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. Customers – the purchasers of organizations products; the focal point of all marketing activities. Target Market – a specific group of customers on whom an organization focuses its marketing efforts. Marketing Mix – four marketing activities; Price, Product, Distribution, Promotion that a firm can control to meet the needs of customers within its target markets. Product – a good, service, or idea.
Exchange – the provision or transfer of goods, services, or ideas in return for something of value. Stakeholders – constituents who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes. Marketing Environment – the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix. 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. It is a management philosophy guiding an organization’s overall activities. Marketing Orientation – an organization wide commitment to researching and responding to customer needs. Relationship Marketing – establishing long-term, mutually satisfying buyer-seller relationships. Customer Relationship Marketing (CRM) – using information about customers to create marketing strategies that develop and sustain desirable customer relationships. Value – a customer’s subjective assessment of benefits relative to costs in determining the worth of a product. Marketing Management – the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
Environmental Scanning – the process of collecting information about forces in the marketing environment. Environmental Analysis – the process of assessing and interpreting the information gathered through environmental scanning. Competition – other organizations that market products that are similar to or can be substituted for a marketer’s products in the same geographic area. Brand Competitors – firms that market products with similar features and benefits to the same customers at similar prices. Product Competitors – firms that compete in the same product class but market products with different features, benefits, and prices. Generic Competitors – firms that provide very different products that solve the same problem or satisfy the same basic customer need. Total Budget Competitors – firms that compete for the limited financial resources of the same customers. Monopoly – a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply. Oligopoly – a competitive structure in which a few sellers control the supply of a large proportion of a product. Monopolistic Competition – a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product. Pure Competition – a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply. Business Cycle – a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery. Prosperity – a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power. Recession – a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending. Depression – a stage of the business...