Shared Flashcard Set

Details

Chapter 1
Exam 1
41
Marketing
Undergraduate 3
09/02/2008

Additional Marketing Flashcards

 


 

Cards

Term
Benefit
Definition
The outcome which a consumer seeks and which motivates their buying behavior, the thing that satisfies their want or need
Term
Differential Benefit
Definition
Properties of a product which makes them unique (different from the competition's product) and are therefore sought after (iphone)
Term
Brand
Definition
A name, term, symbol that identifies one company's product(s) and sets it apart from their competition
Term
Competitive Advantage
Definition
The ability of a firm to outperform the competition, and provide a unique benefit (ex: competing based on cost, quality, benefits, options, etc.)
Term
Consumer
Definition
Ultimate user of a product or service (called goods). The consumer can be an individual, group, business, government.
Term
Customer Relationship Management (CRM)
Definition
A marketing philosophy where marketing is seen as a process of building a long-term relationship with customers to keep them satisfied and coming back for more.
Term
e- commerce, m-commerce
Definition
e-commerce sales of products and services via the internet, m-commerce using mobile phones
Term
Exchange
Definition
Process where a transfer of value (money or trade) is made between a buyer and seller
Term
Lifetime value of customer (LVC)
Definition
The actual amount of money you believe a consumer will spend on your product, in their lifetime.
Term
Market
Definition
The consumers who share a common need that can be satisfied by a product, and have the disposable income to make the purchase
Term
Marketplace
Definition
The location where the buying/selling exchange can take place can be a store, mall, or online.
Term
Marketing
Definition
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value (derived benefits) to customers.
Term
Marketing Concept
Definition
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability. This is a continual and interactive process as a company better try to improve in this area daily
Term
Marketing Mix
Definition
Marketer must make many decisions to gain high ROI for a product. These 4 categories help organize the decisions.
Term
4 P's of marketing
Definition
Product, Price, Placement, Promotion
Term
Product
Definition
The product service, idea, place (tourism) or person (spokesperson, politician etc.) that is for sale. Includes packaging.
Term
Price
Definition
The value that a consumer must pay
Term
Place
Definition
Where you provide your product (store location, retail vs. wholesale, online) for sale.
Term
Promotion
Definition
Activities to inform and persuade consumers to purchase a product- TV ads, print ads,are commonly used.
Term
Marketing Plan
Definition
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who is doing what.
Term
Mass market vs. Target Market
Definition
All possible customers in a market, regardless of the specific needs of any target group. In target marketing you segment the total market into specific sections (SUV, truck, hybrid...)
Term
Marketing Orientations (eras)
Definition
Marketing has evolved over time history...
Term
Production Era
Definition
Characterized by engineering/manufacturing orientation adn the desire to make products as inexpensively as possible- little or no choice offered. In the US pre-1940's. Marketings role was limited to some print ads
Term
Selling Era
Definition
Characterized by mass marketing and the hard sell- marketers focused on sales. Selling the products made rather than figuring out what the customers want
Term
Consumer Era
Definition
Marketing philosophy or identifying and satisfying customer needs.
Term
New Era Marketing
Definition
Not only devotion to excellence in the 4p's. birth of customer relationship management (CRM) where a business tracks consumers and segments them, and tailors products to them.
In the professor's opinion in this era marketers also realized they can be excellent brainwasher's using psychology and socio cultural knowledge to sell their brand of happiness
Term
Need vs. wants vs. demand
Definition
Need: Recognition of a gap between consumers actual and desired state
Want: Desire for a specific product to satisfy the need (the want is culturally and socially influenced)
Demand: Occurs when the consumer has teh money to fulfill their want. Summing demand across market segments is called market demand.
Term
Return on Investment (ROI)
Definition
Metric (measurement) of how much profit is being made on a product for the business owners (entrepreneurs and investors)
Term
Services
Definition
Intangible products which are experienced but never owned.
Term
Social Marketing
Definition
The concept that products and production must not hurt society and the environment.
Term
Stakeholders
Definition
Buyers, sellers, investors in a company
Term
Target Market
Definition
The market segments upon which an organization focuses its marketing plan and toward which it directs its marketing efforts.
Term
Utility
Definition
Refers to the sum of the benefits a consumer receives from a product or service. The idea is to make the consumer think the are receiving great utility, which can obly be received from your branded product. The goal is also to make the consumer believe they are buying more than just the product (ex. buying a lifestyle, buying glamor...)
Term
Form Utility
Definition
The benefits created by transforming the raw materials into the finished products (created by engineering and manufacturing)
Term
Place Utility
Definition
The benefits provided by making products available in the marketplace where the consumer can easily get them (created by distribution chain)
Term
Time Utility
Definition
The benefits provided by storing products for consumers (created by warehouses)
Term
Possession Utility
Definition
The benefits provided by making the product in a range of style, colors, and customizations
Term
Value
Definition
A marketplace offering which describes the benefits a customer will receive from buying a product or service. (ex. you'll get fresh breath)
Term
Value Chain
Definition
The chain of activities involved in designing, producing, marketing, delivering, and supporting any product.
Term
Value Proposition
Definition
Communicating the benefits a brand provides to a consumer.
Term
Value Chain
Definition
In Bound Logistics->Operations-> Outbound logistics-> Marketing and Sales -> Servicing product or consumer
Supporting users have an ad free experience!