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28 Cards in this Set

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If YOU are a product that will be offered for exchange on the job market place in about 2 years, What are you "selling"?
trainability, potential productivity, and a price below (people) alternatices with more experience.
Marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the org. and its steakholders
Marketing concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitablility.
Needs
The recognition of any difference between a consumer's actual state and some ideal or desired state. This is problem oriented.
Wants
the desire to satisfy needs in specific ways that are culturally and socially influenced. they are often product related and involve how we satisfy needs.
Benefits
The outcomes sought by a customer that motivates buying behavior- that satisfies a need or want. Products and services deliver it.
Market
All the 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 make the exchange, and who have the authority to make the exchange.
Form utility
the benefit marketing provides by transforming raw materials into finished products
place utility
the benefit marketing provides by making products available where customers want them
time utility
the benefit marketing provides by storing products until they are needed
possession utility
the benefit marketing provides by allowing consumers to own, use, and enjoy the products
exchange
the process by which some transfer of value occurs between a buyer and a seller.
conditions for exchange
1. At least 2 people or organizations must be wiling to make a trade
2. each party has something the other wants
3. both parties must agree on the value of the exchange
4.Both parties must agree on how the exchange will be carried out (terms of exchange)
5. each party must be free to accept or reject the other's terms for the exchange.
the consumer era
began in 1970, involved consumer orientation. Total Quality management (TQM) emerged herein.
consumer orientation
a management philosophy that focuses on ways to satisfy customer's wants and needs
Total Quality Management (TQM)
a managements effort to involve all employees from the assembly line onward in continuous product quality improvement.
Customer Relatoniship management (CRM)
a philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back. It involves systematically tracking consumers' preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.
Relationship marketing (RM)
establishing long-term, mutually satisfying buyer-seller relationships. About establishing trust.
Business-to-business (B2B)
The marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations
The worldwide B2B internet commerce market is on pace to total______ in 2005.
$8.5 trillion
value
A customer's subjective assessment of benefit relative to costs in determining the worth of a product or service

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

You get the quality and satisfactoin. you give up time, effort, money, risk.
Customer value =
customer benefits- customer costs
value proposition
a marketplace offering that fairly and accurately sums up the value that a customer will realize if he purchases the product or service

creating an attractive one is the challenge of marketing.
lifetime value of a customer
How much profit companies expect to make from a particular customer, including each and every purchase she makes from them now and in the future.

to calculate calculate how much the person will spend and subtract what it will cost the company to maintain the relationship
competitive advantage
the ability of a firm to outperform the competition, thereby providing customers with a benefit that the competition can not.

Providing value to the stakeholders is the key to creating it.
Distinctive Competency
a superior capability of a firm in comparison to its competitors.

This allows companies to create greater value and therefore a competitive advantage.
Differential benefit
properties of products that set them apart from competitor's products by providing unique customer benefits.
The path to firm success (in order)
1. distictive competency
2. differential benefit
3. competive advantage
4. lifetime value of customer
5 FIRM SUCCESS!