Marketing Chapter 1

Front 1

Marketing

Back 1

the activity for creating communicating delivering and exchanging offerings that benefit its customers

Front 2

Market

Back 2

people with both the desire and the ability to buy specific offering

Front 3

Target Market

Back 3

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

Front 4

Marketing Mix

Back 4

the four p's

(product, price, promotion, place)

Front 5

Customer Value Proposition

Back 5

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

"Low prices everyday, Walmart"

Front 6

Environmental Forces

Back 6

involve social economic technological competitive and regulatory forces

Front 7

Customer Value

Back 7

the unique combo of benefits receives by targeted buyers that includes quality convenience on time delivery and both before and after sale service at a specific price

Front 8

Relationship marketing

Back 8

links organization to individual customers employees suppliers and other partners for their mutual long term benefit

Front 9

Marketing Program

Back 9

a plan that integrates the marketing mix to provide a good or service or idea to prospective buyers

Front 10

Market segments

Back 10

is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries that have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.

Front 11

Marketing Concept

Back 11

is the idea that an organization should 1 strive to satisfy the needs of consumers 2 while also trying to achieve an organizations goal

Front 12

Market Orientation

Back 12

focuses on efforts on 1 continuously collecting info about consumers needs 2 sharing this info across departments 3 using it to create customer value

Front 13

Customer Relationship Management

Back 13

(CRM) the process of identifying prospective buyers understanding them intimately and developing favorable long-term perception of the organization and its offerings so that buyers will choose them in the marketplace

Front 14

Societal Marketing Concept

Back 14

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

Front 15

Ultimate Consumer

Back 15

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

Front 16

Organizational Buyers

Back 16

those manufacturers wholesalers retailers and gov agencies that buy products and services for their own use or for resale

Front 17

Utility

Back 17

the benefits or customer value received by users of the product