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27 Cards in this Set

  • Front
  • Back
What is marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Production Philosophy
A production philosophy exists when an organization emphasizes the production function
Selling Philosophy
A selling philosophy predominates where the selling function is most valued
Marketing Philosophy
A marketing philosophy suggests that the organization focuses on satisfying the needs of customers
Three principles of Marketing Concept
An organization’s basic purpose is to satisfy customer needs. Satisfying customer needs requires integrated, coordinated efforts throughout the organization. 3 Organizations should focus on long-term success
Market Orientation
A market orientation consists of creating norms and values that encourage customer-oriented behavior throughout the organization, including:
Customer Equity
Customer equity is the financial value of a firm’s customer relationships. It consists of profits from first-time customers plus expected profits from future sales to these and other customers.
Ways to increase customer equity
Acquire more profitable customers at a lower cost. Retain profitable customers longer. Win back profitable customers. Eliminate unprofitable customers. Sell more to profitable customers. Reduce service and operational costs
Exchange is defined as the transfer of something tangible or intangible, actual or symbolic, between two or more social actors.
Target Market
A target market is a defined group of consumers or organizations with which a firm wants to create marketing exchanges and relationships
Marketing Mix
A marketing mix is the overall marketing offer to appeal to the target market.
Marketing Manager
Directs all company’s marketing activities, including planning, organizing, staffing, directing, controlling, evaluating performance
Product Manger
Develops goals, objectives, plans, strategies, marketing mixes for product line or brand
Advertising Manager
Devises advertising policy and strategy, selects advertising agencies, develops promotional campaigns, selects media, allocates advertising expenditures
Supply Chain Manager
Manages distribution system, including storage and transportation for all products and services
Purchasing Manager
Manages all purchasing activities, including buying product ingredients or components, supplies, equipment, needed materials
Marketing research manager
Develops research designs for specific problems; collects, analyzes, interprets data; presents results to top management
Public Relations Manager
Manages all communications with media and company stakeholders to present favorable public image
Customer Service Manager
Provides customer service, handles customer complaints
Sales Manager
Organizes, develops, directs, controls, evaluates sales force
Marketing Perspective: Global
Viewing the world as the potential marketplace to include identifying and responding both to market opportunities around the world and to different cultural groups within each market.
Marketing Perspective: Relationship
Building partnerships with firms outside the organization and encouraging teamwork among different functions within the organization to develop long-term customer relationships.
Addressing the morality of marketing decisions and practicing social responsibility to include ecological considerations.
Customer Value
Constantly looking for ways to give customers more for less.
Trying to get the best return for each marketing dollar spent.
Translating new and emerging technologies into successful products and services, and using technology to improve marketing practice.
Focusing on innovation, on risk taking, and on being proactive in marketing efforts.