Marketing - Chapter 1

Front 1

Marketing

Back 1

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

Front 2

Marketing Management

Back 2

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Front 3

What are the 10 main types of entities marketed?

Back 3

goods, services, events, experiences, persons, places, properties, organizations, information, and ideas.

Front 4

Marketer

Back 4

Someone who seeks a response - attention, a purchase, a vote, a donation - from another party

Front 5

Prospect

Back 5

Someone who gives a response - attention, a purchase, a vote, a donation - to a marketer

Front 6

Negative Demand

Back 6

Cunsumers dislike the product and may even pay to avoid it.

Front 7

Nonexistent Demand

Back 7

Consumers may be unaware of or uninterested in the product.

Front 8

Latent Demand

Back 8

Consumers may share a strong need that cannot be satisfied by an existing product.

Front 9

Declining Demand

Back 9

Consumers begin to buy the product less frequently or not at all.

Front 10

Irregular Demand

Back 10

Consumerpurchases vary on a seasonal, monthly, weekly, daily, or even hourly basis

Front 11

Full Demand

Back 11

Consumers are adequately buying all products put into the marketplace.

Front 12

Overfull Demand

Back 12

More consumers owuld like to buy the product than can be satisfied.

Front 13

Unwholesome Demand

Back 13

Consumers may be attracted to products that have undesirable social consequences.

Front 14

Five types of Needs

Back 14

Stated Needs (the customer wants an inexpensive car)
Real Needs (the customer wants a car whose operating cost, not initial price, is low)
Unstated Needs (the customer expects good service from the dealer)
Delight Needs (the customer would like the dealer to include an onboard GPS)
Secret Needs (the customer wants friends to see him as a savvy customer)

Front 15

Value Proposition

Back 15

A set of benefits that satisfy customer needs.

Front 16

Brand

Back 16

An offering from a known source.

Front 17

Satisfaction

Back 17

Reflects a person's judgment of a product's perceived performance in relationship to expectations.

Front 18

Communication Channels

Back 18

Marketing channels that are used to deliver and receive messages from target buyers and include newspapers, magazines, radio, TV, mail, telephone, billboards, posters, fliers, CDs, audiotapes, and the Internet.

Front 19

Distribution Channels

Back 19

Channels that are used to display, sell, or deliver the physical product or service(s) to the buyer or user.

Front 20

Service Channels

Back 20

Channels that include warehosues, transportation companies, banks, and insurance companies.

Front 21

Task Environment

Back 21

Part of the marketing environment that includes the actors engaged in producing, distributing, and promoting the offering.

Front 22

Broad Environment

Back 22

Part of the market environment that consists of six compoenents: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment.

Front 23

Production Concept

Back 23

Says that consumers prefer products that are widely available and inexpensive.

Front 24

Product Concept

Back 24

Proposes that consumers favor products offering the most quality, performance, or innovative features.

Front 25

Selling Concept

Back 25

Holds that consumers and businesses, if left alone, won't buy enough of the organization's products.

Front 26

Marketing concept

Back 26

Emerged in the mid-1950's as a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for your products, but the right products for your customers.

Front 27

Holistic Marketing

Back 27

Based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. This acknowledges that everything matters in marketing - and that a broad, integrated perspective is often necessary.

Front 28

Relationship Marketing

Back 28

Aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business.

Front 29

Marketing Network

Back 29

The outcome of relationship marketing, which consists of the company and its supporting stakeholders with whom it has built mutually profitable business relationships.

Front 30

Internal Marketing

Back 30

An element of holistic marketing that is the task of hiring, training, and motivating able employees who want to serve customers well.

Front 31

Performance Marketing

Back 31

Requires understanding the financial and nonfinancial returns to business and society from marketing activities and programs.

Front 32

The Four P's

Back 32

Product, price, place, and promotion

Front 33

Holistic Marketing Concept 4 P's

Back 33

People, processes, programs, and performance

Front 34

People

Back 34

Part of holistic marketing that reflects, in part, internal marketing and the fact that employees are critical to marketing success. Marketing will only be as good as the people inside the organization.

Front 35

Processes

Back 35

Part of holistic marketing that reflects all the creativity, descipline, and structure brought to marketing management.

Front 36

Programs

Back 36

Part of holistic marketing that reflects all the firm's consumer-directed actvities. It encompasses the old hour P's as well as a range of other marketing activties that might not fit as neatly into the old view of marketing.

Front 37

Performance

Back 37

Part of holistic marketing that captures the range of possible otucome measures that have financial and nonfinancial implications (profitability as well as brand and customer equity), and implications beyong the company itself (social responsibility, legal, ethical, and community related).