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22 Cards in this Set

  • Front
  • Back
Marketing
the process
of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate
satisfying exchange relationships with customers and develop and maintain favorable
relationships with stakeholders in a dynamic environment.
Our definition is consistent with
the American Marketing Association (AMA), which defines marketing as...
“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.” 2
Customers are...
the focal point of all marketing activities
The essence of marketing is to develop ....
satisfying exchange
relationships from which both customers and marketers
benefit.
Organizations generally focus their marketing efforts
on a specific group of customers, called a ...
Target market
Marketers refer to these elements _________ as the marketing mix because they
decide what type of each variable to use and in what amounts. A primary goal of a
marketing manager is to create and maintain the right mix of these elements to ________for a general product type.
product, distribution, promotion, and pricing

satisfy
customers’ needs
A product can be a ...
good, a service, or an
idea.
Individuals and organizations engage in marketing to facilitate ______
exchanges -—the provision
or transfer of goods, services, or ideas in return for something of value.
For an exchange to take place, four conditions must exist.
First, two or more
individuals, groups, or organizations must participate, and each must possess something
of value that the other party desires. Second, the exchange should provide a benefit or
satisfaction to both parties in the transaction. Third, each party must have confidence
in the promise of the “something of value” held by the other. If you go to a Coldplay
concert, for example, you go with the expectation of a great performance. Finally, to
build trust, the parties to the exchange must meet expectations.
Stakeholders include those constituents who have a ...
“stake,” or claim, in some aspect of a company’s products, operations, markets, industry,
and outcomes. Stakeholders include customers, employees, investors and shareholders,
suppliers, governments, communities, and many others.
The marketing environment,
which includes ...
competitive, economic, political, legal and regulatory, technological, and sociocultural forces, surrounds the customer and affects the marketing mix
The forces of the marketing environment affect a marketer’s ability to facilitate
exchanges in three general ways.
First, they influence customers by affecting their lifestyles,
standards of living, and preferences and needs for products. Because a marketing manager
tries to develop and adjust the marketing mix to satisfy customers, effects of environmental
forces on customers also have an indirect impact on marketing mix components. Second,
marketing environment forces help determine whether and how a marketing manager
can perform certain marketing activities. Finally, environmental forces may affect a
marketing manager’s decisions and actions by influencing buyers’ reactions to the firm’s
marketing mix.
Marketing concept
, an organization should try to provide
products that satisfy customers’ needs through a coordinated set of activities that also
allows the organization to achieve its goals.
Market orientation
requires the “organizationwide generation of market
intelligence pertaining to current and future customer needs, dissemination of the
intelligence across departments, and organizationwide responsiveness to it.” 1 6 Market
orientation is linked to new-product innovation by developing a strategic focus to
explore and develop new products to serve target markets. 1 7
m relationship marketing refers to..
“long-term, mutually beneficial arrangements
in which both the buyer and seller focus on value enhancement through the creation of
more satisfying exchanges.” 2 1
Customer-centric marketing involves
developing collaborative relationships with
customers based on focusing on their individual needs and concerns.
Customer relationship management
(CRM) focuses on
using information about customers to create marketing strategies that
develop and sustain desirable customer relationships.
Value
w value as a customer’s subjective assessment
of benefits relative to costs in determining the worth of a product (customer value 
customer benefits customer costs). C
Marketing management
Marketing management is the process of planning, organizing, implementing, and
controlling marketing activities to facilitate exchanges effectively and efficiently.
Effectiveness and efficiency are important dimensions of this definition. Effectiveness is
the degree to which an exchange helps achieve an organization’s objectives. Efficiency
refers to minimizing the resources an organization must spend to achieve a specific level
of desired exchanges.
An effective control process has four requirements.
First, it should ensure a rate of information flow that allows the marketing manager to
quickly detect any differences between actual and planned levels of performance. Second,
it must accurately monitor various activities and be flexible enough to accommodate
changes. Third, the costs of the control process must be low relative to costs that would
arise without controls. Finally, the control process should be designed so that both
managers and subordinates can understand
About ____of a buyer’s dollar goes toward marketing costs.
one-half
Green Marketing
is a strategic process involving stakeholder
assessment to create meaningful long-term relationships with customers while
maintaining, supporting, and enhancing the natural environment.