fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community | Consumer-Engagement Marketing |
The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. | Consumer-Perceived Value |
The discounted lifetime values of all the company's current and potential customer | Customer Equity |
The extent to which a product's perceived performance matches a buyer's expectations | Customer Satisfaction |
Based on past buying experiences, the opinions of friends, and market information | Customer Expectations |
involves managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty. | Customer Relationship Management (CRM) |
Any occasion on which a customer encounters the brand and product—from actual experience to personal or mass communications to casual observation | Customer Touch Point |
The difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product | Customer Value |
Human wants that are backed by buying power | Demands |
Using digital marketing tools such as Web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at anytime, via their digital devices | Digital and Social Media Marketing |
Made up of those businesses that offer one or more of the following: accommodation, prepared food and beverage service, and/or entertainment | Hospitality Industry |
The lifetime value of a customer is the stream of profits a customer will create over the life of his or her relationship to a business | Lifetime Value (LTV) |
The art and science of finding, retaining, and growing profitable customers | Marketing |
The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering desired satisfactions more effectively and efficiently than competitors. | Marketing Concept |
Elements include product, price, promotion, and distribution. Sometimes distribution is called place and the marketing situation facing a company. | Marketing Mix |
Involves creating, maintaining, and enhancing strong relationships with customers and other stakeholders. | Relationship Marketing |
The idea that consumers will not buy enough of an organization's products unless the organization undertakes a large selling and promotion effort | Selling Concept |
The idea that an organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and society's well-being | Societal Marketing Concept |
A major characteristic of services; they are produced and consumed at the same time and cannot be separated from their providers. | Inseperability |
A major characteristic of services; they cannot be seen, tasted, felt, heard, or smelled before they are bought. | Intangibility |
A major characteristic of services; they cannot be stored for later use. | Perishability |
Tangible clues such as promotional material, employees of the firm, and the physical environment of the firm. Physical evidence is used by a service firm to make its product more tangible to customers. | Physical evidence |
A major characteristic of services; their quality may vary greatly, depending on who provides them and when, where, and how they are provided. | Variability |
Marketing by a service firm that recognizes perceived service quality depends heavily on the quality of the buyer–seller interaction | Interactive marketing |
Marketing by a service firm to train effectively and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction | Internal marketing |
The way a person or group views an organization | Organization image |
A pricing method using price as a means of matching demand with capacity | Revenue management |
A model that shows the relationships between employee satisfaction, customer satisfaction, customer retention, value creation, and profitability. | Service-Profit Chain |
A guide to provide all the publics of a company with a shared sense of purpose, direction, and opportunity, allowing all to work independently, yet collectively, toward the organization's goals | Corporate mission statement |
A set of corporate priorities and institutional standards of behavior | Corporate Values |
Demographic, economic, technological, political, legal, social, and cultural factors | Macroenvironmental forces |
Finding and developing new markets for your current products | Market development strategy |
The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior who might require separate products or marketing programs | Market segmentation |
An area of need in which a company can perform profitably | Marketing opportunity |
The marketing logic by which the company hopes to create this customer value and achieve these profitable relationships | Marketing strategy |
Customers, competitors, distribution channels, and suppliers | Microenvironmental forces |
Offering modified or new products to current markets | Product development |
Stakeholders include customers, employees, suppliers, and the communities where their business are located and other people or oganizations that have an interest in the success of the business | Stakeholder |
Relationships between independent parties that agree to cooperate but still retain separate identities. | Strategic alliances |
A single business or collection of related businesses that can be planned separately from the rest of the company | Strategic business units (SBUs) |
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities | Strategic planning |
evaluates the company's overall strengths (S), weaknesses (W), opportunities (O), and threats (T). | SWOT analysis |
A growth strategy by which companies acquire businesses supplying them with products or services (e.g., a restaurant chain purchasing a bakery) | Backward integration |
A growth strategy whereby a company seeks new products that have technological or marketing synergies with existing product lines | Concentric diversification strategy |
A product growth strategy in which a company seeks new businesses that have no relationship to the company's current product line or markets. | Conglomerate diversification strategy |
A product growth strategy whereby a company looks for new products that could appeal to current customers that are technologically unrelated to its current line | Horizontal diversification strategy |
A growth strategy by which companies acquire competitors | Horizontal integration |
The net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities. | Return on marketing investment (or marketing ROI) |
The study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics | Demography |
The economic environment consists of factors that affect consumer purchasing power and spending patterns. Markets require both power and people. Purchasing power depends on current income, price, saving, and credit; marketers must be aware of major | Economic environment |
A management approach that involves developing strategies that both sustain the environment and produce profits for the company | Environmental sustainability |
Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods. | Financial intermediaries |
The larger societal forces that affect the whole microenvironment: competitive, demographic, economic, natural, technological, political, and cultural forces | Macroenvironment |
The actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers | Marketing environment |
Firms that help the company to promote, sell, and distribute its goods to final buyers; they include middlemen, physical distribution firms, marketing service agencies, and financial intermediaries | Marketing intermediaries |
Marketing research firms, advertising agencies, media firms, marketing consulting firms, and other service providers that help a company targer and promote its products to the right markets | Marketing services agencies |
The forces close to a company that affect its ability to serve its customers: the company, market channel firms, customer markets, competitors, and the public. | Microenvironment |
Laws, government agencies, and pressure groups that influence and limit the activities of various organizations and individuals in society | Political environment |
Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives | Public |
Firms and individuals that provide the resources needed by a company and its competitors to produce goods and services | Suppliers |
Consist of electronic databases and non-electronic information and records of consumer and market information obtained from within the company. | Internal data |
A structure of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. The MIS begins and ends with marketing managers, but managers throughout the organization should be involved in the MIS. First, the MIS interacts with managers to assess their information needs. Next, it develops needed information from internal company records, marketing intelligence activities, and the marketing research process. | Marketing information system (MIS) |
Information analysts process information to make it more useful. Finally, the MIS distributes information to managers in the right form and at the right time to help in marketing planning, implementation, and control. | Marketing information system (MIS) |
Everyday information about developments in the marketing environment that help managers to prepare and adjust marketing plans. | Marketing intelligence |
The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing a company. | Marketing research |
Hospitality companies often hire disguised or mystery shoppers to pose as customers and report back on their experience. | Mystery shoppers |
The gathering of primary data by observing relevant people, actions, and situations. | Observational research |
Information collected for the specific purpose at hand. | Primary data |
A segment of a population selected for marketing research to represent the population as a whole; Offer of a trial amount of a product to consumers. | Sample |
Information that already exists somewhere, having been collected for another purpose. | Secondary data |
The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. | Survey research |
The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions | Culture |
The stages through which families might pass as they mature | Family life cycle |
Relatively permanent and order divisions in a society whose members share similar values, interests, and behaviors | Social classes |
A group of people with shared value systems based on common life experiences and situations | Subculture |
Changes in a person's behavior arising from experience | Learning |
A person's pattern of living as expressed in his or her activities, interests, and opinions | Lifestyle |
Groups that have a direct influence on a person's behavior and to which a person belongs. | Membership groups |
A group to which a person wishes to belong. | Aspirational group |
A person's enduring favorable or unfavorable cognitive evaluations, emotional feelings, and action tendencies toward some object or idea. | Attitude |
Online social communities—blogs, social networking, Web sites, or even virtual worlds—where people socialize or exchange information and opinions. | Online social networks |
Cultivating opinion leaders and getting them to spread information about a product to others in their community | Buzz marketing |
Buyer discomfort caused by postpurchase conflict | Cognitive dissonance |
People within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others | Opinion leaders |
A person's distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her environment | Personality |
Groups that have a direct (face-to-face) or indirect influence on a person's attitude or behavior | Reference groups |
The activities that a person is expected to perform according to the persons around him or her | Role |
Self-image, the complex mental pictures people have of themselves | Self-concept |