Marketing in the Modern World: Create and Deliver Value

Vocabulary flashcards covering core concepts, terms, and historical eras from Chapter 1 of Marketing: Real People, Real Choices.

Marketing (AMA Definition)

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.

Customer Experience (CX or CEX)

The customer's overall perception of a brand after interacting with the business across the buyer's journey.

Marketing Mix

The foundation tools of marketing, consisting of Product strategies, Price strategies, Place strategies, and Promotion strategies.

Exchange

The process that occurs when one party gives up something in return for receiving something else, requiring at least two willing parties with items of value and agreed terms.

Product

Any good, service, or idea offered to a market; effectively a 'bundle' of benefits.

Marketing Concept

A practice where modern marketers identify and satisfy the needs of consumers to ensure 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 satisfied by a specific product, who have the resources, willingness, and authority to exchange for it.

Marketplace

Any location or medium used to conduct an exchange.

Place

Refers to the channel of distribution and availability of a product to the customer at the desired time and location.

Utility

The usefulness or benefit customers receive through a product, its price, its distribution, and its marketing communications.

Place Utility

The benefit marketing provides by making products available when and where customers want them.

Production Orientation

A management philosophy of the Production Era that emphasizes the most efficient ways to produce and distribute products.

Selling Orientation

A managerial view during the Sales Era that treats marketing as a sales function to move products out of warehouses using aggressive promotional activities.

Customer Orientation

A management philosophy prominent in the Relationship Era that emphasizes satisfying customers' needs and wants.

Triple-Bottom-Line Era

A marketing era where management seeks to maximize financial, social, and environmental bottom lines.

Sustainability

A design and manufacturing focus that meets present needs without compromising the ability of future generations to meet their needs.

Green Marketing

A marketing strategy that supports environmental stewardship, creating a differential benefit in the minds of consumers.

Value (Customer Perspective)

The ratio of perceived benefits to perceived costs.

Value Proposition

The whole bundle of benefits a firm promises to deliver to customers, beyond just the product itself.

Distinctive Competency

A capability of a firm that is superior to that of the competition.

Differential Benefit

A unique benefit that customers can receive from one firm only, created from a distinctive competency.

Competitive Advantage

An edge held by a firm when it offers customers a unique benefit they want that competitors cannot match, leading to brand preference and premium pricing.

Value Chain

A series of activities involved in designing, producing, marketing, delivering, and supporting any product to transform raw materials into a final purchased good.

Market Planning

A decision process where marketing managers think strategically about the big picture and develop plans to analyze the environment, set strategies, and execute tools.

Disruptive Marketing

A process whereby a smaller company turns existing marketing rules upside down to challenge established businesses.

Brand You

A framework to create a personal brand using standard marketing concepts and tools to manage one's career.