Flashcard Set Preview
Side ASide B
benefits a customer receives from buying a good or service
the activity, set of institutions, and processes for creating, communication, delivering,...
buyers, sellers, investors in a company, community residents, citizens
ultimate user of a good or service
identify consumer needs and provide products that satisfy those needs to ensure long term...
difference between customer’s actual state and some desired state
desire for particular product we use to satisfy a need in specific ways that are culturally...
outcome sought by a customer that motivates buying behavior
customers’ desires for products coupled with resources needed to obtain them
all the consumers who share a common need that can be satisfied y a specific product and...
location or medium to conduct an exchange
the usefulness or benefit consumers receive from a product à creates value
a person gives something up and gets something else in return
- emphasizes the most efficient ways to produce and distribute products (Henry Ford’s Model...
marketing is a sales function or way to move products out of warehouses to reduce inventory...
focuses to ways to satisfy customer’s needs and wants
Total quality management
involves all employees in continuous product quality improvement
- 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...
Social Marketing Concept
marketers must satisfy needs in ways that benefit society and deliver profit to the firm
product design to create products that meet consumer needs without compromising the ability...
direct financial impact of a firm's expenditure of a resource such as time or money
music, movies, sports, books, celebrities, entertainment the mass market consumes à g/s popular...
stories containing symbolic elements that express shared emotions and ideals of a culture
any good, service, idea that satisfies consumer needs
tangible products that individual consumers purchase for personal use
intangible products we pay for and use but never own (60+% to GNP)
marketing of g/s from one organization to another
goods individuals or organizations buy for further processing or for their own use when they...
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...
- market segments on which an organization focuses its marketing plan and toward which it...
a marketplace offering that fairly and accurately sums up the value that the customer will...
Lifetime value of a Customer
how much profit companies expect to make from a particular customer, including each and every...
firm’s capability that is superior to that of its competition
properties of products that set them apart from competitor's products by providing unique customer...
- a series of activities involved in designing, producing, marketing, delivering, and supporting...
Consumer generated value
everyday consumers are turning into advertising directors, retailers, and new product development...
- 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...
Open Source Model
companies share their software codes with anyone to assist in the development of a better product...
physiological or psychological dependency on g/s
describes the marketing environment, outlines the marketing obj and strategy, identifies who...
all possible customers in a market regardless of dif in needs and wants
distinct group of customers within a larger market who are similar to one another in some...
how target market perceives the product compared to competitor’s brands
combination of the product, the price of the product, the place where it is made available, and...
product, price, promotion, place
- assignment of value or the amt the consumer must exchange to receive the offering
includes all the activities marketers undertake to inform consumers about their products and...
availability of the product to the customer at the desired time and location