Chapter 1 Flashcards

benefits a customer receives from buying a good or service

an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

buyers, sellers, or investors in a company, 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 outcome

marketing is only about satisfying the customer, T or F

ultimate user of a good or service

management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability

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

when the difference between a consumer's actual state and some ideal or desired state is big enough, the consumer is motivated to take action to satisfy what?

Needs relate to what two functions?

the specific way a person satisfies a need depends on his or her unique what 3 things?

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

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

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

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

all the consumers who share a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase

any location or medium used to conduct an exchange

digital products consumers buy for use in online contexts

sum of benefits we receive when we use a good or service

what are the four utilities marketing processes create to provide value to consumers? FPTP

benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines silk, thread, and zippers to create a bridesmaid's gown (utility)

benefit marketing provides by making products available where customers want them. the most sophisticated evening gown sewn in New York's garment district is of little use to a bridesmaid in KC if it isn't shipped to her in time (utility)

benefit marketing provides by storing products until they are needed. Some women rent their wedding gowns instead of buying them and wearing them only once (utility)

benefit marketing provides by allowing the consumer to own, use and enjoy the product. the bridal store provides access to a range of styles an coors that would not be available to a woman outfitting a bridal party on her own (utility)

process by which some transfer of value occurs between a buyer and a seller, occurs when a person gives something and gets something else in return

good, service, an idea, a place, a person-whatever is offered for sale in exchange

management philosophy that emphasizes the most efficient ways to produce and distribute products, works best in a seller's market when demand is greater than supply because it focuses on the most efficient ways to produce and distribute products-essentially consumers have to whatever is available

ex) Ford's model T

What is one problem with production orientation?

managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory/don't pile up

Where will you still see the "hard sell"/selling orientation today?

business approach that prioritizes the satisfaction of customers' needs and wants

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

a businessperson who only produces a product when it is ordered

a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices to build long-term bonds with customers rather than merely selling them stuff

what are the three bottom lines of triple bottom line orientation?

a systematic tracking of consumer's preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual's unique wants and needs. It allows firms to talk to individual customers and to adjust elements of their marketing programs in light of how each customer reacts

what does CRM stand for?

how does the internet apply to CRM/make it easier?

some marketing analysts suggest that the internet create a paradigm shift for business, what does this mean?

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

what's an example of an attention economy?

what does an attention economy mean for companies?

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

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

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

measuring just how much value marketing activities create, triple bottom line puts a bigger focus on this. it means that marketers at these organizations ask hard questions about the true value of their efforts and their impact on the bottom line

direct financial impact of a firm's expenditure of a resource such as time or money

questions about the true value of marketers' efforts and their impact on the bottom line all boil down to the simple acronym?

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

goods and services that are popular at any time often mirror changes in the larger society. example?

marketing messages often communicate stories containing symbolic elements that express the shared emotions and ideals of a culture, what are these stories called?

goods individual consumers purchase for personal or family use

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

the marketing of goods and services from one organization to another, businesses and other organizations buy a lot more goods than consumers do

goods individuals or organizations buy for further processing or for their own use when they do business, ex-ford buys steel from another business

the buying or selling of goods and services electronically, usually over the internet

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

the deliberate defacement of products

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

marketing principles also encourage people to endorse ideas, places, and people or to change behaviors in positive ways. examples?

a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased-the way marketers communicate benefits to the cusomter

what's a big challenge of the value proposition?

what three parties' perspectives are involved in deciding value in an exchange?

value from the customer's perspective?

value from the seller's perspective?

becoming more and more popular for companies to host events that thank customers for their loyalty, what are these events called?

it's more expensive to attract new customers than it is to retain current ones, T or F

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

superior capability of a firm in comparison to its direct competitors

ex-Coke's success in global markets

properties of products that set them apart from competitors' products by providing unique customer benefits, value that competitors don't offer

what do differential benefits provide reasons for?

differential benefits don't necessarily mean simply offering something different

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 costumer eventually buys

what are the main activities of value-chain members? 5

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

What do marketing scorecards tend to look like?

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

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

everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers

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

the new generation of the world wide web that incorporates social networking and user interactivity

key difference between web 1.0 and 2.0?

characteristics of web 2.0?

new apps that enable user-generated clouds of content to form around products; barcode cans allow the user to upload content or see what others have already uploaded

a classification system that relies on users rather than preestablished systems to sort contents

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

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

dark side of marketing?

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

all possible customers in a market, regardless of the differences in their specific needs and wants

what's the risk of offering goods and services to a mass market?

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

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

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

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

think of the marketing mix as the four Ps, what are they?

the assignment of value, or the amount the consumer must exchange to receive the offering

the coordination of a marketer's communication efforts to influence attitudes or behavior

ex) personal selling, television advertising, store coupons, billboards, magazine ads, and publicity relases

the availability of the product to the consumer at the desired time and location