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14 Cards in this Set
- Front
- Back
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What is Marketing?
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The process of creating, distributing, promoting, and pricing 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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Who are the "Customers" in the marketing transaction?
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The customers are the purchasers of organization's products; the focal point of all marketing activities.
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What or who is the target market?
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A specific group of customers on whom an organization focuses its marketing efforts.
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What is the Marketing Mix?
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Four marketing activities: product, pricing, distribution, and promotion- that ma firm can control to meet the needs of customers within its target market.
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What is a "Product"?
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A good, a service, or an idea.
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Exchanges
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The provision or transfer of goods, services, or ideas in return for something of value.
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Who are "Stakeholders"?
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Constituents who have a steak or claim in some aspect of a company's products, operations, markets, industry, and outcomes.
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Describe the Marketing Environment?
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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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What is the "Marketing Concept"?
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A managerial philosophy that an organization should try to satisfy customer's needs through a coordinated set of activities that also allows the organization to achieve its goals.
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What is Marketing Orientation?
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An organizations commitment to researching and responding to customer needs.
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What is Relationship Marketing?
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Establishing long-term, mutually satisfying buyer-seller relationships.
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What is Customer Relationship Management?
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Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
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What is "value"?
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A customers subjective assessment of benefits relative to costs in determining the worth of a product.
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What is Marketing Management?
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The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.
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