Ch 1: Customer Driven Strategic Marketing
This is the process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and maintain favorable relationships with stakeholders in a dynamic environment.
Marketing
The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently
Strategic Marketing Management
The process of collecting information about forces in the marketing environment
Environmental Scanning
The systematic design, collection, interpretation, and reporting of information.
Marketing research
Purchasers and household members who intend to consume or benefit from the purchased product.
Consumer Market
The four marketing variables (Product, Price, Place, Promotion) that a firm controls to meet the needs of customers within its target market.
Marketing mix
A long-term view, or vision, of what the organization wants to become.
Mission Statement
Other marketers of products that are similar to or can be substituted for a firm’s products.
Competition
This type of data yields descriptive non-numerical information.
Qualitative Data
Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general operations.
Business Market
A specific group of customers on whom an organization focuses its marketing efforts.
Target Market
The percentage of a market that actually buys a specific product from a particular company
Market Share
This type of competitive structure normally consists of one "competitor," has many barriers for entry into the market, and has almost no substitutes.
Monopoly
This type of research consists of an interview that is often conducted informally, without a structured questionnaire, in small groups of 8 to 12 people, to observe interaction when members are exposed to an idea or a concept
Focus Group
A strategy in which an organization designs a single marketing mix and directs it at the entire market
Undifferentiated Targeting Strategy
A good (tangible), a service (intangible), or an idea (concept).
Product
This is an analysis of a company's strengths, weaknesses, opportunities, and threats.
SWOT Analysis
Remaining disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Discretionary income
An informed guess or assumption about a certain problem or set of circumstances; accepted or rejected at the conclusion of the research effort
Hypothesis
The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
Market Segmentation
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Value
These are activities to be performed to implement the organization’s marketing strategies
Marketing Plan
A pattern of economic fluctuations that has four stages: Prosperity, Recession, Depression, Recovery
Business Cycle
In this type of sampling, all units in a population have an equal chance of appearing in the sample.
Random Sampling
Characteristics of individuals, groups, or organizations used to divide a market into segments
Segmentation Variables