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27 Cards in this Set
- Front
- Back
Marketing
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creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large
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Exchange
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the trade of things of value between buyer and seller so that each is better off after the trade
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Four Factors for Marketing to Occur
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1) two or more parties (individuals or organizations) with unsatisfied needs 2) a desire and ability on their part to be satisfied
3) a way for the parties to communicate and 4) something to exchange |
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Market
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people with both the desire and the ability to buy a specific product
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Target Market
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one or more specific groups of potential consumers toward which an organization directs its marketing program
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Marketing Mix
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the marketing manager's controllable factors---Product, Price, Promotion, and Place---that can be used to solve a marketing problem
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Environmental Forces
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the uncontrollable factors in a marketing decision involving social, economic, technological, competitive, and regulatory forces
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The Four P's:
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Product- A good, service, or idea to satisfy the consumer's needs.
Price- What is exchanged for the product. Promotion- A means of communication between the seller and buyer. Place- A means of getting the product to the consumer. |
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Customer Value
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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
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Relationship Marketing
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linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits
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Marketing Program
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a plan that integrates the marketing mix to provide a good or service, or idea to prospective buyers
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Marketing Concept
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the idea that an organization should 1) strive to satisfy the needs of consumers 2) while also trying to achieve the organization's goals
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Market Orientation
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an organization that focuses its efforts on (1) continuously collecting information about customer's needs (2) sharing this information across departments and (3) using it to create customer value
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Customer Relationship Management (CRM)
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the process of identifying prospective buyers, understanding them intimately and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
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Customer Experience
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the internal response that customers have to all aspects of an organization and its offerings
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Societal Marketing Concept
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the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
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Ultimate Consumers
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people who use the goods and services purchased for a household
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Organizational Buyers
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manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
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Utility
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the benefits or customer value received by users of the product
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What is marketing?
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Marketing is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.
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Marketing focuses on _______ and _______ consumer needs.
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discovering; satisfying
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What four factors are needed for marketing to occur?
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The four factors are: (1) two or more parties (individuals or organizations) with unsatisfied needs (2) a desire and ability on their part to be satisfied (3) a way for the parties to communicate (4) something to exchange
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An organization can't satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its _____________.
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Target Markets
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What are the four marketing mix elements that make up the organization's marketing program?
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Product, Price, Promotion, Place
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What are environmental forces?
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Environmental forces are those that the organization's marketing department can't control. These include social, economic, technological, competitive and regulatory forces.
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Like Pillsbury and General Electric, many firms have gone through four distinct orientations for their business, starting with the ______ era and ending with today's _______era.
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production; customer
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What are the two key characteristics of the marketing concept?
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An organization should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization's goals.
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