Chapter 1 Flashcards Preview

Marketing 300 - Principles of Marketing > Chapter 1 > Flashcards

Flashcards in Chapter 1 Deck (12):
1

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.

Marketing

2

People giving up something to receive something they would rather have.

Exchange

3

A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. (What is easy to produce, given our equipment?)

Production Orientation

4

People will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.

Sales Orientation

5

Philosophy that articulates a market orientation and that a sale does not depend on an aggressive sales force, but rather on a customer's decision to purchase a product.

Marketing Concept

6

Philosophy that assumes that a sale does not depend on an aggressive sales force, but rather on a customer's decision to purchase a product.

Marketing Orientation

7

Some products that customers want may not really be in their best interests or the best interests of society as a whole. An organization exists not only to satisfy customer wants and needs and to meet org obectives, but also to preserve or enhance society's long term best interests. (reusable, recyclable)

Societal Marketing Orientation

8

Relationship between benefits and the sacrifice necessary to obtain those benefits

Customer Value

9

The customer's evaluation of a good or service in terms of whether the good or service has met the customer's needs and expectations

Customer Satisfaction

10

Strategy that focuses on keeping and improving relationships with current customers

Relationship Marketing

11

Delegation of authority to solve customer's problems quickly - usually by the first person that the customer notifies about the problem

Empowerment

12

Collaborative efforts of people to accomplish common objectives

Teamwork