Marketing Flashcards
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.
Creating
In marketing, a term that involves collaboration with suppliers and customers in order to generate offerings of value to customers
Exchanging
The act of transacting value between a buyer and seller
Value
Total sum of benefits received that meet a buyer’s needs. Value = benefits received - (price + hassle)
Personal value equation
The net benefit a consumer receives from a products less the price paid for it and the hassle or effort expended to acquire it
Marketing concept
A philosophy underlying all that marketers do, driven by satisfying customer wants and needs
Market oriented
The degree to which a company follows the marketing concept
Production oriented
A belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves
Production era
A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed
Selling oriented
A philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully
Selling era
A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed
Marketing era
From 1950 to at least 1990, the dominant philosophy among businesses is the marketing concept
Value era
From the 1990s to the present, some argue that firms moved into the value era, competing on the basis of value; others contend that the value era is simply an extension of the market era and is not a separate era
Service-dominant logic
An approach to business that recognized that customers do not distinguish between the tangible and the intangible aspects of a good or service, but rather see a product in terms of its total value
One-to-one era
From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually
Offering
The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers
Communicating
In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers
Delivering
In marketing, as in delivering value, a broad term that means getting the product to the consumer and making sure that the user gets the most out of the product and service
Supply chain
All of the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer
Logistics
The physical flow of materials in the supply chain
Exchange
The transaction of value usually economic, between a buyer and seller
nonprofit marketing
Marketing activities conducted to meet the goals of nonprofit organizations
Social marketing
Marketing conducted in an effort to achieve social change
Social responsibility
The idea that companies should manage their business not just to earn profits but to advance the well-being of society
Sustainability
An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources
