Download EXAM 1 | MKT 201 - Principles of Marketing and more Quizzes Principles of Marketing in PDF only on Docsity!
Creating MKT component
The process of collaborating with suppliers and customers to create offerings that have value. TERM 2
Personal Value Equation
DEFINITION 2 Value* = benefits received (price + hassle) *** Value is determined by customer TERM 3
4P's
DEFINITION 3 PRODUCT PRICE PLACE PROMOTION TERM 4
4 New
Concepts
DEFINITION 4 -Creating VALUE -Exchanging VALUE -Delivering VALUE - Communicating VALUE TERM 5
Supply Chain
DEFINITION 5
- raw Materials and component suppliers 2 Producer 3 Intermediary 4 Retailer
Immoral
Manipulative Superficial Promotes Greed Promotes Over Consumption Creates Stress Ruins the Environment Creates Winners AND Losers: Social and Political Strife TERM 7
Cura Personalis
DEFINITION 7 Cura Personalis: Care for the whole or individual person TERM 8
Value Proposition
DEFINITION 8 A 30-second elevator speech* Here are the benefits of our product This is why it is superior to other ones TERM 9
Elevator speech parts
DEFINITION 9 For: electronics industry manufacturers Who: The: PolyTronics conductive plastic Is an: advanced material That: inexpensively and completely eliminates damage from static electricity. Unlike: currently used, expensive static discharge equipment Our: product is an integral part of the electronics assembly that continually drains static charge from the product assembly TERM 10
Marketing
DEFINITION 10 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.
Non profit Marketing
When a nonprofit organization engages in marketing activities, this is called nonprofit marketing activities conducted to meet the goals of nonprofit organizations. TERM 17
Social Marketing
DEFINITION 17 Marketing conducted in an effort to achieve certain social objectives can be done by government agencies, nonprofit institutions, religious organizations, and others and is called social marketing TERM 18
Marketing
Research
DEFINITION 18 Personnel in marketing research are responsible for studying markets and customers in order to understand what strategies or tactics might work best for firms. TERM 19
Merchandising
DEFINITION 19 In retailing, merchandisers are responsible for developing strategies regarding what products wholesalers should carry to sell to retailers such as Target and Walmart. TERM 20
Sales
DEFINITION 20 Salespeople meet with customers, determine their needs, propose offerings, and make sure that the customer is satisfied. Sales departments can also include sales support teams who work on creating the offering.
Advertising
Whether its for an advertising agency or inside a company, some marketing personnel work on advertising. Television commercials and print ads are only part of the advertising mix. Many people who work in advertising spend all their time creating advertising for electronic media, such as Web sites and their pop-up ads, podcasts, and the like. TERM 22
Product Development
DEFINITION 22 People in product development are responsible for identifying and creating features that meet the needs of a firms customers. They often work with engineers or other technical personnel to ensure that value is created. TERM 23
Direct Marketing
DEFINITION 23 Professionals in direct marketing communicate directly with customers about a companys product offerings via channels such as e-mail, chat lines, telephone, or direct mail. TERM 24
Event Marketing
DEFINITION 24 Some marketing personnel plan special events, orchestrating face-to-face conversations with potential and current customers in a special setting. TERM 25
Marketing Plan
DEFINITION 25 is the strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value.
Service-determinant Logic
the approach to business that recognizes that consumers want value no matter how it is delivered TERM 32
Strategic Business unit
DEFINITION 32 is a business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes. TERM 33
SWOT analysis
DEFINITION 33 strengths, weaknesses, opportunities, and threats
