Value |
|
benefits
a customer receives from buying a good or service |
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Marketing |
|
the
activity, set of institutions, and processes for creating, communication,
delivering, and exchanging offerings that have value for customers, clients,
partners, society |
| |
Stakeholders |
|
buyers,
sellers, investors in a company, community residents, citizens |
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Consumer |
|
ultimate
user of a good or service |
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Marketing Concept |
|
identify
consumer needs and provide products that satisfy those needs to ensure long
term profitability |
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Need |
|
difference
between customer’s actual state and some desired state |
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Want |
|
desire
for particular product we use to satisfy a need in specific ways that are
culturally and socially influenced |
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Benefit |
|
outcome
sought by a customer that motivates buying behavior |
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Demand |
|
customers’ desires for products coupled with
resources needed to obtain them |
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Market |
|
all
the consumers who share a common need that can be satisfied y a specific
product and who have the resources, willingness, authority to make the purchase |
| |
Marketplace |
|
location
or medium to conduct an exchange |
| |
Utility |
|
the
usefulness or benefit consumers receive from a product à creates value |
| |
Exchange |
|
a
person gives something up and gets something else in return |
| |
Production orientation |
|
-
emphasizes the most efficient ways to produce and distribute products (Henry
Ford’s Model T) |
| |
Selling orientation |
|
marketing
is a sales function or way to move products out of warehouses to reduce
inventory (product availability exceeds demand) |
| |
Consumer orientation |
|
focuses
to ways to satisfy customer’s needs and wants |
| |
Total quality management |
|
involves all employees in continuous product
quality improvement |
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Intrapreneur |
|
-
person who produces a product when it is ordered |
| |
Triple Bottom Line orientation |
|
building
long term bonds with customers |
| |
Customer Relationship Management |
|
tracking
consumers preferences & behaviors over time to tailor value proposition to
each individual’s unique wants and needs |
| |
Social Marketing Concept |
|
marketers
must satisfy needs in ways that benefit society and deliver profit to the firm |
| |
Sustainability |
|
product
design to create products that meet consumer needs without compromising the
ability of future generations to meet their needs |
| |
ROI |
|
direct financial impact of a firm's expenditure of a resource such as time or money |
| |
Popular Culture |
|
music,
movies, sports, books, celebrities, entertainment the mass market consumes à g/s popular at any point in time mirror changes
in the larger society |
| |
Myths |
|
stories containing symbolic elements that express shared emotions and ideals of a culture |
| |
Product |
|
any
good, service, idea that satisfies consumer needs |
| |
Consumer good |
|
tangible
products that individual consumers purchase for personal use |
| |
Services |
|
intangible
products we pay for and use but never own (60+% to GNP) |
| |
B2B Marketing |
|
marketing
of g/s from one organization to another |
| |
Industrial goods |
|
goods
individuals or organizations buy for further processing or for their own use
when they do business |
| |
E-commerce |
|
buying
or selling of g/s electronically (internet) |
| |
Not for Profit Organizations |
|
organizations
with charitable, educational, community, public service goals that buy g/s to
support their functions and to attract and serve their members |
| |
Target Market |
|
-
market segments on which an organization focuses its marketing plan and toward
which it directs its marketing efforts |
| |
Value proposition |
|
a
marketplace offering that fairly and accurately sums up the value that the
customer will realize if he purchases the product |
| |
Lifetime value of a Customer |
|
how much profit companies expect to make from a particular customer, including each and every purchase he will make from now and in the future |
| |
Distinctive competency |
|
firm’s
capability that is superior to that of its competition |
| |
Differential benefit |
|
properties of products that set them apart from competitor's products by providing unique customer benefits |
| |
Vale chain |
|
- a
series of activities involved in designing, producing, marketing, delivering,
and supporting any product; each link in the chain has potential to add or
remove value from the product the customer eventually buys |
| |
Consumer generated value |
|
everyday
consumers are turning into advertising directors, retailers, and new product
development consultants |
| |
Web 2.0 |
|
-
new generation of WWW that incorporates social networking + user interactivity |
| |
Wisdom of Crowds |
|
under
the right circumstances, groups are smarter than the smartest people in them
meaning that large numbers of consumers can predict successful products |
| |
Open Source Model |
|
companies
share their software codes with anyone to assist in the development of a better
product (software industry) |
| |
Consumer Addiction |
|
physiological or psychological dependency on g/s |
| |
Marketing Plan |
|
describes
the marketing environment, outlines the marketing obj and strategy, identifies
who will be responsible for carrying out each part of the strategy |
| |
Mass Market |
|
all
possible customers in a market regardless of dif in needs and wants |
| |
Market Segment |
|
distinct
group of customers within a larger market who are similar to one another in
some way and whose needs differ from other customers in the larger market |
| |
Market Position |
|
how
target market perceives the product compared to competitor’s brands |
| |
Marketing Mix |
|
combination
of the product, the price of the product, the place where it is made available,
and the activities that introduce it to consumers to create a desired response |
| |
Four Ps |
|
product, price, promotion, place |
| |
Price |
|
- assignment
of value or the amt the consumer must exchange to receive the offering |
| |
Promotion |
|
includes
all the activities marketers undertake to inform consumers about their products
and to encourage potential customers to buy these products |
| |
Place |
|
availability
of the product to the customer at the desired time and location |
| |