Chapter 1: Welcome To World Of Marketing

52 cards

Welcome To The World Of Marketing


 
  
Created Sep 25, 2010
by
lilkimba512

 

 
Table View
 
Download
 
Print

Flashcard Set Preview

  Side A   Side B
1
Value
 
benefits a customer receives from buying a good or service
2
Marketing
 
the activity, set of institutions, and processes for creating, communication, delivering,...
3
Stakeholders
 
buyers, sellers, investors in a company, community residents, citizens
4
Consumer
 
ultimate user of a good or service
5
Marketing Concept
 
identify consumer needs and provide products that satisfy those needs to ensure long term...
6
Need
 
difference between customer’s actual state and some desired state
7
Want
 
desire for particular product we use to satisfy a need in specific ways that are culturally...
8
Benefit
 
outcome sought by a customer that motivates buying behavior
9
Demand
 
 customers’ desires for products coupled with resources needed to obtain them
10
Market
 
all the consumers who share a common need that can be satisfied y a specific product and...
11
Marketplace
 
location or medium to conduct an exchange
12
Utility
 
the usefulness or benefit consumers receive from a product à creates value
13
Exchange
 
a person gives something up and gets something else in return
14
Production orientation
 
- emphasizes the most efficient ways to produce and distribute products (Henry Ford’s Model...
15
Selling orientation
 
marketing is a sales function or way to move products out of warehouses to reduce inventory...
16
Consumer orientation
 
focuses to ways to satisfy customer’s needs and wants
17
Total quality management
 
involves all employees in continuous product quality improvement
18
Intrapreneur
 
- person who produces a product when it is ordered
19
Triple Bottom Line orientation
 
building long term bonds with customers
20
Customer Relationship Management
 
tracking consumers preferences & behaviors over time to tailor value proposition to each...
21
Social Marketing Concept
 
marketers must satisfy needs in ways that benefit society and deliver profit to the firm
22
Sustainability
 
product design to create products that meet consumer needs without compromising the ability...
23
ROI
 
direct financial impact of a firm's expenditure of a resource such as time or money
24
Popular Culture
 
music, movies, sports, books, celebrities, entertainment the mass market consumes à g/s popular...
25
Myths
 
stories containing symbolic elements that express shared emotions and ideals of a culture
26
Product
 
any good, service, idea that satisfies consumer needs
27
Consumer good
 
tangible products that individual consumers purchase for personal use
28
Services
 
intangible products we pay for and use but never own (60+% to GNP)
29
B2B Marketing
 
marketing of g/s from one organization to another
30
Industrial goods
 
goods individuals or organizations buy for further processing or for their own use when they...
31
E-commerce
 
buying or selling of g/s electronically (internet)
32
Not for Profit Organizations
 
organizations with charitable, educational, community, public service goals that buy g/s to support...
33
Target Market
 
- market segments on which an organization focuses its marketing plan and toward which it...
34
Value proposition
 
a marketplace offering that fairly and accurately sums up the value that the customer will...
35
Lifetime value of a Customer
 
how much profit companies expect to make from a particular customer, including each and every...
36
Distinctive competency
 
firm’s capability that is superior to that of its competition
37
Differential benefit
 
properties of products that set them apart from competitor's products by providing unique customer...
38
Vale chain
 
- a series of activities involved in designing, producing, marketing, delivering, and supporting...
39
Consumer generated value
 
everyday consumers are turning into advertising directors, retailers, and new product development...
40
Web 2.0
 
- new generation of WWW that incorporates social networking + user interactivity
41
Wisdom of Crowds
 
under the right circumstances, groups are smarter than the smartest people in them meaning...
42
Open Source Model 
 
companies share their software codes with anyone to assist in the development of a better product...
43
Consumer Addiction
 
physiological or psychological dependency on g/s
44
Marketing Plan
 
describes the marketing environment, outlines the marketing obj and strategy, identifies who...
45
Mass Market
 
all possible customers in a market regardless of dif in needs and wants
46
Market Segment
 
distinct group of customers within a larger market who are similar to one another in some...
47
Market Position
 
how target market perceives the product compared to competitor’s brands
48
Marketing Mix
 
combination of the product, the price of the product, the place where it is made available, and...
49
Four Ps
 
product, price, promotion, place
50
Price
 
- assignment of value or the amt the consumer must exchange to receive the offering
51
Promotion
 
includes all the activities marketers undertake to inform consumers about their products and...
52
Place
 
availability of the product to the customer at the desired time and location


Upgrade and get a lot more done!
Upgrade    Cancel