The individual or business that purchases the product
Customer
Individual who uses or consumes the product, regardless of who bought it.
Consumer
B2C
Consumer decisions are often influenced by emotions and advertising
B2B
Complex and lengthy with multiple approvals and rational decision making
Customer and consumer are sometimes the same person: true or false?
True
Market
A group of indiVisuals or organizations that share similar needs or wants, have the same financial capacity to purchase products, and are willing to engage in an exchange
What are goods?
Tangible items that have monetary value
What are services?
Intangible items that also have monetary value
What are needs?
Fundamental requirements essential for survival
What is UVP?
a statement of the benefits a company is promising to deliver to customers who buy its products or services, helping to differentiate the brand from competitors
What is promotion?
Creating awareness about your product through mass communication and encouraging people to buy it.
What is selling?
Motivating customers to buy a product or service by telling them how it fulfills customer needs.
What is product service management?
Designing, developing, and modifying the product or service to meet the customers’ ever-changing needs
What is market information management?
Gathering consumer data and using it to improve other marketing functions and facilitate critical business decisions.
What is pricing?
Setting the price for a product or a service to maximize the profit, keeping in view the consumers’ perception of the value, production price and the competitiors’ pricing.
What is channels?
Involves decisions regarding when and where the product should be made available and in which condition
What is market planning?
The process of organizing and defining the marketing aims of a company and gathering strategies and tactics to achieve them
How does competition between companies benefit consumers?
Companies strive to improve their products pricing, and overall costumer experience.
What is obsolescence?
Companies design products to become outdated or usable sooner than expected.
What is overconsumption?
Encouraging too much spending and excessive materialism
What is deceptive advertising?
Misleading promotional efforts includes, packaging and pricing or advertising a bargain that is out of stock or misrepresenting the product’s performance
What is puffery?
Exaggeration of a product-not illegal
What is marketing myopia?
Companies focus too much on their own products instead of understanding customer needs
What is Triple bottom line?
Measure’s a company’s performance not just by its financial profit, but also by its social and environmental impact
What are the 3 Ps of TBL?
People, profit, planet
What is utility?
How a product or service can benefit a consumer.
What is time utility?
Adding value to products by making them available when they’re needed.
What is place?
Selling e-commerce platforms
What is form utility?
Addin value producers to materials in the creation of finished goods and services
What is possession utility?
Adding value wen ownership of a product is transferred from the seller to the user
What is information utility?
Adding value to products by making information such as ingredients available to consumers