Chapter 1 - The World Of Marketing

Front 1

Benefit

Back 1

The outcome sought by a costumer that motivates buying behavior - That satisfies a need or want.

Front 2

Business-to-Business Marketing

Back 2

The marketing of those goods and services that business and organisational customers need in order to produce other goods and services for resale or to support their operations.

Front 3

Competitive Advantage

Back 3

A company's ability to outperform the competition, thereby providing the customers with a benefit the competition cannot provide.

Front 4

Consumer

Back 4

The ultimate user of goods, ideas and services. The term is also used to refer to the buyer or decision maker.

Front 5

Consumer Goods

Back 5

The goods purchased by individual consumers for personal or family use.

Front 6

Consumer Orientation

Back 6

A management philosophy that focuses on ways to satisfy customers needs and wants.

Front 7

CRM

Back 7

A philosophy that sees marketing as a process of building long-term relationships between customers and an organisation to keep them satisfied and to keep them coming back.

Front 8

Demand

Back 8

Customers desire for products coupled with the resources to obtain them.

Front 9

Differential Benefit

Back 9

Properties or products that set them apart from competitor's products by providing unique customer benefits.

Front 10

Distinctive Competency

Back 10

A businesses superior capability in comparison to it's direct competitors.

Front 11

E-Commerce

Back 11

The buying or selling of goods and services electronically usually over the internet.

Front 12

E-Marketers

Back 12

Marketers who use e-commerce in their strategies.

Front 13

Exchange

Back 13

The process by which some transfer of value occurs between a buyer and a seller.

Front 14

Industrial Goods

Back 14

Goods bought by individuals or organisations for further processing or for use in doing business.

Front 15

Lifetime Value of a Customer

Back 15

How much profit a company expects to make from a particular customer, including each and every purchase he or she will make from the company now and in the future.

Front 16

Market

Back 16

All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange and who have the authority to make the exchange.

Front 17

Market Position

Back 17

The way in which the target market perceives the product in comparison to the competitors' brands.

Front 18

Market Segment

Back 18

A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from those in the larger market.

Front 19

Marketing Concept

Back 19

A management orientation that focuses on identifying and satisfying consumer needs to ensure an organisations long term profitability.

Front 20

Marketing

Back 20

An activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for the customers, clients, partners and society at large.

Front 21

Marketing Mix

Back 21

A combination of the product itself, the price of the product, the place where it is made available and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers.

Front 22

Marketing Plan

Back 22

A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for each part of the marketing plan.

Front 23

Marketplace

Back 23

Any location or medium used to conduct on exchange.

Front 24

Marketspace

Back 24

Information and goods are exchanged in an online environment.

Front 25

Mass Market

Back 25

All possible customers in a market, regardless of the differences in their specific needs and wants.

Front 26

Myths

Back 26

Stories containing symbolic elements that expresses the shared emotions and ideals of a culture.

Front 27

Need

Back 27

The recognition of any difference between a consumers actual state and some ideal or desired state.

Front 28

New Era Orientation

Back 28

A management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the consumer as well as the company's employees, shareholders and communities.

Front 29

New Millennium Orientation

Back 29

A management philosophy that sees customers as exchanging two things of value with the company: information and money.

Front 30

Not-For-Profit Organisations

Back 30

Organisations with charitable, educational, community and other public service goals that buy goods and services to support their functions and to attract and serve their members.

Front 31

Place

Back 31

The availability of the product to the customer at the desired time a location.

Front 32

Popular Culture

Back 32

The music, movies, sports, books, celebrities and other forms of entertainment consumed by the mass market

Front 33

Price

Back 33

The value that customers give up or exchange in order to obtain a desired product or service.

Front 34

Product

Back 34

A tangible good, service, idea or some combination of these that satisfies consumer or business customer needs through the exchange process: a bundle of attributes including features, functions, benefits and uses.

Front 35

Production Orientation

Back 35

A management philosophy that emphasizes the most efficient ways to produce and distribute a products.

Front 36

Promotion

Back 36

the co-ordination of a marketer's marketing communication efforts to inform a potential customer about it's product or service.

Front 37

ROI

Back 37

The rate of return on investment made by and organisation. It is one of the key performance indicators for all businesses.

Front 38

Scenario Planning

Back 38

Planing undertaken by an organisation for likely scenarios that may effect its strategic and operational objectives.

Front 39

Selling Orientation

Back 39

A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory.

Front 40

Services

Back 40

Intangible Products that are exchanged directly from the producer to the customer.

Front 41

Social Marketing

Back 41

Social marketing is an approach used to develop activities aimed at changing or maintaining people's behavior for the benefit of individuals and society as a whole.

Front 42

Stakeholders

Back 42

Buyers, sellers, investors in a company, community residents and even citizens of nations where goods and services are sold. I.E. any person that has a stake in the business.

Front 43

Target Market

Back 43

The market segments in which an organisation focuses its marketing plan and towards which it directs its marketing efforts.

Front 44

Utility

Back 44

The usefulness consumers receive from buying, owning or consuming a product

Front 45

Value

Back 45

The tangible and intangible benefits a customer receives from buying a product or service.

Front 46

Value Chain

Back 46

A series of activities involved in designing, producing, marketing, delivering and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.

Front 47

Value Proposition

Back 47

A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased.

Front 48

Want

Back 48

The desire to satisfy needs in specific ways that are culturally and socially influenced.