Bus.Marktg. Intro Vocab #1

Marketing

• brings value to customers, whom the business seeks to identify, satisfy, and retain

• Product

• The act of obtaining a desired object from someone by offering something of value in return

The Exchange Process

• brings value to customers, whom the business seeks to identify, satisfy, and retain

• The act of obtaining a desired object from someone by offering something of value in return

• uses paid notices in different forms of media to draw public attention to a company, product, or message, usually for the purpose of selling products or services

Advertising

• The act of obtaining a desired object from someone by offering something of value in return

• the process of “creating a unique name and image for a product in the consumer’s mind”

• uses paid notices in different forms of media to draw public attention to a company, product, or message, usually for the purpose of selling products or services

Branding

• the process of actually selling products or services

• the process of “creating a unique name and image for a product in the consumer’s mind”

• Success depends on doing better than competitors at understanding, creating, delivering, and communicating value to their target customers

Sales

• the process of actually selling products or services

• the process of “creating a unique name and image for a product in the consumer’s mind”

• Meeting and Getting Acquainted

The Marketing Concept

• Success depends on doing better than competitors at understanding, creating, delivering, and communicating value to their target customers

• Success depends on a good sales team with the right tools and incentives.

• Success depends on creating the best, most innovative product for the lowest price

The Product Concept

• Success depends on doing better than competitors at understanding, creating, delivering, and communicating value to their target customers

• Success depends on low production costs, highly efficient processes, and mass distribution.

• Success depends on creating the best, most innovative product for the lowest price

The Sales Concept

• Success depends on creating the best, most innovative product for the lowest price

• Success depends on a good sales team with the right tools and incentives.

• Success depends on doing better than competitors at understanding, creating, delivering, and communicating value to their target customers

The Production Concept

• Success depends on low production costs, highly efficient processes, and mass distribution.

• Success depends on doing better than competitors at understanding, creating, delivering, and communicating value to their target customers

• Success depends on a good sales team with the right tools and incentives.

Customer Lifetime Value

• one-time customers

• predicts how much profit the company will make from the customer during his or her lifetime relationship with the company

• To not monitor and counter competitive forces