front 1 benefits a customer receives from buying a good or service | back 1 value |
front 2 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 | back 2 marketing |
front 3 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 | back 3 stakeholders |
front 4 marketing is only about satisfying the customer, T or F | back 4 F, it's about satisfying everyone involved |
front 5 ultimate user of a good or service | back 5 consumer |
front 6 management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability | back 6 marketing concept |
front 7 recognition of any difference between a consumer's actual state and some ideal or desired state | back 7 need |
front 8 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? | back 8 need |
front 9 Needs relate to what two functions? | back 9 physical and psychological |
front 10 the specific way a person satisfies a need depends on his or her unique what 3 things? | back 10 history, learning experiences, and cultural environment |
front 11 the desire to satisfy needs in specific ways that are culturally and socially influenced | back 11 want |
front 12 the outcome sought by a customer that motivates buying behavior-that satisfies a need or want | back 12 benefit |
front 13 customers' desires for products coupled with the resources needed to obtain them | back 13 demand |
front 14 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 | back 14 market |
front 15 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 | back 15 market |
front 16 any location or medium used to conduct an exchange | back 16 market place |
front 17 digital products consumers buy for use in online contexts | back 17 virtual goods |
front 18 sum of benefits we receive when we use a good or service | back 18 utility |
front 19 what are the four utilities marketing processes create to provide value to consumers? FPTP | back 19 form utility, place utility, time utility, possession utility |
front 20 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) | back 20 form utility |
front 21 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) | back 21 place utility |
front 22 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) | back 22 time utility |
front 23 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) | back 23 possession utility |
front 24 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 | back 24 exchange |
front 25 good, service, an idea, a place, a person-whatever is offered for sale in exchange | back 25 product |
front 26 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
| back 26 production orientation |
front 27 What is one problem with production orientation? | back 27 View can be too narrow-firms that focus on a production orientation tend to view the market as a homogenous group that will be satisfied with the basic function of a product. |
front 28 managerial view of marketing as a sales function, or a way to move products out of warehouses to reduce inventory/don't pile up | back 28 selling orientation |
front 29 Where will you still see the "hard sell"/selling orientation today? | back 29 usually one-time sales, or unsought goods that people don't buy without prodding (cemetery plot) |
front 30 business approach that prioritizes the satisfaction of customers' needs and wants | back 30 consumer orientation |
front 31 a management philosophy that focuses on satisfying customers through empowering all employees to be an active part of continuous quality improvement | back 31 total quality management (TQM) |
front 32 a businessperson who only produces a product when it is ordered | back 32 instapreneur |
front 33 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 | back 33 triple bottom line orientation |
front 34 what are the three bottom lines of triple bottom line orientation? | back 34 financial bottom line, social bottom line, environmental bottom line |
front 35 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 | back 35 customer relationship management, CRM |
front 36 what does CRM stand for? | back 36 customer relationship mangement |
front 37 how does the internet apply to CRM/make it easier? | back 37 provides the ultimate opportunity for implementation of the marketing concept because it allows a firm to personalize its messages and products to better meet needs of each individual consumer |
front 38 some marketing analysts suggest that the internet create a paradigm shift for business, what does this mean? | back 38 companies must adhere to a new model to profit in a wired world |
front 39 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 | back 39 attention economy |
front 40 what's an example of an attention economy? | back 40 Google-seels advertising to many other companies, so the more consumers it can persuade to "google" rather than "bing, the more it can charge to place ads on search pages |
front 41 what does an attention economy mean for companies? | back 41 they must find new and innovative ways to stand out from the crowd and become an integral apart of consumers' lives rather than just being a dry company that makes and sells products |
front 42 a management philosophy that marketers must satisfy customers' needs in ways that also benefit society and also deliver profit to the firm | back 42 social marketing concept |
front 43 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" | back 43 sustainability |
front 44 a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers | back 44 green marketing |
front 45 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 | back 45 accountability |
front 46 direct financial impact of a firm's expenditure of a resource such as time or money | back 46 return on investment, ROI |
front 47 questions about the true value of marketers' efforts and their impact on the bottom line all boil down to the simple acronym? | back 47 ROI, return on investment |
front 48 music, movies, sports, books, celebrities, and other forms of entertainment consumed by the mass market | back 48 popular culture |
front 49 goods and services that are popular at any time often mirror changes in the larger society. example? | back 49 cosmetics made of natural materials showed consumer concern for pollution and animal rights
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front 50 marketing messages often communicate stories containing symbolic elements that express the shared emotions and ideals of a culture, what are these stories called? | back 50 myths |
front 51 goods individual consumers purchase for personal or family use | back 51 consumer goods |
front 52 intangible products that are exchanged directly between the producer and the customer | back 52 services |
front 53 the marketing of goods and services from one organization to another, businesses and other organizations buy a lot more goods than consumers do | back 53 business-to-business marketing |
front 54 goods individuals or organizations buy for further processing or for their own use when they do business, ex-ford buys steel from another business | back 54 industrial goods |
front 55 the buying or selling of goods and services electronically, usually over the internet | back 55 e-commerce |
front 56 losses experienced by retailers due to shoplifting, employee theft, and damage to merchandise | back 56 shrinkage |
front 57 the deliberate defacement of products | back 57 anticonsumption |
front 58 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 | back 58 not-for-profit organizations |
front 59 marketing principles also encourage people to endorse ideas, places, and people or to change behaviors in positive ways. examples? | back 59 ideas-click it or ticket, safe sex, etc
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front 60 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 | back 60 value proposition |
front 61 what's a big challenge of the value proposition? | back 61 create an attractive one that also looks superior to other options |
front 62 what three parties' perspectives are involved in deciding value in an exchange? | back 62 customers, sellers, society |
front 63 value from the customer's perspective? | back 63 consider price and benefits, might be making a statement about the type of person you are or wish you were |
front 64 value from the seller's perspective? | back 64 determine whether the exchange is profitable to them, value to the seller can take many forms: prestige among rivals, pride in doing what they do well, whether the relationship they have with a customer possesses enough value for them to continue it
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front 65 becoming more and more popular for companies to host events that thank customers for their loyalty, what are these events called? | back 65 brandfests |
front 66 it's more expensive to attract new customers than it is to retain current ones, T or F | back 66 T, but it doesn't always hold true. It can cost a lot of money to keep customers loyal
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front 67 the potential profit a single customer's purchase of a firm's products generates over the customer's lifetime | back 67 lifetime value of a customer |
front 68 superior capability of a firm in comparison to its direct competitors
| back 68 distinctive competency
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front 69 properties of products that set them apart from competitors' products by providing unique customer benefits, value that competitors don't offer | back 69 differential benefit |
front 70 what do differential benefits provide reasons for? | back 70 customers paying a premium for a firm's products and exhibit a strong brand preference |
front 71 differential benefits don't necessarily mean simply offering something different | back 71 effective product benefits must be both DIFFERENT from the competition and things CUSTOMERS WANT |
front 72 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 | back 72 value chain |
front 73 what are the main activities of value-chain members? 5 | back 73 inbound logistics, operations, outbound logistics, marketing, service |
front 74 feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals | back 74 marketing scorecards |
front 75 What do marketing scorecards tend to look like? | back 75 short and to the point, charts and graphs to summarize info, easy-to-read format |
front 76 measurements or "scorecards" marketers use to identify the effectiveness of different strategies or tactics | back 76 metrics |
front 77 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 | back 77 amafessionals |
front 78 everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers | back 78 consumer-generated content |
front 79 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 | back 79 social networking |
front 80 the new generation of the world wide web that incorporates social networking and user interactivity | back 80 web 2.0 |
front 81 key difference between web 1.0 and 2.0? | back 81 interactivity we see among producers and users |
front 82 characteristics of web 2.0? | back 82 improves as the number of users increases, its currency is eyeballs (google charges advertisers by how many people see their ad after typing in a search term), it's version-free and in always a work in progress, it categorizes entries according to folksonomy rather than taxonomy |
front 83 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 | back 83 physical URLs |
front 84 a classification system that relies on users rather than preestablished systems to sort contents | back 84 folksonomy |
front 85 under the right circumstances, groups are smarter than the smartest people in them, meaning that large numbers of consumers can predict successful products | back 85 wisdom of crowds |
front 86 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 | back 86 open source model |
front 87 dark side of marketing? | back 87 terrorism, addictive consumption, exploited people, illegal activities |
front 88 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 | back 88 marketing plan |
front 89 all possible customers in a market, regardless of the differences in their specific needs and wants | back 89 mass market |
front 90 what's the risk of offering goods and services to a mass market? | back 90 firm risks losing potential customers to competitors whose marketing plans instead try to meet the needs of specific groups within the market |
front 91 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 | back 91 market segment |
front 92 the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts | back 92 target market |
front 93 the way in which the target market perceives the product in comparison to competitors' brands | back 93 market position |
front 94 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 | back 94 marketing mix, "marketer's strategic toolbox" |
front 95 think of the marketing mix as the four Ps, what are they? | back 95 product, price, promotion, and place |
front 96 the assignment of value, or the amount the consumer must exchange to receive the offering | back 96 price |
front 97 the coordination of a marketer's communication efforts to influence attitudes or behavior
| back 97 promotion |
front 98 the availability of the product to the consumer at the desired time and location | back 98 place |