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Definition
| the activities, set of institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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| the provision or transfer of goods, services, or ideas in return for something of value |
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Definition
1. at least two or more participants
2. each party has confidence in the exchange of another party's offerings
3. exchanges must provide mutual benefits or satisfaction
4. participants must communicate and meet the expectations of the exchange in order to become trusted by other parties |
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Term
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Definition
| a product satisfies a need or want and is some combination of cost and utility |
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| demand is created when... |
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Definition
| the desire to satisfy a want(or need) is coupled with the resources to do so |
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| all the customers with that need and the resources to make the exchange |
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| marketing is about creating utility, which is... |
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Definition
| the sume of the benefits we receive from using a product/service |
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| Utility that is provided by production with the guidance of marketing |
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Definition
1. Form(tangible, physical products)
2. Task(intangible products/service) |
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| Utility that is provided by marketing |
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Definition
1. time- getting the product when you want it
2. getting the product where you want it
3. possession- allows you to take ownership |
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the purchasers of an organization's products; the focal point of all marketing activities
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| a market is... and is also known as... |
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a group of homogeneous customers
(segment) |
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| a specific group of customers on whom an organization focuses its marketing efforts |
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Term
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Definition
| four marketing activities that a firm can control to meet the needs of customers within its target market |
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| Marketing Mix Variables- The 4Ps |
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Definition
1. Product
2. Pricing
3. Place(Distribution)
4. Promotion
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Term
The Product Element of Marketing Mix
-define product |
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Definition
-something that can be acquired via exchange to satisfy a need or a want
(tangible and intangible products that satisfy customer needs) |
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| The Price Element of Marketing Mix |
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Definition
Price setting affects these elements and these elements affect the price setting.
- Pricing objectives, price flexibility, price changes over the life cycle, discounts and allowances, geographic pricing terms, legal environment, cost and demand, price sensitivity, competition and substitute products, price of other products in the line |
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| The Place Element of Marketing Mix |
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Definition
| managing the supply chain (or logistics) |
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Term
| What are direct and intermediaries? |
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Definition
direct- products come straight from the manufacturers to the consumers
-intermediaries- "wholesellers"- provide product to wholesaler who in turn provide product to other manufacturers, wholesalers, and also to the consumer |
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| The Promotion Element of Marketing Mix |
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Definition
tells and sells the customer
-personal selling, advertising, sales promotion, publicity/public relations |
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Definition
positive or negative feedback from a third party
ex. movie reviews |
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| What is the most expensive part of the Promotion Element? |
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Definition
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| What are sales promotions? |
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Definition
| - temporary offers(a premium) |
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| employees that promote products |
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Term
| What are the Eras when discussing the Evolution of Marketing? |
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Definition
-The Production Era
- The Sales Era
- The Relationship Era
- The Triple Bottom Line Era |
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Term
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Definition
dominated by production orientation with emphasis on the most efficient ways to produce and distribute products
- marketing played an insignificant role |
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Definition
dominated by the 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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| when product availability exceeds demand, businesses may focus on a one-time sale of goods rather than repeat business |
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| The Relationship Era is... |
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Definition
| a management philosophy with emphasis on the Marketing Concept |
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Definition
| a philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allow the organization to achieve its goals |
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| How is customer satisfaction gained?...via... |
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Definition
-analysis of customers current and long-term needs
- analysis of cometitors' capabilities
- integration of a firm's resources |
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| The Triple Bottom Line Era is... |
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Definition
- focuses on building long-term business(bonds) with customers
- uses the social marketing concept
- marketing uses customer relationship management (CRM) |
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| management philosophy that marketers must satisfy customers' needs in ways that also benefit society and deliver value to the firm |
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| What does Customer Relationship Management involve? |
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Definition
| systematically tracking customers' needs in ways that also benefit society and delivers profit to the firm |
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Term
| What is the Micro-Macro Dilemma? |
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Definition
what is best for the company, may not be in society's best interest
-Micro- what is controlled by the firm itself
-Macro- society controls |
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| What are the Organization's Performance Objectives? |
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Definition
-performance metrics
*return on the marketing investment
- societal marketing concept
* fulfill firm's social responsibility |
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Term
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Definition
| the benefits a customer receives from buying a good or service |
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Term
| What is the value proposition that marketing communicates? |
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Definition
| a marketplace offering that fairly and accurately sums up the value that the customer will realize if he/she purchases product/service |
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| What is the Customer perspective of value? |
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Definition
value is the ratio of costs(price) to benefits(utilities)
*brand image is important |
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Term
What is a Cult Brand?
What are some examples? |
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Definition
brands that catch on with the consumer
*iPod, Starbucks, Harley-Davidson, LiveStrong |
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| What is the value from the seller's perspective? |
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Definition
takes many forms
- making a profitable exchange
- earning prestige among rivals
- taking pride in doing what a company does well |
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Term
| what is the customer value formula? |
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Definition
| customer value = benefits - costs |
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| what are customer benefits? |
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Definition
| anything desired by the customer that is received in an exchange |
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Term
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Definition
anything a customer gives up in an exchange for benefits
- monetary price
- search costs
- risks associated with exchange
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