Overview of Marketing
This is everything a buyer gives up (money, time, energy) in exchange for the product or service.
Price
This is is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
Marketing Plan
The basic responsibility of the firm to these stakeholders is to ensure a safe working environment free of threats to their physical safety, health, or well-being.
Employees
This is the shared meanings, beliefs, morals, values, and customs of a group of people transmitted by words, literature, and institutions.
Culture
With this search for information, the buyer examines their own memory and knowledge about the product or service gathered through past experiences.
Internal Search for Information
This is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
This requires that firms classify all their products or services into a two-by-two matrix based on the market growth potential and existing market share
BCG Matrix (Boston Consulting Group)
This refers to those ethical problems that are specific to the domain of marketing.
Marketing Ethics
This is used to indicate the characteristics of human populations and segments, especially those used to identify consumer markets.
Demographics
This refers to the way consumers spend their time and money to live.
Lifestyle
This represents all the marketing processes necessary to get the product to the right customer when that customer wants it.
Place
During this process, the firm first divides the marketplace into subgroups, determines which of those segments it should pursue, and finally decides how it should position its products and services to best meet the needs of those chosen targets.
STP Process (Segmentation, Targeting, and Positioning)
This portion of the ethical decision-making metric asks "Would I like to be on the receiving end of this action and all its potential consequences?"
Golden Rule Test
This part of the Marketing environment includes the firm and its capabilities, competitors, corporate partners, and the physical environment.
The Immediate Environment
This indicates how much control people think they have over the outcomes of various activities, such as purchasing a product or service.
Locus of Control
This is the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets.
The Marketing Mix (4 P's)
This strategy employs the existing marketing mix and focuses the firm’s efforts on existing customers.
Market Penetration Strategy
This entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.
Conscious Marketing
Consumers in this have similar purchase behaviors because they have shared experiences and are in the same stage of life.
Generational Cohort
This, also known as buyer’s remorse, is an internal conflict that arises from an inconsistency between two beliefs or between beliefs and behavior.
Postpurchase Cognitive Dissonance
This is a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers
Customer Relationship Management (CRM)
This strategy introduces a new product or service to a market segment that currently is not served.
Diversification Strategy
This describes the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders. (Triple Bottom Line)
Corporate Social Responsibility
This refers to exploiting consumers by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales.
Greenwashing
These are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.
Determinant Attributes