Marketing Chapter 1

Front 1

Exchange

Back 1

people giving up something in order to receive something they would rather have

Front 2

Production Orientation

Back 2

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

Front 3

Sales Orientation

Back 3

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 4

Marketing Concept

Back 4

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 5

Market Orientation

Back 5

A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept

Front 6

Societal Marketing Orientation

Back 6

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 7

Customer Value

Back 7

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

Front 8

Customer Satisfaction

Back 8

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

Front 9

Relationship Marketing

Back 9

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

Front 10

Empowerment

Back 10

Delegation of authority to solve customers' problems quickly, usually by the first person the customer notifies regarding a problem

Front 11

Teamwork

Back 11

Collaborative efforts of people to accomplish common objectives

Front 12

Customer Relationship Management (CRM)

Back 12

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

Front 13

Strategic Planning

Back 13

Managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
The goal is long-run profitability and growth.