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MKTG 250 Ch. 1-2

Vocab Review

TermDefinition
Marketing the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange The trade of things of value between buyer and seller so that each is better off after the trade.
Target market consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.
Market Consists of people with both the desire and the ability to buy a specific offering.
Product good, service, or idea
Price something to exchange
Promotion communication between buyer and seller
Place gets product to consumer.
Customer value is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
Relationship marketing links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Marketing program a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Market segment the relatively homogeneous groups of prospective buyers that have common needs and will respond similarly to a marketing action.
Customer Relationship Management (CRM) the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase
Societal Marketing Concept the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.
Ultimate consumer consists of the people who use the products and services purchased for a household.
Organizational buyer are those manufacturers, wholesalers, retailers, service companies.
Organization Legal entities and consists of people who share a common mission.
Strategy An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
Mission A statement of the organization’s function in society that often identifies its customers, markets, products, and technologies. Also called vision.
Values The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.
Corporate culture Consists of the sets of values, ideas, attitudes, and norms of behavior that is learned and shared among members of an organization.
Marketing plan A road map for the marketing actions of an organization for a specified future time period, such as one year or five years.
Marketing dashboard The visual computer display of the essential information related to achieving a marketing objective.
Marketing metric A measure of the quantitative value or trend of a marketing action or result.
Strategic marketing process An approach whereby an organization allocates its marketing mix resources to reach its target markets.
SWOT analysis An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats.
Market segmentation Involves aggregating prospective buyers into groups, or segments that (1) have common needs and (2) will respond similarly to a marketing action.
Point of difference Those characteristics of a product that make it superior to competitive substitutes.
Market strategy The means by which a marketing goal is to be achieved, usually characterized by a specified target market
Marketing tactics Day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies.
Created by: dom23uriarte
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