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68 Cards in this Set
- Front
- Back
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Marketing |
A process when companies create value for customers and build customer relationships to capture value from customers in return. |
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Needs |
Needs are the necessities of the human well-being. Including physical, social and individual needs. |
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Wants |
Wants are created by ourselves, such as desires which are formed by culture, personality etc. |
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Demands |
With buying power (money) wants becomes demands. |
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Market offering |
basically what the market has to offer to satisfy a need or a want. (Products, services, information and experiences) |
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Marketing myopia |
When the company focuses too much on the product (the wants) than the customer (needs). |
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Exchange |
Exchange – To obtain an object from someone by offering something in return. ‘value for value’ or ‘trade’. |
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Market |
Where the actual and potential buyers of a product are. |
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Marketing management |
Is about targeting markets and building profitable relationships with them. |
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Production concept |
A production concept that has very high production, affordable and available for the consumer. Cheap labour and effectiveproduction (IKEA) |
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Product concept |
A marketing concept that gives thecustomer the most in quality, performance and innovative features. Making theproduct even better. (Apple) |
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Selling concept |
Is when a company's customers will not buy the product unless it undertakes a massive selling and promotion campaign |
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Marketing concept |
It’s when the company goes for research before creating. Communication with customers before acting. Focus on customer over product |
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Societal marketing concept |
Deliver value to customers by being concerned for the customers well being (health) and it’s impact on society (environmental issues). Short term wants and long term welfare. (fairtrade) |
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Customer relationship management |
Building and maintaining the customer relationship, by delivering customer value and satisfaction (aquiring, keeping and growing the customer) |
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Customer perceived value |
how the customer compares you to your competitors by evaluating the benefits and cost you offer |
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Customer satisfaction |
Performance vs. Expectations. |
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Partner relationship management |
When companies work in team with each other to be able to better satisfy customers needs. |
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Share of customer |
The share they get when customers purchase in their product categories. |
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Customer lifetime value |
The predicted value of the customers lifetime purchases. The porsche example). Buying a porsche at age 30 for around 70k. Every 7 years it’s expected you buy a new one. |
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Customer equity |
The value of a customer to the company. (Building the right relationship with the right customer) |
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Consumer buyer behaviour |
Refers to the buying behaviour of consumers, individual and households. Example being how teenagers buy and grown ups buy differently |
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Consumer market |
All the individuals and households who buy or acquire goods and services for personal consumptions. |
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Culture |
The most basic cause of a person’s wants and behaviour. |
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Subculture |
Groups of people with shared value based on life experiences. Ex: religion, ethnicity and nationality. |
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Social classes |
Divisions whose members share similar values, interests and behaviour (ex. lower, middle, upper class) determind by a combination of factors like education, wealth and occupation. |
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Groups |
a group of two or more people that interact to accomplish mutual goals. |
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Opinions leaders |
An opinions leader is the one who influence the ones within a reference group because of a certain skill, knowledge or characteristics. (The one “holding the flag”) |
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Lifestyle |
A lifestyle profiles a person’s life pattern of acting and interacting with the world. It’s measured by the AIO dimensions (activities, interests and opinions) |
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Personality |
Your personality is directly influenced by your environment resulting in personal traits such as dominance, self-confidence, adaptability and social skills. |
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Motive (drive) |
a need becomes a motive when it is aroused to a sufficient level of intensity that make a person want to seek the satisfaction of the need right away. |
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Perception |
is the way an individual select, organise and interpret information to form a meaningful picture of the world. (the way you look at things) |
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Learning |
Learning describes changes in an individual’s behaviour coming from experience. and can be used by . Marketers use this stimuli to make a customer buy their product by teaching them the benefits of it. |
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Cognitive dissonance |
A customers discomfort about possible drawbacks of the chosen brand and about loosing the benefits of the brand not purchased |
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New product |
a good, service or idea that is perceived by some potential customer as new. |
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Adoption process |
The process when a customer passes from first learning about the product to finally adopt (buy) the product. (awareness → interest → evaluation → trial → adoption) |
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Business buyer behaviour |
refers to the buying behaviour of the organisations that buy goods and services for use in their own production of other products and services or for the purpose of reselling or renting them to other at a profit. When a company buys parts for their products and services to resell or rent to consumers at a profit. |
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Derived demand |
When a company sells a product that contains parts they don’t manufactures the company has a derived demand to order the containing parts in the product from another company. |
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Straight rebuy |
When for example the purchasing department reorder something without any modifications, this is usually happening on routine. |
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Modified rebuy |
When the buyer isn’t satisfied the buyer wants to modify product specifications, prices, terms or suppliers. This is called a modified rebuy. |
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New task |
when a company buys a product or service for the first time they face a “new task”. |
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System selling |
A system selling are when a company faces a problem and want a package solution from a seller. Instead of buying and putting all the components together the buyer may ask the seller for a system selling which includes a whole package f solution. |
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Buying centre |
All the individuals and units that participate in the business buying decisions process. |
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Value analysis |
An approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized or made by less costly methods of production. |
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Product |
A product is anything that can be offered to a market for consumption to satisfy wants and needs. |
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Services |
Intangible, does not end in ownership. “Service is something that you can buy but not drop on your foot”. |
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Consumer product |
Products that are bought by consumers for personal consumption. |
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Convenience product |
Products bought frequently without comparing (minimum comparison and buying eftort). Example: chewing gum, chocolate, soap. |
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Shopping products |
Products and service that consumers compare carefully and make research about before buying it. Example: Clothing, used cars, hotel and airline services. |
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Speciality products |
A product or service that you put a lot of effort to buy. Example, when you buy a Porsche you usually is willing to travel a long distance to buy one. |
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Unsought products |
Products that the consumer normally don’t think of buying.Products the consumer is unaware of until needed. An example of known unsought products is life insurances. |
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Industrial products |
A product that is supposed to be used in an industrial purpose. A purchase for further processing or for use in conduction a business. |
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Social marketing |
Commercial marketing designed to influence individual's well being. Example: Nicotinell |
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Product quality |
When our customers come back and our products don’t. Tangible good or an intangible service which meets the customers expecations. |
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Brand |
A way for the consumer to identify a product. |
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Packaging |
Packaging involving the wrapping and design for the product. (involves designing and producing the container or wrapper for a product. The package includes the primary container, the secondary container and shipping package. (From product in the factory to the product on the store shelf) |
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Product line |
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups. |
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Product mix |
The product mix or product portfolio are all the product lines and items that a particular seller offers for sale. |
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Brand equity |
The value of a brand to the customer, how much is a customer willing to pay for the brand? |
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Private brand (store brand) |
Brands that are created by the retailer and wholesaler. |
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Co-branding |
Co-branding occurs when two established brands are used on a new product. |
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Line extensions |
When companies introduce additional items in a line. |
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Brand extensions |
Occurs when a successful brand launches a new or modified product in a new category. |
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Service intangibility |
A service that can’t be seen, tasted, felt, heard or smelled before they are bought. Example: people undergoing surgery can’t see the result before the purchase. |
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Service inseparability |
A service that can’t be seperated from the provider. Example: cleaning service, if the cleaner doesn’t provide the service the mess isn’t gonna be cleaned up |
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Service variability |
Service variability means that the quality depends on who provides them as well as when, where and how they are provided. Example: Sälen, which lifthost? During what time of the day etc. |
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Service perishability |
A service that can’t be stored for later sale or use. Example: hotel stays, dentist appointments etc. |
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Service-profit chain |
The chain that links profits to satisfied customers and employees.It’s a 5 step process. 1. Quality work environment > 2. Satisfied employees > 3. Better service value > 4. satisfied and loyal customers > 5. healthy service profits and growth |
