Ch 1 Overview Of Marketing Key Terms

Front 1

B2B (business-to-business)

Back 1

The process of selling merchandise or services from one business to another.

Front 2

B2C (business-to-consumer)

Back 2

The process in which businesses sell to consumers.

Front 3

C2C (consumer-to-consumer)

Back 3

The process in which consumers sell to other consumers.

Front 4

customer relationship management (CRM)

Back 4

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.

Front 5

employment marketing

Back 5

Marketing programs to attract applicants to the hiring firm.

Front 6

entrepreneur

Back 6

A person who organizes, operates, and assumes the risk of a new business venture.

Front 7

exchange

Back 7

The trade of things of value between the buyer and the seller so that each is better off as a result.

Front 8

goods

Back 8

Items that can be physically touched.

Front 9

ideas

Back 9

Intellectual concepts—thoughts, opinions, and philosophies.

Front 10

marketing

Back 10

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Front 11

marketing mix (four Ps)

Back 11

Product, price, place, and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets.

Front 12

marketing plan

Back 12

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.

Front 13

relational orientation

Back 13

A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship.

Front 14

services

Back 14

Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer.

Front 15

supply chain

Back 15

The group of firms that make and deliver a given set of goods and services.

Front 16

transactional orientation

Back 16

Regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance.

Front 17

value

Back 17

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives.

Front 18

value cocreation

Back 18

Customers act as collaborators with a manufacturer or retailer to create the product or service.