Marketing Chapter 1

Front 1

Marketing

Back 1

the activity, set of instructions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.

Front 2

Exchange

Back 2

People giving up something to receive something they would rather have.

Front 3

Conditions for Exchange

Back 3

1) There must be at least two 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 or reject the exchange offer.
5) Each party believes it is appropriate or desirable to deal with the other party.

Front 4

Four competing marketing philosophies:

Back 4

1) Production
2) Sales
3) Market
4) Societal Marketing

Front 5

Production Orientation

Back 5

A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

Front 6

Sales Orientation

Back 6

The ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.

Front 7

Marketing Concept

Back 7

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.

Front 8

Marketing concept includes the following:

Back 8

1) Focusing on customer wants and needs so that the organization can distinguish its products from competitors' offerings.
2) Integrating all the organization's activities, including production, to satisfy these wants.
3) Achieving long term goals for the organization by satisfying customer wants and needs legally and responsibly.

Front 9

Market Orientation

Back 9

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

Front 10

Societal Marketing Orientation

Back 10

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 individual's and society's long-term best interests.

Front 11

Customer Value

Back 11

The relationship between benefits and the sacrifice necessary to obtain those benefits

Front 12

Marketers interested in customer value:

Back 12

-Offer products that perform
-Earn trust
-Avoid unrealistic pricing
-Give the buyer facts
-Offer organization-wide commitment in service and after-sales support
-Co-creation

Front 13

Customer Satisfaction

Back 13

Customers' evaluation of a good or service in terms of whether it has met their needs and expectations

Front 14

Relationship Marketing

Back 14

A strategy that focuses on keeping and improving relationships with current customers

Front 15

Empowerment

Back 15

Delegation of authority to solve customers' problems quickly--Usually by the first person that the customer notifies regarding a problem

Front 16

Teamwork

Back 16

Collaborative efforts of people to accomplish common objectives

Front 17

The 4 P's

Back 17

Product
Price
Promotion
Place

Front 18

BRAND ADVOCATE

Back 18

VERY EFFECTIVE. Somebody who cares enough about the product to use "word of mouth" to spread the interest in this product

Front 19

Marketing is two things:

Back 19

1) A set of activities: The 4 P's
2) A philosophy: One of the four

Front 20

Marketing concept does three things for value:

Back 20

1--Creating value
2--Communicating value
3--Delivering value

Front 21

Target Market

Back 21

Targeted group. One that has a specific subset of consumers who share similar needs and wants.