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Marketing Business Program > Chapter 1 Marketing > Flashcards

Chapter 1 Marketing Flashcards

1
Q

Define Marketing

A

Marketing is a set or institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

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2
Q

What is a set of institutions, processes to create and communicate and exchange offerings that have value for customers, clients and partners?

A

What is Marketing.

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3
Q

What is the difference between marketing and sales?

A

Marketing is like setting the stage - price, prodcut, place and promotion
Sales is putting on the show - direct customer contact

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4
Q

When discussing Marketing vs. Sales, what are the three different considerations?

A
  1. Marketing
  2. Sales
  3. Sharing Principles
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5
Q

Define Sharing Principles

A

Sharing principles include customer focus, ethics, relationships, professionalism and statistics.

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6
Q

Marketing is about

A
  1. Value - the benefits a customer receives
  2. Customer’s Perspective - benefits to satisfy needs or wants relative to costs
  3. Seller’s Perspective - lifetime customer
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7
Q

What are some stakeholders

A 
Buyers
Sellers
Investors
Community Residents
Citizens
Consumers
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8
Q

Define Stakeholders

A

People or organizations who influence or are influenced by marketing decisions.

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9
Q

Define target market

A

the groups of consumers or customers on which an organization focuses its marketing plan and toward which it directs its marketing efforts.

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10
Q

Define exchange

A

The process by which some transfer of value occurs between a buyer and a seller

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11
Q

Define consumer

A

The ultimate user of a good or service

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12
Q

Define marketing concept

A

A business orientation that focuses on achieving organizational objectives by understanding customer needs, and creating and delivering value in exchanges that satisfy the needs of all parties.

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13
Q

Define need

A

The recognition of any difference between a consumer’s actual state and some ideal or desired state.

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14
Q

Define want

A

The desire to satisfy needs in specific ways that are culturally and socially influenced.

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15
Q

Define benefit

A

The outcome sought by a customer that motivates buying behavior (that satisfies a need or a want)

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16
Q

Define demand

A

Customers’ desire for products coupled with the resources to obtain them.

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17
Q

Define market

A

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

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18
Q

Define marketplace

A

Any location or medium used to conduct an exchange

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19
Q

Define lifetime value of a customer

A

How much profit companies expect to make from a particular customer, adding the contribution of each and every purchase s/he will make from them now and in the future and subtracting the cost to the company of maintaining this relationship.

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20
Q

Define product

A

Any good, servies, or idea that can be marketed

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21
Q

Define consumer goods

A

The tangible products that individual consumers purchase for personal or family use

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22
Q

Define services

A

Intangible products that are exchanged directly between the producer and the customer

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23
Q

Define popular culture

A

The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market

24
Q

Define Business to Business Marketing

A

The marketing of whose goods and services that business and organization customers need to produce other goods and services for resale or to support their operation

25
Q

Define industrial goods

A

Goods individuals or organization buy for further processing or for their own use when they do business

26
Q

Define e-commerce

A

The buying or selling of goods and services electronically, usually over the internet

27
Q

Define not-for-profit organizations

A

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

28
Q

Define market segment

A

A distinct group of customers within a larger market who have similar needs, wants, preferences, and behaviors, who seek similar product solutions, and whose needs differ from other customers in the larger market.

29
Q

Define market segmentation

A

A process of dividing the overall market into groups of consumers who seek very different solutions for their needs and wants than other groups of customers

30
Q

Define mass market

A

All possible customers in a market, regardless of the differences in their specific needs and wants

31
Q

Define positioning

A

How an organization wants its brand to be known to its customers and being different and better than competing brands

32
Q

Define distinctive competency

A

A capability of a firm that is superior to that of its competition

33
Q

Define differential benefits

A

Providing an outcome or result valued by customers that competitors are not able to offer as well.

34
Q

Define brand personality

A

A distinctive image that captures a good or service’s character and benefits.

35
Q

Define marketing mix

A

A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers, which creates a desired response among a set of predefined consumers

36
Q

What are the four P’s?

A

Product, Price, Promotion and place.

37
Q

What is price?

A

Price is the seller’s assignment of value to a product

38
Q

Define communication

A

The coordination of communication efforts by a marketer to influence consumers or organizations about goods, services, or ideas.

39
Q

Define value chain

A

A 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

40
Q

Define consumer-generated content

A

Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or service as wholesalers or retailers.

41
Q

Define online social networking

A

Using internet technology to keep in contact with friends, relatives, and business associates.

42
Q

Define open source model

A

A practice used in the software industry in which companies share their software codes with anyone to assist in the development of a better product.

43
Q

Define triple bottom line

A

A business perspective that measures economic, social and environmental value creation

44
Q

Customer Relationship Management (CRM) is…

A

A systematic tracking of consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs. CRM allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts.

45
Q

Define attention economy

A

A perspective that consumer spending, and hence the economy is driven by psychological attachment to brands, the relevance of information and solutions. Consumers choose where to spend their attention and their money.

46
Q

Define social marketing concept

A

A management philosophy that marketers must satisfy customer’s needs in ways that benefit society and also deliver profit to the firm.

47
Q

Define sustainable development

A

Meeting present needs without compromising the ability of future generations to meet their needs

48
Q

Define green marketing

A

The development of marketing strategies that support environmental stewardship.

49
Q

Define ROI (Return on Investment)

A

The revenue or profit margin generated by an investment, divided by the cost of the investment.

50
Q

Define product orientation

A

A management philosophy that emphasizes the most efficient ways to produce and distribute products.

51
Q

define selling orientation

A

a managerial view of marketing as a selling function, or a way to move products out of warehouses to reduce inventory

52
Q

Define consumer orientation

A

a management philosophy that focuses on ways to satisfy customer needs and wants

53
Q

Define business ethics

A

Rules of conduct for an organization

54
Q

Define code of ethics

A

Written standards of behavior to which everyone in the organization must subscribe.

55
Q

Define customer addiction

A

A physiological or psychological dependency on goods or services

56
Q

Define consumerism

A

A social movement that attempts to protect consumers from harmful business practices

Marketing Business Program (6 decks)

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