Vocab Slideshow 1

Value-relative comparison of a product’s benefits versus its costs

Utility-ability of a product to satisfy a human want or need

Consumer Goods-physical products purchased by consumers for personal use

Industrial goods-physical products purchased by companies to produce other products

Services-products having nonphysical features, such as information, expertise, or an activity that can be purchased

Relationship Marketing-marketing strategy that emphasizes building lasting relationships with customers and suppliers

Customer Relationship Management (CRM)-organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed

Data Warehousing-the collection, storage, and retrieval of data in electronic files

Political legal environment-the relationship between business and government, usually in the form of government regulation of business

sociocultural environment-the customs, mores, values, and demographic characteristics of the society in which an organization functions

Technological environment-all the ways by which firms create value for their constituents

Economic environment-relevant conditions that exist in the economic system in which a company operates

Competitive environment-the competitive system in which businesses compete

Substitute product-product that is dissimilar from those of competitors, but that can fulfill the same need

Brand competition-competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

International competition-competitive marketing of domestic products against foreign products