Chapter 1 Flashcards
The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders and society at large
Marketing
The trade of things of value between buyer and seller so that each is better off
Exchange
The process of identifying prospective buyers, understanding them intimately, and developing long-term perceptions of the organization and its offerings
Customer Relationship Management
The idea that a company should strive to satisfy the needs of customers while also trying to achieve the company’s goals
Marketing Concept
Focuses on continually collecting information about customers’ needs, sharing the information across functional departments, and using the information to create customer value
Marketing Orientation
4 P’S of marketing mix
Product, price, promotion, and place
A good, service, or idea
Product
The unique combination of benefits received by targeted buyers that includes: quality, convenience, on-time delivery service both before and after the sale price
Customer value
Who buys goods and services for the company’s use or for resale
Organizational buyers
Individuals buying for themselves and their housholds
Ultimate Consumers
People with both the desire and the ability to buy a specific product
Market
Involves determining the target market and implementing the marketing mix
Marketing Strategy
External to the company and include: economic forces, socio-cultural forces, legal and regulatory forces, technological forces, and competitive forces
Environmental Forces
One or more specific groups of potential customers toward which an organization directs its marketing program
Target Market
