Marketing Exam 1

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philosophy organization function

marketing's two facets:
1. a _____________, an attitude, a perspective, or a management orientation that stresses customer satisfaction
2. an ______________ ______________ and a set of processes used to implement this philosophy

marketing

the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

incentives recognition

research shows that companies that reward employees with ____________ and ____________ on a consistent basis are those that perform best

competitive advantage

some companies, such as home depot, believe employees are their biggest _____________ ___________

exchange

one desired outcome of marketing is an ____________; people giving up something in order to receive something they would rather have

two parties communication delivery desirable

an exchange can take place only if the following conditions exist:
1. there must be at least _____ _______
2. each party has something that might be of _______ to the other
3. each party is capable of ___________ and _________
4. each party is free to accept or reject the exchange offer
5. each party believes it is appropriate or __________ to deal with the other party

production sales market societal marketing

the 4 philosophies that strongly influence an organization's marketing processes:
1.
2.
3.
4.

production orientation

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

production

a ____________ orientation falls short because it does not consider whether the goods and services that the firm produces most efficiently also meet the needs of the marketplace

production

Apple has a history of ___________ orientation

sales orientation

the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

sales

to ______-oriented firms, marketing means selling things and collecting money

marketing concept

the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives

unique experience satisfies

the recipe for success is to consistently deliver a _____________ _____________ that your competitors cannot match and that ____________ the intentions and preferences of your target buyers

market oriented

firms that adopt and implement the marketing concept are said to be _____________ ____________, meaning they assume that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product

market orientation

a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product;
it is synonymous with the marketing concept

societal marketing orientation

the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests

focus business directed goal tools

sales-oriented and market-oriented firms can be compared in terms of five characteristics:
1. the organization's ____________
2. the firm's ______________
3. those to whom the product is ____________
4. the firm's primary ____________
5. the _________ used to achieve those goals

inward looking

personnel in sales-oriented firms tend to be "____________ ___________," focusing on selling what the organization makes rather than making what the market wants

external

market-oriented organizations have an _____________ focus

customer value

the relationship between benefits and the sacrifice necessary to obtain those benefits

perform trust pricing facts service creation

marketers interested in consumer value:
- offer products that ___________
- earn __________
- avoid unrealistic ____________
- give the buyer _________
- offer organization-wide commitment in __________ and after-sales support
- co-___________

relationship marketing

a strategy that focuses on keeping and improving relationships with current customers

customer training authority teamwork

most successful relationship marketing strategies depend on _________-oriented personnel, effective ________ programs, employees with _________ to make decisions and solve problems (empowerment), and _______________

empowerment

delegation of authority to solve customers' problems quickly--usually by the first person the customer notifies regarding a problem

teamwork

collaborative efforts of people to accomplish common objectives

goods and services

a sales-oriented firm defines its business (or mission) in terms of...

benefits

a market-oriented firm defines its business (or mission) in terms of the __________ its customers seek

everybody the average customer

a sales-oriented firm targets its products at "______________" or "____ __________ ___________"

specific groups

a market-oriented firm targets its products at ___________ ____________ of people

sales volume mismatched

a sales-oriented firm seeks to achieve profitability through ________ _________ and tries to convince potential customers to buy, even if the seller knows that the customer and product are ______________

making a sale

sales-oriented organizations place a higher premium on ______________ ____ __________ than on developing a long-term relationship with a customer

value satisfaction relationships

the ultimate goal of most market-oriented organizations is to make a profit by creating customer __________, providing customer ___________, and building long-term ________________ with customers

market

nonprofit organizations can and should adopt a ___________ orientation

promotional

sales-oriented organizations seek to generate sales volume through ___________ activities, mainly personal selling and advertising

marketing mix

market-oriented organizations recognize that each of the four components of the ____________ _________ are important

society businesses career everyday life

marketing...
- plays an important role in _____________
- is important to ______________
- offers outstanding ___________ opportunities
- affects _________ _________

survival profits growth

the fundamental objectives of most businesses are ___________, __________ and growth

wants product prices distribution communicating

marketing includes the following activities, which are vital to business organizations:
- assessing the ______ and satisfactions of present and potential customers
- designing and managing ________ offerings
- determining ________ and pricing policies
- developing __________ strategies
- ______________ with present and potential customers

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