Term
|
Definition
activity institutions functions and prcesses for
-creating communicating and elivering value to customers
-managing customer rleationships to benefit the firm and its stakholders. |
|
|
Term
|
Definition
1. identify customer needs
2. provide prodcus that satisfy those needs
3. while making a profit and staying in business |
|
|
Term
|
Definition
| sum of benefits a customer recieves from using a product or service |
|
|
Term
|
Definition
benefit mkting provides by transforming raw mats into finished products
(making a bridesmaid dress from silk and thread) |
|
|
Term
|
Definition
benefit mkting provides by making products available where customers want.
(shipping the dress to her in time) |
|
|
Term
|
Definition
| venefit mkging proides by storying products untill they are needed. (some women rent their wedding gowns) |
|
|
Term
|
Definition
benefit marketing procides by allowing the the consumer to own use and enjoy that product
(a bridal store has a large variety that would not be availaable toa woman outfitting a bridal party on her own) |
|
|
Term
| marketing is about Exchange relationships |
|
Definition
exchange- the heart of every marketing act
-value is in the eye of the beholder
-mkters muust create an attractive value proposition
-there must be an agreed upon transfer of value |
|
|
Term
THE EVOLUTION OF MARKETING
The production era-production orientation defn: |
|
Definition
-works best in a sellers market where dem. is greater than supply
-mkting played an insignificant role
-management phil. that emphasizes the most effiient ways to produce and distribute products
-firms like this have a narrow focus and see the good as a basic good with a basic funtion
(ivory soap sales decline ex) |
|
|
Term
THE SALES ERA
selling orientation-defn: |
|
Definition
WHEN PROD. AVAILABILITY EXEEDS DEMAND
-mgmt views marketing as a sales function and a way to move products out of warehouses so inventories dont pile up
-co's tht use this orientation today meet ontime sales but to not hv many repeat cstomers
-unsought goods- good ppl dont tend to buy wo some prodding-ex nice cemetary plots |
|
|
Term
THE EVOLUTION OF MARKETING
the relationship era- defn: |
|
Definition
marketing concept that centers areoung consumer orientation and Total Quality Management
satisfying the consumers needs with total quality management and manufacturing on demand only.
- MARKETING BECOMES VERY IMPORTANT |
|
|
Term
|
Definition
| focuses on was to staisfy customers need sn wants-- direct tire sales in washington ex. -free coffee and taxi cab home---ppl will pay fifteen perc. more for these services |
|
|
Term
| Total Quality Management (tqm) |
|
Definition
| invlolves as employees from the assemblyline onward in CONTINUOUS QUALITY IMPROVEMENT |
|
|
Term
|
Definition
| a business person who only produces aproduct when it is ordered |
|
|
Term
| THE TRIPLE BOTTOM LINE ERA |
|
Definition
-MAKING LONG TERM BONDS WITH CUSTOMERS
1. financial BL: financial profits to stakeholders
2. Social BL: contributing to communities in which the co. opperates
3. environmental BL: creating sustainable business practies that minimize damage to the environment or even improve it.
-sustainability- creating prod.'s that meet present needs and ensuring that future generations can have their needs met
-FOCUSES ON BUILDING LONG TERM VALUE WITH THE CUSTOMERS (crm) |
|
|
Term
| CUSTOMER RELATIONSHIP MANAGEMENT |
|
Definition
| systematically tracking consumers preferenes and behaviors over time inorder to tailor the value propsiton as closely as possible to ea individual's unique needs and wants |
|
|
Term
|
Definition
| mketers must satisfy needs of customers in a way that benefits society and creates a profit for the firm |
|
|
Term
|
Definition
part of the triple bottom line
-measuring just hwo much value mrketing activities create-mkters ask hard questions about the true value of their efforts and their impact on the bvottomline. |
|
|
Term
|
Definition
return on investment
-the direct financial impact of a firms ependiture of a resource such as time or money |
|
|
Term
|
Definition
|
|
Term
|
Definition
the benefits a customer refciewvces from buying a good or service
-value is relative to price paid and non monetary costs |
|
|
Term
|
Definition
| a marketplace offering that fairly and accuratey sums up the value that will be realize if the good or service is purchased |
|
|
Term
| value from customers perspective |
|
Definition
-the ratio of costs to utilites(price to benefits)
-value prop. includes the whole vundle of venefits the firm promies to deliver not just th ebnefits of the product itself.
ex- nike vs reebok---diff style image promised |
|
|
Term
| 3 points of customer relationships to create longterm value |
|
Definition
1. customers are partners not victims
2. it is more expensive to attrack new customers than keep old ones
3. calc. the LTV of a customer sallows a firm to decide which customers are worthing keeping or firing |
|
|
Term
|
Definition
1.LTV
2. transaction v relationship focus
3. 80/20 rule
4. sacrifice short term gains for long term value
5. different tiers of customers
6. permission based marketing: opt in-
7. individualized offers based on customer data
8.data base used for tiering and tailoring |
|
|
Term
|
Definition
- invasion of privacy
-loyals can be pushed to the side |
|
|
Term
| creating a competetive advantage |
|
Definition
-1. distinctive compitency: superior capability of a firm in comparison to tis direct competitors
2. differnetial benefit: properties of products thatset them aprt from compeetors products by procvidng unique customer benefits |
|
|
Term
| supply chain v value chain |
|
Definition
-value chain: how firms create value in a series of activites inclived in desiging productin maekreting and suporting any product. each link in the chain has the potential to either add or remove value from the prod.
-supply chain: all activities necessary for the firm to create raw mats into finished goods. |
|
|
Term
|
Definition
| -everyday ppl functioning in marketing roles such as participating in creating adertisements providng input to new product development or serving as wholesalers or retailers. |
|
|
Term
|
Definition
-internet on sterioids
- incorporates social networking and user interactivity
-improves at the # users increases(AMAZON)
-its currency is eyeballs (GOOGLe)
-version free- wikepedia
-sites rely on users to est systmes - pandora |
|
|
Term
| open source business models |
|
Definition
| pricatice used in the softwareindustry in which comp;anies share their software codes with anyone to assist in the development of a better product |
|
|
Term
|
Definition
under the right circumstances grups are smarter than the smartest ppl in them meaning thatlarge numbers of consumers can predict succesful products
(ex ppl send in ideas for t shirt shop) |
|
|
Term
| value from society's perspective |
|
Definition
-mkting transactions and and company activities influence the world and add or subract value from society
-stressing ethical or socially responsible decisions is often good business in the long run |
|
|
Term
| The dark side of marketing--- |
|
Definition
-marketing is often critisized
-illegal practices do occur
- some mrkting acticities hv dtrimental effects on society
Drk side of CONSUMER behavior--
- terrorism, addictive consumption... |
|
|
Term
|
Definition
-analyzing the market environment
-develping a market plan
-deciding on a market segment
-choosing the marketing mix-product,price,promotion, and place |
|
|
Term
| mareketing mix 4 strategies |
|
Definition
the tools the org uses to creat a desired response amont a set of predefined sunsumers
1. product strategies
2. place
3. price
4. promotion |
|
|
Term
|
Definition
| actual product sold plus features and benefits plus augmented product |
|
|
Term
|
Definition
availability of the product to the sustomer at the desired time and location
-relates to the supply chain |
|
|
Term
|
Definition
all actv.'s mketers undertake ito inform consumers abt products and to encourage potential customers to buy these products
-personal sellin
-tv ads
-coupons |
|
|
Term
|
Definition
assignment of value or the amt the consumer is willing to exhange to recieve the offering
-high or low end of market?
-status statement |
|
|
Term
|
Definition
| the way the target market precieves the product in comparison to competetors brands |
|
|
Term
|
Definition
| all possible customers in a market regardless of the differences in their specific needs and wants |
|
|
Term
|
Definition
distinct ngrp of customers within a larger market who are similar to noe another in somew ay and whose needs differ from other customers in the larger market
ex- BMW and GM offer cars for different market segments |
|
|
Term
|
Definition
| the market segments an organization focuses its marketing plan and efforts |
|
|
Term
| 3 criteria to eval. social responsibility |
|
Definition
1.does mission of co match mission of cause
2.target market hv intrestin cause??
3.will co gain good will an broad based awareness? |
|
|
