Marketing ch 1

  1. communicating
    In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers.
  2. creating
    In marketing, a term that involves collaboration with suppliers and customers in order to generate offerings of value to customers.
  3. delivering
    In marketing, as in delivering value, a broad term that means getting the product to the consumer and making sure that the user gets the most out of the product and service.
  4. exchange
    The transaction of value, usually economic, between a buyer and seller.
  5. exchanging
    The act of transacting value between a buyer and a seller.
  6. logistics
    The physical flow of materials in the supply chain.
  7. market oriented
    The degree to which a company follows the marketing concept.
  8. marketing
    “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.”
  9. marketing concept
    A philosophy underlying all that marketers do, driven by satisfying customer wants and needs.
  10. marketing era
    From 1950 to at least 1990 (see service-dominant logic era, value era, and one-to-one era), the dominant philosophy among businesses is the marketing concept
  11. marketing plan
    A document that is designed to communicate the marketing strategy for an offering. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success.
  12. nonprofit marketing
    Marketing activities conducted to meet the goals of nonprofit organizations.
  13. offering
    The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.
  14. one-to-one era
    From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually.
  15. personal value equation
    The net benefit a consumer receives from a product less the price paid for it and the hassle or effort expended to acquire it.
  16. production era
    A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed.
  17. production orientation
    A belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves.
  18. selling era
    A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed.
  19. selling orientation
    A philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully.
  20. service-dominant logic
    An approach to business that recognizes that customers do not distinguish between the tangible and the intangible aspects of a good or service, but rather see a product in terms of its total value.
  21. service-dominant logic era
    The period from 1990 to the present in which some believe that the philosophy of service-dominant logic dominates the way firms compete.
  22. social marketing
    Marketing conducted in an effort to achieve social change.
  23. social responsibility
    The idea that companies should manage their businesses not just to earn profits but to advance the well-being of society.
  24. supply chain
    All of the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer.
  25. sustainability
    An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources.
  26. value
    Total sum of benefits received that meet a buyer’s needs. See personal value equation.
  27. value era
    From the 1990s to the present, some argue that firms moved into the value era, competing on the basis of value; others contend that the value era is simply an extension of the marketing era and is not a separate era.
Card Set
Marketing ch 1
key terms