Chapter 1 Flashcards
Marketing
An organizational function and set of processes for creating, capturing, communicating, and delivering value to customers and or managing customer relationships in ways that benefit the organization and its stakeholders
Marketing Mix
Product, Price, Place, Promotion - the controllable set of activities that a firm uses to respond to the wants of its target markets
Marketing Plan
A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro forma income and other financial statements
Exchange
the trade of things of value between the buyer and the seller so that each is better off as a result
Goods
items that can be physically touched
Services
any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer
Ideas
intellectual concepts- thoughts, opinions and philosophies
Product
creating value by developing a variety of offerings to satisfy customer needs
Price
everything the buyer gives up (money, time, energy), in exchange for the product
Place
all the activities necessary to get the product to the right customer when that customer wants it
Promotion
communication by a marketer that informs, persuades, and reminds potential buyers about a product to influence their opinions and elicit a response
B2C Marketing
Business to consumers; the process in which businesses sell to consumers
B2B Marketing
Business to business; the process of selling merchandise or services from one business to another
C2C Marketing
Consumer to consumer; the process in which consumers sell to other consumers
Employment Marketing
marketing programs to attract applicants to the hiring firm
Value
reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives
Value Cocreation
customers acts as collaborators with a manufacturer or retailer to create the product or service
Transactional Orientation
regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance
Relational Orientation
a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship
Customer Relationship Management (CRM)
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers
Supply Chain
the group of firms that make and deliver a given set of goods and services
Entrepreneurs
a person who organizes, operates, and assumes the risk of a new business venture
