Chapter 1: Welcome To World Of Marketing

Welcome To The World Of Marketing
 
Created Sep 25, 2010
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lilkimba512
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Value
benefits a customer receives from buying a good or service
Marketing
the activity, set of institutions, and processes for creating, communication, delivering,...
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...
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...
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...
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...
Selling orientation
marketing is a sales function or way to move products out of warehouses to reduce inventory...
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...
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...
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...
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...
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...
Target Market
- market segments on which an organization focuses its marketing plan and toward which it...
Value proposition
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...
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...
Vale chain
- 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...
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...
Open Source Model 
companies share their software codes with anyone to assist in the development of a better product...
Consumer Addiction
physiological or psychological dependency on g/s
Marketing Plan
describes the marketing environment, outlines the marketing obj and strategy, identifies who...
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...
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...
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...
Place
availability of the product to the customer at the desired time and location


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