Test 1 Flashcards
Exchange
Trade of things of value between buyer and seller so that each is better off after the trade
Marketing
Activity of creating, communicating,delivering and exchanging offerings that benefit the organization, its stakeholders and society.
Environmental forces
Uncontrollable forces in a marketing decision involving social, economic, tech, competitive, and regulatory forces.
Market
People with the ability and desire to buy a specific offering.
Marketing mix
Factors that the marketing manager can control, such as price, product, promotion, and place, that can be used to solve a marketing problem.
Target Market
Specific group(s) of potential consumers toward which an organization directs its marketing program
Customer Value
Unique combo of benefits received by targeted buyers that includes quality, convenience, om-time delivery., and before/after sale service at a specific price.
Marketing program
Plan that integrates the marketing mix to provide goods, services, or ideas to prospective buyers.
Relationship marketing
Links organization to its individual customers, employees, suppliers and other partners for mutual long term benefits.
Customer relationship management(CRM)
Process of ID’ing prospective buyers, understanding them, and developing favorable long-term perceptions of the organization and its offerings so that buyers choose them.
Market orientation
Organization that focuses its efforts on: 1) continuously collecting info about customers needs
2) sharing this info across all departments
3) Using infö to create customer value
Marketing concept
idea that organization should strive to satisfy needs of customers while trying to achieve the organizations goals
Customer experience
Internal response that customers have to all aspects of an organization and its offerings
Societal Marketing Concept
View that organizations should satisfy the needs of consumers in a way that provides for society well being
Organizational buyers
Mabufacturers, wholesalers, retailers, and government agencies that buy goods and services for own use or resale.
Ultimate consumers
People who use goods and services purchased for a household
Utility
Benefits or customer value received by users of the product.
Environmental scanning
Process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends
Demographics
Describing population according to selected characteristics such as age gender ethnicity income and occupation
Social forces
Demographic characteristics of the population and its values
Baby boomers
Born between 1946-1964
Generation X
15% of population born from 1965-1975. AKA “baby-bust”
Blended family
Family formed by merging two separated units into a single household
Generation Y
72 M Americans born from 1977-1994. AKA echo-boom or baby boomlet
Multcultural Marketing
Combos of marketing mix that reflect unique characteristics and lifestyles of different rasces
Culture
Set Values, ideals, attitudes that are learned and shared by a group.
Value Consciousness
Concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
Economy
Income, expenditures, and resources that affect the cost of running a business and a household.
Disposable income
Money a consumer has after taxes used to pay for necessities.
Gross income
Amount of money made by a person in one year.
Discretionary income
Money a consumer has after taxes and necessities.
Technoloy
Inventions and innovations from applied science or engineering research
Electronic commerce
Any activity that uses a for of elec. communication in the inventory, exchange, advertisement, distribution ad payments of goods and services
