- 5Ms of marketing
- internal elements of a marketing plan that need to be resolved if the plan is successful
- buyer
- a person or institution that purchases goods or services
- consumer
- the final user of a purchased product or service
- customer
- a person who purchases a product or service
- customer equity
- total combined customer lifetime values of all the company’s customers
- customer loyalty
- an ongoing positive relationship between a customer and a business
- customer relationship management (CRM)
- all strategies, techniques, tools, and technologies used by companies to develop, acquire, and retain customers
- customer retention
- the ability of a company to turn customers into repeat buyers and prevent them from switching to a competitor
- customer value
- the ratio of the perceived benefits relative to the costs incurred by the customer in acquiring the product or service
- customer-driven marketing strategy
- a marketing strategy that shifts the focus from the product or service to its users
- delight needs
- an added value that a customer might receive from a seller without prior expectation or request for the same
- desired object
- a physical good, service, or experience that consumers expect will satisfy their wants and/or needs
- ethical marketing
- process that emphasizes trustworthy, transparent, social, and culturally sensitive marketing policies
- exchange process
- the process of satisfying a need or want by giving something of value in exchange
- external interested parties
- a person or organization that does not have a direct relationship with a company but is affected by the operations of the business
- form utility
- the value given to a product by virtue of the fact that the materials and components that comprise it have been combined to make the finished product
- interested parties
- a group that has an interest in a company or organization and can either affect or be affected by it; often referred to as “stakeholders”
- internal interested parties
- those persons whose interest in a company comes through a direct relationship such as employment, ownership, or investment
- internal marketing
- the promotion of a company’s objectives, products, and services to internal parties, such as employees, owners, managers, and shareholders
- internet advertising
- a set of tools for delivering promotional messages to people worldwide, using the internet as a global marketing platform
- macroenvironment
- the set of external factors and forces, not controlled by the company, that influence its operations
- marketing
- the activities a company undertakes to promote the buying or selling of a product or service
- marketing concept
- marketing philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs better than the competition
- marketing environment
- all of the internal and external factors that drive and influence an organization’s marketing activities
- marketing mix
- the set of actions or tactics that a company uses to promote its brand or product in the market
- marketing process
- the series of steps that assist businesses in planning, analyzing, implementing, and adjusting their marketing strategy
- marketing strategy
- a plan of action designed to promote or sell a product or service
- microenvironment
- those factors or elements in a firm’s immediate environment that affect its performance and decision-making
- organizational culture
- beliefs and behaviors that determine how a company’s employees and management interact and handle customer relationships
- PESTLE analysis
- a strategic framework used to assess the political, economic, social, technological, legal, and environmental factors affecting an organization
- place
- the geographical location in which the company sells its products and/or provides its services
- place utility
- making goods and/or services physically available or accessible to potential customers
- possession utility
- the amount of usefulness or perceived value from owning a product
- price
- the cost that consumers pay in order to acquire a product or service
- product
- anything that can be offered to a market that might satisfy a want or need
- product concept
- the orientation that consumers will favor those products that offer the most quality, performance, or innovative features
- production concept
- the orientation that consumers will always acquire products that are cheaper and more readily available
- promotion
- any type of marketing communication used to inform audiences of the relative merits or a product, service, or brand
- real needs
- the value the customer is going to derive from the stated good or service
- retailers
- companies that purchase large quantities of goods from producers and then sell smaller quantities to end customers for personal use or consumption
- sales concept
- orientation that analyzes buying and selling effects to place the focus primarily on generating sales transactions
- secret needs
- the needs that the consumer feels reluctant to admit
- seller
- the individual or organization that supplies the need-satisfying product, service, or experience
- societal marketing concept
- philosophy that a company should make marketing decisions by considering not only consumers’ wants and the company’s capabilities but also society’s long-term interests
- stated needs
- those product or service needs that are clearly specified by the customer
- suppliers
- sometimes also called vendors, these are partners from whom we receive the parts and products necessary for our business
- time utility
- adding value to the consumer by having the product or service available when the consumer needs it
- unstated needs
- those needs that are not obvious but are expected by the customer
- utility
- how a product can be useful to customers in a way that convinces them to make a purchase
- value
- the difference between a customer’s evaluation of the benefits and costs of one product when compared with others
- value proposition
- a promise of value to be delivered, communicated, and acknowledged
- wholesalers
- companies that purchase large quantities of products from producers and then sell to smaller businesses, such as retail stores