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BUS 343 Midterm Study Terms

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Business Administration
BUS 343
Jason Ho

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