"marketing: Real People, Real Choices" Ch.1 Definitions

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Value

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The benefits a customer recieves from buying a good or service.

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Marketing

Back 2

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

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Stakeholders

Back 3

Buyers, sellers, or investors in a company, community residents, and even citizens of the nations where goods and servises are made or sold.

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consumer

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The ultimate user of a good or service.

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Marketing concept

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A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long term profitability.

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need

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The recognition of any difference between a consumer's actual state and some ideal or desired state.

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Want

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

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Benefit

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The outcome sought by a customer that motivates buying behavior - that satisfies a need or want

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demand

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Customers' desires for products coupled wiht the resources needed to obtain them.

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Market

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All 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 exchange to make the exchange, and who have the authority to make the exchange.

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Marketplace

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Any location or medium used to conduct an exchange

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utility

Back 12

the usefulness or benefit customers recieve from a product.

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Form Utility

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Transforming raw materials into finished products

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Place Utility

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Making products available where customers want them

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Time Utility

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Storing products until they are needed (ex: rentals)

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Possession Utility

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Allowing the consumer to own, use, and enjoy the product.

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Exchange

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

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production orientation

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

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selling orientation

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

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customer orientation

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A management philosophy that emphasizes satisfying customers’ needs and wants

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Total Quality Management (TQM)

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A management philosophy that involves all employees from the assembly line onward in continuous product quality movement.

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Instapreneur

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A business person who only produces a product when ordered.

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triple bottom line orientation

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A business orientation that looks at the financial profits, the community in which the organization operates, and creating sustainable business practices.
Financial, Social bottom line, environmental

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Customer Relationship Management (CRM)

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A strategy that involves systematically tracking consumer;s preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs.

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Social Marketing Concept

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A management philosophy that maerketers satisfy customer's needs in ways that also benefit society and also deliver profits to the firm.

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Sustainability

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a product design focus that seeks to create products that meet present consumer needs without compromising the ability of future generations to meet their needs.

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Return on investment (ROI)

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The direct financial impact of a firm's expenditure of a resiurce suhc as time or money

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Popular Cuture

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

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Myths

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Stories containing symbolic elemtnts that express the shared emotions and ideals of a culture.

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Product

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A tangible good, service, idea, or some combination of these that satisfies consimer or business cstomer needs throught eh exchange process.

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Consumer Goods

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The goods individual consumers purchase for personal or family use.

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Services

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Intangible products that are exchanged directly between the producer and the consumer.

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Business to Business Marketing

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THe marketing of those goods and servies that business and organizational customers need to produce other goods and services, for resale or support thier operations.

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Industrial Goods

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Goods individuals or organizations buy for further processing or for their own use when they do business.

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E- Commerce

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The buyng or selling of goods and services elctronically, usually over the internet.

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Not For Profit Organizations

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

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Target Market

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The market segments on which an organization focuses its marketing plan and toward which its directs its marketing efforts.

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Value proposition

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

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Lifetime value of a customer

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How much profit companies expect to amke from a particular customer. They estimate the amount the customer will spend and subtract what it will cost the company to maintain this relationship.

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Distinctive Competency

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A superior capability of a firm in comparison to its direct competitors.

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Differential Benefit

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Properties of products that set them apart from competitor;s products by providing unique customer benefits.

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Value Chain

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

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5 sections of the value chain

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Inbound Logistics
Operations
Outbound Logistics
Marketing
Service

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The activites for each section of the value chain:
1.Inbound Logistics
2.Operations
3.Outbound Logistics
4.Marketing
5.Service

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1. Bringing in materials to make the final product.
2. Converting the materials into the final product.
3. Shipping out the final product.
4. Promoting and selling the final product.
5. Meeting the customer;s needs by providing and additional required.

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Consumer Genrated Value

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Everyday people functioning in marketing roles, such as participating in creating advertisemetns, providing input to new product development, or serving as wholsesalers.

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Web 2.0

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The new generation of the world wide web that incorparates social networking and user inactivity.

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Wisdom of Crowds

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Under the right circumstances, groups are smarter than the smartest people in them. Meaning that large numbers of consumers can predict successful products.

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OPen Source Model

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A practice uses in the software industry in whihc companies share thier software codes with anyone to assist in the development sof a better product.

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Consumer Addiction

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A physiological or pyschological dependency on goods or services.

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Marketing plan

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A documetn that describes the marketing environemtn, outlines the marketing objectives and strategy, and identifies who will be responsible fro carrying out each part of the marketing strategy.

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Mass Market

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

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Market Segment

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A distinct group of customers within a larger market who are similar to one another in some way and whose neeeds differ from other customers in teh larger market.

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Market Position

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The way in which the target market percieves the product in comparison to competitor's brands.

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Marketing Mix

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A combination of the product itself, the price of the product, the plce where it is made available,and the activites that introduct it to consu,ers that creates a desired respinse among a set of predefined sutomers.

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Four Ps

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Product, Price, Promotion, and Place

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Promotion

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The coordination of a marketier's marketing communications efforts to influence attitudes or behavior.

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Place

Back 57

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