Mkt 1

Front 1

Marketing

Back 1

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.

Front 2

Our definition is consistent with
the American Marketing Association (AMA), which defines marketing as...

Back 2

“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

Front 3

Customers are...

Back 3

the focal point of all marketing activities

Front 4

The essence of marketing is to develop ....

Back 4

satisfying exchange
relationships from which both customers and marketers
benefit.

Front 5

Organizations generally focus their marketing efforts
on a specific group of customers, called a ...

Back 5

Target market

Front 6

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.

Back 6

product, distribution, promotion, and pricing

satisfy
customers’ needs

Front 7

A product can be a ...

Back 7

good, a service, or an
idea.

Front 8

Individuals and organizations engage in marketing to facilitate ______

Back 8

exchanges -—the provision
or transfer of goods, services, or ideas in return for something of value.

Front 9

For an exchange to take place, four conditions must exist.

Back 9

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.

Front 10

Stakeholders include those constituents who have a ...

Back 10

“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.

Front 11

The marketing environment,
which includes ...

Back 11

competitive, economic, political, legal and regulatory, technological, and sociocultural forces, surrounds the customer and affects the marketing mix

Front 12

The forces of the marketing environment affect a marketer’s ability to facilitate
exchanges in three general ways.

Back 12

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.

Front 13

Marketing concept

Back 13

, 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.

Front 14

Market orientation

Back 14

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

Front 15

m relationship marketing refers to..

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“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

Front 16

Customer-centric marketing involves

Back 16

developing collaborative relationships with
customers based on focusing on their individual needs and concerns.

Front 17

Customer relationship management
(CRM) focuses on

Back 17

using information about customers to create marketing strategies that
develop and sustain desirable customer relationships.

Front 18

Value

Back 18

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

Front 19

Marketing management

Back 19

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.

Front 20

An effective control process has four requirements.

Back 20

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

Front 21

About ____of a buyer’s dollar goes toward marketing costs.

Back 21

one-half

Front 22

Green Marketing

Back 22

is a strategic process involving stakeholder
assessment to create meaningful long-term relationships with customers while
maintaining, supporting, and enhancing the natural environment.