Marketing Vocabulary Chapter 1

Front 1

1. Marketing

Back 1

The activity set of institutions, and processes for creating,communicating, delivering, and exchanging offerings that have value for thecustomers, clients, and society as a whole.

Front 2

2. Exchange

Back 2

People giving up something to receive something to receive somethingthey’d rather have.

Front 3

3. Production Orientation

Back 3

A philosophy that focuses on the internal capabilities of the firmrather than the needs/wants of the market place.

Front 4

4. Sale Orientation

Back 4

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

Front 5

5. Marketing Concept

Back 5

The idea that the social and economic justification for andorganizations existence is the satisfaction of customer wanted needs whilemeeting organizational objectives.

Front 6

6. Marketing Orientation

Back 6

A philosophy that assumes that a sale does not depend on an aggressivesales force but rather on a customer’s decision to purchase a product. Ii is asynonymous with marketing concept.

Front 7

7. Sales Marketing Orientation

Back 7

The idea that an organization exist not only to satisfy customer wants and needs but also to preserve or enhance individual’s and society’s long-term interests.

Front 8

8. Customer Value

Back 8

The relationship between benefits and the sacrifice necessary to obtainthese benefits.

Front 9

9. CustomerSatisfaction

Back 9

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

Front 10

10.Relationship Marketing

Back 10

A strategy that focuses on keeping and improvingrelationships with current customers.

Front 11

11.Empowerment

Back 11

Delegation of authority to solve customers’ problems quickly – usually by the first person that the customer notifies regarding a problem.

Front 12

12. Teamwork

Back 12

Collaborative efforts of people to accomplish common objectives .