Chapter 1 Flashcards
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing
The four P’s: physical product or service
product
The four P’s: where the product is purchased
place
The four P’s: tools used to get the message out
promotion
The four P’s: the amount a consumer pays
price
people with both the desire and ability to buy a specific offering
market
one or more specific goals of potential consumers toward which an organization directs its marketing program
target market
they affect the marketing decision, which consists of social, economic, technological, competitive, and regulatory
environmental factors
unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before sale and after sale service at a specific price
customer value
targets the organization to its individual customers, employees, suppliers, and other partners for their long term benefit
relationship marketing
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
marketing program
relatively homogenous groups of prospective buyers that have common needs and will respond similarly to a marketing action
market segments
the idea that an organization should strive to satisfy the needs of costumers while also trying to achieve the organization’s goals
marketing concept
focuses it’s efforts on continuously collecting information about customer’s needs, sharing this information across departments, and using it to create customer value
market orientation
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and offerings so buyers will choose them
customer relationship management (CRM)
organizations should satisfy needs of consumers in a way that provides societal well being
societal marketing concept
people who use the products and services purchased for a household
ultimate consumers
manufacturers, wholesalers, retailers, service companies, non profit organizations, and government agencies that buy products and services to resale for own use
organizational buyers
the benefits or customer value received by users of the product
utility
where top management directs overall strategy for entire organization
corporate level
visual display of essential information related to achieving a marketing objective
marketing dashboard
measure of quantitative value or trend of a marketing action or result
marketing metric
technique that managers use to quantify performance measures and growth targets to analyze their firms’ strategic business united (SBUs) as though they were a collection of separate investments
business portfolio analysis
involves aggregating prospective buyers into groups or segments that have common needs and will respond similar to a marketing scion
market segmentation
cluster of benefits an organization promises customers to satisfy their needs
customer value proposition
characteristics of a product that make it superior to competitive substitutes
points of difference
how marketing goal is achieved
marketing strategy
detailed day to day operational marketing actions for each element of marketing mix contributing to overall success of marketing strategies
marketing tactics
