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Flashcards in Chapter 1 Deck (16):
1

Marketing

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.

2

Customers

The purchasers of organizations' products; the focal point of all marketing elements.

3

Target Market

The group of customers on which marketing efforts are focused.

4

Marketing Mix

Four marketing elements--products, distribution, promotion, and pricing--that a firm can control to meet the needs of customers within its target markets.

5

Product

A good, service, or idea.

6

Exchange

The provision or transfer of goods, services, or ideas in return for something of value.

7

Stakeholders

Constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes.

8

Marketing Environment

The competitive, economic, political, legal, and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.

9

Marketing Concept

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.

10

Market Orientation

An organization wide commitment to researching and responding to customer needs.

11

Relationship Marketing

Establishing long-term, mutually satisfying buyer-seller relationships.

12

Customer-Centric Marketing

Developing collaborative relationships with customers based on focusing on their individual needs and concerns.

13

Customer Relationship Management (CRM)

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

14

Value

A customer's subjective assessment of benefits relative to costs in determining the worth of a product.

15

Marketing Management

The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.

16

Green Marketing

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.