Marketing: Chapter 1

Front 1

Marketing

Back 1

- The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
- Seeks to:
1. Discover the needs and wants of prospective customers
2. Satisfy those needs and wants

Front 2

Factors needed for marketing to occur

Back 2

1. Two or more parties 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

Front 3

Need

Back 3

Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter

Front 4

Want

Back 4

A need that is shaped by a person's knowledge, culture, and personality

Front 5

Target Market

Back 5

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Front 6

Four Ps

Back 6

Product, Price, Promotion, and Place

Front 7

Customer Value Proposition

Back 7

A cluster of benefits that an organization promises customers to satisfy their needs.

Front 8

Customer Value

Back 8

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.

Front 9

Relationship Marketing

Back 9

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

Front 10

Environmental Forces

Back 10

Forces that are mostly beyond the control of marketers. Example: social, economic, customers wants & needs.

Front 11

Marketing Concept

Back 11

An organization should
1. Strive to satisfy the needs of consumers
2. while trying to achieve the organization's goals

Front 12

Market Orientation

Back 12

1. Continuously collecting information about customers' needs
2. Sharing this information across departments
3. Using it to create customer value

Front 13

Customer Relationship Management

Back 13

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.

Front 14

Customer Experience

Back 14

The internal response that customers have to all aspects of an organization and its offering

Front 15

Societal Marketing Concept

Back 15

View that organizations should satisfy the needs of consumers in a way that provides for society's well-being.

Front 16

Ultimate Consumers

Back 16

The people who use the products and services purchased for a household

Front 17

Organizational buyers

Back 17

Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.

Front 18

Utility

Back 18

The benefits or customer value received by users of the product