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What Are Basic Terms In The World Of Marketing Flashcards
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Side A ------ Side B Value ------ benefits a customer receives from buying a good or service 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 Consumer ------ ultimate user of a good or service Marketing Concept ------ identify consumer needs and provide products that satisfy those needs to ensure long term profitability Need ------ difference between customer’s actual state and some desired state Want ------ desire for particular product we use to satisfy a need in specific ways that are culturally and socially influenced Benefit ------ outcome sought by a customer that motivates buying behavior Demand ------ customers’ desires for products coupled with resources needed to obtain them 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 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
Side A ------ Side B Value ------ benefits a customer receives from buying a good or service 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 Consumer ------ ultimate user of a good or service Marketing Concept ------ identify consumer needs and provide products that satisfy those needs to ensure long term profitability Need ------ difference between customer’s actual state and some desired state Want ------ desire for particular product we use to satisfy a need in specific ways that are culturally and socially influenced Benefit ------ outcome sought by a customer that motivates buying behavior Demand ------ customers’ desires for products coupled with resources needed to obtain them 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 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
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