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27 Cards in this Set
- Front
- Back
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The process of creating, pricing, distributing, and promoting goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
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marketing
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marketing mix
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promotion, placement, pricing, product
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the purchasers of an organization's product; the focal point of all marketing- most important thing
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customer
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A specific group of customers on whom an organization focuses its marketing efforts
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target market
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Goods, services, or ideas that satisfy customer needs
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product
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Decisions and actions that establish pricing objectives and policies and set product prices
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pricing
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The ready, convenient, and timely availability of products
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placement
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Activities that inform customers about the organization and its products
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promotion
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Those constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
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stakeholders
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The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
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marketing environment
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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
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marketing concept
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Analysis of customers’ current and long-term needs
Analysis of competitors’ capabilities Integration of firm’s resources |
customer satisfaction
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Late 19th century: efficient production of goods allowed firms to meet strong customer demand. (1st way of marketing)
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product orientation
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Mid-1920s–early 1950s: weakened demand required that products would have to be “sold” (personal selling, advertising, and distribution became the focus). (2nd way of marketing)
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sales orientation
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Early 1950s–2000s: adopting a customer focus means a commitment to researching and responding to customer needs (current way of marketing)
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marketing orientation
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Establishing long-term, mutually satisfying buyer-seller relationships allowing for cooperation and mutual dependency
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relationship marketing
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
-Identifying buying-behavior patterns of customers -Using behavioral information to focus on the most profitable customers |
customer relationship management
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A customer’s subjective assessment of benefits relative to the costs in determining the worth of a product---Customer value = customer benefits – customer costs
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value
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Anything desired by the customer that is received in an exchange
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customer benefit
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Anything a customer gives up in an exchange for benefits
Monetary price of the benefit Search costs (time and effort) to locate the product Risks associated with the exchange |
customer costs
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The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
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marketing management
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The degree to which an exchange helps an organization achieve its objectives
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effectiveness
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The process of minimizing the resources an organization must spend to achieve a specific level of desired exchanges
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efficiency
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Assessing opportunities and resources
Determining marketing objectives Developing a marketing strategy and plans for implementation and control |
planning
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Developing the internal structure of the marketing unit
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organization
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Coordinating marketing activities
Motivating marketing personnel Developing effective internal communications within the unit |
implementation
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Establishing performance standards
Comparing actual performance to established standards Reducing the difference between desired and actual performance |
control
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