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Chapter 1
Midterm 1
30
Marketing
Undergraduate 2
03/05/2013

Additional Marketing Flashcards

 


 

Cards

Term
requirements for marketing to occur
Definition
  1. 2+ parties with unsatisfied needs
  2. a desire and ability to be satisfied
  3. a way for the parties to communicate
  4. something to exchange
Term
marketing seeks to:
Definition
  • discover the needs and wants of customers
  • satisfy them
Term
how marketing satisfies consumer needs
Definition
  • target market
  • the 4 ps: controllable marketing mix factors
  • customer value proposition
  • uncontrollable environmental forces
Term
what are the 4 ps
Definition
  1. product
  2. promotion
  3. price
  4. place
Term

what are some uncontrollable environmental forces?

Definition
  • social
  • economic
  • technological
  • competitive
  • regulatory
Term
what are some value strategies
Definition
  • best price
  • best product
  • best service
Term
different orientations in the history of american business
Definition
  1. production era 
  2. sales era (1920-1970)
  3. marketing concept era (1950-2000)
  4. customer relationship era (1990-)
Term
customer relationship management
Definition
  • customer experience:
  • what firms think they offer customers
  • what customers say they receive
Term
social responsibility
Definition
  • societal marketing concept
  • macromarketing
  • micromarketing
Term
who buys and uses what is marketed?
Definition
  • ultimate consumers
  • organizational buyers
Term
how do consumers benefit?
Definition
  • form utility
  • place utility
  • time utility
  • possession utility
Term
marketing
Definition
the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large
Term
exchange
Definition
the trade of things of value between buyer and seller so that each is better off after the trade
Term
market
Definition
consists of people with both th desire and the ability to buy a specific offering
Term
target market
Definition
consists of one or more specific groups of potential consumers toward which an organization directs its marketing program
Term
marketing mix
Definition
consists of the marketing manager's controllable factors- product, price, promotion, and place- that can be usd to solve a marketing problem
Term
customer value proposition
Definition
the cluster of benefits that an organization promises customers to satisfy their needs
Term
environmental forces
Definition
consists of the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
Term
customer value
Definition

the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Term
relationship marketing
Definition

links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.

 

Term
marketing program
Definition

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Term
marketing concept
Definition
the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals
Term
marketing orientation
Definition

occurs when an organization focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value.

Term
customer relationship management
Definition

the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.

Term
customer experience
Definition

the internal response that customers have to all aspects of an organization and its offering.

Term
societal marketing concept
Definition

the view that organizations should satisfy the needs of consumers in a way that  provides for society’s well-being.

Term
product
Definition
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers needs and is received in exchange for money or something else of value
Term
ultimate consumers
Definition
consist of the people who use the goods
and services purchased for a household.  Also called consumers, buyers, or customers
Term
organizational buyers
Definition

those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

Term
utility
Definition

consists of the benefits or customer value received by users of the product.

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