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Create and Deliver Value
Lecture 1
44
Marketing
Undergraduate 3
05/12/2010

Additional Marketing Flashcards

 


 

Cards

Term
Definition: Marketing
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
Term
Definition: Exchange
Definition
the provision or transfer of goods, services, or ideas in return for something of value
Term
exchange conditions
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

Term
value is created when...
Definition
a product satisfies a need or want and is some combination of cost and utility
Term
demand is created when...
Definition
the desire to satisfy a want(or need) is coupled with the resources to do so
Term
a market consists of...
Definition
all the customers with that need and the resources to make the exchange
Term
marketing is about creating utility, which is...
Definition
the sume of the benefits we receive from using a product/service
Term
Utility that is provided by production with the guidance of marketing
Definition

1. Form(tangible, physical products)

2. Task(intangible products/service)

Term
Utility that is provided by marketing
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

Term
customers
Definition

the purchasers of an organization's products; the focal point of all marketing activities

 

Term
a market is... and is also known as...
Definition

a group of homogeneous customers

(segment)

Term
Target Market
Definition
a specific group of customers on whom an organization focuses its marketing efforts
Term
Marketing Mix
Definition
four marketing activities that a firm can control to meet the needs of customers within its target market
Term
Marketing Mix Variables- The 4Ps
Definition

1. Product

2. Pricing

3. Place(Distribution)

4. Promotion

 

Term

The Product Element of Marketing Mix

-define product

Definition

-something that can be acquired via exchange to satisfy a need or a want

(tangible and intangible products that satisfy customer needs)

Term
The Price Element of Marketing Mix
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

Term
The Place Element of Marketing Mix
Definition
managing the supply chain (or logistics)
Term
What are direct and intermediaries?
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

Term
The Promotion Element of Marketing Mix
Definition

tells and sells the customer

-personal selling, advertising, sales promotion, publicity/public relations

Term
What is Publicity?
Definition

positive or negative feedback from a third party

ex. movie reviews

Term
What is the most expensive part of the Promotion Element?
Definition
Personal Selling
Term
What are sales promotions?
Definition
- temporary offers(a premium)
Term
What is Public Relations
Definition
employees that promote products
Term
What are the Eras when discussing the Evolution of Marketing?
Definition

-The Production Era

- The Sales Era

- The Relationship Era

- The Triple Bottom Line Era

Term
The Production Era is...
Definition

dominated by production orientation with emphasis on the most efficient ways to produce and distribute products

- marketing played an insignificant role

Term
The Selling Era is...
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

Term
transactional selling
Definition
when product availability exceeds demand, businesses may focus on a one-time sale of goods rather than repeat business
Term
The Relationship Era is...
Definition
a management philosophy with emphasis on the Marketing Concept
Term
The Marketing Concept
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
Term
How is customer satisfaction gained?...via...
Definition

-analysis of customers current and long-term needs

- analysis of cometitors' capabilities

- integration of a firm's resources

Term
The Triple Bottom Line Era is...
Definition

- focuses on building long-term business(bonds) with customers

- uses the social marketing concept

- marketing uses customer relationship management (CRM)

Term
Social Marketing Concept
Definition
management philosophy that marketers must satisfy customers' needs in ways that also benefit society and deliver value to the firm
Term
What does Customer Relationship Management involve?
Definition
systematically tracking customers' needs in ways that also benefit society and delivers profit to the firm
Term
What is the Micro-Macro Dilemma?
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

Term
What are the Organization's Performance Objectives?
Definition

-performance metrics

*return on the marketing investment

- societal marketing concept

* fulfill firm's social responsibility

Term
Value
Definition
the benefits a customer receives from buying a good or service
Term
What is the value proposition that marketing communicates?
Definition
a marketplace offering that fairly and accurately sums up the value that the customer will realize if he/she purchases product/service
Term
What is the Customer perspective of value?
Definition

value is the ratio of costs(price) to benefits(utilities)

 

*brand image is important

Term

What is a Cult Brand?

What are some examples?

Definition

brands that catch on with the consumer

*iPod, Starbucks, Harley-Davidson, LiveStrong

Term
What is the value from the seller's perspective?
Definition

takes many forms

- making a profitable exchange

- earning prestige among rivals

- taking pride in doing what a company does well

Term
what is the customer value formula?
Definition
customer value = benefits - costs
Term
what are customer benefits?
Definition
anything desired by the customer that is received in an exchange
Term
what are customer costs?
Definition

anything a customer gives up in an exchange for benefits

- monetary price

- search costs

- risks associated with exchange

 

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