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consumer

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the ultimate user of a good or service

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marketing concept

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a management concept that focuses on identifying and satisfying consumer needs to ensure an organization's long-term profitability

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need

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the recognition of any difference between a consumer's actual state and some ideal or desired state

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want

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the desire to satisfy needs is specific ways that are culturally and socially influenced

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benefit

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the outcome sought by a consumer that motivates buying behavior- that satisfies a need or want

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demand

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customers desires for products coupled with the resources needed to obtain them

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market

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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 has the authority to make the exchange

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marketplace

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any location or medium used to conduct an exchange

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virtual goods

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digital products consumers buy for use in online contexts

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utility

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the usefulness or benefit consumers receive from a product

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exchange

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the process by which some transfer of value occurs between a buyer and seller

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product

answer

a tangible good, service idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attribute including features, functions, benefits, and uses

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product orientation

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A management philosophy that emphasizes the most efficient ways to produce and distribute products

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selling orientation

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a managerial view of marketing as a sales function, or a way to move products out of the warehouse to reduce inventory

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consumer orientation

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a business approach that prioritizes the satisfaction of customer's needs and wants

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total quality management

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a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

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instapreneur

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a business person who only produces a product when it is ordered

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triple bottom line orientation

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a business organization that looks at financial profits, the community in which the organization operates, and creating substantial business practices

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customer relationship management (CRM)

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a systamatic tracking of consumers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs. crm allows firms to talk to individual customers and adjust elements of their marketing programs to light of how each costomer reacts

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attention economy

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a company's success is measured by it's share of mind rather than its share of market, where company's make money when they attract eyeballs rather than just dollars

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social marketing concept

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a management philosophy that marketers must satisfy customers needs in ways that also benefit society and also deliver profit to the firm

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sustainability

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a product design focus that seeks to create products that meet present consumer need without compromising the ability of future generations to meet their needs

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green marketing

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a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers

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-return on investment(ROI)

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the direct financial impact of a firms expenditure of a resource such as time or money

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popular culture

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the music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market

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myths

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stories containing symbolic elements that express the shared emotions and ideas of a culture

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consumer goods

answer

the goods individual consumers purchase for personal or family use

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services

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intangible products that are exchanged directly between the producer and the customer

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business-to-business marketing

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the marketing of goods and services from one organization to another

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industrial goods

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goods individuals or organizations buy for further processing or for their own use when they do business

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e-commerce

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the buying of goods and services electronically, ussually over the internet

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shrinkage

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losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise

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anticonsumption

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the deliberate defacement of products

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not-for-profit-organizations

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organizations with charitable, educational,community, and other public services to support their functions and to attract and serve their members

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value proposition

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a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased

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brand fests

answer

events companies host to thank consumers for their loyalty

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lifetime value of a customer

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the potential profit a single customer's purchase of a firms products generates over the customers lifetime

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distinctive competency

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a superior capability of a firm in comparison to its direct competitors

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differential benefit

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properties of products that set them apart from competitors products by providing unique customer benefits

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value chain

answer

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

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marketing scorecards

answer

feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in acheiving various goals

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metrics

answer

measurements or scorecards marketers use to identify the effectiveness of different strategies or tactics

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amafessionals

answer

consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic income rather than financial income

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consumer-generated content

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everyday people function in marketing roles, such as participating in creating advertisements, providing input to a new product development,

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social networking

answer

online platforms that allow a user to represent him or herself va a profile on a website and provide and receive links to other members of the network to share input about common interests

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physical URLs

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new app s that enable user-generated clouds of content to form around products, barcode scans allow the user to upload content or see what others have already uploaded

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folksonomy

answer

a classification system that relies on users rather than pre-established systems to sort contents

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wisdom of crowds

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under the right circumstances, groups are smarter that the smartest people in them, meaning that large numbers of consumers can predict successful products

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open source model

answer

a practice used in the software industry in which companies share their software codes with one another to assist in the development of a better product

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marketing plan

answer

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

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market segment

answer

a distinct group of customers within a larger market who are similar to one another in some way and who's needs differ from other customers in the larger market

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target market

answer

the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts

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market position

answer

the way in which the target market perceives the product in comparison to competitors

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marketing mix

answer

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

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four p's

answer

product, price, promotion, and place

Principles of Marketing Chapter 1 – Flashcards

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