EXAM 1 VOCAB

CH 1

customer relationship management (crm) Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
customer-centric marketing Developing collaborative relationships with customers based on focusing on their individual needs and concerns
customers The purchasers of organizations’ products; the focal point of all marketing elements
exchanges The provision or transfer of goods, services, or ideas in return for something of value
green marketing A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
market orientation An organization wide commitment to researching and responding to customer needs
marketing the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
marketing concept A philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
marketing environment The competitive, economic, political, legal and regulatory, technological, and socio-cultural forces that surround the customer and affect the marketing mix
marketing management The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
marketing mix Four marketing elements—product, distribution, promotion, and pricing—that a firm can control to meet the needs of customers within its target markets
product A good, service, or idea
relationship marketing Establishing long-term, mutually satisfying buyer-seller relationships
stakeholders Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
target market The group of customers on which marketing efforts are focused
value A customer’s subjective assessment of benefits relative to costs in determining the worth of a product

 

CH 2

benchmarking comparing the quality of the company’s goods, services, or processes with that of its best-performing competitors
centralized organization a structure in which top-level managers delegate little authority to lower levels
competitive advantage the result of a company matching a core competency to opportunities it has discovered in the marketplace
core competencies things a company does extremely well, which sometimes give it an advantage over its competition
corporate strategy a strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals
decentralized organization a structure in which decision making authority is delegated as far down the chain of command as possible
empowerment giving customer-contact employees authority and responsibility to make marketing decisions without seeking approval of their supervisors
external customers individuals who patronize a business—the familiar definition of “customers”
intended strategy the strategy the organization decides on during the planning phase and wants to use
internal customers the company’s employees
internal marketing a management philosophy that coordinates internal exchanges between the organization and its employees to achieve successful external exchanges between the organization and its customers
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
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 marketing strategy
market opportunity a combination of circumstances and timing that permits an organization to take action to reach a particular target market
market share the percentage of a market that actually buys a specific product from a particular company
marketing control process establishing performance standards, evaluating actual performance by comparing it with established standards, and reducing the differences between desired and actual performance
marketing implementation the process of putting marketing strategies into action
marketing objective a statement of what is to be accomplished through marketing activities
marketing plan a written document that specifies the activities to be performed to implement and control the organization’s marketing activities
marketing planning the systematic process of assessing marketing opportunities and resources, determining marketing objectives, defining marketing strategies, and establishing guidelines for implementation and control of the marketing program
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
mission statement a long-term view, or vision, of what the organization wants to become
performance standard an expected level of performance against which actual performance can be compared
realized strategy the strategy that actually takes place
strategic business unit (SBU) a division, product line, or other profit center within the parent company
strategic planning The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.
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
sustainable competitive advantage an advantage that the competition cannot copy
SWOT analysis assessment of an organization’s strengths, weaknesses, opportunities, and threats
total quality management (TQM) a philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers’ perceptions of quality

 

CH 3

Better Business Bureau (bbb) a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms
brand competitors firms that market products with similar features and benefits to the same customers at similar prices
business cycle a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
buying power resources, such as money, goods, and services, that can be traded in an exchange
competition other organizations that market products that are similar to or can be substituted for a marketer’s products in the same geographic area
consumerism organized efforts by individuals, groups, and organizations to protect consumers’ rights
depression a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy
discretionary income disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
disposable income after-tax income
environmental analysis the process of assessing and interpreting the information gathered through environmental scanning
environmental scanning the process of collecting information about forces in the marketing environment
Federal Trade Commission (ftc) an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
generic competitors firms that provide very different products that solve the same problem or satisfy the same basic customer need
income for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
monopolistic competition a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
monopoly a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
National Advertising Review Board (narb) a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
oligopoly a competitive structure in which a few sellers control the supply of a large proportion of a product
product competitors firms that compete in the same product class but market products with different features, benefits, and prices
prosperity a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low)
pure competition a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply
recession a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
recovery a stage of the business cycle in which the economy moves from recession or depression toward prosperity
sociocultural forces the influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs, and lifestyles
technology the application of knowledge and tools to solve problems and perform tasks more efficiently
total budget competitors firms that compete for the limited financial resources of the same customers
wealth the accumulation of past income, natural resources, and financial resources
willingness to spend an inclination to buy because of expected satisfaction from

 

CH 4

cause-related marketing the practice of linking products to a particular social cause on an ongoing or short-term basis
codes of conduct formalized rules and standards that describe what the company expects of its employees
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
green marketing a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
marketing citizenship the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders
marketing ethics principles and standards that define acceptable marketing conduct as determined by various stakeholders
organizational (corporate) culture 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
strategic philanthropy the synergistic use of organizational core competencies and resources to address key stakeholders’ interests and achieve both organizational and social benefits
sustainability the potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies
 

 

 

 

CH 5

conclusive research research designed to verify insights through objective procedures and to help marketers in making decisions
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
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 strategy
database A collection of information arranged for easy access and retrieval
descriptive research research conducted to clarify the characteristics of certain phenomena to solve a particular problem
experimental research research that allows marketers to make causal inferences about relationships
exploratory research research conducted to gather more information about a problem or to make a tentative hypothesis more specific
focus-group interview 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
hypothesis an informed guess or assumption about a certain problem or set of circumstances
in-home (door-to-door) interview A personal interview that takes place in the respondent’s home
mail survey a research method in which respondents answer a questionnaire sent through the mail
marketing decision support system (MDSS) Customized computer software that aids marketing managers in decision making
marketing information system (MIS) A framework for managing and structuring information gathered regularly from sources inside and outside the organization
marketing research the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
nonprobability 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
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
online survey a research method in which respondents answer a questionnaire via e-mail or on a website
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
primary data data observed and recorded or collected directly from respondents
probability sampling a type of sampling in which every element in the population being studied has a known chance of being selected for study
quota sampling a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
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
reliability a condition that exists when a research technique produces almost identical results in repeated trials
research design an overall plan for obtaining the information needed to address a research problem or issue
sample a limited number of units chosen to represent the characteristics of a total population
sampling the process of selecting representative units from a total population
secondary data data compiled both inside and outside the organization for some purpose other than the current investigation
shopping mall intercept interview A research method that involves interviewing a percentage of individuals passing by “intercept” points in a mall
single-source data Information provided by a single marketing research firm
statistical interpretation Analysis of what is typical and what deviates from the average
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
telephone depth interview An interview that combines the traditional focus group’s ability to probe with the confidentiality provided by telephone surveys
telephone survey a research method in which respondents’ answers to a questionnaire are recorded by an interviewer on the phone
validity a condition that exists when a research method measures what it is supposed to measure

 

CH 6

benefit segmentation The division of a market according to benefits that consumers want from the product
breakdown approach Measuring company sales potential based on a general economic forecast for a specific period and the market potential derived from it
buildup approach Measuring company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered
business market Individuals or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations
company sales potential The maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product
concentrated targeting strategy A market segmentation strategy in which an organization targets a single market segment using one marketing mix
consumer market Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profits
customer forecasting survey A survey of customers regarding the types and quantities of products they intend to buy during a specific period
cycle analysis An analysis of sales figures for a three- to-five year period to ascertain whether sales fluctuate in a consistent, periodic manner
Delphi technique A procedure in which experts create initial forecasts, submit them to the company for averaging, and then refine the forecasts
differentiated targeting strategy A strategy in which an organization targets two or more segments by developing a marketing mix for each segment
executive judgment A sales forecasting method based on the intuition of one or more executives
expert forecasting survey Sales forecasts prepared by experts outside the firm, such as economists, management consultants, advertising executives, or college professors
geodemographic segmentation A method of market segmentation that clusters people in zip code areas and smaller neighborhood units based on lifestyle and demographic information
heterogeneous market A market made up of individuals or organizations with diverse needs for products in a specific product class
homogeneous market A market in which a large proportion of customers have similar needs for a product
market density The number of potential customers within a unit of land area
market potential The total amount of a product that customers will purchase within a specified period at a specific level of industry-wide marketing activity
market segment Individuals, groups, or organizations sharing one or more similar characteristics that cause them to have similar product needs
market segmentation The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs
market test Making a product available to buyers in one or more test areas and measuring purchases and consumer responses to marketing efforts
micromarketing An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
product positioning Creating and maintaining a certain concept of a product in customers’ minds
random factor analysis An analysis attempting to attribute erratic sales variations to random, nonrecurrent events
regression analysis A method of predicting sales based on finding a relationship between past sales and one or more independent variables, such as population or income
sales force forecasting survey A survey of a firm’s sales force regarding anticipated sales in their territories for a specified period
sales forecast The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
seasonal analysis An analysis of daily, weekly, or monthly sales figures to evaluate the degree to which seasonal factors influence sales
segmentation variables Characteristics of individuals, groups, or organizations used to divide a market into segments
time series analysis A forecasting method that uses historical sales data to discover patterns in the firm’s sales over time and generally involves trend, cycle, seasonal, and random factor analyses
trend analysis An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales

 

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Hey guys its Joel I was just wondering what our plans for tomorrow are. Also have you guys looked at the next assignment yet? It seems a little bit more intensive than the last one.

Joel

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Hey Guys It’s Rocky! Meeting and Ch 4 Vocab

I am pretty much finished with final  copy of the paper. I would like to meet to do a final edit today.

The tests for this class are publisher tests so I have been doing the exercises online and recording the definitions for our cheat sheet

Ch 4 Vocab

  1.  Sustainability – the potential for long term  well being of the natural environment
  2. Cause related marketing- the practice of linking products to a  particular social cause on an ongoing or short term basis
  3. Codes of conduct-formalized rules and standards that describe  what an employee expects of its employees
  4. Social responsibility– an organizations obligation to maximize its positive impact and minimize its negative impact on society.
  5. Ethics officer- responsible for creating, distributing and enforcing an organizations code of conduct.
  6. Organizational culture- a set of values, beliefs, goals, norms, and rituals that members of a society share
  7. Marketing ethics- principles and standards that define acceptable marketing conduct as determined by various stakeholders
  8. Green marketing-  the specific development, pricing, promotion,  and distribution of products that do not harm the natural environment.
  9. Marketing citizenship- the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders.
  10. Ethical issue– an identifiable problem situation,  or opportunity,  requiring a choice among several  actions that must  be evaluated as right or wrong.
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what i have so far

All of the group members are instructed to save all of their work on a word document and a USB flash drive prior to uploading them on the website or email.   All of these steps that are done by group members are in case of when the website goes down and we cannot get access to the information.  We also use two different forms of email; the school email and personal emails.  For instance, the past weekend the school email went down for an entire day and we called one another and communicated via telephone and Word Press.  If for any reason we cannot get access to internet, since we have all of our work saved on our computers and flash drive, we just load up the document; work on our paper without any difficulties because we have all of our resources saved.  As long as we have access to our topic information, we can easily work on the assignments.  We also discovered that there is a blog option in Blackboard on CSU Stan website.  We will utilize both blogs and work them so that if one goes down, we still have ability to communicate with each other.

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meeting time at 5:00pm Givo’s Office

writing about contingency plan…

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Introduction rough draft

Our group decided to use the sites; wordpress.com, and Skype for online communication.  Joel Lives in Tracy while Rocky lives in Turlock so online communication saves commuting money and time. The internet blog on WordPress was initiated on August 27, 2011 by Givo who created the account on word press.  Wordpress offers a one stop place to gather information on a blog that can be accessed from anywhere.  Written posts and pictures added to the site are available for everyone to see. Posts are categorized by month and offer a title line and a box for the body text of the post. WordPress facilitates group decision making through polls and the ability to comment on posts. Group members don’t even need to establish a membership on the site.  Rocky used his facebook to log on and post comments on September 3rd, 2011.  When a group member uses facebook the comment will also include the default picture from the profile used to post.

Skype is one of the most popular free online communication services.  Using a webcam and audio equipment Skype users can communicate in real life time from anywhere with an internet connection. As a backup to Skype our group chose Facebook since everyone already had profiles and it is very simple to use.  Facebook allows for live chats, video and audio chats and wall posts. Joel and Rocky initiated a Skype session on 9/10/2011 at around 3pm.  The session was successful and both participants were able to see live streaming video.  During the session Rocky and Joel confronted several issues.

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Businessweek article

http://www.elcsd.org/1513108241715977/lib/1513108241715977/MarketingEssentialsUnit1CaseStudy1.pdf

 

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