Chapter 1 Flashcards
(18 cards)
Customer Value
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery and both before-sale and after-sale service at a specific price
Customer Value Proposition
The cluster of benefits that an organization promises customers to satisfy their needs
Environmental Forces
The uncontrollable forces that affect a marketing decision and consists of social, economic, technological, competitive and regulatory forces
Exchange
The trade of things of value between buyer and seller so that each is better off after the trade
Market
People with both the desire and the ability to buy a specific offering
Market Segments
The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action
Marketing
The activity, set of instructions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Concept
The idea that an organization should
(1) strive to satisfy the needs of consumers while also
(2) trying to achieve the organization’s goals
Marketing Mix
The controllable factors - product, price, promotion and place - that can be used by the marketing manager to solve a marketing problem
Marketing Program
A plan that integrates the marketing mix to provide a good, service or idea to prospective buyers
Organizational Buyers
Those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations and government agencies that buy products and services for their own use or for resale
Product
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumer’s needs and is received in exchange for money or something else of value
Relationship Marketing
Links the organization to its individual customers, employees, suppliers and other partners for their mutual long-term benefit
Social Marketing Concept
The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being
Target Market
One or more specific groups of potential consumers toward which an organization directs its marketing program
Ultimate Consumers
The people who use the products and services purchased for a household.
Utility
The benefits or customer value received by users of the product.
Market Orientation
An organization with a market orientation focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments and (3) using it to create customer value
