Term
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Definition
| A situation where a large change in price causes a small change in the quantity demanded. |
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Term
| Integrated Marketing Communications |
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Definition
| A comprehensive coordinated marketing approach to the distribution of information to and from all stakeholders. |
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Term
| Lifetime value of a customer |
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Definition
| The total expected revenue and profit from a single customer over their remaining lifetime based upon a specific set of buying patterns. |
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Term
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Definition
| All entities [customers and prospects - people or businesses] that have some elements in common and represent the universe of entities that may buy the product. |
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Term
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Definition
| This is a physical business location. |
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Term
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Definition
| The firms sales expressed as a part of the market [segment]. |
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Term
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Definition
| This is a virtual business location. |
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Term
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Definition
| Phil Kotler - Delivery of customer satisfaction at a profit. |
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Term
| Marketing Concept Philosophy |
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Definition
| A marketing management philosophy that operates on the assumption consumers will buy products only if the company has a customer-driven approach to the market. |
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Term
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Definition
| Any basic consumer requirement. |
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Term
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Definition
| The process by which people select, organize, and interpret data to form an opinion about something [which is their reality]. |
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Term
| Product Concept Philosophy |
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Definition
| A marketing management philosophy that operates on the assumption consumers favor products that offer the most quality, performance, and innovative features. |
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Term
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Definition
| The functional marketing area in the firm primarily charged with the management of products and product lines. |
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Term
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Definition
| Tangible items offered to a market to satisfy a need or a want. |
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Term
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Definition
| These are intangible items offered to a market to satisfy a need or a want. |
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Term
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Definition
| Areas which have attitudinal influence on markets including the legal environment, action groups, and values. |
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Term
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Definition
| Groups that have a direct interest in an organization or any effort of that organization. |
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Term
| Production Concept Philosophy |
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Definition
| A marketing management philosophy that operates on the assumption consumers favor products that are available and highly affordable. |
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Term
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Definition
| Those entities in a market that have not bought the product and have similar characteristics to current customers. |
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Term
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Definition
| Any type of intermediary that helps the company find customers or prospects or participates in the transaction between the company and the seller. |
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Term
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Definition
| Various types of marketing entities within an organization charged with developing customer relationships, order frequency, and increasing volume. |
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Term
| Selling Concept Philosophy |
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Definition
| A marketing management philosophy that operates on the assumption consumers will buy products only if the company promotes and sells these products. |
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Term
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Definition
| The concept that everything begins and ends with the customer. |
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Term
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Definition
| The four strategic elements [product, place, promotion, and price] a marketer uses in implementing a marketing program. |
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Term
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Definition
| The consumer's anticipated level of service quality and/or product performance. |
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Term
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Definition
| A situation where a small change in price causes a large change in the quantity demanded. |
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Term
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Definition
| Areas which have financial influence on markets including the economy, government, technology, and competition. |
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Term
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Definition
| Those entities in a market that meet a target market profile and have bought or are currently buying the product |
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Term
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Definition
| The functional area in the firm charged with responding to customer and prospect inquiries and orders. |
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Term
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Definition
| The extent to which a products perceived performance meets or exceeds a buyers expectations. |
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Term
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Definition
| Items made by one unit in a firm that are required to be purchased by other business units in the same company. |
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Term
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Definition
| Any real or perceived outcome that motivates buying behavior and answers the question What's in it for me?. |
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