Marketing: Chapter 1
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Created by:
skyeelovee on February 6, 2012
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Description:
Creating Customer Relationships and Value through Marketing
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23 terms
Terms | Definitions |
|---|---|
 marketing | the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large |
| exchange | the trade of things of value between buyer and seller so that each is better off after the trade |
| 4 factors needed for marketing to occur | 1. two or more parties with unsatisfied needs, 2. desire and ability to satisfy these needs, 3. a way for the parties to communicate, and 4. something to exhange |
| market | people with both the desire and ability to buy a specific offering |
| target market | one or more groups of specific potential consumers toward which an organization directs its marketing program |
| The 4 Ps: Controllable Marketing Mix Factors | 1. Product, 2. Price, 3. Promotion, and 4. Place |
| marketing mix | the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem |
| environmental forces | includes social, economic, technological, competitive, and regulatory forces; uncontrollable |
| customer value | the unique combination of benefits recieved by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price |
| relationship marketing | linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits |
| marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| marketing concept | the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals |
| market orientation | focuses its effors on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value |
| customer relationship management (CRM) | the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace |
| customer experience | the internal response that customrs have to all aspects of and organization and its offering |
| societal marketing concept | the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being |
| who markets? | every organization |
| what is marketed? | goods, services, and ideas |
| who buys and uses what is marketed? | both individuals and organizations buy and use goods and services that are marketed |
| who benefits? | consumers who buy, organizations that sell, and society as a whole |
| ultime consumers | the people who use goods and services purchased for a household |
| organizational buyers | those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale |
| utility | the benefits or customer value received by users of the product |
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