C hapter 1 Vocab Controllable factors 11 factors under the control of the marketing department Customer experience 16 internal response that customers have to all aspects of an organization and its offering Customer relationship era 15 1980s present firms seek continuously to satisfy high expectations of consumers Customer relationship management 15 process of identifying prospective buyers understanding them intimately and developing favorable long term perceptions of the organization and its offerings so buyers will chose the marketplace Customer value 12 unique combination of benefits received by targeted buyers that include quality convenience on time delivery and both before sale and after sale service at a specific price Environmental forces 11 uncontrollable forces in a marketing decision involving social economic technological competitive and regulatory forces Exchange 5 trade of things of value between buyer and seller so that each is better after the trade Form utility 20 production of the product service Goods 18 physical objects Macromarketing 17 study of aggregate flow of nation s product and services to benefit society Market 10 people with the desire and ability to buy a specific offering Market orientation 15 organization that focuses efforts on 1 continuously collecting info about customer Ideas 18 thoughts concepts actions or causes needs 2 sharing the info across departments 3 using it to create customer Marketing 5 activity for creating communicating delivering and exchanging offerings that benefit its customers the organization its stakeholders and society at large Marketing concept 15 idea that an organization should 1 strive to satisfy the needs of customers 2 while also trying to achieve the organizations goals Marketing concept era 15 1950s marketing becomes motivating force among American firms Marketing mix 11 marketing manager s controllable factors product price place promotion that can be used to solve a marketing problem Marketing program 13 plan that integrates the marketing mix to provide a good service or idea to Micromarketing 17 how individual organization directs its marketing activities and allocates its resources to prospective buyers benefit its customers Need pg 10 occurs when a person feels deprived of basic necessities like food clothing shelter Organizational buyers 19 those manufacturers wholesalers retailers and government agencies that buy goods and services for their own use or for resale 19 Place 11 means of getting product to consumer Place utility 20 offering available where customers need it Possession utility 20 value of making item easy to purchase through credit cards or financial arrangements Price 11 what is exchanged for the product Product 18 good service or idea consisting of a bundle of tangible and intangible that satisfy consumers needs and it received in exchange for money or something else of value Production era 15 until 1920s goods scarce and buyers were willing to accept almost anything available Promotion 11 means 0 communication between seller and buyer Relationship marketing 12 links of the organization to its individual customers employees suppliers and other partners for their mutual long term benefit Sales era 15 1920 1960 manufactures produced more goods than buyers could consume Social marketing concept 17 view that organizations should satisfy and are accountable to that society for their actions Social responsibility 17 the idea that organizations are accountable to larger society Target market 10 one or more specific groups of potential consumers toward which an organization directs its marketing program Time utility 20 having it available when needed Ultimate consumers 19 the people who use the goods and services purchased for a household Also called consumers buyers or customers Utility 20 benefits or customer value received by users of the product Want pg 10 need that is shaped by a person s knowledge culture and personality Chapter 2 Vocab Business 30 clear broad underlying industry or market sector of an organizations offering Business firm 26 privately owned organization Business model 30 strategies an organization develops to provide value to the customers it serves 30 Business portfolio analysis 35 technique that managers use to quantify performance measures and growth targets to analyze their firm s strategic business units as though they were a collection of separate investments Competitive advantage 34 unique strength relative to competitors that provides superior returns often based on quality time cost or innovation Core values 29 fundamental passionate and enduring principals of an organization that guides its conduct over time Corporate level 26 level in organization where top management directs overall strategy for the entire organization Cross function teams 28 small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals Data visualization 32 presents info about a organizations marketing metrics graphically Department 28 specialized function functions of a group Diversification 37 strategy of developing new products and selling them in new markets Diversification analysis technique that helps a firm search for growth opportunities from among current and new markets as well as current new products 37 Dogs 35 SBU with low shares of slow growth market Functional level 28 level in an organization where groups of specialist actually create value for the organizations Goals 30 statements of accomplishment of a task to be achieved often by a specific time also called objective Market development 37 strategy to sell current products to new markets Market penetration 37 strategy to increase sales of current products in current markets Market growth rate 35 annual rate of growth of the SBU s industry Market segmentation 39 aggregating prospective buyers into groups or segments that 1 have common needs 2 will respond similarly to a marketing action Market share 30 ratio of sales revenue of the firm to the total sales revenue of all firms in the industry including the firms itself Marketing dashboard 32 visual computer display of the essential information related to achieving marketing Marketing metric 32 measure of the quantitative value or trend of a marketing activity or result Marketing plan 34 road map for the marketing activities of an organization for a specified future time period Marketing