Flashcards in Chapter 1 Deck (16):
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
The purchasers of organizations' products; the focal point of all marketing elements.
The group of customers on which marketing efforts are focused.
Four marketing elements--products, distribution, promotion, and pricing--that a firm can control to meet the needs of customers within its target markets.
A good, service, or idea.
The provision or transfer of goods, services, or ideas in return for something of value.
Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes.
The competitive, economic, political, legal, and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.
A philosophy that an organization should try to provide products that satisfy customer's needs through a coordinated set of activities that also allows the organization to achieve its goals.
An organization wide commitment to researching and responding to customer needs.
Establishing long-term, mutually satisfying buyer-seller relationships.
Developing collaborative relationships with customers based on focusing on their individual needs and concerns.
Customer Relationship Management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.