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26 Cards in this Set
- Front
- Back
marketing
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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
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Marketing meets the needs of
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stakeholders, Successful firms practice the marketing concept
Needs, wants, and benefits Demands and markets The modern marketplace |
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Utility
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The sum of the benefits we receive from using a product/service
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marketing concept
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identifying and satisfying consumer needs to ensure LONG-TERM profitability.
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needs
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can be physical or psychological
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benefits
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out come sought by consumer that satisfies needs and wants to motivate behavior
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want
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desire to satisfy needs in a specific way
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demand
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consumers desire for products coupling with the resources needed to obtain them
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form utility
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lumber, then paper, then travels to you
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place utility
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location. if you go get it, its less costly
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time utility
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able to get product when you want the product
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possession utility
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physically owning the product
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marketing exchange
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occurs when something is obtained for something else in return—like cash for goods or services
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production era. (need to know)
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ex.) 20th century. instead of an individual, machines make product. if i make it better people will buy it
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sales era (need to know)
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after wars and Korean war. cleaver enough with campaign. i can convince people to buy my product
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relationship era (need to know)
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1960. consumer orientation. consumers needs and produce a service what they want while making a product.
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orientation
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meet customers and make a profit
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triple bottom line era
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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 |
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sustainability
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creating products that meet present needs and ensuring that future generations can have their needs met
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Social marketing concept
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Management philosophy that marketers must satisfy customers’ needs in ways that also benefit society and deliver value to the firm
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green marketing
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started in Canada. type of sustainable business practice. (recyclable products)
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Customer perspective
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Value is the ratio of costs (price) to benefits (utilities)
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Value chain
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A series of activities involved in designing, producing, marketing, delivering, and supporting any product
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Marketing planning
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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 |
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customer perspective
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cost to benefits value proposition included the whole bundle of benefits the firms promises to deliver, not just benefits
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the four P's
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-product
-price -promotion -place |