Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
Marketing
|
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
|
|
exchange
|
people giving up something to receive something they would rather have
|
|
product orientation
|
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
"what do we do best" |
|
Conditions of Exchange
|
1. there must be at least 2 parties
2. each party has something that might be of value to the other party 3.each party is capable of communication and delivery 4. each party is free to accept and reject the exchange offer 5. each party believes it is appropriate or desirable to deal with the other party |
|
sales orientation
|
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
|
|
marketing concept
|
the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
|
|
market orientation
|
a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; it is synonymous with the marketing concept
|
|
societal marketing orientation
|
the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
|
|
customer value
|
the relationship between benefits and the sacrifice necessary to obtain those benefits; customers value goods and services that are of the quality they expect and that are sold at prices they are willing to pay
|
|
Marketers interested in customer value:
|
1. offer products that perfrom
2. earn trust 3. avoid unrealistic pricing 4. give the buyer the facts 5. offer organization-wide commitment in services and after-sales support 6. co-creation |
|
customer satisfaction
|
customer's evaluation of a good or service in terms of whether it has met their needs and expectations
|
|
Relationship Marketing
|
a strategy that focuses on keeping and improving relationships with current customers
1. customer oriented personnel 2. the role of training 3. empowerment 4. teamwork |
|
empowerment
|
delegation of authority to solves customer's problems quickly-- usually by the first person that the customer notifies regarding a problem
|
|
Marketing Management Philosophies
|
1. production
2. societal marketing 3. market 4. sales |
|
strategic planning
|
the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities
|
|
planning
|
the process of anticipating future events and determining strategies to achieve organizational objectives in the future
|
|
market planning
|
designing activities relating to marketing objectives and the changing marketing environment
|
|
mission statement
|
a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environment conditions
|