Marketing Management & Social Media Trends Vocabulary

Flashcards covering key vocabulary and concepts from the Marketing Management and Social Media Trends lecture.

Marketing

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Marketing management

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Human need

A state of felt deprivation of some basic satisfaction, such as food, clothing, shelter, safety, belonging, and esteem.

Human wants

Desires for specific satisfiers of needs. For example, cloth is a need but Raymonds suiting may be a want.

Demands

Wants for specific products that are backed up by an ability and willingness to buy them.

Products

Anything that can be offered to someone to satisfy a need or want.

Value

The consumer’s estimate of the product’s capacity to satisfy their requirements.

Exchange

The act of obtaining a desired product from someone by offering something in return.

Transaction

Involves at least two things of value, conditions that are agreed to, a time of agreement and a place of agreement

Customer value

The difference between the values the customer gains from owning and using a product and the costs of obtaining the products.

Value chain

A progression of activities that a firm operating in a specific industry performs in order to deliver a valuable product to the end customer (i.e., good and/or service)

Inbound logistics

Include functions like receiving, warehousing, and managing inventory. Arranging the inbound movement of materials, parts, and/or finished inventory from suppliers to manufacturing or assembly plants, warehouses, or retail stores

Operations

Include procedures for converting raw materials into a finished product. Concerned with managing the process that converts inputs (in the forms of raw materials, labor, and energy) into outputs.

Outbound logistics

Include activities to distribute a final product to a consumer. The process related to the storage and movement of the final product and the related information flows from the end of the production line to the end user.

Marketing and sales

Include strategies to enhance visibility and target appropriate customers—such as advertising, promotion, and pricing; selling products and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Service

Includes programs to maintain products and enhance the consumer experience—like customer service, maintenance, repair, refund, and exchange. Includes all the activities required to keep the product working effectively for the buyer after it is sold and delivered.

Procurement

Concerns how a company obtains raw materials. The acquisition of goods, services or works from an outside external source.

Technological development

Used at a firm's research and development (R&D) stage—like designing and developing manufacturing techniques and automating processes; pertains to the equipment, hardware, software, procedures and technical knowledge brought to bear in the firm's transformation of inputs(Raw materials) into outputs(Finished goods).

Human resources (HR) management

Involves hiring and retaining employees who will fulfill the firm's business strategy and help design, market, and sell the product.

Infrastructure

Includes company systems and the composition of its management team—such as planning, accounting, finance, and quality control.

Market

A place where buyers and sellers come together and exchange their goods and services for money and money worth.

Market Places

Markets of physical goods and products.

Market space

The online market space with websites such as Ebay, Amazon and others.

Meta Markets

An online website such as the Maruti suzuki website for second hand cars which promotes the purchase of physical goods (Maruti suzuki cars).

Sales

Trying to get the customer to want what the company produces

Marketing

Trying to get the company produce what the customer wants

Production Concept

The main aim of the Production Concept is utilization of complete organization capacity and that the sales department will sell whatever the production department produces; no need of special marketing efforts

Product Concept

the customers offers best quality products always so the management should improve the product continuously

Selling Concept

Higher pressure salesmanship and heavy doses of advertisement are essential to move the products in the market.

Marketing / Customer orientation

The main aim is to satisfy the needs, wants, desires of potential customers. Here the starting point is customer than product

Societal Oriented Concept

Takes into consideration not only consumer satisfaction but also social welfare and pollution free environment and quality of human life.

Marketing Mix

A marketing tool that combines a number of components in order to become harden and solidify a product’s brand and to help in selling the product or service.

Product

An item or service designed to satisfy customer needs and wants.

Price

The amount that a customer pays for to enjoy a product

Place

Where a product is positioned and distributed in a place that is easily accessible to potential buyers/customers

Promotion

A marketing communication process that helps the company to publicize the product and its features to the public.

People

The company’s employees because they are the ones who deliver the service to clients.

Process

A well structured and verified business to avoid mistakes and minimize costs

Physical Evidence

Physical evidence in service industries that the service was delivered. Includes branding.

Environment

Surrounding which influence a particular activity

Marketing environment

A force and actors that affect the ability of a company to develop and maintain successful relationships with its target customers

Demographic Environment

Population, city size, nationality, age, education, martial status, family size, religion, family life style etc.

Social Cultural Environment

The value system of the country which effects the marketing the product. Ex: Break up of the joint family system, Women employment, Changes in the attitude towards physical fitness, Increase in the attitude towards education

Political & Legal Environment

The forces of political and legal environment.

Technological environment

This environment provides on opportunity and a threat for the growth of the organisation based on expenditure on R&D, concentration on product improvements, innovations in technology, regulation of technological change

Business environment

Has a direct or indirect bearing on the functioning of business

Natural Environment

Includes geographical and ecological factors that influence the business operations. Ex: availability of natural resources, weather and climatic condition, location aspect, topographical factors, etc.

Economic Environment

Survival and success of each and every business enterprise depend fully on this. Ex: industrial policy, fiscal policy, monetary policy, foreign investment policy, Export –Import policy

Marketing vs selling

Selling starts with the seller and emphasizes on profit while Marketing starts with the buyers and emphasizes on identification of a market Opportunity.

Consumer behavior

Buying behavior of final consumers—individuals and households who buy goods and services for personal consumption

Consumer market

All of the personal consumption of final consumers

Culture

The learned values, perceptions, wants, and behavior from family and other important institutions

Subcultures

Groups of people within a culture with shared value systems based on common life experiences and situations

Social classes

Society’s relatively permanent and ordered divisions whose members share similar values, interests, and behaviors

Online Social Networks

Online communities where people socialize or exchange information and opinions

Need Recognition

Happens when the buyer recognizes a problem or need is triggered by internal or external stimuli

Evaluation of Alternatives

This is how the consumer processes information to arrive at brand choices

Purchase Decision

The act by the consumer to buy the most preferred brand influenced by attitudes of others

Post-Purchase Decision

The satisfaction or dissatisfaction felt about consumer purchase based on consumer’s expectations vs product’s perceived performance