Shared Flashcard Set

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Ch 1, MAR 3023 Midterm 1
UF Marketing MAR 3023 Midterm 1
26
Marketing
Undergraduate 2
09/16/2009

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large
Term
Exchange
Definition
The trade of things of value between buyer and seller so that each is better off after the trade
Term
4 Requirements for Marketing to Occur
Definition
1) Two or more parties with unsatisfied needs. 2)Desire & ability on their part to be satisfied. 3) Way for parties to communicate. 4) Something to exchange.
Term
Need
Definition
When a person is deprived of basic necessities
Term
Want
Definition
Need shaped by a person's knowledge, culture, and personality
Term
Market
Definition
People with the desire and ability to buy a certain product
Term
Target Market
Definition
One or more specific groups of potential consumers toward which an organization directs its marketing program
Term
Marketing Mix
Definition
The marketing manager's controllable factors - product, place, price, and promotion - that can be used to solve a marketing problem
Term
Environmental Forces
Definition
The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.
Term
Customer Value
Definition
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.
Term
Relationship Marketing
Definition
Linking the organization to its individual customers, employees, suppliers, and other partners for long term benefits
Term
Marketing Program
Definition
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Prospective buyers react to the program.
Term
Marketing Concept
Definition
The idea that an organization should 1) strive to satisfy the needs of consumers while 2) also trying to achieve the organization's goals.
Term
Market Orientation
Definition
An organization focused on 1) continuously collectin information about customers' needs, 2) sharing this information across departments, and 3) using it to create customer value.
Term
Customer Relationship Management (CRM)
Definition
The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offering so that buyers will choose them in the marketplace.
Term
Customer Experience
Definition
The internal response that customers have to all aspects of an organization and its offering.
Term
Societal Marketing Concept
Definition
The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
Term
Macromarketing
Definition
The study of the aggressive flow of the nation's goods and services to benefit society. Addresses broad issues like whether marketing is too expensive.
Term
Micromarketing
Definition
How an individual directs its marketing activities and allocates its resources to benefit its customers
Term
Ultimate Consumers
Definition
People who use the goods and services purchased for a household
Term
Organizational Buyers
Definition
Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
Term
Utility
Definition
The benefits or customer value received by users of the product. A result of the marketing exchange processes and the wy society benefits from marketing.
Term
Form Utility
Definition
The value of a good that comes from the production or alteration of a good or service
Term
Possession Utility
Definition
The value to consumers of making an item easy to purchase so consumers can use it
Term
Place Utility
Definition
The value to consumers of having a good or service available where needed, when needed
Term
Time Utility
Definition
The value to consumers of having a good or service available when needed.
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