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17 Cards in this Set
- Front
- Back
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Market
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consists of people with both the desire and the ability to buy a specific product.
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Target Market
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consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.
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Marketing
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the activity, set of institutions, and processes for creating, communicating, and delivering, and exchanging offerings that have value for customers, clients, partners 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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Marketing Mix
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consists of 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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consist of the uncontrollable factors in a marketing decision involving social, economic, technological, competitive, and regulatory forces.
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Customer Value
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is 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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links 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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is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
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Marketing Concept
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is 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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in an organization focuses its efforts on (1) continuously collecting information about customers’ 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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is 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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is 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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is 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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consist of the people who use the goods and services purchased for a household. Also called consumers, buyers, or customers.
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Organizational Buyers
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are those 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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consists of the benefits or customer value received by users of the product.
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