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mktg mid term ch 1
marketing mid term ch 1
| 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 |
Created by:
bernabell24
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