Marketing Vocab Chapter 1

Utility
the want-satisfying power of a good or service
marketing
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.
exchange Process
Activity in which two or more parties give something of value to each other to satisfy perceived needs
Production orientation
Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that ” a good product will sell itself.”
sales orientation
Belief that consumers will resist purchasing nonessential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers’ resistance and persuade them to buy.
seller’s market
A market in which there are more buyers for fewer goods and services.
buyer’s market
A market in which there are more goods and services than people willing to buy them.
consumer orientation
Business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying them.
marketing concept
Company wide consumer orientation with the objective of achieving long-run success.
relationship marketing
Development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employee’s and other partners for mutual benefits.
marketing myopia
Management’s failure to recognize the scope of its business.
bottom line
The overall profitability of an organization.
person marketing
Marketing efforts designed to cultivate the attention, interests, and preferences of a target market toward a person (celeb)
place marketing
Marketing efforts to attract people and organizations to a particular geographic area. (tourist attractions)
cause marketing
Identification and marketing of social issues, cause, or idea to select target markets.
event marketing
Marketing of sporting, cultural, and charitable activities to select target markets.
organization marketing
Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in some way.
transaction-based marketing
Buyer and seller exchange characterized by limited communications and little or no ongoing relationships b/w the parties.
mobile marketing
Marketing messages transmitted via wireless technology
interactive marketing
buyer-seller communications in which the customer controls the amount and type of information received from a marketer through such channels as the internet and virtual reality kiosks
social marketing
The use of online social media as a communications channel for marketing messages.
strategic alliances
Organizations that have created partnerships to create competitive advantages.
wholesalers
intermediaries that operate between producers and resellers
exchange functions
Buying and selling.
ethics
moral standards of behavior expected by society
social responsibility
marketing philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as a primary objective.
sustainable products
products that can be produced, used, and disposed of with minimal impact on the environment.
Define marketing, and explain how it creates utility
marketing is 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 the organization and its stakeholders. It creates time, place, and ownership utilities.
what three factors have forced marketers to embrace a global marketplace?
International agreements are negotiated to expand trade among nations. The growth of technology is bringing previously isolated countries into the marketplace. The interdependence of the world’s economies is now a reality.
what is the major distinction between the production era and the sales era?
During the production era, businesspeople believed that quality products would sell themselves. But during the sales era, emphasis was placed on selling–persuading people to buy.
What is the marketing concept
the marketing concept is a company wide consumer orientation with the objective of achieving long-term success.
Describe the relationship era of marketing
the relationship era focuses on building long-term, value-added relationships over time with customers and suppliers.
what is marketing Myopia
marketing myopia is management’s failure to recognize the scope of a company’s business.
Give an example of how a firm can avoid marketing myopia
A firm can find innovative ways to reach new markets with existing goods and services.
what is the most obvious distinction between a NFP organization and a commercial org?
The biggest distinction between for-profit and not-for-profit organizations is the bottom line–whether an organization is judged by its profitability.
why do for-profit and NFP organizations sometimes form alliances?
For-profits and NFP may form alliances to promote each other’s causes and offerings. For-profit may do so as part of their social responsibility efforts.
Identify the five major categories of nontraditional marketing
The five categories of nontraditional marketing are person, place, cause, event, and organization marketing.
Give an example of a way in which two or more of those categories might overlap in regards to nontraditional marketing.
Overlap can occur in many ways. An org might use a person to promote its cause or event. Two orgs might use one marketing effort to promote an event and a place; for example, Subway donating money to the Special Olympics in honor of one of its spokespersons, speed skater Apolo Ohno, who ran the New York Marathon.
How do relationship marketing give companies a competitive edge?
Relationship marketing can move customers up a loyalty ladder, generating repeat sales and long-term relationships.
Why are the interactive and social marketing important tools for marketers
Interactive marketing technologies create direct communication with customers, allow larger exchanges, and put the customer in control. Social Marketing media let companies show customers they are listening and will respond quickly.
What is a strategic alliance
A strategic alliance is a partnership formed between two organizations to create a competitive advantage.
Which two marketing functions represent exchange functions?
buying and selling are exchange functions
Which two functions represent physical distribution functions?
transporting and storing are physical distribution functions
which four functions are facilitating functions
The facilitating functions are standardization and grading, financing, risk taking, and securing market information
define ethics
ethics are moral standards of behavior expected by society.
what is social responsibility
social responsibility involves marketing philosophies, policies, procedures, and actions who primary objectives is the enhancement of society.
what are sustainable products
Sustainable products are those that can be produced, used , and disposed of with minimal impact on the environment