Marketing

Front 1

marketing

Back 1

managing profitable customer relationships
-attract new customers by promising superior value and keep and grow current customers by delivering satisfaction

Front 2

marketing

Back 2

process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
1. understand consumers
2. create customer value
3. build strong customer relationships
4. reap rewards

Front 3

market offering- products, services, experiences

Back 3

combo products, services, info, experiences that satisfy need or want- physical products
-include persons, places, orgs, info, ideas

Front 4

market myopia

Back 4

mistake paying more attention to specific products offered than benefits and experiences produces

Front 5

market

Back 5

set of actual potential buyers of a product- need or want satisfied through exchange of relationships

Front 6

marketing management

Back 6

art and science of choosing target markets and building profitable relationships

Front 7

market segmentation

Back 7

selection segments of target

Front 8

demarketing

Back 8

reduce number customers of shift demand temporarily or permanently when trouble seeking demands

Front 9

value proposition

Back 9

set of benefits or values promised to deliver to consumers to satisfy needs

Front 10

production concept

Back 10

consumers will favor products that are available and highly affordable
-focus on improving production and distribution efficiency

Front 11

product concept

Back 11

consumers will favor products that offer most in quality, performance, and innovative features- focuses on making continuous product improvements

Front 12

selling concept

Back 12

consumers will not buy enough of the firms products unless undertakes large scale selling and promotion effort
-problematic- aim sell what company makes not what customers want

Front 13

marketing concept

Back 13

achieving org. goals depends on knowing needs and wants of target markets and delivering desired satisfaction better than competitors do- focused on paths to sales
-customer centered

Front 14

selling concept- inside out

Back 14

1. factory and existing products
2. calls for heavy selling and promotion to obtain profitable sales
-custom conquest

Front 15

marketing concept- outside-in

Back 15

starts w/ well defined market, focuses on customer needs, integrates marketing activities

Front 16

customer driving marketing

Back 16

understanding customer needs better than customers themselves + creating products and services meet existing and latent needs

Front 17

societal marketing concept

Back 17

company should make good marketing decisions by considering consumers long-run interests and society's long-run interest
-balance of company profits, consumer wants, societies interests

Front 18

customer relationship management

Back 18

overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Front 19

customer perceived satisfaction

Back 19

customers evaluation of difference between all benefits and costs of mart relative to those of company offers

Front 20

customer satisfaction

Back 20

the extent to which a product's perceived performance matches a buyer's expectations

Front 21

selective relationship management

Back 21

customer profitability analysis to weed out losing customers and target winning ones for pampering

Front 22

partner relationship management

Back 22

working closely w/ partners in other company department and outside the company to jointly bring greater value to customers
final step: capturing value in return, in for of current and future sales, market share, and profits

Front 23

customer lifetime value

Back 23

value of entire stream of purchases that a customer would make over a lifetime of patronage

Front 24

share of customer

Back 24

the portion of the customer's purchasing that a company gets in its product categories

Front 25

customer equity

Back 25

total combined customer lifetime values of all company's customers
-customers assets that need to be maximized and managed

Front 26

butterflies

Back 26

good fit between company's offerings and customer's needs, high profit potential

Front 27

true friends

Back 27

good fit between company's offerings and customer's needs, highest profit potential

Front 28

strangers

Back 28

little fit between between company's offerings and customer's needs,

Front 29

barnacles

Back 29

limited fit between company's offerings and customer's needs, low profit potential

Front 30

marketing concept

Back 30

starts w/ customers needs
Apple black and white b/c colors not profitable

Front 31

economies of scale

Back 31

more produce of item
-less expensive to produce 1 unit

Front 32

economics

Back 32

the study of choices made by ppl faced w/ scarcity

Front 33

scarcity

Back 33

a situation in which resources are limited and can be used in different ways, so one good or service must be sacrificed for another

Front 34

entrepeneurship

Back 34

effort used to coordinate production and sale of goods and services

Front 35

production possibilities graph

Back 35

shows economics options, the different combos of products the econ can product

Front 36

production possibilities curve

Back 36

curve shows possible combos of goods and services available to an economy, given that all productive resources are fully employed and efficiently used

Front 37

market

Back 37

arrangement that allows buyers and sellers to exchange things, trading what they have for what they want: buyer exchanges money for product, seller exchanges product for money

Front 38

positive economics

Back 38

analysis that answers the questions, what is or what will be?
ex. how will increase in price internet affect # of subscribers?

Front 39

normative exonomics

Back 39

analysis answers: what ought to be?
-ex. should govt, increase min wage?

Front 40

ceteris paribus

Back 40

latin, meaning other things being equal. in econ, phase indicates that all other variables are help fixed

Front 41

microeconomics

Back 41

the study of choices made by consumers, firms, and govt. and how choices affect market for particular good or services

Front 42

macroeconomics

Back 42

study of nation's economy as a whole: unemployment, inflation, budget deficit- explain why economies grow and change

Front 43

Kenysian economics

Back 43

shart run benefits of govt spending to stimulate the economy and put people back work- building highways, hiring more public school teachers

Front 44

perfectly competitive market

Back 44

a market w/ very large # of firms, each of which produces same standardized product and is so small that it does not affect the market price of good it produces

Front 45

demand schedule

Back 45

table #s showing relationship between price and quantity demanded by a consumer ceteris paribus

Front 46

individual demand curve

Back 46

curve shows relationship between price and quantity demanded by consumer, ceteris paribus

Front 47

change in quantity demanded

Back 47

change in amount of a good demanded resulting from a change in price of the good, represented graphically by movement along the demand curve

Front 48

substitution effect

Back 48

change in consumption resulting from a change in price of one good relative to price of other goods

Front 49

income effect

Back 49

change in consumption resulting form an increase in consumer's real income

Front 50

market demand curve

Back 50

relationship between price and quantity demanded by all consumers together, ceteris paribus

Front 51

supply curve

Back 51

how much particular product firms willing to sell

Front 52

marginal principle

Back 52

increase level of an activity ifits marginal benefit exceeds it marginal cost, reduce level of an activity if its marginal cost exceeds its marginal benefits, pick level at which activities marginal benefit- marginal cost

Front 53

supply schedule

Back 53

table #s shows relationship between price and quantity supplied, ceteris paribus

Front 54

quantity supplied

Back 54

amount of good a firm willing sell

Front 55

individual supply curve

Back 55

relationship between price and quanitity supplied by a producer, ceteris paribus

Front 56

law of supply

Back 56

higher the price, larger the quantity supplied, ceteris paribus

Front 57

change in quantity supplied

Back 57

resulting from change in price of the good, represented graphically by movement along supply curve

Front 58

market supply curve

Back 58

relationship between price of good and qualitity supplied by all producers together, ceteris paribus

Front 59

market equilibrium

Back 59

situation in which quantity of product demanded=quantity supplied therefore no pressure to change price

Front 60

excess demand

Back 60

a situation in which, at prevailing price, consumers wiling to buy more than producers willing to sell

Front 61

marginal principle

Back 61

increase level of an activity if its marginal benefit exceeds its marginal cost; reduce level of an activity if its marginal cost exceeds marginal benefits

Front 62

law of supply

Back 62

higher the price, the larger the quantity supplied

Front 63

market equilibrium

Back 63

situation in which quantity of product demanded= quantity supplied therefore no pressure to change prince

Front 64

excess demand

Back 64

consumers willing buy more than producers willing sell
-market moves up alond demand curve, decreasing quantity demanded
-marked movel up along supply curve, increasing quantity supplied

Front 65

excess supply

Back 65

prodcuers willing sell more than consumers willing by
-as price drops, marked moves down along demand curve, increasing quantity demanded
-as price drops, market moves down along supply curve, decreasing quantity supplied

Front 66

normal good

Back 66

good for which increase in income increases demand

Front 67

complements

Back 67

2 goods that are related in such a way that an increase in price of one good decreases demand for other good

Front 68

inferior good

Back 68

good for which an increase in income decreases demand

Front 69

sunk costs

Back 69

costs already accured, get costs back

Front 70

opportunity costs

Back 70

costs giving up