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| the outcome which a consumer seeks (e.g., hunger subsides) and which motivates their buying behavior. the thing that satisfies their want or need. Products & services provide a bundle of benefits - together these are called the utility of the product or service. The attributes of the product (nutritional content, visual presentation, etc) provide the benefts. |
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| properties of a product which makes them unique (different from the competition's product) and are therefore sought after.(ex: slide phone, swoosh) |
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| A name, term, symbol that identifies one company's product(s) and sets it apart from their competition. The thing that turns a commodity into a specialty, and allows you to charge triple what the product is worth and 10x what it costs to make. |
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| The ability of a firm to outperform the competition, and provide a unique benefit (ex: competing based on cost, operational quality, benefits, options, etc.) |
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| ultimate user of a product or service (called goods). the consumer can be an individual, group, business, government. |
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| customer relationship management (CRM) |
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| A marketing philosophy where marketing is seen as a process of building a long-term relationship with customers to keep them satisfied and coming back for more. CRM is implemented using computer systems that have databases of interactions |
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| consumer's desire for products coupled with the resources to obtain them. Marketers generating consumer desire through advertising isn't enough, the consumers must have the disposable income |
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| the properties about a product that sets it apart from competitor's products by providing unique customer benefits. |
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| A superior capability of a firm in comparison to its direct competition (ability to deliver packages worldwide before lunch the next day) |
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e-commerce - sales of products and services via the Internet,
m-commerce - e-commerce using mobile phones |
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| process where a transfer of value (money or trade) is made between a buyer and seller. |
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| lifetime value of customer (LVC) |
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| The actual amount of money you believe a consumer will spend on your product lines, in their lifetime. |
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| the total amount of consumers who share a common need that can be satisfied by a product, and have the disposable income to make the purchase (can be a mass market, regional market or market segment) |
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| the location where the buying/selling exchange can take place - can be a store, mall, or online. |
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| the way in which the target market perceives a product in comparison to competitor's brands. Best product in category, value product in category, has-been in category, fresh new innovation in category) |
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| a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market (ex: organic, yoga cat-lovers) |
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| marketing is an organizational function and a set of processes for creating, communicating, and delivering value (derived benefits) to customers. Marketing is the voice of the consumer within a company. |
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| a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability. This is a continual and iterative process as a company better try to improve in this area daily. Through marketing activities, companies don't just create products that are cool, they create products that there is a demand for. |
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| Marketer must make many decisions to gain high ROI for a product. These 4 categories help organize the decisions. |
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| The product, service, idea, place (tourism) or person (actor, politician, etc.) that is for sale. Includes packaging. |
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| The value that the consumer must pay |
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| Where you provide your product (store location, retail vs. wholesale, online) for sale. These are called channels to the consumer. |
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| Activities to inform and persuade consumers to purchase a product - (TV ads, print ads, blogs, press releases, etc.) are commonly used. |
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| A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies the operational plan of who is doing what. |
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| mass market vs. target market |
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| The mass market is all the possible customers in a market, regardless of the specific needs of any target group. In target marketing you segment the total market into specific sections (ex: urban teens, rural teens, etc.). |
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| Marketing orientations (era's) |
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| marketing has evolved over time, here's the history |
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| Production era(era of scarcity) |
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| characterized by engineering/ manufacturing orientation and the desire to make products as inexpensively as possible - little or no choice offered. In the US pre-1940's. Marketing's role was limited primarily to print ads, radio, billboards, direct selling. |
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| Selling era (era of over production) |
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| characterized by mass marketing and the hard sell - marketers focused on sales. Selling large amount of the products made rather than figuring out what the customers want |
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| Consumer era (era of consumer input) |
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| marketing philosophy or identifying and satisfying customer needs. |
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| New era (era of mental manipulation) |
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not only devotion to excellence in the 4p's (the marketing mix). Birth of customer relationship management (CRM) where a business tracks consumers and segments them, and tailors products to them.
In the professor's opinion in this era marketers also realized they can use psychology and socio-cultural knowledge to sell their brand of happiness |
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| Needs vs. wants vs. demand |
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need - human internal biological and psychological drives cause a person to recognize that a gap exists between consumers actual and desired state (ex: hunger, thirst, social connection, etc).
want - desire for a specific product to satisfy the need (salad vs. cheeseburger, soda vs. milk, etc). The wants for specific products with specific bundles of attributes is culturally and socially influenced.
demand - occurs when the consumer has the money to fulfill their want. Summing demand across market segments is called market demand |
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| Return on Investment (ROI) |
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| Metric (measurement) of how much profit is being made on a product for the business owners (entrepreneurs and investors). |
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| Intangible products which are experienced, but never owned. |
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| the concept that products and production must not hurt society and the environment. |
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| buyers, sellers, investors in a company. |
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| the market segments upon which an organization focuses its marketing plan and toward which it directs its marketing efforts. You can't sell the same product to everybody (ex: there is a reason why Toyota has 31 vehicles in their product line) |
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| refers to the sum of the benefits a product or service offers. The idea is to make the consumer think they are receiving great utility, which can only be received from your branded product. the goal is also to make the consumer believe they are buying more than just the product (ex: buying a lifestyle, buying glamour, buying ??). Utility is consistent for the products. |
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| A description of the benefits a customer will receive from buying a product or service. (ex: oral hygience). every customer receives different value from the same product or service, some people will believe the product delivered great value, others will be underwhelmed. |
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| The chain of organizational and inter-organizational activities involved in designing, producing, marketing, delivering, and supporting any product. |
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| Communicating the value to a consumer - so that they believe it when they have consumed the product (ex: "you'll get fresh breath"). |
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