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MKT100 - Ch.1
| Term | Definition |
|---|---|
| B2B (business-to-business) | ex. Costco |
| B2C (business-to-consumer) | ex. retailing to consumers |
| C2C (consumer-to-consumer) | ex. eBay, Kijiji |
| customer relationship management | Who are the most valued customers? What are the best programs to meet their needs? How can we retain them? |
| exchange | trade of things of value between buyer and seller |
| ideas | thoughts, philosophies, opinions, intellectual concepts |
| marketing | set of business practices designed to plan for and present an organization's products/services in ways that build effective customer relationships |
| marketing mix (four p's) | Product (function, brand), price (discounts, bundling), promotion (advertising, sales promo), place (channel, inventory) |
| marketing plan | written document, analysis of current marketing situation, opportunities, threats. marketing objectives and strategy in terms of 4 p's, action programs |
| need | is when a person feels deprived of the basic necessities of life (i.e. food, clothing, shelter, or safety). |
| price | overall sacrifice a consumer is willing to make to acquire a specific product |
| relational orientation | is based on the philosophy that buyers and sellers should develop a long-term relationship for the benefit of both parties. |
| social media | use of internet tools to create/share content to foster dialogue, social relationships, personal IDs |
| supply chain | Supplier > Manufacturer > distributor > retailer > shopper All members in the chain must ultimately focus on creating value for their customer and the end user consumer |
| target market | customer segment to whom the firm is interested in selling to |
| transactional orientation | sees buyer-seller relationship as individual transactions. any previous happenings are not important. |
| value | relationship of benefit to cost |
| value-based marketing | implementing a marketing strategy according to what customers value. creating strong products and services |
| want | the particular way in which the person chooses to fulfill his or her need, which is shaped by a person’s knowledge, culture, and personality. |
| key customer markets? | global, consumer, government, business |
| marketing environment | demographic, economic, socio-cultural, natural environment, technological, poli-legal |
Created by:
meganclarke1
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