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B2B

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Selling merchandise or service from one business to another.

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B2C

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The process of which business sell to consumers.

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C2C

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Which consumers sell to others consumers is C2C. (Ebay)

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Customer relationship management (CRM)

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This is a relationship approach. A business philosophy and set of strategies, programs and systems that focus on identifying and building loyalty among the firms most values customers. Firms that employ CRM systematically collect information to target their best customers with products, services and special promotions that appear most important to them.

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Entrepreneur

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People organize, operate, and assume the risk of a business venture. Key to success of many entrepreneurs is that they launch ventures that aim to satisfy unfilled needs. Some examples of successful entrepreneurs are (ben and Jerrys, Amazon, Netflix.) They visualize products and services that satisfy unfilled needs.

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Exchange

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The trade of things of value between the buyer and the seller so that each is better off as a result.

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Exchange

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Sellers provide products or services, then communicate and facilitate the delivery of their offering to consumers . Buyers complete the exchange by giving money and information to the seller.

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Goods

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Items that you can physically touch. Nike-shoes, coke, a frappuccinno.

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Ideas

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Are thoughts, opinions, and philosophies, intellectual concepts such as these can be marketed.

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Ideas

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Groups promoting bicycle safety go to schools, give talks , and sponsor bike helmet poster contests for the members of their primary market (children). The exchange of value occurs when the children listen to the sponsors presentation and wear their helmets while bicycling, which means they have adopted or become purchasers of the safety idea.

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Marketing

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Is the ACTIVITY set of institutions and process of creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

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Marketing

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This requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general.

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Marketing

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Exchange HAS to take place.

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Marketing plan

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This specifies the marketing activities for a specific period of time.

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Marketing plan

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Marketing plan is also broken down into various components. How the product or service will be thought of or designed, how much it should cost, where and how it will be promoted, and how it will get the consumer.

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Marketing channel

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(Supply chain) Groups or firms that make and deliver or given set of goods and services. All the various channel members (suppliers, manufactures, whole-salers, and retailers) of the supply chains are firms that are likely to provide career opportunities to marketing professionals.

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Marketing Mix

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Is divided into a set of four interrelated decisions and consequent actions known as the four p's. The four p's comprise the controllable set of decisions or activities that the firm uses to respond to the wants of its target markets. Create value of goods product.

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Marketing Mix

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Promotion, Place, Price, Product.

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Product.

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The main purpose is to create value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs.

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Promotion

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Is communication by a market that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit response. Even the best products and services will go unsold if marketers cannot communicate their value to customers. Can enhance a product or service value.

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Place

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Represents all the activities necessary to get the product to the right customer when that customer wants it. Having businesses in creative locations.

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Price

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Capturing value. Everything has a price. Everything the buyer gives up- money, time and energy, in exchange for the product. Marketers must determine the price of a product careful on the basis of the potential buyers belief about it's value.

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Marketing Plan

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Firms develop a plan that specifies the marketing plan, which specifies the marketing activities for a specific period of time. The marketing plan is broken down into various components, how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer.

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Relational orientation

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When marketers realize that they need to think about their customers in terms of relationships rather than transactions.

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Relational orientation

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When apple comes out with other products that are compatible with other apple products to keep a relationship going.

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Service

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Are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.

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Service Examples

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When people buy tickets to a concert, to a sporting even or theater, they are paying not for the physical ticket stub but for the process of getting the ticket.

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Value cocreation

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A creative way to add value to customers

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Value cocreation

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A creative way to provide value to customers is to engage in value cocreation.

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Value cocreation

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When clients allows customers to custom design their shoes. They are cocreating.

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Marketing is about what two tings

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Marketing is about satisfying NEEDS and WANTS.

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Marketing requires

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Production, price, place, promotion.

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Who can perform marketing?

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Marketing can be performed by INDIVIDUALS and ORGANIZATIONS.

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Marketing

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Helps create value

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What are the four era's of marketing?

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Production-oriented era, sales-oriented era, oriented era, value-base marketing era.

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Production-oriented era

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Around the turn of the 20th century, most firms were production oriented and believed that a good product would sell itself. Manufacturers were concerned with product innovation and not with satisfying needs of individual consumer, and retail stores were considered places to hold the merchandise until a consumer wanted it.

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Sales-oriented era

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Between 1920-1950, production and distribution techniques became more sophisticated and the great depression and world war 2 conditioned customers to consume less or manufacture items themselves, so they planted victory gardens, instead of buying produce. Manufacturers had the capacity to produce more than customers really wanted or were able to buy.

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Market-oriented era

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After world war 2, solders returned home, got new jobs and started families. manufacturers turned from focusing on the war effort toward making consumer products. Retail places were a place to hang up. There were cars in every garage. When the United states entered a buyers market, the customer became king. The consumers again had the chose to make purchasing decisions on the basis of factors such as quality, connivence and price. Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services.

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Value-based marketing era

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Most successful firms today are market oriented. That means they generally ahve transcended a production or selling orientation and attempt to discover and satisfy their customers needs and wants.

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In delivering value, marketing firms attempt to find the most desirable balance between:

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The need to provide benefits to customers and the desire to keep costs down.

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How do marketing firms become more value driven?

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They focus on four activities. 1) Sharing information 2) Balancing benefits with costs 3) Building relationships with customers 4) Connecting with customers using social and mobile media

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Sharing information

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In a value based market oriented firm, marketers share information about customers and competitors and integrate it across the firms various departments. (Example) fashion designers collect purchase information and research customer trends to predict what the customer might want to wear in the next few weeks.

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Balancing benefits with costs

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Value-oriented marketers constantly measure the benefits the customers perceive against the cost of their offerings. They use available customer data to find opportunities to satisfy their customers needs better, to keep costs down and develop long-term loyalties. (Ikea does not have highly paid salespersons to sell it's furniture but it's simple designs mean customers can easily choose a product and assemble it themselves.

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Building relationships with customers

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(Relational orientation) Where they think of customers in terms of relationships rather than transactions. In order to build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transactions.

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Connecting with customers using social and mobile media

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Marketers are using new technologies, such s mobile and social media to allow them to connect better with their customers and thereby serve their needs more effectively.

Marketing 310 Chapter 1 – Flashcards

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