the organizational goals
Strategic Market Management
The process of planning, implementing, and evaluating the performance of marketing activities and strategies both effectively and efficiently
Market Share
The percentage of the market that actually buys a specific product from a particular 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
Strategic Planning
The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing strategy
Core Competencies
Things a company does extremely well that sometimes gives and advantage over the competition
Mission Statement
The long term view or vision of what the company hopes to become
SWOT Analysis
An assessment of organizational strengths, weaknesses, opportunities, and threats
Competitive Advantage
The result of a company matching a core competency to opportunities it has discovered in the market place
Corporate Strategy
A strategy that determines the means for utilizing resources in the various functional areas to reach the organizations goals
Strategic Business Unit (SBU)
A division, product line, or other profit center within the parent company
Codes of Conduct
Formalized rules and standards that describe what the company expects of its employees
Cause-Related Marketing
The practice of linking products to a particular social cause on an on-going or short term timeline
Ethical Issue
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical
Sustainability
The potential for the long term well-being of the natural environment as well as the interactions between businesses and nature
Strategic Philanthropy
The synergistic use of organizational core competencies and resources to address key stakeholder’s interest and achieve both organizational and social benefits
Organizational
A set of values, beliefs, goals, norms, and rituals that members of an organization share
Social Responsibility
An organization’s obligation to maximize its positive impact and minimize its negative impact on society
Marketing Ethics
Principles and standards that define acceptable marketing conduct as determined by various stakeholders
Marketing Citizenship
The adoption of a strategic focus for fulfilling the economic, legal, ethical and philanthropic social responsibilities expected by stakeholders
Intangibility
A service that is not physical and cannot be perceived by the senses
Non-Profit Marketing
Marketing activities conducted to achieve some goal other than ordinary business goals involving money
Opportunity Cost
The value of the benefit given up by choosing one alternative over another
Client-Based Relationships
Interactions that result in satisfied customers that use a service repeatedly over time
Credence Qualities
Attributes that customers may be unable to evaluate even after purchasing and consuming a product
Perishability
Cannot store unused product or service for future use
Client Publics
Direct consumers of a product of a non-profit organization
General Publics
Indirect consumers of a product of a non-profit organization
Search Qualities
Tangible attributes that can be judged before the purchase of a product
Heterogeneity
Variation in quality
Experience Qualities
Qualities that can be assessed only during the purchase and consumption of a product or service
Home-sourcing
A practice whereby customer contact jobs are outsourced into workers’ homes
Target Public
A collective on individuals that have an interest in, or concern about an organization, a product, or a social cause
Service Quality
Customers’ perceptions of how well a product meets or exceeds their expectations
Inseparability
The quality of being produced and consumed at the same time
Customer Contact
The level of interaction between the provider and customer needed to deliver the service
Podcasts
Audio or visual file that can be downloaded from the internet with a subscription that automatically delivers new content; consumers can listen or watch when and where they choose
Blogs
Web-based journals where the author can interact with others online
Wiki
Type of software that creates an interface that enables users to add or edit the content of some types of websites
Digital Marketing
Uses all digital media to develop communication and exchanges with customers
e-marketing (electronic marketing)
Distributing, promoting, and pricing products and discovering the desires of customers using digital media and digital marketing
Online Fraud
Any attempt to conduct fraudulent activities online, including deceiving customers to release personal information
Digital Media
Electronic media that functions using digital codes
Social Network
Web-based meeting place that allows users to create a profile and make contact with others
Communication
A shring of meaning through the transmission of information
Promotion Mix
A combination of promotional methods used to promote a specific product
Promotion
Communication to build and maintain relationships by informing and persuading one or more audiences
Primary Demand
Demand for a product category rather than for a specific brand
Product Placement
The strategic location of products or product promotions within the entertainment media content to reach the product’s target market
Channel Capacity
The limit on the volume of information a communication channel can handle effectively
Noise
Anything that reduces a communication’s clarity and accuracy
Receiver
The individual, group, or organization that decodes a coded message
Feedback
The receiver’s response to a decoded message
Push Policy
Promoting a product only to the next institution down the marketing channel
Tactile Communication
Communication through touching
Decoding Process
Converting signs and symbols into concepts and ideas
Kinesic Communication
Communicating through the movement of head, eyes, arms, hands, legs, or torso
Pull Policy
Promoting a product directly to consumers to develop strong consumer demand that pulls products through the marketing channel
Integrated Marketing Communications
Coordination of promotion and other marketing efforts for maximum informaional and persuasive impact
Coding Process
Converting meaning into a series of signs or symbols
Communications
A sharing of meaning throught the transmission of information
Selective Demand
Demand for a specific brand
Viral Marketing
A strategy to get consumers to share a marketer’s message, often through email or online videos, in a way that spreads dramatically and quickly
Pioneer Promotion
Promotion that informs consucmers about a new product
Buzz marketing
An attempt to incite publicity and public excitement surrounding a product through a creative event
Source
A person, group, or organization with a meaning it tries to share with a receiver or an audience
Communications Channel
The medium of transmission that carries the coded message from the source to the receiver
Proxemic Communication
Communicating by varying the physical distance in face-to-face interactions
Word-of-mouth communication
Personal informal exchanges of communication that customers share with another about products, brands, and companies
Institutional Advertising
Advertising that promotes organizational images, ideas, and political issues
Product Advertising
Advertising that promotes the uses, features, and benefits of products
Public Relations
Communication efforts used to create and maintain favorable relations between an organization and its stakeholders
Illustrations
Photos, drawings, graphs, charts, and tables used to spark audience interest in an advertisement
Advocacy Advertising
Advertising that promotes a company’s position on a public issue
Layout
The physical arrangement of an advertisement’s illustration and copy
Reinforcement Advertising
Advertising that assures users they chose the right brand and tells them how to get the most satisfaction from it
Competition-Matching Approach
Determining an advertising budget by trying to match competitors’ advertising outlays
Post test
Evaluation of advertising efffectiveness after the campaign
Target Audience
The group of people at whom adversisements are aimed
Cost Comparison Indicator
A means of comparing the costs of advertising vehicles in a specific medium in relation to the number of people reached
Recognition Test
A post test in which respondents are shown the actual ad and are asked if they recognize it
Advertising
Paid nonpersonal communication about an organization and its products transmitted to a target audience through mass media
Media Plan
A plan that specifies the media vehicles to be used and the schedule for running advertisements
Advertising Platform
Basic issues or selling points to be included in an advertising campaign
Arbitrary Approach
Budgeting for an advertising campaign as specified by a high level executive in the firm
Compartive Advertising
Compares the sponsored brand with one or more identified brands on the basis of one or more product characteristics
News Release
A short piece of copy publicizing an event or product
Press Conference
A meeting used to announce major news events
Pre-test
Evaluation of advertisements performed before a campaign begins
Feature Article
A manuscript of up to 3,000 words prepared for a specific publication
Copy
The verbal portion of advertisements
Artwork
Illustrations and layout
Storyboard
A blueprint that combines copy and visual material to show the sequence of major scenes in a commercial
Regional Issues
Versions of a magazine that differ accross geographic regions
Reminder Advertising
Advertising used to remind consumers about an established brand’s uses, characteristics and benefits
Consumer Jury
A panel of a product’s exising or potential buyers who pretest ads
Unaided recall test
A posttest in which respondents are asked to identify advertisements they have seen recently but are not given any recall clues
Advertising Appropriation
The advertising budget for a specific time peroid
Aided Recall Test
A posttest that asks respondents to identify recent ads and provides clues to jog thier memories
Publicity
A news story type of communication about an organization and/or its products transmitted through a mass medium at no charge
Percent-of-sales approach
Budgeting for an advertising campaign by multiplying the firm’s past and expeced sales by a standard percentage
Pioneer Advertising
Advertising that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product
Objective-and-task approach
Budgeting for an advertising campaign by first determining its objectives and then calculating the cost of all the tasks needed to attain them
Competitive Advertising
Tries to stimulate demand for a specific brand by promoting its features, uses, and advantages relative to competing brands
Advertising Campaign
The creation and execution of a series of advertisements to communicate with a particular target audience
Personal Interview Survey
A research method in which participants respond to survey questions face to face
Population
All the elements, units, or individuals of interest to researchers for a specific study
Stratified Sampling
A type of probability sampling in which the population is divided into groups with a common attribute and a random sample is chosen within each group
Secondary Data
Data compliled both inside and outside the organization for some purpose other than the current investigation
Online Survey
A research method in which respondents answer a questionnaire via e-mail or website
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 toward a firm’s products and other elements of its marketing strategies
Marketing Information Systems (MIS)
A framework for managing and structuring information gathered regularly from sources inside and outside the organization
Descriptive Research
Research conducted to clarify the characteristics of certain phenomena to solve a particular problem
Focus Group
A study in which a small group of 8-12 people are interviewed often informally, without a structured questionnaire, to observe interaction when members are exposed to an idea or concept
Mail Survey
Respondents answer a questionnaire sent through the mail
On-Site Computer Interview
A variation of the shopping mall intercept interview in which respondents complete a self administered questionnaire displayed on a computer monitor
Single Source Data
Information provided by a single marketing research firm
Sample
A limited number of units chosen to represent the characteristics of a total population
Experimental Research
Research that allows marketers to make casual inferences about relationships
Telephone Survey
A research method in which respondents’ answers to a questionnaire are recorded by an interviewer on the phone
Sampling
The process of selecting representative units from a total population
in-home (door to door) interview
A personal interview that takes place in a home
Shopping Mall Intercept Interviews
A research method that involves interviewing a percentage of people passing by “intercept” points in a mall
Probability Sampling
A type of sampling in which every element in the population being studied has a known chance of being selected for study
Conclusive Research
Research designed to verify insights through objective procedures and to help marketers in making decisions
Validity
A condition that exists when a research method measures what it is supposed to measure
Exploratory Research
Research conducted to gather more information about a problem or to make a tentative hypothesis more specific
Random Sampling
A form of probability sampling in which all units in a population have an equal chance of appearing in the sample, and the various events that can occur have an equal or known chance of taking place
Primary Data
Data observed and recorded or collected directly from respondents
Statistical Interpretation
Analysis of what is typical and what deviates from the average
Hypothesis
An informed guess or assumption about a certain problem or set of circumstances
Marketing Decision Support System (MDSS)
Customized computer software that aids marketing managers in decision making
Non Probability Sampling
A sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
Reliability
A condition that exists when a research technique produces almost identical results in repeated trials
Crowdsourcing
Combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call
Research Design
An overall plan for obtaining the information needed to address a research problem or issue
Quota Sampling
A non probability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
Database
A collection of information arranged for easy access and retrieval
Telephone Depth Interview
An in depth phone interview
Marketing Research
The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
Maslow’s Hierarchy of Needs
The five levels of needs that humans seek to satisfy, from most to least important
Evaluative Criteria
Objective and subjective produt characteristics that are important to a buyer
Motive
An internal energizing force that directs a person’s behavior toward satisfying needs or achieving goals
Buying Behavior
The decision processes and actions of people involved in buying and using products
Limited Decision Making
A consumer decision making process used when purchasing products occasionally or needing information about an unfamiliar brand in a familiar product category
Situational Influences
Influences that result from circumstances, time, and location that affect the consumer buying decision process
Perception
The process of selecting, organizing, and interpreting information inputs to produce meaning
Opinion Leader
A new member of an informal group who provides information about a specific topic to other group members
Personality
A set of internal traits and distinct behavioral tendencies that result in constant patterns of behavior in certain situations
Social Influences
The force’s other people exert on one’s buying behavior
External Search
An information search in which buyers seek information from sources other than their memories
Routinized Response Behavior
A consumer decision making process used when buying frequently purchased, low-cost items that require very little search-and-decision effort
Attitude Scale
A means of measuring consumer attitueds by gauging the intensity of individual’s reactions to adjectives, phrases, or sentences about an object
Impulse Buying
An unplanned buying behavior resulting from a powerful urge to buy something immediately
Consumer Misbehavior
Behavior that violates generally accepted norms of a particular society
Self-Concept
A perception or view of oneself
Extended Decision Making
A consumer decision making process employed when purchasing unfamiliar, expensive, or infrequently bought products
Consumer Buying Behavior
The decision processes and purchasing activities of people who purchase products for personal or household use and not for business purposes
Roles
Actions and activities that a person in a particular position is supposed to perform based on expectations of the individual and surrounding persons
Consumer Buying Decision Process
A five-stage purchase decision proces sthat includes problem recongnition, information, search, evaluation of alternatives, purchase, and post purchase evaluation
Selective Distortion
Individual’s changing or twisting of information that is inconsistent with personal feelings or beliefs
Consumer Socialization
The process through which a person acquires the knowledge and skills to function as a consumer
Lifestyle
An individual’s pattern of living expressed through activities, interests, and opinions
Reference Group
A group that a person identifies with so strongly that he or she adopts the values, attitutes, and behaviors of the group memebers
Information Inputs
Sensations received through sight, taste, hearing, smell and touch
Culture
The accumlulation of values, knowledge, beliefs, customs, objects, and concepts that a society uses to cope with its environment and passes on to future generations
Attitude
An individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea
Selective Retention
Remebering information inputs that support personal feelings and beliefs and forgetting imputs that do not
Selective Exposure
The process by which some inputs are selected to reach awareness and others are not
Subculture
A group of individuals whose characteristics, values, and behavorial patterns are similar within the group and different from those of people in the surrounding culture
Social Class
An open group of individuals with similar social rank
Learning
Changes in an individual’s throught processes and behavior caused by informaion and experience
Psychological Influences
Factors that in part determine people’s general behavior, thus influencing their behavior as consumers
Internal Search
An information search in which buyers search their own memories for information about products that might solve their problem
Consideration Set
A group of brands within a product category that a buyer views as alternatives for possible purchase
Patronage Motives
Motives that influence where a person purchases products on a regular basis
Cognitive Dissonance
A buyer’s doubts shortly after a purchase about whether the decision was the right one
Level of Involvement
An individual’s degree of interest in a product and the importance of the product for that person
Government Markets
Federal, state, county, or local governments that buy goods and services to support their internal operations and provide products to their constituencies
Producer Markets
Individuals and business organizations that purchase products to make profits by using them to produce other products or using them in their operations
Business (organizational) Buying Behavior
The purchase behavior of producers, government units, institutions, and resellers
Reseller Markets
Intermediaries that buy finished goods and resell them for a profit
Reciprocity
An arrangement unique to business marketing in which two organizations agree to buy from each other
Inelastic Demand
Demand for business products that stem from demand for consumer products
Straight rebuy purchase
A routine purchase of the same terms of sale by a business buyer
Value Analysis
An evaluation of each component of a potential purchase
Buying Center
The people within an organization who make business purchase decisions
Joint Demand
Demand involving the use of two or more items in combination to produce a product
New-task Purchase
An organizations initial purchase of an item to be used to perform a new job or solve a new problem
North American Industry Classification System (NAICS)
North American Industry Classification System (NAICS)
Sole Sourcing
An organizations decision to use only one supplier
Modified Rebuy Purchase
A new-task purchase that is changed on subsequent orders or when the requirements of a straight rebuy purchase are modified
Vendor Analysis
A formal, systematic evaluation of current and potential vendors
Institutional Markets
Organizations with charitable, educational, community, or other non-business goals
Derived Demand
Demand for business products that stems from demand from consumer products
Quantity Discounts
Deductions from the list price for purchasing in large quantities
Total Cost
The sum of average fixed and average variable cost times the quantity produced
Uniform Geographic Pricing
Charging all customers the same price, regardless of geographic location
Demand Curve
A graph of the quantity of products expected to be sold at various prices if other factors remain constant
Break-Even Point
The point at which the costs of producing a product equal the revenue made from selling the product
Seasonal Discount
A price reduction given to buyers for purchasing goods or services out of season
Cash Discount
A price reduction given to buyers for prompt payment or cash payment
Zone Pricing
Pricing based on transportation costs within major geographic zones
Geographic Pricing
Reductions for transportation and other costs related to the physical distance between buyer and seller
Average total cost
The sum of the average fixed cost and the average variable cost
Allowance
A concession in price to achieve a desired goal
Price Elasticity of Demand
A measure of the sensitivity of demand to changes in price
Base-Point Pricing
Geographic pricing that combines factory price and freight charges from the base point nearest the buyer
Price
The value for a product in a marketing exchange
F.O.B Factory
The price of merchandise at the factory before shipment
Noncumulative Discounts
One time price reductions based on the number of units purchased, the dollar value of the order, or the product mix purchased
Value-Conscious
Concern about the price and quality of a product
Freight absorption pricing
Absorption of all or part of actual freight costs by the seller
Barter
The trading of products
Prestige Sensitive
Drawn to products that signify prominence and status
F.O.B. Destination
A price indicating the producer is absorbing shipping costs
Price Discrimination
Employing price differentials that injure competition by giving one or more buyers a competitive advantage
Marginal Cost (MC)
The extra cost incurred by producting one more unit of a product
Marginal Revenue (MR)
The change in total revenue resulting from the sale of an additional unit of a product
Variable Costs
Costs that vary directly with the changes in the number or units produced or sold
trade (functional) discount
A reduction off the list price a producer gives to an intermediary for performing certain functions
Price Competition
Emphasizing price as an issue and matching or beating competitors’ prices
Non-Price Competition
Emphasizing factors other than pricing to distinguish a product from competing brands
Internal Reference Price
A price developed in the buyer’s mind through experience with the product
Average Fixed Cost
The fixed cost per unit produced
Fixed Costs
Costs that do not vary with changes in the number of units produced or sold
Cumulative Discounts
Quantity discounts aggregated over a stated time peroid
Price Conscious
Striving to pay low prices
External Reference Price
A comparison price provided by others
Transfer Pricing
Prices charged in sales between an organization’s units
Average variable cost
The variable cost per unit produced