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45 Cards in this Set

  • Front
  • Back
Benefit
The outcome sought by a customer that motivates buying behavior - that satisfies a need or want.
Business-to-Business Marketing
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.
Competitive Advantage
The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can't.
Consumer
The ultimate user of a good or service.
Consumer Goods
The goods purchased by individual consumers for personal or family use.
Consumer Orientation
A management philosophy that focuses on ways to satisfy customer's needs and wants.
Customer Relationship 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. A concept that involves systematically tracking consumers' perferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs.
Demand
Customer's desire for products coupled with the resources to obtain them.
Differential Benefit
Properties of products that set them apart from competitor's products by providing unique customer benefits.
Distinctive Competency
A superior capability of a firm in comparison to its direct competitors.
E-commerce
The buying or selling of goods and services electronically, usually over the Internet.
E-marketers
Marketers who use e-commerce in their strategies.
Exchange
The process by which some transfer of value occurs between a buyer and a seller.
Industrial Goods
Goods bought by individuals or organizations for further processing or for use in doing business.
Lifetime Value of a Customer
How much profit companies expect to make from a particular customer, including each and every purchase she will make from them now and in the future. To calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship.
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.
Market Position
The way in which the target market perceives the product in comparison to competitor's brands.
Market Segment
A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
Marketing
An organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders.
Marketing Concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability.
Marketing Mix
A combination of the product itself, the price of the product, the place where it is made available, and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers.
Marketing Plan
A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
Marketplace
Any location or medium used to conduct an exchange.
Mass Market
All possible customers in a market, regardless of the differences in their specific needs and wants.
Myths
Stories containing symbolic elements that express the shared emotions and ideals of a culture.
Need
The recognition of any difference between a consumer's actual state and some ideal or desired state.
New Era Orientation
A management philosophy in which marketing means a devotion to excellence in designing and producing products that benefit the customer plus the firm's employees, shareholders, and communities.
Not-for-Profit Organization
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.
Place
The availability of the product to the customer at the desired time and location.
Popular Culture
The music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market.
Price
The assignment of value, or the amount the consumer must exchange to receive the offering.
Product
A tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including features, functions, benefits, and uses.
Production Orientation
A management philosophy that emphasizes the most efficient ways to produce and distribute products.
Promotion
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.
Return on Investment (ROI)
The direct financial impact of a firm's expenditure of a resource such as time or money.
Selling Orientation
A managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory.
Services
Intangible products that are exchanged directly from the producer to the customer.
Stakeholders
Buyers, sellers, investors, community residents, and even citizens of the nations where goods and services are made or sold - in other words, any person or organization that has a "stake" in the outcomes.
Target Market
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
Total Quality Management (TQM)
A management effort to involve all employees from the assembly line onward in continuous product quality improvement.
Utility
The usefulness or benefit consumers receive from a product.
Value
The benefits a customer receives from buying a product or service.
Value Chain
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.
Value Proposition
A marketplace offering that fairly and accurately sums up the value that will be realized if the product or service is purchased.
Want
The desire to satisfy needs in specific ways that are culturally and socially influenced.