MTKStudyG1.wps - MKT 300 Study Guide Chapter 1 Stakeholders...

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-1MKT 300 Study Guide Chapter 1 Ÿ Stakeholders- buyers, sellers, investors in a company, community residents, and even citizens of the nations where goods and services are made or sold- in others words, any person or organization that has a “stake” in the outcome Ÿ Marketing concept- a management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability Ÿ Need- the recognition of any difference between a consumer’s actual state and some ideal or desired state Ÿ Want- the desire to satisfy needs in specific ways that are culturally and socially influenced Ÿ Benefit- the outcome sought by a customer that motivates buying behavior- that satisfies a need or want Ÿ Demand- customers’ desire for products coupled with the resources to obtain them Ÿ 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 make the exchange, and who have the authority to make the exchange Ÿ Marketplace- any location or medium used to conduct an exchange Ÿ Utility- the usefulness or benefit consumers receive from a product Types of Utility Form Utility- the benefit marketing provides by transforming raw materials into finished products, as when a dress manufacturer combines materials to create a dress Place Utility- the benefit marketing provides by making products available where customers want them Time Utility- the benefit marketing provides by storing products until they are needed Possession utility- the benefit marketing provides by allowing the consumer to own, use, and enjoy the product Ÿ Exchange- the process by which some transfer of value occurs between a buyer and a seller Ÿ What can be marketed? From serious goods and services to fun things; Product: any good, service, or idea Ÿ Value- the benefit’s a customer receives from buying a good or service Ÿ Value Proposition- a marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased Ÿ Lifetime value of a customer- how much profit companies expect to make from a particular customer, including each and every purchase he or she will make from them now and in the future. To calculate lifetime value, companies estimate the amount the person will spend and then subtract what it will cost the company to maintain this relationship Ÿ Competitive advantage- the ability of a firm to outperform the competition, thereby
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MTKStudyG1.wps - MKT 300 Study Guide Chapter 1 Stakeholders...

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