Marketing 1St Test Chapter 1

Front 1

marketing

Back 1

is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large

Front 2

Marketing meets the needs of

Back 2

stakeholders, Successful firms practice the marketing concept
Needs, wants, and benefits
Demands and markets
The modern marketplace

Front 3

Utility

Back 3

The sum of the benefits we receive from using a product/service

Front 4

marketing concept

Back 4

identifying and satisfying consumer needs to ensure LONG-TERM profitability.

Front 5

needs

Back 5

can be physical or psychological

Front 6

benefits

Back 6

out come sought by consumer that satisfies needs and wants to motivate behavior

Front 7

want

Back 7

desire to satisfy needs in a specific way

Front 8

demand

Back 8

consumers desire for products coupling with the resources needed to obtain them

Front 9

form utility

Back 9

lumber, then paper, then travels to you

Front 10

place utility

Back 10

location. if you go get it, its less costly

Front 11

time utility

Back 11

able to get product when you want the product

Front 12

possession utility

Back 12

physically owning the product

Front 13

marketing exchange

Back 13

occurs when something is obtained for something else in return—like cash for goods or services

Front 14

production era. (need to know)

Back 14

ex.) 20th century. instead of an individual, machines make product. if i make it better people will buy it

Front 15

sales era (need to know)

Back 15

after wars and Korean war. cleaver enough with campaign. i can convince people to buy my product

Front 16

relationship era (need to know)

Back 16

1960. consumer orientation. consumers needs and produce a service what they want while making a product.

Front 17

orientation

Back 17

meet customers and make a profit

Front 18

triple bottom line era

Back 18

Focuses on building long-term bonds with customers
Triple orientation seeks to maximize the financial, social, and environmental bottom lines
Marketing uses customer relationship management (CRM) to build bonds with consumers

Front 19

sustainability

Back 19

creating products that meet present needs and ensuring that future generations can have their needs met

Front 20

Social marketing concept

Back 20

Management philosophy that marketers must satisfy customers’ needs in ways that also benefit society and deliver value to the firm

Front 21

green marketing

Back 21

started in Canada. type of sustainable business practice. (recyclable products)

Front 22

Customer perspective

Back 22

Value is the ratio of costs (price) to benefits (utilities)

Front 23

Value chain

Back 23

A series of activities involved in designing, producing, marketing, delivering, and supporting any product

Front 24

Marketing planning

Back 24

is a major portion of the process and it involves the following:
-Analyzing the marketing environment
-Developing a marketing plan
-Deciding on a market segment
-Choosing the marketing mix—product, price, promotion, and place

Front 25

customer perspective

Back 25

cost to benefits value proposition included the whole bundle of benefits the firms promises to deliver, not just benefits

Front 26

the four P's

Back 26

-product
-price
-promotion
-place