Chapter 13 Flashcards
The process of creating value for customers and building relationships with those customers in order to capture value back from them
Marketing
Marketing efforts to attract people and organizations to a particular geographical area
place marketing
Identification and marketing of a social issue, cause, or idea to selected target markets
cause-related marketing
Differences between a peron’s actual state and his or her ideal state, they provide the basic motivation to make a purchase
Needs
Specific goods, services, experiences, or other entites that are desirable in light of a person’s experiences, culture, an dpersonality
Wants
The act of obtaining a desired object or service from another party by offering something of value in exchange
exchange process
An exchange of value between parties
transaction
the power of a good or service to satisfy the human need
Utility
An approach to business management that stresses customer needs and wants, seeks long-term profibility, and integrates marketing with other functional units within the organization
Marketing concept
A focus on developing and maintaining long-term relationships with customers, suppliers, and distribution partners for mutual benefit
relationship marketing
The degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider
customer loyalty
A type of information system that captures organizes and capitalizes on all the interactions that a company has with its customers
Customer relationship management
The creation and sharing of product related information among customers and potential customers
Social commerce
The collection and analysis of information for making marketing decisions
Marketing research
A marketing approach in which firms first ask permission to deliver messages to an audience and then proise to restrict their communication efforts to those subject areas in which the audience memebers have expressed interest
permission-based marketing
The delivery of marketing messages to people who are not aware they are being marketing to, these messages can be delivered by either acquaintances or strangers, depending on the technique
stealth marketing
Individuals or houjseholds that buy oods and services for personal use
consumer markets
Companies, goverment agencies, and other organizations that buy goods and services either to resell or to use in the creation of their own goods and services
Organizational markets
Tension that exists when a person’s beliefs don’t match his or her behaviors; a common example is buyer’s remorse, when someone regrets a purchase immediately after making it
cognitive dissonance
The process of examining an organization’s current marketing situaion, assessing opportunities, and setting objectives, and then developing a marketing strategy to reach those objectives
Strategic market planning
Selling more of a firm’s existing rpoducts into the markets it already serves
Market penetration
Creationg new products for a firm’s current markets
product development
Selling existing products to new markets
market development
Creating new products for new markets
diversification
a firm’s portion of the total sales in a market
market share
An overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix
marketing strategy
a group of customers who need or want a particular product and have the money to buy it
market
The division of a diverse market into smaller, relatively homogenous groups with similar needs, wants, and purchase behaviors
market segmentation
the study of statistical characteristics of a population
demographics
Classification of customers on the basis of their psychological makeup, interests, and lifestyles.
Psychographic
Categorization of customers according to their gheographical location
geographic segmentation
Categorization of customers according to their relationship with products or response to product characteristics
behavioral segmentation
Specific customer groups or segements to whom a company wants to sell a particular product
target markets
Managing a business in a way designed to occupy a particular place in the minds of target customers
positioning
the four key elements of marketing strategy: product, price, distribution, and customer communication
Marketing mix
A bundle of value that satisfies a customer need or want
product
the amount of money charged for a product or service
price
Systems for moving goods and services from producers to consumers; also known as marketing channels
distribution channels
A wide variety of persuasive techniques used by companies to communicate with their mtarget markets and the general public
promotion
Turning raw materials into finished goods
Form utility
Making products available when and where customers want them
Time and place utility
