BUS 343 Chapter 1: What is Marketing

  1. value
    the benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it
  2. stakeholder
    people or organizations who influence or are influenced by marketing decisions
  3. exchange
    the process by which some transfer of value occurs between a buyer and a seller
  4. consumer
    the ultimate user of a good or service
  5. marketing concept
    a business orientation that focuses on achieving organizational objectives by understanding customer needs and creating and delivering value in exchanges that satisfy the needs of all parties
  6. need
    the recognition of any difference between a consumer's actual state and some ideal of desired state
  7. want
    the desire to satisfy needs in specific ways that are culturally and socially influenced
  8. benefit
    the outcome sought by a customer that motivates buying behaviour (that satisfies a need or want)
  9. customer value
    what the customer gets in the purchase, use and ownership of a product relative to the costs and sacrifices incurred
  10. demand
    customers' desire for products coupled with the resources to obtain them
  11. marketplace
    any location or medium used to conduct an exchange
  12. market segment
    a distinct group of customers within a larger market who have similar needs, wants, preferences and behaviours, who seek similar product solutions, and whose needs differ from other customers in the target market.
  13. market segmentation
    a process of dividing the overall market into groups of consumers who are sufficiently similar within the group to want a similar value offer and different enough from other groups to want a different value offer than those other groups
  14. segment profiles
    detailed descriptions of the characteristics behaviours and thinking of a market segment that help marketers design and present a valued offer.
  15. target market
    the market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
  16. mass market
    all possible customers in a makret, regardless of the differences in their specific needs and wants
  17. postioning
    strategies to establish the unique value proposition of an offering and sustain its superiority in the eyes of target customers
  18. marketing mix
    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, which creates a desired response among a set of predefined consumers.

    four Ps: product, price, promotion, place
  19. product
    a tangible good, a service, an idea or some combination of these that, through the exchange process, satisfies consumer or business customer needs; a bundle of attributes including features, functions, benefits, and uses.
  20. price
    the seller's assignment of value to a product
  21. place
    the availability of the product to the customer at the desired time and location. Also known as channels of distribution.
  22. promotion
    the coordination of communication efforts by a marketer to influence consumers or organizations about goods, services or idea
  23. social marketing concept
    a marketing philosophy that emphasizes that customer needs must be satisfied in ways that also benefit society
  24. triple bottom line
    a business perspective that measures economic, social, and environmental value creation
  25. product orientation
    a management philosophy that emphaszies the most efficient ways to produce and distribute products
  26. selling orientation
    a managerial view of marketing as a selling function, or a way to move products out of warehouses or reduce inventory
  27. consumer orientation
    a management philosophy that focuses on being proactive and responsive in identifying and satisfying consumer needs and wants.
  28. value proposition
    a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased
  29. lifetime value of a customer
    how much profit companies expect to make from a particular customer, including each and every purchase he or she will make from them now and in the future. To calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship.
  30. competitive advantage
    the ability of a firm to outperform the competition, thereby providing customers with a benefit the competition can't.
  31. distinctive competency
    a superior capability of a firm in comparison to its direct competitors
  32. differential benefit
    properties of products that set them apart from competitors' products by providing unique customers benefits
  33. value chain
    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
  34. consumer-generated value
    customers functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or serving as wholesalers or retailers
  35. consumer addiction
    a physiological or psychological dependency on goods or services
  36. marketing
    an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit that organization and its stakeholders
Card Set
BUS 343 Chapter 1: What is Marketing
BUS 343