BUS 343 Study Guide - Midterm Guide: Business Ethics, Capacity Management, Observational Learning

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Published on 18 Oct 2012
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BUS 343 Chapters 1,2,3,4,6,7.wcu
Page 1 of 22
Customer value
The benefits a customer receives from buying and
using a good or service in relation to the costs and
sacrifices of buying and using it
Marketing
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
Target market
The group(s) of consumers or customers on which
an organization focuses its marketing plan and
toward which it directs its marketing efforts
Stakeholder People or organizations who influence or are
influenced by marketing decisions
Exchange The process by which some transfer of value
occurs between a buyer and a seller
Consumer The ultimate user of a good or service
Marketing concept
A business orientation that focuses on achieving
organizational objectives by understanding
customer needs, and creating and delivering value
in exchanges that satisfy the needs of all parties
Need The recognition of any difference between a
consumer's actual state and desired state
Want The desire to satisfy needs in a specific way that is
culturally and socially influenced
Benefit The outcome sought by a customer that motivates
buying behavior (that satisfies a need or want)
Demand Customers' desire for products coupled with the
resources 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 to
exchange for it, who are willing to exchange for it,
and who have the authority to make the exchange
Marketplace Any location or medium used to conduct an
exchange
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BUS 343 Chapters 1,2,3,4,6,7.wcu
Page 2 of 22
Lifetime value of a customer
How much profit a company expects to make from
a particular customer, adding the contribution of
every purchase they will make from now and in the
future, and subtracting the cost of maintaining this
relationship
Product Any good, service, or idea that can be marketed
Consumer goods The tangible products that individual consumers
purchase for personal or family use
Services Intangible products that are exchanged directly
between the producer and the customer
Popular culture
The music, movies, sports, books, celebrities, and
other forms of entertainment consumed by the
mass market
Business-to-business marketing
The marketing of those goods and services that
business and organization customers need to
produce other goods and services, for resale, or to
support their operations
Industrial goods Goods individuals or organizations buy for further
processing or for their own use
e-commerce The buying or selling of goods and services over
the internet
The marketing decision process (4)
Understand the opportunity, specify the value,
marketing mix: create the value, Implementation
and evaluation: realize the value
Market segment
A distinct group of customers within a larger
market who have similar needs, wants,
preferences, and behaviors, who seek similar
product solutions, and whose needs differ from
other customers in the larger market
Market segmentation
A process of dividing the overall market into
groups of consumers who seek very different
solutions for their needs and wants than other
groups of consumers
Mass market All possible customers in a market, regardless of
the differences in their specific needs and wants
Positioning
How an organization wants its brand to be known
to its customers as being different and better than
competing brands
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BUS 343 Chapters 1,2,3,4,6,7.wcu
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Distinctive competency A capability of a firm that is superior to that of its
competition
Differential benefit
Providing an outcome or result valued by
customers that competitors are not able to offer as
well
Brand personality A distinct image that captures a god or service’s
character and benefits
Marketing mix A combination of the product, price, place, and
promotion
4 P's Product, price, place, promotion
Price The seller's assignment of value to a product
Distribution The availability of the product to the customer at
the desired time and location
Communication
The coordination of communication efforts by a
marketer to influence consumers or organizations
about goods, services, or ideas
Value chain
A series of activities involved in designing,
producing, marketing, delivering, and supporting
any product. Each link in the value chain has to
potential to ass or remove value from the product
that the customer eventually buys.
Open source model
A practice used in the software industry, where
companies share their software codes with
everyone to assist in the development of a better
product
Triple bottom line A business perspective that measures economic,
social, and environmental value creation
Customer relationship management (CRM)
A systematic tracking of consumer's preferences
and behaviors over time in order to tailor the value
proposition as closely as possible to each
individual's unique wants and needs.
Attention economy
A perspective that consumer spending, and the
economy, is driven by psychological attachment to
brands, the relevance of information, and
solutions. Consumers choose where to spend their
attention and money
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Document Summary

The benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it. 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. The group(s) of consumers or customers on which an organization focuses its marketing plan and toward which it directs its marketing efforts. People or organizations who influence or are influenced by marketing decisions. The process by which some transfer of value occurs between a buyer and a seller. The ultimate user of a good or service. A business orientation that focuses on achieving organizational objectives by understanding customer needs, and creating and delivering value in exchanges that satisfy the needs of all parties. The recognition of any difference between a consumer"s actual state and desired state.

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