Chapter 1 Flashcards
Exchange
People giving up something in order to receive something they would rather have
Marketing
The activity, set of institutions and processes for creating communicating delivering and exchanging offering, that have value or customers, clients, partners and society at large
Production orientation
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
Sales orientation
The ideas that people will buy. Lee goods and services if aggressive sales technique are used and that high sales result in high profit
Marketing concept
The idea that the social and economic justification for an organizations existence is the satisfaction of customer wants and needs while meeting organizational objectives
Market orientation
A philosophy that assumes that a sale does not depend on the aggressive sales force but rather on a customers 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 the organizational objectives but also to preserve or enhance individuals and societies long term interests
Customer value
The relationship between benefits and the sacrifice necessary to obtain tho benefits
Customer satisfaction
Customers evaluation of a service or a good in terms of whether it has met their needs and expectations
Relationship marketing
A strategy that focuses on keeping and improving relationships with current customers
Empowerment
Delegation of authority to solve customers problems quickly- usually given to the first person the customer notifies regarding a problem
Teamwork
Collaborative effort of people to accomplish common objectives
