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Marketing Ch.1
vocab
| Term | Definition |
|---|---|
| Marketing Mix | marketer’s strategic toolbox an organization uses to create a desired response among a set of predefined consumers |
| 4 P's of Marketing | Product, Promotion, Place, Price |
| Product | can be a good service, an idea, a place, or a person |
| Price | the assignment of value for an item |
| Exchange | an agreed trade of products |
| Promotion | marketing communications aka all the activities that marketers undertake to inform consumers about their products and to encourage potential customers to buy these products |
| Place | refers to the availability of the product to the customer at the desired time and location |
| Consumer Goods | the tangible products that individual consumers purchase for personal or family use |
| Services | intangible products that we pay for and use but do not own |
| Business to Business Marketing | marketing of goods and services from one organization to another |
| Industrial Goods | goods that individuals or organizations buy for further processing or for their own use when they do business |
| E-commerce | the buying or selling of goods for further processing or for their own use when they do business |
| Non For Profit Organization | organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members |
| Marketing Concept | idea that marketers need to first identify consumer needs and then provide products that satisfy those needs to ensure the firm’s long term profitability |
| Collaborative Consumption | trend that consumers would rather rent than purchase the products they use |
| Utility | the sum of benefits a consumer receives from use of a product |
| Form Utility | the benefit marketing provides by transforming raw materials into finished products |
| Place Utility | the benefit marketing provides by making products available where customers want them |
| Time Utility | the benefit marketing provides by storing products until they are needed |
| Possession Utility | the benefit marketing provides by allowing the consumer to own, use, and enjoy the product |
| Product Orientation | management philosophy that emphasizes the most efficient ways to produce and distribute products ie. Ford & Model T |
| Selling Orientation | managerial view of marketing as a sales function, or a way to move products out of warehouses and reduce inventory --Post WWII, when production capacity exceeded demand --One time sale rather than repeat customers |
| Consumer Orientation | management philosophy that emphasizes satisfying customers’ needs and wants EX: Emergence of the marketing concept and Total Quality Management (TQM) |
| Suistainability | creating products that meet present needs while ensuring future generations can have their needs met |
| Attention Economy | a company’s success is measured by its share of mind rather than share of market, where companies make money when they attract eyeballs rather than just dollars |
| Value Proposition | a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is provided an innovation, service, or feature intended to make a company or product attractive to customers. |
| Brandfests | events that companies host to thank customers for their loyalty |
| Lifetime Value of a Customer | the potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime |
| Distinctive Competency | a superior capability of a firm in comparison to its direct competitors |
| Marketing Scorecards | feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals |
| Metrics | measurements that marketers use to identify the effectiveness of different strategies |
| Differential Benefits | properties of products that set them apart from competitors’ products by providing unique customer benefits |
| Value Chain | a series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys |
| Inbound Logistics | the pieces that make up a component/product |
| Operations | consumer research, new product development team, and engineering & production |
| Outbound Logistics | trucking companies, wholesalers, and retailers |
| Marketing and Sales | advertising and sales force |
| Service | computer technicians |
| Amafessionals | consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic income rather than financial income |
| Consumer-generated content | everyday people functioning in marketing roles such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers |
| Web 2.0 | the new generation of the World Wide Web that incorporates social networking and user interactivity |
| Folksonomy | a classification that relies on users rather than pre established systems to sort content |
| Wisdom of Crowds | under the right circumstances, groups are smarter than the smartest people in them, meaning the large number of consumers can predict successful products |
| Crowd sourcing | a practice where firms outsource marketing activities (such as selecting an ad) to a community of users |
| Open Source Market | a practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product |
| Consumer addiction | a physiological or psychological dependency on goods or services including alcoholism, drug addiction, cigarettes, shopping, and use of the internet |
| Shrinkage | the industry term for inventory and cash losses from shoplifting and employee theft |
| Anticonsumption | when people deliberately deface products |
| Marketing Plan | a document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy |
| Mass Market | all possible customers in a market, regardless of the differences in their specific needs and wants; the way in which the target market perceives the product in comparison to competitor’s brands |
| Market Segment | a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market |
| Target Market | the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts |
| Market Postion | the way in which the target market perceives the product in comparison to competitors’ brands |
| What does market planning involve? | a. Analyzing the marketing environment b. Developing the marketing plan c. Deciding on a market segment d. Choosing the marketing mix- product, price, promotion place |
| Total Quality Management (TQM) | a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement |
Created by:
acorso3
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