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  1. value
    the benefits a customer receives from buying a or service
  2. marketing
    • is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
    • satisfying everyone involved in the marketing process
    • 1950's, was basically a means of making production more efficient
  3. consumer
    • is the ultimate user of a good or service. (KING)
    • seller also has needs to make a profit, to remain in business and even to take pride in selling the highest quality products
  4. marketing concept
    management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long term profitability
  5. need
    difference between a consumer's actual state and some ideal or desired state
  6. want
    desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced.
  7. benefit
    • the outcome sought by a customer that motivates buying behavior-that satisfies a need or want.
    • challenge is to identify what benefits people look for and then develop a product that delivers those benefits while also convincing consumers that their product is better than a competitor's product.
  8. demand
    customers' desires for products coupled with the resources needed to obtain them
  9. Marketing is about Making Utility
    • Utility: sum of the benefits we receive when we use a good or service
    • Form Utility: benefit marketing provides by transforming raw materials into finished products
    • Place Utility: benefit marketing provides by making products available where customers want them
    • Time Utility: benefit marketing provides by storing products until they are needed
    • Possession Utility: benefit marketing provides by allowing the consumer to own, use, and enjoy the product
  10. exchange relatioships
    • when a person gives something and gets something else in return
    • two people or organizations must be willing to make a trade, and each must have something the other wants and must agree on the value of the exchange and how it will be carried
  11. The Production Era: production orientation
    • a management philosophy that emphasizes the most efficient ways to produce and distribute products.
    • goods literally sell themselves because people have no other choices
  12. The Sales Era: selling orientation
    • a managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory
    • tend to be more successful at making one-time sales rather than at building repeat business
  13. The Relationship Era: consumer orientation
    a management philosophy that focuses on ways to satisfy customers' needs and wants
  14. Total Quality Management (TQM)
    a management philosophy that involves ask employees from the assembly line onward in continuous quality improvement
  15. instrapreneur
    a business person who only produces a product when it is ordered
  16. Tripe Bottom Line: Make Money and a Contribution
    • A business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices (accountability)
    • the financial bottom line: financial profits to stakeholders
    • the social bottom line: contributing to the communities in which the company operates
    • environmental bottom line: creating sustainable business practice that minimize damage to the environment or that even improve it
  17. Customer relationship management (CRM)
    a strategy that involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs
  18. internet has created a paradigm shift...
    we are moving toward an attention economy, one which a company's success will b measured by its share of mind rather than share of market
  19. social marketing concept
    a management philosophy that marketers must satisfy customer's needs in ways that also benefit society and also deliver profit to the firm
  20. sustainability
    a product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs
  21. ROI (return on investment)
    direct financial impact of a firm's expenditure of a resource such as time or money
  22. popular culture
    consists of the music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market.
  23. myths
    stories containing symbolic elements that express the shared emotions and ideals of a culture
  24. consumer goods
    the goods individual consumers purchase for personal or famliy use
  25. product
    a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and users
  26. B2B marketing
    the marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or support their operations
  27. industrial goods
    goods individuals or organizations buy for further processing or for their own use when they do business
  28. non for profit organizations
    organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members
  29. target market
    the market segments on which an organization focuses its marketing plan and toward which it directs it marketing efforts
  30. value preposition
    • marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
    • value=benefits/ costs
    • ensuring that the thing being exchanged is appreciated for the value it holds
  31. value of marketing and marketing of value
    • value from the customer's perspective
    • value from the seller's perspective
    • Building value through customers - regard customers as partners, it is more expensive to attract new customers than it is to retain current ones
    • Providing value through Competitive Advantage
    • Adding value through the Value Chain
    • Consumer generated value
    • Social Networking
    • Open Source Business Models
    • Value from Society's Perspective
  32. lifetime value of a customer
    • how much profit companies except to make from a particular customer, including each and every purchase he will make from them now and in the future.
    • estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship
  33. differential benefit
    properties of products that set them apart from competitors' products by providing unique customer benefits
  34. value chain
    • a series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys
    • inbound logistics: bringing in materials to make the product
    • operations: converting the materials into the final product
    • outbound logistics: shipping out the final product
    • marketing: promoting and selling the final product
    • service: meeting the customer's needs by providing support required
  35. Valuable?
    scorecards: report how the company or brand is actually doing in achieving various goals
  36. consumer generated value
    everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product developments, or serving as wholesalers or retailers
  37. consumer addiction
    addictive consumption: physiological or psychological dependency on goods or service
  38. shrinkage
    • as retail theft is committed every five seconds
    • inventory and cash losses from shoplifting and employee theft.
    • anti consumption:people deliberate;y deface products
  39. Marketing Process
    • Marketing Planning
    • Marketing Mix
    • Product
    • Price
    • Promotion
    • Pace
  40. 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 time marketing strategy
  41. mass market
    all possible customers in a market, regardless of the differences in their specific needs and wants.
  42. 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
  43. market position
    the way in which the target market perceives the product in comparison to competitors brands
  44. 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 consumers
    • comparative advantage achieved by carefuly blending the four P's of the marketing mix
  45. Four P's
    • Product
    • Price
    • Promotion
    • Place
  46. Promotion
    the coordination of a marketer's marketing communications efforts to influence attitudes or behavior, the coordinate of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas
  47. Price
    assignment of value, or the amount the consumer must exchange to receive offering (a product with a higher price than people are used to if they want to communciate that its high quality or cutting edge
  48. Place
    the availability of the product to the customer at the desired time and location (supply chain)
Card Set:
2011-09-29 04:36:00
Welcome World Marketing Chap

Welcome to the World of Marketing
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