Flashcards in Chapter 1 Deck (63):
What is marketing ?
Marketing is the activity, set of institutions and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is the marketing mix?
A combination of the product itself, the price of the product, the promotional activities that introduce it and the place where it is made available, that together create a desired response among a set of predefined consumers.
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 uses.
The coordination of a marketer's communication efforts to influence attitudes or behavior.
The availability of the product to the customer at the desired time and location.
The assignment of value, or the amount the consumer must exchange to receive the offering.
The process by which some transfer of value occurs between a buyer and a seller.
The goods individual consumers purchase for personal or family use.
Intangible products that are exchanged directly between the producer and the customer
The marketing of goods and services from one organization to another.
Goods that individuals or organizations buy to further processing or for their own use when they do business.
The buying or selling of goods and services electronically, usually over the internet.
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.
Nongovernmental organizations (NGOs)
Another name for not for profit organizations
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability.
The recognition of any difference between a consumers actual state and some ideal or desired state
The desire to satisfy needs in specific ways that are culturally and socially influenced.
The outcome sought by a customer that motivates buying behavior that satisfies a need or want
Customers desired for products coupled with the resources needed to obtain them
All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
Any location or medium used to conduct an exchange
Digital products consumer buy for use in online contexts
Enterprising consumer who make money by renting out their possessions when they aren't using them
A term used to refer to the activities practiced by rentrepreneurs.
The usefulness or benefit that consumers receive from a product
Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold-in other words, any person or organization that has a "stake" in the outcome
A management philosophy that emphasizes the most efficient ways the produce and distribute products
A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory.
A business approach that prioritizes the satisfaction of customers' needs and wants.
Total quality management(TQM)
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.
A business person who only produces a product when it is ordered.
A business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices
Societal marketing concept
A management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm
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
A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers
Return on investment (ROI)
The direct financial impact of a firms expenditure of a resource, such as time or money
A company's success is measured by its share of mind rather than share of market, where companies make money when they attract eyeballs rather than just dollars.
A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
Events that companies host to Thank customers for their loyalty.
Lifetime value of a customer
The potential profit a single customers purchase of a firms products generates over the customers lifetime
A superior capability of a firm in comparison to its direct competitors.
Feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals
Measurements or "scorecards" that marketers use to identify the effectiveness of different strategies or tactics.
Properties of products that set them apart from competitors products by providing unique customer benefits
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
Consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic income rather than financial income.
Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers.
Internet-based platforms that allow users to create their own content and share it with others who access these sites.
Social networking platforms
Online platforms that allow a user to represent him- or herself via a profile on a website and provide and receive links to other members of the network to share input about common interests.
The new generation of the World Wide Web that incorporates social networking and user interactivity.
A classification system that relies on users rather than preestablished systems to sort contents
Wisdom of crowds
Under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products
A practice where firms outsource marketing activities (such as selecting an ad) to a community of users.
A practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product
A physiological or psychological dependency on goods or services including alcoholism, drug addiction, cigarettes, shopping, and use of the internet.
Losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise.
The deliberate defacement of products
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
All possible customers in a market, regardless of the differences in their specific needs and wants; the way in which the target market perceives the product in comparison to competitors brands
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
The market segments on which an organizations focuses its marketing plan and toward which it directs its marketing efforts