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11 Cards in this Set
- Front
- Back
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What is Marketing?
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Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others.”
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Reasons for Studying Marketing
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important to society
important to business good career oportunities mrkt affects you everyday |
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American Marketing Association Definition
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Marketing is 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.
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Five Conditions for an Exchange
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There must be at least two parties.
Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to accept or reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party. |
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Marketing Management Philosophies
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production
sales mrkt societal |
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production
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internal capabilities of the firm
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sales
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aggressive sales techniques and belief that high sales result in high profits
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mrkt
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satisfying customer needs and wants while looking to the future.
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Societal
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satisfying customer needs and wants while enhancing individual and societal well-being
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Market Orientation
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The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives.
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Customer Relationship Management (CRM):
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Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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