Marketing Terms For Chapter 1

Front 1

Benefit

Back 1

The outcome that motivates a customer's buying behavior- it satisfies a need or want.

Hint 1

Chapter One

Front 2

B2B Marketing

Back 2

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.

Front 3

Competitive Advantage

Back 3

The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can't.

Front 4

Consumer

Back 4

The ultimate user of a good or service.

Front 5

Consumer Goods

Back 5

The goods purchased by individual consumers for their personal or family use.

Front 6

Consumer Orientation

Back 6

A MGT philosophy that focuses on ways to satisfy customers' wants and needs.

Front 7

Customer Relationship Management (CRM)

Back 7

A philosophy that sees MKT as a process of building long-term relationship with customers that keeps them satisfied and coming back.

Front 8

Demand

Back 8

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

Front 9

Differential Benefit

Back 9

Properties of products that set them apart from competitors' products by providing unique customer benefits.

Front 10

Distinctive Competency

Back 10

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

Front 11

E-Commerce

Back 11

The buying or selling of goods and services electronically, usually over the internet.

Front 12

E-Marketers

Back 12

Marketers who use e-commerce in their strategies.

Front 13

Exchange

Back 13

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

Front 14

Industrial Goods

Back 14

Goods bought by individuals or organizations fro further processing or for use in doing business.

Front 15

Lifetime Value of a Customer

Back 15

How much profit a company expects to make from a particular customer, including each and every purchase he will ever make from them.

Front 16

Market

Back 16

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.

Front 17

Market Position

Back 17

The way in which the target market perceives the product in comparison to competitors' brands.

Front 18

Market Segment

Back 18

A distinct group of customers within a larger market, regardless of the differences in their specific needs and wants.

Front 19

Marketing

Back 19

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.

Front 20

Marketing Concept

Back 20

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

Front 21

Marketing Mix

Back 21

A combo of the product itself, the price, the place, and the promotion of the product. (Four P's)

Front 22

Marketing Plan

Back 22

A document that describes the marketing environment, outlines the MKT objectives and strategy,

Front 23

Marketplace

Back 23

Any location or medium used to conduct an exchange.

Front 24

Mass Market

Back 24

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

Front 25

Myths

Back 25

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

Front 26

Need

Back 26

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

Front 27

New Era orientation

Back 27

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.

Front 28

Not-for-profit Organizations

Back 28

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.

Front 29

Place

Back 29

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

Front 30

Popular Culture

Back 30

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

Front 31

Price

Back 31

The assignment of value, or the amount the consumer must exchange to receive the offering.

Front 32

Product

Back 32

A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.

Front 33

Production Orientation

Back 33

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

Front 34

Promotion

Back 34

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.

Front 35

Return on Investment (ROI)

Back 35

The direct financial impact of a firm's expenditure of a resource such as time or money.

Front 36

Selling Orientation

Back 36

A MGT philosophy that views MKT as a sales function, or a way to move products out of warehouses to reduce inventory.

Front 37

Services

Back 37

Intangible products that are exchange directly from the producer to the customer.

Front 38

Stakeholders

Back 38

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.

Front 39

Target Market

Back 39

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

Front 40

Total Quality Management (TQM)

Back 40

A MGT effort to involve all employees from the assembly line onward in continuous product quality improvement.

Front 41

Utility

Back 41

The usefulness or benefit consumers receive from a product.

Front 42

Value

Back 42

The benefits a customer receives from buying a product or service.

Front 43

Value Chain

Back 43

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.

Front 44

Value Proposition

Back 44

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

Front 45

Want

Back 45

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