Marketing terms you need to know:
Utility: The state or quality of being useful; usefulness
Marketing: The act of buying or selling in a market. The total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
Exchange process: simply when an individual or an organization decides to satisfy a need or want by offering some money or goods or services in exchange.
Production orientation; A company that follows a production orientation chooses to ignore their customer’s needs and focus only on efficiently building a quality product. This type of company believes that if they can make the best mousetrap their customers will come to them.
Sales orientation: Companies that use a sales oriented marketing strategy focus on selling what the company makes, not necessarily what the customer wants.
Seller’s market: en economic situation in which goods or shares are scarce and sellers can keep prices high.
Buyer’s market: an economic situation in which goods or shares are plentiful and buyers can keep prices down.
Consumer orientation: a service offered by companies that focuses on the internal and external needs of a business’s customers. Consumer orientation establishes and monitors standards of customer satisfaction and strives to meet the clientele’s needs and expectations related to the product or service sold by the business.
Marketing concept; management philosophy according to which a firm’s goals can be best achieved through indentification and satisfaction of the customer’s stated and unstated needs and wants.
Relationship marketing: marketing activities that are aimed at developing and managing trusting and long-term relationships with larger customers. In relationship marketing, customer profil,e buying patterns, and history of contacts are maintained in a sales database, and an account executive is assigned to one or more major customers to fulfill their needs and maintain the relationship.
Marketing myopia: a short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customer’s needs and wants. It results in the failure to see and adjust to the rapid changes in their markets.
Bottom line: net income after tax.
Place marketing: a practice involving the application of branding and sales strategies to different regions, cities, states or countries. An example of place marketing in business consists of tourism departments and city councils with place marketing teams competing to attract tourists and new residents use branding techniques. Also called territorial marketing or place branding.
Cause marketing: joint funding and promotional strategy in which a firm’s sales are linked (and a percentage of the sales revenue is donated) to a charity or other public cause. However, unlike philanthropy, money spent in cause related marketing is considered an expense and is expected to show a return.
Event marketing: the activity of designing or developing a themed activity, occasion, display or exhibit (such as a sporting event, music festival, fair, or concert) to promote a product, cause or organization. Also called event creation.
Transaction-based marketing: a promotional