Marketing Exam I Ch 01

Front 1

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.

Back 1

Definition of Marketing

Front 2

People giving up something in order to receive something they would rather have. A major goal in marketing.

Back 2

Exchange

Front 3

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

Back 3

Production Orientation

Front 4

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

Back 4

Sales Orientation

Front 5

The idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organization objectives.

Back 5

Marketing Concept

Front 6

A philosophy that assumes that a sale does not depend on a customer's decision to purchase a product; it is synonymous with the marketing concept.

Back 6

Market Orientation

Front 7

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.

Back 7

Societal Marketing Orientation

Front 8

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 of reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.

Back 8

Five Conditions of Exchange

Front 9

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

Back 9

Customer Value

Front 10

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

Back 10

Customer Satisfaction

Front 11

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

Back 11

Relationship Marketing

Front 12

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

Back 12

Empowerment

Front 13

Collaborative efforts of people to accomplish common objectives.

Back 13

Teamwork