Marketing Management - Vocabulary Flashcards

Flashcards for vocabulary review based on lecture notes.

Marketing (Clark, 1922)

Those efforts which effect transfers in the ownership of goods and care for their physical distribution

Marketing (Kotler and Armstrong)

Social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging value with others.

Marketing (American Marketing Association)

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.

Production Concept

Focuses primarily on increasing production regardless of client expectations.

Selling Concept

Consumers won't purchase goods until they are encouraged to do so.

Product Concept

Customers would always choose to purchase goods that offer superior quality, functionality, and features.

Marketing Concept

A company's ability to deliver on its value proposition depends on how well it markets itself.

Social Marketing Concept

Promotes a corporate culture that values returning to society what has been obtained from it.

Needs

Basic human requirements such as for air, food, water, clothing, and shelter.

Wants

Specific items that could provide the need, influenced by society.

Demands

Definite wants that are supported by the financial capacity to fulfil them.

Target Market

A population that has been chosen because of similar traits as the most probable candidates to purchase a product.

Business

Exists to meet the needs of people.

Marketing Mix

The combination of various strategies used by a marketing professional to promote a specific commodity or brand.

Product

Goods produced by businesses for consumers.

Product

Goods produced by businesses for consumers

Place

The location where the goods are offered for sale or can be purchased.

Promotion

Refers to the numerous tactics and concepts used by marketers to spread awareness of their brand among end customers.

People (in Marketing)

Those who are engaged in the selling and purchase of goods and services.

Process (in Marketing)

The numerous mechanisms and steps in the process assist the product eventually reach its intended market.

Physical Evidence (in Marketing)

A marketer attempts to convey to end customers the USPs and benefits of a product with the aid of tangible evidence.

Marketing Channel

A system that makes sure the product gets from the producer to the consumer by moving it via various stages; also called a distribution channel.

Supply Chain

The whole process of creating and delivering a good or service, starting with the procurement of raw materials and ending with the delivery of the good or service to the final consumer.

Marketing Environment

The interaction of internal and external aspects that affect a company's top management's capacity to establish and uphold fruitful relationships with its target customers.

Macroenvironment

Includes socio-cultural elements, political and legal systems, technological advancements, demographic and economic trends, etc., influencing operations of all organizations in the industry.

Microenvironment

Suppliers, customers, marketing intermediates, etc.; specific to a firm and have a short-term impact on business.

Internal Environment

Every individual within an organisation, as well as to their culture, current affairs, and other elements that may have an impact on how decisions are made.

External Environment

Considers all aspects outside the organization's control that may have an impact on its continued existence, including political, economic, sociocultural, technological, legal, and environmental factors.

Satisfaction

A person's feelings of pleasure or disappointment that result from comparing a product or service's perceived performance to expectations.

Quality

The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

Customer Lifetime Value

Refers to the net present value of the anticipated future profit stream over the course of a customer's lifetime of purchases.

Consumer Market

A market where consumers buy goods and services that are intended for personal use only and not for resale.

Motivation

The willingness to carry out tasks in support of corporate goals.

Perception

The process by which we choose, arrange, and interpret information inputs to generate a meaningful picture of the outside world.

Procurement Process

Describe a market where consumers buy goods and services that are intended for personal use only and not for resale.

Bargain price to customer

A long-term value that was almost half that of customers who were recruited without any discounts.

Some Conventional Marketing Strategies

Are losing their effectiveness.

Customer Satisfaction

Is measured by how content and happy consumers are with an organization's goods and services as well as their overall interactions with the business or brand.

Customer Satisfaction

Results from goods and services that meet or surpass expectations.

Management of Customer Profitability

Is the potential customer with requested products

Value marketing

Seeks to establish a bond between customers and the business and its brand.

Relationship Marketing

It is not just a function of the marketing department

Consumer Market

Describes A market where consumers buy goods and services that are intended for personal use only and not for resale

Social Factors

People follow a set of rules. The rules protect us.

The Term Motivation

Motivation, desire, and morale refers to the willingness to carry out tasks in support of corporate goals

A motivated individual

Are prepared to act, but how depend on how they see the circumstance

Learning

Creates behavioural modifications brought on by experience. Even though a lot of learning occurs incidentally, most human behaviour is learnt.

Customers

Have now looked into a variety of possibilities They are knowledgeable about the costs and various payment alternatives.

Customers Purchase Products

Consumers compare products to their expectations after making a purchase. Either contentment or discontent are possible consequences.

With this approach, a business tries

is to provide all the products that each client group need.

William Stanton

The way the product is defined by consumers on important attributes the place the product occupies in consumers' minds relative to competing products

Nike

Has built the ubiquitous 'SWOOSH' into one of the best-known brand symbols on the planet.

Marketing Segmentation

Enables management to concentrate on particular customer or demographic groups.

Customers

That businesses frequently have to invest money up front in order to gather information about their target markets and client base.

Customer Group

Segmented market to better define specific market.

Consumer Market

Describes a market where consumers buy goods and services that are intended for personal use only and not for resale. The things that people use on a regular basis dominate this sector.

The information era

Has been known as the digital age

Whether orders are placed in person, over the phone, or online

The businesses are producing products that are individually distinctive are producing prpoduct products that are individually distinctive

Today's brand manufacturers

Are subject to more intense competition from both domestic and international brands, which has increased promotion expenses and decreased profit margins.

Reintermediation

Middlemen from the process of providing goods and services

Reintermediation

Occured as a result of numerous new challenges with the idea of e-commerce disintermediation, mostly concentrated on the problems with the direct-to-consumer model.

The Simplest Defination Of Customization

It can also be defined as the situation in which a business creates items by customising them to meet the particular and distinctive wants of the consumer, taking into account the fact that every customer is potentially unique.

are is brought up in modern times, many people

are still perplexed. Despite the fact that there is a huge and noticeable difference, some people still use the terms interchangeably.

is a CRM

Is used to handle all interactions and relationships between your business and its clients

Today's

Make it drastically different.

Selective Attention

The allocation of processing power to a stimuli is known as attention.

The word personality

Each person has a unique personality that influences how they choose to spend their money.

An Individual That's Motivated

Is ready to act, but how depends on how they see the circumstance. Since perceptions have an impact on consumers' actual behavior, they are more significant in marketing than reality.