Mrkt 3001 - Ch 01

Front 1

Marketing

Back 1

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholder.

Front 2

Exchange

Back 2

The trade of things of value between buyer and seller so that each is better off after the trade.

Front 3

Market

Back 3

People with both the desire and the ability to buy a specific product.

Front 4

Target market

Back 4

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

Front 5

Marketing mix

Back 5

The marketing manager’s controllable factors (product, price, promotion, place, and packaging), that can be used to solve a marketing problem.

Front 6

Environmental factors

Back 6

In a marketing decision, the uncontrollable factors involving social, economic, technological, competitive, and regulatory forces.

Front 7

Customer value

Back 7

The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service.

Front 8

Relationship marketing

Back 8

Linking the organization to its individual customers, employees, suppliers, other partners for their mutual long-term benefits.

Front 9

Marketing program

Back 9

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

Front 10

Marketing concept

Back 10

The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals.

Front 11

Market orientation

Back 11

focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value.

Front 12

Customer relationship management (CRM)

Back 12

The process of identifying prospective buyers, understanding them intimately, and developing favorable longterm perceptions of the organization and its offerings so that buyers will choose them in the marketplace.

Front 13

Societal marketing concept

Back 13

The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.

Front 14

Macromarketing

Back 14

The study of the aggregate flow of a nation’s goods and services to benefit society.

Front 15

Micromarketing

Back 15

How an individual organization directs its marketing activities and allocates its resources to benefit its customers.

Front 16

Ultimate consumers

Back 16

People who use the goods and services purchased for a household.

Front 17

Organizational buyers

Back 17

Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale.

Front 18

Utility

Back 18

The benefits or customer value received by users of the product.