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Marketing Test
Chap 1
| Term | Definition |
|---|---|
| Consumer | The ultimate user of a good or service |
| Marketing | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” |
| Marketing Mix | Product it self, price of product, promotion and place that is it sold |
| four p's | Product, price, promotion and place |
| Product | A tangible good or service or idea that satisfies the consumer or business customers through: Features, function, benefits and uses |
| Promotion | Marketers efforts to influence attitudes or behavior |
| place | The availability of a product to a consumer at desired time and location |
| price | The assignment value or amount consumer must exchange before recievng offering. |
| Exchange | The process by which some transfer if value occurs between buyer and seller |
| Business- business marketing | Marketing of goods and services from one organization to another. |
| E-Commerce | The buying and selling of goods and services electronically |
| Marketing Concept | A management orientation that focuses on identifying satisfying consumer needs to ensure the organizations long term profitability |
| Need | The difference between consumers actual state and desired state. |
| Want | The desire to satisfy need in specific ways that are culturally and socially influenced. |
| Benefit | The outcome sought by customers that motivates buying behavior to satisfy a need or want. |
| Demand | Customers desires for a product coupled with the resources needed to obtain them |
| Market | Customers and potential consumers that share a common need that can be satisfied by a specific product, who have the resources to exchange for it who are willing to make the exchange and the authority to make the exchange |
| Marketplace | The location or medium to conduct exchange |
| Market offerings | |
| Utility | the usefulness or satisfaction consumer receives from a product. |
| Stakeholder | Buyers, seller, or investors in a company, or community. any person that has a stake |
| Production Orientation | A philosophy that emphasizes most efficient ways to sell and distribute products. |
| Selling Orientation | A managerial view of marketing as a sales function or a way to move products out of warehouse to reduce inventory. |
| Societal marketing concept | Philosophy that marketers must satisfy customers need in ways that also benefit society and also deliver profit to the firm |
| sustainability | A product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs |
| Value Propositions | sums up the value if the good or service is purchased |
| Lifetime value of the customer | Each and every single purchase customer will make from now until the future. |
| Metrics | measurements/scorecards that marketers use to identify different scorecards or effectiveness (market scorecards- feedback) |
| Market segment | A distinct group of customers within a |
| Target market |
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