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Marketing Ch. 1
Terms in this set (20)
A philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Organizational activity, set of institutions, and processes.
American Marketing Association Definition
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
entails processes that focus on delivering value and benefits to customers, not just selling goods and services.
Conditions for Exchange
1.Atleast 2 parties
2.Something of Value
3.Communication and Delivery
4. Freedom to Accept or Reject
5. Desire to Deal with Other Party
May not take place even of conditions are met, an agreement must be reached, marketing occurs even if exchange doesn't take place.
Four Marketing Management Philosophies
(Internal Capabilities of the firm) Field of Dreams Orientation, "If you build it, they will come", Doesn't consider if what is produced meets market needs.
Marketing=Selling things & Collecting money, Disregards market needs and consumer demand. Despite quality of sales force, often cannot convince people to buy what is neither wanted nor needed.
Concept: focus on customer wants and needs to distinguish products from competitors offerings, integrate all the organization's activities to satisfy these wants, achieving the organization's long term goals by satisfying customer wants and needs legally and responsibly.
Achieving a Market Orientation
1. Obtain Info about: Customers, Competitors, and Markets
2. Examine Info from total business perspective
3.Determine how to deliver superior customer value
4.Implement actions to provide value to customers
Societal Marketing Orientation
To preserve or enhance individuals' and society's long-term best interests. Ex. Less toxic, more durable, or products with reusable or recyclable material.
Who's in Charge?
With an increased availability of comparative research customers are able to shop smarter, putting them in the driver seat.
Market Philosophy Queations
1.Production: What can we make or do best?
2. Sales: How can we sell more aggressively?
3.Marketing: What do customers want and need?
4. Societal: What do customers want/need, and how can we benefit society?
Comparing the Sales and Market Orientations
Those to whom the product is directed
Firms Primary Goal
Tools the organization uses to achieve its goals
Sales Orientation (What firm Makes/Goods and Services)
Inward Focus, Selling goods and services, For Everybody, Maximum sales volume is the goal, Tools to achieve is primarily promotion
Market Orientation (What firm wants/Benefits that Customer seeks)
Outward Focus, satisfying wants and needs, For specific groups of people, Customer satisfaction is the goal, tools to achieve is coordinated use of marketing activities
Customer Value Requirements
Offer Products that perform
Avoid Unrealistic pricing
Give Buyer Facts
Co-creation with customers
Offer organization-wide commitment in service and after sales support
customers evaluation of a good or service in terms of whether that good or service has met their needs and expectations
Strategy that focuses on keeping and improving relationships with customers.
Using: Customer Oriented Personnel(employee represents firm), Effective training programs, empowered employees(more authority to solve problem) and teamwork.
"The only purpose of an enterprise to gain and keep customers in the long term"-Peter Drucker
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