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MKTG 345 - Chapter 1
UL Lafayette - Spring 2016 - Stacey Chamberlain
Terms in this set (28)
What is marketing?
1. A philosophy, an attitude, a perspective,
or a management orientation that stresses
2. An organizational activity, set of
institutions, and processes.
What are the 4 P's of marketing?
Product, Price, Place, Promotion
One desired outcome of marketing is ______
What are the conditions that must exist in order for an exchange to take place?
1. There must be at least two parties
2. Each party has something of value to the other party
3. Each party is capable of communication and delivery
4. Freedom to accept or reject
5. Desire to deal with the other party
What are the 4 marketing management philosophies?
What is production orientation?
Focuses on internal capabilities of the firm.
"What can we make or do best?"
What is sales orientation?
The belief that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profit.
Selling things + Collecting money = Marketing
"How can we sell more aggressively?"
______ is 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.
What is market orientation?
Focusing on customer wants and needs to distinguish products from competitors' offerings
What is societal orientation?
An organization exists not only to satisfy customer wants but also to preserve or enhance individuals' and society's long-term best interests.
What are the organization's focuses?
1. Customer value
2. Customer satisfaction
3. Building relationships
Sales oriented tends to focus ______ while market oriented tends to focus ______
Who is considered the "boss" in marketing?
What is the relationship between the benefits and the sacrifice necessary to obtain those benefits?
What are the customer value requirements?
1. Offer products that perform
2. Earn trust
3. Avoid unrealistic pricing
4. Give the buyer facts
5. Offer organization-wide commitment in service and after-sales support
6. Co-creation with customers
What is the customers' evaluation of a good or service in terms of whether that good or service has met their needs and expectations?
______ is a strategy that focuses on keeping and improving relationships with current customers.
What are the four things that are required for relationship marketing to be successful?
1. Customer-oriented personnel
When an employee is the only contact a customer has with a firm, what is necessary?
The delegation of authority to solve customers' problems on the spot
Collaborative efforts of people to accomplish common objectives
What is a sales-oriented firm's business compared to a market-oriented firm's business?
Sales: selling goods & services
Market: satisfying wants & needs
Three advantages of a market-oriented firm
1. Ensures that the firm keeps focusing on customers
2. Encourages innovation and creativity
3. Stimulates an awareness of changes in customer desires and preferences
Who does a sales-oriented firm direct their products compared to a market-oriented firm?
Sales: everybody/the average customer
Market: specific groups of people
A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
Customer relationship management (CRM)
______ delivers relevant experiences throughout the consumer's decision and buying process that are integrated across both physical and virtual environments
What is a sales-oriented organization's primary goal compared to a market-oriented organization?
Sales: maximum sales volume
Market: creating customer value, providing customer satisfaction, & building long-term relationships with customers
What tools do sales-oriented organizations and market-oriented organizations use to achieve their goals?
Sales: intensive promotion
Market: coordinated use of marketing (product, place, promotion, price)
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