Chapter 1 Flashcards
consumer
ultimate user of a good or service
marketing
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 mix
combination of the product itself, the price of the product, the promotional activities that introduce it, and the place where it is made available, that together create a desired response among a set of predefined consumers
Four P’s
produce
price
promotion
place
product
tangible good, service, idea, or some combo of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses
promotion
coordination of a marketer’s communication efforts to influence attitudes or behavior
place
availability of the product to the customer at the desired time and location
channel of distribution
series of firms or individuals that facilitates the movement of a product from the producer to the final customer
price
assignment of value, or the amount the consumer must exchange to receive the offering
exchange
process by which some transfer of value occurs between a buyer and a seller
consumer goods
goods individual consumers purchase for personal or family use
services
intangible products that are exchanged directly between the producer and the customer
B2B marketing
marketing of goods and services from one organization to another
industrial goods
goods that individuals or organizations buy for further processing or for their own use when they do business
e-commerce
buying or selling of goods and services electronically, usually over the internet
NGOs
organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members
marketing concept
management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability
need
recognition of any difference between a consumer’s actual state and some ideal or desired state
want
desire to satisfy needs in specific ways that are culturally and socially influenced
benefit
outcome sought by a customer that motivates buying behavior that satisfies a need or want
demand
customers’ desires for products coupled with the resources needed to obtain them
market
all the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange
marketplace
any location or medium used to conduct an exchange
rentrepreneurs
enterprising consumers who make money by renting out their possessions when they aren’t using them
collaborative consumption
term used to refer to the activities practiced by rentrepreneurs
utility
usefulness or benefit that consumers receive from a product
stakeholders
buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold; any person or organization that has a “stake” in the outcome
production orientation
management philosophy that emphasizes the most efficient ways to produce and distribute products
selling orientation
managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory
customer orientation
business approach that prioritizes the satisfaction of customers’ needs and wants
total quality management (TQM)
management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
mobile marketing
interacting with consumers via mobile devices
User (consumer)-generated content
marketing content and activities created by consumers and users of a brand such as advertisements, online reviews, blogs, social media, input to new product development or serving as wholesalers or retailers
branded content
marketing communication developed by a brand to provide educational or entertainment value rather than to sell the brand in order to develop a relationship with consumers; may indicate the brand is the sponsor
corporate citizenship (corporate social responsibility)
refers to a firm’s responsibility to the community in which they operate and to society in general
screen addicts
consumers who spend so much time on smartphones, tablets, and computers that it interferes with more normal activities and productivity
growth hackers
experts who work on apps and sites to better hook consumers and keep them coming back and staying longer
value proposition
marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
brandfests
events that companies host to thank customers for their loyalty
lifetime value of a customer
potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime
competitive advantage
firm’s edge over its competitors that allows it to have higher sales, higher profits, more customers and enjoy greater success year after year
distinctive competency
superior capability of a firm in comparison to its direct competitors
differential benefit
properties of products that set them apart from competitors’ products by providing unique customer benefits
value chain
series of activities involved in designing , producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys
folksonomy
classification system that relies on users rather than preestablished systems to sort contents
wisdom of crowds
under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products
crowdsourcing
practice where firms outsource marketing activities (such as selecting an ad) to a community of users
consumer addiction
physiological/psychological dependency on goods or services including alcoholism, drug addiction, cigarettes, shopping, and use of the Internet
shrinkage
losses experienced by retailers as a result of shoplifting, employee theft, and damage to merchandise
anticonsumption
deliberate defacement of products
mass market
all possible customers in a market, regardless of the differences in their specific needs and wants
market segment
distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market
target market
market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
