| Question |
Answer |
| marketing |
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offering that have value for customer, clients, partners, and society at large |
| stakeholders |
buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold |
| consumers |
ultimate users of a good or service |
| marketing concept |
marketers first identify consumer needs and then provide products that satisfy those needs, ensuring the firm's long-term profitability |
| need |
need-the difference between a consumer's actual state and some ideal or desired state. |
| want |
a desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced. |
| benefit |
the outcome sought by a customer that motivates buying behavior that satisfies a need or want |
| demand |
customers' desires for products coupled with the resources needed to obtain them |
| market |
market -all the consumers and potential consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase |
| marketplace |
|
| four types of utility |
form, place, time, possession |
| form |
benefit by transforming raw materials into finished products. |
| place |
benefit by making products available where customers want them. |
| time |
benefit by storing products until they are needed |
| possession |
benefit by allowing the consumer to own, use, and enjoy the product. |
| exchange |
transfer of value between buyer and seller |
| production era |
focus is on product orientation - most efficient way to produce and distribute products. model T example |
| sales era |
-focus from product orientation to moving their goods in any way they could - tend to get one time buyers instead of repeat customers |
| relationship era |
adopt consumer orientation to satisfy customers needs and wants |
| customer relationship management (CRM) value |
a stategy that involves systematially tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs |
| social marketing concept |
management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm |
| product |
any good, service, or idea that can be marketed |
| consumer goods |
the goods individual consumers purchase for personal or family use |
| services |
intangible products that we pay for and use but we never own |
| business to business marketing |
the marketing of goods and services from one organization to another |
| industrial goods |
goods individuals or organizations buy for further processing or for their own use when they do business |
| target market |
the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts |
| value proposition |
a marketplace offering that fairly and accurately sums up the value that will be realized if the good/service is purchased |
| lifetime value of a customer |
how much a customer will spend minus the cost to maintain their loyalty=how much profit the company expects to make from a particular customer |
| steps to create competitive advantage |
1.identify distinctive competency (what it does better than other firms) 2.turn a distinctive competency into a differential benefit (providing something unique to products - something the customer wants) |
| value chain |
a series of activities involved in designing, producing, marketing, delivering, and supporting any product |
| consumer generated value |
every day ppl functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers |
| 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 |
| 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 |
| 4 P's |
product, place, price, promotion |
| price |
assignment of value, or the amount the consumer must exchange to receive the offering. |
| promotion |
all the activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products. |
| place |
the availability of the product to the customer at the desired time and location |
| idea, place, and people marketing |
ideas - safe sex, use seat belts, don't litter advertisements; place - tourism advertising; people - celebrities, ourselves on monster.com, etc |
| value from society's perspective |
we trust marketers to sell us what they promise. stressing ethics and social responsibility is good for business. Not doing so may give company a bad rep. |
| dark side of marketing |
terrorism-vulnerability to nonmilitary targets; consumer addiction-dependency on goods, services; exploited ppl-travelin freak shows, selling body parts; illegal activities-padding insurance, sneaking in movies; shrinkage; anticonsumption-defacin products |
| marketing mix |
a combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined cunsumers |
Ch.18 LTI-MA 509
