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Flashcards in Chapter 1 Deck (53)
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1
Q

consumer

A

ultimate user of a good or service

2
Q

marketing

A

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

3
Q

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

4
Q

Four P’s

A

produce
price
promotion
place

5
Q

product

A

tangible good, service, idea, or some combo of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses

6
Q

promotion

A

coordination of a marketer’s communication efforts to influence attitudes or behavior

7
Q

place

A

availability of the product to the customer at the desired time and location

8
Q

channel of distribution

A

series of firms or individuals that facilitates the movement of a product from the producer to the final customer

9
Q

price

A

assignment of value, or the amount the consumer must exchange to receive the offering

10
Q

exchange

A

process by which some transfer of value occurs between a buyer and a seller

11
Q

consumer goods

A

goods individual consumers purchase for personal or family use

12
Q

services

A

intangible products that are exchanged directly between the producer and the customer

13
Q

B2B marketing

A

marketing of goods and services from one organization to another

14
Q

industrial goods

A

goods that individuals or organizations buy for further processing or for their own use when they do business

15
Q

e-commerce

A

buying or selling of goods and services electronically, usually over the internet

16
Q

NGOs

A

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

17
Q

marketing concept

A

management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability

18
Q

need

A

recognition of any difference between a consumer’s actual state and some ideal or desired state

19
Q

want

A

desire to satisfy needs in specific ways that are culturally and socially influenced

20
Q

benefit

A

outcome sought by a customer that motivates buying behavior that satisfies a need or want

21
Q

demand

A

customers’ desires for products coupled with the resources needed to obtain them

22
Q

market

A

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

23
Q

marketplace

A

any location or medium used to conduct an exchange

24
Q

rentrepreneurs

A

enterprising consumers who make money by renting out their possessions when they aren’t using them

25
Q

collaborative consumption

A

term used to refer to the activities practiced by rentrepreneurs

26
Q

utility

A

usefulness or benefit that consumers receive from a product

27
Q

stakeholders

A

buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold; any person or organization that has a “stake” in the outcome

28
Q

production orientation

A

management philosophy that emphasizes the most efficient ways to produce and distribute products

29
Q

selling orientation

A

managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory

30
Q

customer orientation

A

business approach that prioritizes the satisfaction of customers’ needs and wants

31
Q

total quality management (TQM)

A

management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

32
Q

mobile marketing

A

interacting with consumers via mobile devices

33
Q

User (consumer)-generated content

A

marketing content and activities created by consumers and users of a brand such as advertisements, online reviews, blogs, social media, input to new product development or serving as wholesalers or retailers

34
Q

branded content

A

marketing communication developed by a brand to provide educational or entertainment value rather than to sell the brand in order to develop a relationship with consumers; may indicate the brand is the sponsor

35
Q

corporate citizenship (corporate social responsibility)

A

refers to a firm’s responsibility to the community in which they operate and to society in general

36
Q

screen addicts

A

consumers who spend so much time on smartphones, tablets, and computers that it interferes with more normal activities and productivity

37
Q

growth hackers

A

experts who work on apps and sites to better hook consumers and keep them coming back and staying longer

38
Q

value proposition

A

marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

39
Q

brandfests

A

events that companies host to thank customers for their loyalty

40
Q

lifetime value of a customer

A

potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime

41
Q

competitive advantage

A

firm’s edge over its competitors that allows it to have higher sales, higher profits, more customers and enjoy greater success year after year

42
Q

distinctive competency

A

superior capability of a firm in comparison to its direct competitors

43
Q

differential benefit

A

properties of products that set them apart from competitors’ products by providing unique customer benefits

44
Q

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

45
Q

folksonomy

A

classification system that relies on users rather than preestablished systems to sort contents

46
Q

wisdom of crowds

A

under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products

47
Q

crowdsourcing

A

practice where firms outsource marketing activities (such as selecting an ad) to a community of users

48
Q

consumer addiction

A

physiological/psychological dependency on goods or services including alcoholism, drug addiction, cigarettes, shopping, and use of the Internet

49
Q

shrinkage

A

losses experienced by retailers as a result of shoplifting, employee theft, and damage to merchandise

50
Q

anticonsumption

A

deliberate defacement of products

51
Q

mass market

A

all possible customers in a market, regardless of the differences in their specific needs and wants

52
Q

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

53
Q

target market

A

market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts