Pearson Marketing Chapter 1

Consumer
the ultimate consumer of a good or service
Marketing
Marketing 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.
Marketing Mix
A combination of the product itself, the price of the product, the promotional activities that introduce it and the place where it is ,made available, that together create a desired response among a set of predefined consumers.
Four Ps
Product, Price, Promotion, and Place
Product
a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process; a bundle of attributes including feature, functions, benefits, and users.
Promotion
the coordination of a marketer’s communication efforts to influence attitudes or behavior.
Place
The availability of the product to the customer at the desired time and location.
Price
The assignment of value, or the amount the consumer must exchange to receive the offering.
Exchange
The process by which some transfer of value occurs between a buyer and a seller.
Consumer Goods
The goods individual consumers purchase for personal or family use.
Services
Intangible products that are exchanges directly between the producer and the customer.
Business-to-Business Marketing
The marketing of goods and services from one organization to another.
Industrial Goods
Goods that individuals or organizations buy for further processing or for their own use when they do business.
E-commerce
The buying or selling of goods and services electronically, usually over the internet.
Not-for-profit Organizations
Organizations with charitable, educational, community, and other public service goals that buy goods and services to support their functions and to attract and serve their members.
Nongovernmental Organizations (NGOs)
Another name for not-for-profit organizations.
Marketing Concept
A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability.
Need
The recognition of any difference between a consumer’s actual state and some ideal or desired state.
Want
The desire to satisfy needs in specific ways that are culturally and socially influenced.
Benefit
The outcome sought by a customer that motivates buying behavior that satisfies a need or want.
Demand
Customers’ desires for products coupled with the resources needed to obtain them.
Market
All the customers and potential customers who share a common need that can be satisfies by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.
Marketplace
Any location or medium used to conduct an exchange.
Virtual goods
Digital products consumers buy for use in online contexts.
Rentrepreneurs
enterprising consumers who make money by renting out their possessions when they aren’t using them.
Collaborative Consumption
A term used to refer to the activities practiced by rentrepreneurs.
Utility
The usefulness or benefit that consumers receive from a product.
Stakeholders
Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold-in other words, any person or organization that has a “stake” in the outcome.
Production Orientation
A management philosophy that emphasizes the most efficient ways to produce and distribute products.
Selling Orientation
A managerial view of marketing as a sales function or a way to move products out of the warehouses to reduce inventory.
Consumer Orientation
A business approach that prioritizes the satisfaction of customers’ needs and wants.
Total Quality Management (TQM)
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuos quality improvement.
Instapreneur
A businessperson philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.
triple-bottom-line orientation
A business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices.
Societal Marketing Concept
A management philosophy that marketers must satisfy customers’ needs in ways that also benefit society and also benefit society and also deliver profit to the firm.
Sustainability
A product design focus that seek to create products that meet preset consumer needs without compromising the ability of future generations to meet their needs.
Green Marketing
A marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers.
Return on Investment (ROI)
The direct financial impact of a firm’s expenditure of a resource, such as timer or money.
Attention Economy
A company’s success is measured by it’s share of mind rather than share of market, where companies make money when they attract eyeballs rather than just dollars.
Value Proposition
A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.
Brandfests
Events that companies host to thank customers for their loyalty.
Lifetime Value of a Customer
The potential profit a single customers’ purchase of a firm’s products generates over the customer’s lifetime.
Distinctive Competency
A superior capability of a firm in comparison to its direct competition.
Marketing Scorecards
Feedback vehicles that report (often in quantified terms) how the company or brand is actually doing in achieving various goals.
Metrics
Measurements or “scorecards” that marketers use to identify the effectiveness of different strategies or tactics.
Differential Benefit
Properties of products that set them apart from competitors’ products by providing unique customer benefits.
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.
Amafessionals
Consumers who contribute ideas to online forums for the fun and challenge rather than to receive a paycheck, so their motivation is to gain psychic income rather than financial income.
Consumer-Generated Content
Everyday people functioning in marketing roles, such as participating in creating advertisements, providing input to new product development, or seeing as a wholesaler or retailers.
Social media
Internet-bases platforms that allow users to create their own content and share it with others who access these sites.
Social Networking Platforms
Online platforms that allow a user to represent him-or herself via a profile on a website and provide and receive links to other members of the network to share input about common interests.