Chapter 1 Flashcards
(25 cards)
Marketing
The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value to the customers, clients partners and society
Market
People with the desire and ability to buy a specific product
Social Marketing
Marketing designed to influence behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer
Ultimate consumer
People who use the goods and services purchased for a household
Organizational Buyers
manufacturers, wholesalers, retailers, government that buy goods for resale
Target Market
1 or more specific group of potential consumers toward which an organization direct its marketing program
Marketing mix
MAnager’S controllable factors: price, product, place and promotion that he can take to create/communicate/deliver value
Customer value proposition
Cluster of benefits that an organization promises customers to satisfy their needs
Environmental forces
Uncontrollable factors: social, economic, technological, competitive, regulatory
Marketing program
Plan that integrates marketing mix to provide a good/service or idea to prospective buyers
Marketing concept
The idea that an organization should thrive to satisfy need/wants while achieving org. goals
Market orientation
Focus efforts on 1. Continuously collecting info about customers’ wants and the competition’s capabilities. 2. Sharing this info within org. 3. Using the info to create value ensuring customer satisfaction and developing CR
Customer Value
Unique combination of benefits received by customers : quality, price, convenience, on-time delivery, before/after sale service
Customer satisfaction
MAtch between consumer’s expectations and the product’s actual performances
Customer relationship management
Process of building and developing long-term relationships with customers by delivering customer value and satisfaction
Customer life time value
Profit generated by customers’ purchases of an org. over their lifetime
eCRM
Web-centric, personalized approach to managing L-T customer Relationship electronically
Interactive marketing
2 way buyer-seller electronic communications in which the buyer can control the kind/amount of info received from seller
Customer experience management
Managing customer’s interactions with the org at all levels/ touch-points to give a positive impression of the org. leading to potential customer loyalty
Social media Marketing
Consumer generated online marketing efforts to promote brands/org. they are fan of (or the inverse) and use of marketers of online tools and platforms to promote brand
Ethics
Moral principles + values that govern actions/decisions of individuals/groups
Social responsibility
Individuals and groups are part of a larger group and are accountable for that society for their actions
Societal Marketing concept
The view that an org. should discover and satisfy the needs of its customers in a way that also benefits society
Macromarketing
The aggregate flow of a nation,s goods and services to benefit society
