marketing mid term ch 1
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| 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
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| stakeholders | buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and services are made or sold
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| consumers | ultimate users of a good or service
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| marketing concept | marketers first identify consumer needs and then provide products that satisfy those needs, ensuring the firm's long-term profitability
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| need | need-the difference between a consumer's actual state and some ideal or desired state.
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| want | a desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced.
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| benefit | the outcome sought by a customer that motivates buying behavior that satisfies a need or want
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| demand | customers' desires for products coupled with the resources needed to obtain them
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| 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
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| marketplace |
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| four types of utility | form, place, time, possession
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| form | benefit by transforming raw materials into finished products.
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| place | benefit by making products available where customers want them.
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| time | benefit by storing products until they are needed
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| possession | benefit by allowing the consumer to own, use, and enjoy the product.
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| exchange | transfer of value between buyer and seller
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| production era | focus is on product orientation - most efficient way to produce and distribute products. model T example
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| 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
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| relationship era | adopt consumer orientation to satisfy customers needs and wants
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| 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
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| social marketing concept | management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm
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| product | any good, service, or idea that can be marketed
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| consumer goods | the goods individual consumers purchase for personal or family use
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| services | intangible products that we pay for and use but we never own
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| business to business marketing | the marketing of goods and services from one organization to another
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| industrial goods | goods individuals or organizations buy for further processing or for their own use when they do business
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| target market | the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
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| value proposition | a marketplace offering that fairly and accurately sums up the value that will be realized if the good/service is purchased
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| 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
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| 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)
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| value chain | a series of activities involved in designing, producing, marketing, delivering, and supporting any product
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| 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
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| 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
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| mass market | all possible customers in a market, regardless of the differences in their specific needs and wants
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| 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
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| 4 P's | product, place, price, promotion
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| price | assignment of value, or the amount the consumer must exchange to receive the offering.
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| promotion | all the activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
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| place | the availability of the product to the customer at the desired time and location
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| 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
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| 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.
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| 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
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| 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
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