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20 terms

Chapter 1 Marketing

STUDY
PLAY
Brand
This is a promise to deliver specific benefits associated with products or services to consumers.
Demand
This is the financial capacity to buy what one wants.
Need
This is a necessity to meet an urgent requirement.
Utility
This is the satisfaction received from owning or consuming a product or service.
Marketing
This is an organizational function and a collection of processes designed to plan for, create, communicate,and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders.
Value
This is the benefits that exceed the cost of products, services, or other items.
Want
This is a desire for something that is not essential.
Marketing Concept
This is an organizational philosophy dedicated to understanding and fulfilling consumer needs through the creation of value.
Customer Lifetime Value
This is the present value of all profits expected to be earned from a customer over the lifetime of the customer's relationship with a company.
Consumer orientation
This reflects a business focus on satisfying unmet consumer needs and wants.
Customer relationship management
Also known as crm, this is the activities that are used to establish, develop and maintain customer relationships.
customer relationships
These are created when businesses and consumers interact through a sales transaction of a product or service and continue based on ongoing interaction between the business and the consumer.
production orientation
This reflects a business focus on efficient production and distribution with little emphasis on any marketing strategy.
relationship orientation
This reflects a business on creating value added relationships with suppliers and consumers.
sales orientation
This reflects a business focus on advertising and personal selling to create demand and move product inventory.
4 Ps
These are the most common classification of a marketing mix and consist of product, price, place and promotion.
Exchange functions
These are activities that promote and enable transfer of ownership.
Facilitating functions
These are activities that assist in the execution of exchange and physical functions.
physical functions
These are activities that enable the flow of goods from manufacturer to consumer.
marketing functions
These are activities performed both by consumers and by businesses involved in value creation for specific products and services.