value
benefits a customer receives from buying a good or service
Marketing makes up
50% of spending
Marketing concept
Identifying the needs of customers
Example of a marketing concept
GE and P&G
Need
difference between ideal and actual
Want
desire to satisfy a specific need
benefit
outcome desired by a customer
demand
desire and ability to obtain products
exchange
transfer of value happens between a buyer and a seller
utility
the sum of benefits received
competitive advantage
when a product of service out performs competition
mass market
all of the market
market segment
distinct subgroup
market position
how a product compares to competition
business plan
short or long term goals and carrying out plans
business ethics
company code of ethics
strategic planning
organizational planning
functional planning
tactical planning
operational planning
day-to-day planning
ROMI
Return on marketing investment
GDP measures
$ within the boarder
GNP measures
$ globally dispersed
Direct competition
soda market
Indirect competition
beverage market
Straight extension
marketing in a different country without changing the product
Product adaptation
changing the product to meet local needs
Product invention
creating something new for a specific foreign market
Sociocultural
values and benefits of a society
Market research
strategy, implementation, and control
MIS
Marketing information system
Data mining
sorting and analyzing large data bases
Qualitative research
small sample size
Focus group
In depth discussion groups
Online research
tracking and questionaires
Syndicated research
broad but shallow information collected regularly and sold to multiple firms
market basket analysis
Steven King Novels
consumer behavior
process of selecting, purchasing, using and disposing products
Heuristics
brand loyalty and country of origin
Cognitive dissonance
discomfort after choosing a product from several similar ones
psychographics
grouping of consumers according to psychological and behavior similarities
Consumer-to-Comsumer e-groups
when consumers have communication or purchases without manufactures or retailers
interpretation
process of assigning meaning to a stimulus based on prior associations
perception
the process which people select, organize, and interpret information from the outside world
business-to-business
less "consumers" but more purchases
derived
demand that comes from the demand for consumer goods
inelastic
total demand of products is not effected by prices changes
e-commerce
had a large influence on business to business markets
crowd-sourcing
pulling together expertise from around the globe to work on solving a particular problem through a formal network