Term
|
Definition
| The outcome which a consumer seeks and which motivates their buying behavior, the thing that satisfies their want or need |
|
|
Term
|
Definition
| Properties of a product which makes them unique (different from the competition's product) and are therefore sought after (iphone) |
|
|
Term
|
Definition
| A name, term, symbol that identifies one company's product(s) and sets it apart from their competition |
|
|
Term
|
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
|
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
|
Definition
| e-commerce sales of products and services via the internet, m-commerce using mobile phones |
|
|
Term
|
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
|
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
|
Definition
| The location where the buying/selling exchange can take place can be a store, mall, or online. |
|
|
Term
|
Definition
| Marketing is an organizational function and a set of processes for creating, communicating, and delivering value (derived benefits) to customers. |
|
|
Term
|
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
|
Definition
| Marketer must make many decisions to gain high ROI for a product. These 4 categories help organize the decisions. |
|
|
Term
|
Definition
| Product, Price, Placement, Promotion |
|
|
Term
|
Definition
| The product service, idea, place (tourism) or person (spokesperson, politician etc.) that is for sale. Includes packaging. |
|
|
Term
|
Definition
| The value that a consumer must pay |
|
|
Term
|
Definition
| Where you provide your product (store location, retail vs. wholesale, online) for sale. |
|
|
Term
|
Definition
| Activities to inform and persuade consumers to purchase a product- TV ads, print ads,are commonly used. |
|
|
Term
|
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
|
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
|
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
|
Definition
| Marketing philosophy or identifying and satisfying customer needs. |
|
|
Term
|
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
|
Definition
| Intangible products which are experienced but never owned. |
|
|
Term
|
Definition
| The concept that products and production must not hurt society and the environment. |
|
|
Term
|
Definition
| Buyers, sellers, investors in a company |
|
|
Term
|
Definition
| The market segments upon which an organization focuses its marketing plan and toward which it directs its marketing efforts. |
|
|
Term
|
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
|
Definition
| The benefits created by transforming the raw materials into the finished products (created by engineering and manufacturing) |
|
|
Term
|
Definition
| The benefits provided by making products available in the marketplace where the consumer can easily get them (created by distribution chain) |
|
|
Term
|
Definition
| The benefits provided by storing products for consumers (created by warehouses) |
|
|
Term
|
Definition
| The benefits provided by making the product in a range of style, colors, and customizations |
|
|
Term
|
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
|
Definition
| The chain of activities involved in designing, producing, marketing, delivering, and supporting any product. |
|
|
Term
|
Definition
| Communicating the benefits a brand provides to a consumer. |
|
|
Term
|
Definition
| In Bound Logistics->Operations-> Outbound logistics-> Marketing and Sales -> Servicing product or consumer |
|
|
