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Flashcards in Chapter 1 Deck (53):
1

consumer

ultimate user of a good or service

2

marketing

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

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marketing mix

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

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Four P's

produce
price
promotion
place

5

product

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

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promotion

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

7

place

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

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channel of distribution

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

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price

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

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exchange

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

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consumer goods

goods individual consumers purchase for personal or family use

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services

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

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B2B marketing

marketing of goods and services from one organization to another

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industrial goods

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

15

e-commerce

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

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NGOs

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

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marketing concept

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

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need

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

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want

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

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benefit

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

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demand

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

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market

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

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marketplace

any location or medium used to conduct an exchange

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rentrepreneurs

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

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collaborative consumption

term used to refer to the activities practiced by rentrepreneurs

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utility

usefulness or benefit that consumers receive from a product

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stakeholders

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

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production orientation

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

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selling orientation

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

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customer orientation

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

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total quality management (TQM)

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

32

mobile marketing

interacting with consumers via mobile devices

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User (consumer)-generated content

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

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branded content

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

corporate citizenship (corporate social responsibility)

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

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screen addicts

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

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growth hackers

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

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value proposition

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

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brandfests

events that companies host to thank customers for their loyalty

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lifetime value of a customer

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

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competitive advantage

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

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distinctive competency

superior capability of a firm in comparison to its direct competitors

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differential benefit

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

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value chain

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

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folksonomy

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

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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

47

crowdsourcing

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

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consumer addiction

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

49

shrinkage

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

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anticonsumption

deliberate defacement of products

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mass market

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

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market segment

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

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target market

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