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45 Cards in this Set
- Front
- Back
- 3rd side (hint)
Benefit
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The outcome that motivates a customer's buying behavior- it satisfies a need or want.
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Chapter One
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B2B Marketing
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Marketing of the goods and services that business and organizational customers need to produce other goods or services, for resale or to support their operations.
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Competitive Advantage
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The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can't.
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Consumer
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The ultimate user of a good or service.
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Consumer Goods
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The goods purchased by individual consumers for their personal or family use.
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Consumer Orientation
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A MGT philosophy that focuses on ways to satisfy customers' wants and needs.
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Customer Relationship Management (CRM)
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A philosophy that sees MKT as a process of building long-term relationship with customers that keeps them satisfied and coming back.
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Demand
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Customers' desires for products coupled with the resources to obtain them.
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Differential Benefit
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Properties of products that set them apart from competitors' products by providing unique customer benefits.
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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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E-Commerce
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The buying or selling of goods and services electronically, usually over the internet.
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E-Marketers
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Marketers who use e-commerce in their strategies.
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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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Industrial Goods
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Goods bought by individuals or organizations fro further processing or for use in doing business.
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Lifetime Value of a Customer
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How much profit a company expects to make from a particular customer, including each and every purchase he will ever make from them.
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Market
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All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources, authority, and willingness to exchange for it.
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Market Position
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The way in which the target market perceives the product in comparison to competitors' brands.
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Market Segment
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A distinct group of customers within a larger market, regardless of the differences in their specific needs and wants.
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Marketing
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A function of business and the processes that create communicate and deliver value to customers and maintain relationship with customers in ways that benefit the company and stakeholders.
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Marketing Concept
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A MGT orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability.
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Marketing Mix
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A combo of the product itself, the price, the place, and the promotion of the product. (Four P's)
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Marketing Plan
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A document that describes the marketing environment, outlines the MKT objectives and strategy,
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Marketplace
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Any location or medium used to conduct an exchange.
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Mass Market
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All possible customers in a market, regardless of the differences in their specific needs and wants.
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Myths
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Stories containing symbolic elements that express the shared emotions and ideals of a culture.
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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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New Era orientation
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A MGT philosophy in which MKT means a devotion to excellence in designing and producing products that benefit the customer plus the firm's employees, shareholders, and communities.
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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 their functions and to attract and serve their members.
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Place
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The availability of the product to the customer at the desired time and location.
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Popular Culture
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The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market.
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Price
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The assignment of value, or the amount the consumer must exchange to receive the offering.
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Product
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A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.
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Production Orientation
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A MGT philosophy that emphasizes the most efficient ways to produce and distribute products.
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Promotion
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The coordination of a marketer's marketing communications efforts to influence attitudes or behavior. The coordination of efforts by a marketer to inform or persuade consumers or organizations about goods, services, or ideas.
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Return on Investment (ROI)
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The direct financial impact of a firm's expenditure of a resource such as time or money.
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Selling Orientation
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A MGT philosophy that views MKT as a sales function, or a way to move products out of warehouses to reduce inventory.
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Services
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Intangible products that are exchange directly from the producer to the customer.
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Stakeholders
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Buyers, sellers, investors in a company, company residents, and even citizens of nations where goods and services are made or sold-in other words, and person or organization that has a "stake" in the outcomes.
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Target Market
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The MKT segments on which an organization focuses it marketing plan and toward which it directs its marketing efforts.
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Total Quality Management (TQM)
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A MGT effort to involve all employees from the assembly line onward in continuous product quality improvement.
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Utility
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The usefulness or benefit consumers receive from a product.
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Value
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The benefits a customer receives from buying a product or service.
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Value Chain
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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.
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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 product or service is purchased.
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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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