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Warning: This web at
toLearn.net/marketing/ is two years old, it's unattended, and the
links are rotting. However, in June 2000, the
server recorded over 10,000 page requests during more than 3,000 visitor sessions from dozens of
countries. Thus, I'm reluctant to take it down completely. Ricci Street | MBA 604 | marketing |
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In most large organizations,
folks in the marketing department can get by without speaking computerese.
The smaller the organization, the more value you are if you can translate computerese into
English and even speak a little yourself. That's not true with marketing jargon. As an
MBA, you're expected to know it cold. It's the code marketers use to keep out the
riff-raff and justify their salaries. Most marketing jargon looks like jargon: consumer price index; demographic variable; POP; mind-share. Other marketing terms are everyday words that have special meanings in a marketing context. One way to sound like you know what you're talking about is to control for the demographic variables at the POP, which is proven to have a positive correlation to the inverse ratio of the consumer price index to our current-quarter mind-share. Uh-huh. Another way is to use the following words very carefully in a marketing context. Needs Physical, social, and individual needs emerge from a state of felt deprivation. Want Wants are the form taken by human needs as the needs are shaped by culture and individual experience. How are different wants based upon geographical differences, gender, age, wealth? How is culture linked to socio-economic standing, education? That is, marketers apply demographics to segment wants. Demand Demands are wants backed by buying power. Dream vacations or favorite cars illustrate differences between wants and demands (want an Acura Legend but drive a Subaru Justy). Demands are often for a bundle of benefits, and may address a number of related needs and wants. Product Products are anything offered for sale to satisfy a need or want, including services and ideas. Exchange An exchange is the act of obtaining desired objects by offering something in return, including barter and promises to pay (credit, checks). Transaction A transaction is an actual trade of value between at least two parties. Transaction marketing is part of the concept of relationship marketing, where parties build long-term ties to enhance quality and customer-delivered value. Market A market is the set of actual and potential buyers of a product whether decentralized or centralized. A market exists wherever something of value is desired, e.g. labor market, money market, donor market.
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