Market Share – (geography definition) A proportion of total sales in a market obtained by a given facility or chain. 2. (strategic marketing definition) The proportion of the total quantity or dollar sales in a market that is held by each of the competitors. The market can be defined as broadly as the industry, or all substitutes, or as narrowly as a specific market segment. The choice of market depends on which level gives the best insight into competitive position.
Market Structure – The pattern formed by the number, size and distribution of buyers and sellers in the market.
Market Test – A controlled experiment, done in a limited but carefully selected sector of the market place, whose aim is to predict the sales or profit consequences, either in absolute or relative terms, of one or more proposed marketing actions.
Market Testing – The phase of new product development in which the new item and its marketing plan are tested together. Prior testing, if any, involved separate components. A market test simulates the eventual marketing of the product and takes many different forms, only one of which bears the name test market.
Marketing – The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
Marketing Channel – A set of institutions necessary to transfer the title to goods and to move goods from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing process.
Marketing Conduct – A legal view of marketer’s decisions on marketing mix variables and the process by which they make these decisions.
Marketing Cost Analysis – An attempt to determine the actual cost incurred for marketing and distributing a product.
Marketing Ethics – 1. (legislation definition) Standards of marketing decision making based on “what is right” and “what is wrong” and emanating from our religious heritage and our traditions of social, political and economic freedom. 2. (environments definition) The use of moral codes, values, and standards to determine whether marketing actions are good or evil, right or wrong. Often standards are based on professional or association codes of ethics.
Marketing Geography – The field of study that analyze the spatial characteristic of marketing activities: the consumers and the distribution network.
Marketing Information System (MkIS)- A set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions.
Marketing Intelligence System – The development of a system to gather, process, assess, and make available marketing data and information in a format that permits marketing managers and executives to function more effectively. Marketing data, when analyzed, may yield information that can be processed and put into a format that gives intelligence for planning, policy making, and decision purposes.
Marketing Management – The process of setting marketing goals for an organization (considering internal resources and market opportunities), the planning and execution of activities to meet these goals, and measuring progress toward their achievement. Comment: The process is on going and repetitive (as within a planning cycle) so that the organization may continuously adapt to internal and external changes that create new problems and opportunities.
Marketing Manager – The generic title for the line executive responsible for designated marketing functions (such as marketing research, product planning, and market planning, pricing, distribution, the promotion mix, and customer services) and for coordinating with other departments that perform marketing related activities (such as packaging, warehousing, order filling, shipping, design of new and improved products, credit billing, collections, accounting, legal, transportation, purchasing, product repair, warranty fulfillment, and technical assistance to customers). The marketing manager may have an officer title (such as vice president of marketing) and usually reports to the chief executive officer in a functionally organized company or to the division manager (president) in a divisionalized company. Comment: The above definition describes the the marketing manager with full responsibility for marketing. However, the title is sometimes used for jobs of lesser scope; for example, in a multiproduct division a manager may be in charge of line of products or a business segment and report to the division marketing manger. Also, it is not uncommon for the sales and marketing functions to report separately to a common supervisor such as the division manager. In such a case the marketing manager may be in charge for marketing functions other than personal selling is the key aspect of promotion.
Marketing Manager, Corporate Level Executive – Some large divisionalized companies have a corporate marketing vice president who performs a staff role designated by the corporate chief executive officer. In general, the principal role is to view marketing problems and opportunities from a broader perspective than that of division management. It may also include specific functions such as providing marketing counsel to corporate management, monitoring divisional marketing performance, critiquing divisional marketing plans, evaluating potential acquisitions, assisting with or directing the corporate strategic planning function, searching for new product and business opportunities outside of present division charters, assisting with setting research and development priorities, and administering the corporate advertising and/or corporate image programs. This position usually reports to the corporate chief executive.
Marketing Mix – The mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market. The most common classification of these factors is the four factor classification called the “Four Ps”- price, product, promotion, and place (distribution). Optimization of the marketing mix is achieved by assigning the amount of the marketing budget to be spent on each element of the marketing mix so as to maximize the total contribution to the firm. Contribution may be measured in terms of sales or profits or in terms of any other organizational goals.
Marketing Mix Models – The determination of the optimal marketing mix is often aided by models that take into account the market response to the various marketing mix elements and their interactions. These models include econometric market response models to the marketing mix variables of the firm (and its competitors) as well as specialized models such as advisor and BRANDAID, microsimulation models, various optimization models, and customized applications of the analytic hierarchy process and other resource allocation models.