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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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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
|
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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
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Desire
for particular product we use to satisfy a need in specific ways that are
culturally and socially influenced
|
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Benefit
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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
|
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Marketplace
|
Location
or medium to conduct an exchange
|
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Utility
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The
usefulness or benefit consumers receive from a product à creates value
|
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Exchange
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A
person gives something up and gets something else in return
|
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Production orientation
|
-
emphasizes the most efficient ways to produce and distribute products (Henry
Ford’s Model T)
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Selling orientation
|
Marketing
is a sales function or way to move products out of warehouses to reduce
inventory (product availability exceeds demand)
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