Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/70

Click to flip

70 Cards in this Set

  • Front
  • Back
What is the new definition of marketing?
Marketing is an organizational function and process for creating, communicating, and elivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
What are stakeholders?
Stakeholders are buyers, sellers, investors in a company, community residents, and even citizens of the nation where goods and services are sold.
What is the old definition of marketing?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy consumer neds and organizational objectives.
How is a marketing concept developed?
Marketers first identify consumer needs and then provide products that satisfy those needs.
What is a consumer?
The ultimate user of a good or service.
What is a need?
A need is the difference between a consumer's actual state and some ideal or desired state.
What is a want?
A want is a need that is shaped by a person's knowledge, culture, and individual personality.
What does a market consist of?
A market consists of all the consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authoroity to make the purchase.
What is utility?
Creating value through Form, Time, Posession, Task and Place.
What is the concept of exchange?
The concept of exchange means that people give up something in order to receive something that they would rather have.
What are the requirements for exchange to occur?
1. Two or more parties with unsatisfied needs.
2. A desire and ability on their parts to satisfy their needs
3. Something to exchange
4. Each party must be free to accept or reject the other's terms for the exchange.
5. There must be a way for parties to communicate and deliver
6. Each party must believe that it is appropriate or desirable to deal with the other party.
What can be marketed?
1. Goods
2. Services
3. Events
4. Experiences
5. Persons
6. Places
7. Properties
8. Organizations
9. Information
10. Ideas
What does value refer to?
Value refers to the benefits a customer receives from buying a product or service.
What are some values?
Quality, price, convenience, on-time delivery, before and after-sale service
What are three things that the seller must keep in mind?
1. Calculating the value of a customer
2. Creating a competitive advantage
3. The value chain
What should the successful marketing plan do?
1. Describes the marketing environment
2. Outlines marketing objectives and strategy
3. Identifies parties responsible for implementation
4. Identifies our customer
What is the value chain?
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.
What is competitive advantage?
The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can't.
What is a mass market?
All possible customers in a market, regardless of the differences in their specific needs and wants
What is a market segment?
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.
What is a target market?
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
What is market position?
The way in which the target market perceives the product in comparison to competitors' brands.
What is the marketing mix?
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.
What are the four P's?
Product, Place, Price, Promotion
What is a product?
A good, service, or idea to satisify the consumer's needs
What is price?
What is exchanged for the product. An assignment of value.
What is promotion?
A means of communication between seller and buyer.
What is place?
A means of getting the product into the consumer's hands, when they want it, where they want it.
What was the emphasis in the production era?
A management philosophy that emphasized the most efficient ways to produce and distribute products. This worked well during the 20's because demand was greater than supply and people bought the product because there were no other alternatives.
What was the emphasis in the selling era?
During the 1930's, firms shifted to an approach where management views marketing as a sales function, or a way to move products out of warehouses so that inventories don't pile up. This mindset prevailed well into the 1950s, but eventually the "hard sell" got a bad image.
What was the emphasis during the consumer era?
During the 1970's and 80's this became very popular. The focus during this period was meeting the needs of the people buying the product, and doing so better than the competition. An approach called Total Quality Managemnent became popular during this time period.
What is the emphasis during the new era?
Building long term bonds with customers rather than simply selling them stuff. This era focuses on Customer relationship management, providing social benefits to using products, and accountability for firms in regards to return on investment and the marketing process are concerned.
What are e-marketers?
Marketers who use e-commerce in their strategies
What is a marketing concept?
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability
What is a benefit?
The outcome sought by a consumer that motivates buying behavior, by satisfying a need or a want
What is demand?
The customer's desire for products coupled with the resources to obtain them
What is utility?
The usefulness or benefit consumers receive from a product
What is form utility?
The benfit marketing provides by transofmrning raw materials into finished products, as when a dress manufacturer combines silk, thread, and zippers to create a gown
What is place utility?
The benefit marketing provides by making products avaialable where customers want them. For exmaple, some good gowns are sold in New York's Garment District.
What is time utility?
The benefit marketing provides by storing products until they are needed.
What is posession utility?
The benefit marketing provides by allowing the consumer to own, use, and enjoy the product.
What is popular culture?
The music, movies, spots, books, celebrities, and other forms of entertainment consumed by the mass market
What are myths?
Stories containing symbolic elements that express the emotions and ideals of culture
What is a product?
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.
What are consumer goods?
The goods purchased by individual consumers for personal or family use.
What are services?
Intangible products that are exchanged directly from the producer to the customer.
What is business to business marketing?
Marketing of goods and services that business and organizational customers need to produce other goods and services
What are industrial goods?
Goods bought by individuals or organizations for further processing or for use in doing business
What is e-commerce?
Buying or selling goods and services electronically over the Internet
What are not-for-profit organizations?
Organizations 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
What is value?
The benefits a customer receives from buying a product or service
What is value proposition?
A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased
What is the lifetime value of a customer?
How much profit companies expect to make from a particular customer. To estimate this, companies calculate how much the person will spend and then subtract what they think it will cost the company to maintain the relationship.
What is distinctive competency?
A superior capability of a firm in comparison to its direct competitors
What is differential benefit?
Properties of products that set them apart from competitors's products by providing unique customer benefits
What is the marketing plan?
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
What is mass market?
Al possible customers in a market, regardless of the differences in their specific needs and wants.
What is a market segment?
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?
What is target market?
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts
What is market position?
The way in which the target market perceives the product in comparison to competitor's brands
What is price?
The assignment of value, or the amount the consumer must exchange to receive the offering?
What is promotion?
The coordination of a marketer's marketing communications efforts to influence attitudes or behavior the coordination of efforts by a marketer to infrm or persuade consumers or organizations about goods, services, or ideas.
What is place?
The availability of the product at the desired time and location.
What is production orientation?
A management philosophy that emphasizes the most efficient ways to produce and distribute products.
What is selling orientation?
A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory.
What is consumer orientation?
A management philosophy that focuses on ways to satisfy customers' wants and needs
What is total quality management (TQM)?
A management effort to involve all employeesfrom the assembly line onward in continuous product quality improvement
What is New Era Orientation?
A management philosophy in which marketing means a devotion to excellenece in designing and producing products that benefit the customer plus the firm's employees, shareholders, and communities
What is customer relationship management (CRM)?
A philosophy that sees marketing as a process of buildign long-term relationships with customers to keep them satisfied and to keep them coming back. A concept that involves systematically tracking consumers's preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's wants and needs
What is return on investment?
The direct financial impact of a firm's expenditure of a resource such as time or money