Marketing 1

Front 1

Marketing

Back 1

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment

Front 2

Customers

Back 2

the purchasers of organizations' products: the focal point of all marketing activities

Front 3

Target Market

Back 3

a specific group of customers on whom an organization focuses its marketing efforts

Front 4

the marketing mix

Back 4

four marketing activities- product, distribution, promotion, and pricing- that a firm can control to meet the needs of customers within its target market

Front 5

product

Back 5

goods, services, or ideas that satisfy customer needs

Front 6

distribution

Back 6

the ready, convenient and timely availability of products

Front 7

promotion

Back 7

activities that inform customers about the organization and its products

Front 8

pricing

Back 8

decisions and actions that establish pricing objectives and policies and set product prices

Front 9

exchange

Back 9

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

Front 10

peter f. drucker

Back 10

the purpose of an organization is to create and satisfy a customer

Front 11

marketing concept

Back 11

a philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals

Front 12

Implementing the Marketing Concept

Back 12

Becoming marketing oriented requires
Establishing an information system to discover customers’ needs and using the information to create satisfying products.
Coordinating all marketing activities by restructuring the organization.
Obtaining the support of all managerial and staff levels in the organization.

Front 13

evolution of the marketing concept

Back 13

product orientation, sales orientation, marketing orientation

Front 14

Relationship Marketing

Back 14

Establishing long-term, mutually satisfying buyer-seller relationships allowing for cooperation and mutual dependency

Front 15

Customer Relationship Management (CRM)

Back 15

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

Front 16

Value

Back 16

A customer’s subjective assessment of benefits relative to the costs in determining the worth of a product
Customer value = customer benefits – customer costs

Front 17

Customer benefits

Back 17

Anything desired by the customer that is received in an exchange

Front 18

Customer costs

Back 18

Anything a customer gives up in an exchange for benefits

Front 19

Marketing Management

Back 19

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

Front 20

Planning

Back 20

Assessing opportunities and resources
Determining marketing objectives
Developing a marketing strategy and plans for implementation and control

Front 21

Organizing

Back 21

Developing the internal structure of the marketing unit
Functions, products, regions, customer types

Front 22

Implementation

Back 22

Coordinating marketing activities
Motivating marketing personnel
Developing effective internal communications within the unit

Front 23

Control

Back 23

Establishing performance standards
Comparing actual performance to established standards
Reducing the difference between desired and actual performance

Front 24

Organizing

Back 24

Developing the internal structure of the marketing unit
Functions, products, regions, customer types

Front 25

Implementation

Back 25

Coordinating marketing activities
Motivating marketing personnel
Developing effective internal communications within the unit

Front 26

Control

Back 26

Establishing performance standards
Comparing actual performance to established standards
Reducing the difference between desired and actual performance

Front 27

Strategic Planning

Back 27

The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan

Front 28

Marketing Strategy

Back 28

A plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market

Front 29

Marketing Plan

Back 29

A written document that specifies the activities to be performed to implement and control an organization’s marketing activities

Front 30

Core Competencies

Back 30

Things a firm does extremely well (strengths), which sometimes give it an advantage over its competition

Front 31

Market Opportunity

Back 31

A combination of circumstances and timing that permits an organization to reach a target market

Front 32

Competitive Advantage

Back 32

The result of a company’s matching a core competency (superior skill or resources) to opportunities in the marketplace

Front 33

SWOT Analysis

Back 33

An assessment of the organization’s strengths, weaknesses, opportunities, and threats
Strengths—competitive advantages or core competencies
Weaknesses—limitations on competitive capability
Opportunities—favorable conditions in the environment
Threats—conditions or barriers to reaching objectives

Front 34

Marketing Objective

Back 34

A statement of what is to be accomplished through marketing activities to match strengths to opportunities, or to provide for the conversion of weaknesses to strengths

Front 35

Corporate Strategy

Back 35

A strategy that determines the means for utilizing resources in the various functional areas to reach the organization’s goals

Front 36

Strategic Business Unit (SBU)

Back 36

A division, product line, or other profit center within a parent company

Front 37

Market-Growth/Market-Share Matrix

Back 37

A strategic planning tool based on the philosophy that a product’s market growth rate and market share are important in determining marketing strategy

Front 38

Marketing Planning

Back 38

The systematic process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program

Front 39

Marketing Implementation

Back 39

The process of putting marketing strategies into action

Front 40

Intended Strategy

Back 40

The strategy that the company decides on during the planning phase

Front 41

Realized Strategy

Back 41

The strategy that actually takes place

Front 42

Total Quality Management (TQM)

Back 42

A philosophy that uniform commitment to quality in all areas of the organization will promote a culture that meets customers’ perceptions of quality

Front 43

Benchmarking

Back 43

Comparing the quality of the firm’s goods, services, or processes with that of the best-performing competitors

Front 44

Empowerment

Back 44

Giving customer-contact employees authority and responsibility to make marketing decisions on their own

Front 45

Centralized Organization

Back 45

A structure in which top management delegates little authority to levels below it

Front 46

Decentralized Organization

Back 46

A structure in which decision-making authority is delegated as far down the chain of command as possible

Front 47

Environmental Scanning

Back 47

The process of collecting information about forces in the marketing environment

Front 48

Environmental Analysis

Back 48

The process of assessing and interpreting the information gathered through environmental scanning

Front 49

Buying Power

Back 49

Resources, such as money, goods, and services, that can be traded in an exchange

Front 50

Encouraging Compliance with Laws and Regulations

Back 50

Movement is toward greater organizational accountability for misconduct of employees

Front 51

Regulatory Agencies

Back 51

FTC influences marketing activities most; can seek civil penalties and require corrective advertising

Front 52

Sociocultural Forces

Back 52

The influences in a society and its culture(s) that change people’s attitudes, beliefs, norms, customs, and lifestyles