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28 Cards in this Set
- Front
- Back
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Exchange |
The trade of things of value between buyer and seller so that each is better off after the trade. |
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Form Utility |
The production of the product or service. |
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Idea |
Concepts, philosophies, images, and issues (e.g., political parties, churches, schools). |
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Market |
Potential consumers with both the desire and the ability to buy a specific offering. |
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Customer Orientation |
1980 - current: Buyers and sellers should develop a long-term relationship. (As opposed to a transactional orientation, which focuses only on the transaction, nothing before or after). Firms seeking continuously to satisfy the high expectations of customers. |
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Customer Relationship Management (CRM) |
Strategies, programs, and systems that focus on identifying, understanding, and building loyalty among the most valued customers. |
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Customer Value |
Unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
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Customer Value Proposition
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A cluster of benefits that an organization promises to customers to satisfy their needs (e.g., Walmart's is "everyday low prices for a broad range of products that are always in stock in convenient locations").
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Market Orientation |
1950 - 1990: Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products. |
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Marketing
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Creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, stakeholders, and society at large.
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Marketing Concept |
The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals. |
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Marketing Mix |
Product (good, service, or idea), promotion (communication between buyer and seller), placement (getting the proudct to the consumer), price (what is exchanged for the product). |
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Marketing Program |
A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
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Organizational Buyers |
Manufacturers, wholesalers, retailers, and government agencies that buy proudcts and services for their own use or for resale. |
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Place Utility |
Having the offering available where consumers need it. |
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Possession Utility |
The value of making an item easy to purchase through the provision of credit cards or financial arrangements. |
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Product |
A good, service, or idea consisting of a bundle of tangible and intangible attibutes that satisfies consumers' needs and is received in exchange for money or something else of value. |
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Product Orientation |
1850 - 1930: Manufacturers produced the products they wanted without regard to the customer's wants or needs. They thought the products would sell themselves. |
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Relationship Marketing
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Long-term mutually satisfying buyer-seller relationships.
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Sales Orientation
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1920 - 1970: Organizations need to convince consumers to buy their products.
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Service |
The application of human and mechanical efforts of people or objects to provide intangible benefits to customers (e.g., air travel, dry cleaning, hair cutting, banking, insurance, medical care). |
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Societal Marketing Concept |
The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. |
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Stakeholder
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Constituents who have a stake or claim in some aspect of a company's products, operations, markets, industry, and outcomes. These include customers, employees, investors, shareholders, suppliers, governments, communities, etc.
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Target Market |
One or more specific groups of potential consumers toward which an organization directs its marketing program. |
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Time Utility |
Having a product available when consumers need it. |
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Ultimate Consumer |
People who use the products and services purchased for a household (as opposed to organizational buyers). |
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Utility |
The benefits or customer value received by users of the product (place, possession, form, and time). |
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Value |
A customer's subjective assessment of benefits relative to costs in determining the worth of a product. |
