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27 Cards in this Set
- Front
- Back
What is marketing?
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Marketing is 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 stakeholders
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Production Philosophy
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A production philosophy exists when an organization emphasizes the production function
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Selling Philosophy
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A selling philosophy predominates where the selling function is most valued
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Marketing Philosophy
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A marketing philosophy suggests that the organization focuses on satisfying the needs of customers
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Three principles of Marketing Concept
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An organization’s basic purpose is to satisfy customer needs. Satisfying customer needs requires integrated, coordinated efforts throughout the organization. 3 Organizations should focus on long-term success
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Market Orientation
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A market orientation consists of creating norms and values that encourage customer-oriented behavior throughout the organization, including:
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Customer Equity
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Customer equity is the financial value of a firm’s customer relationships. It consists of profits from first-time customers plus expected profits from future sales to these and other customers.
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Ways to increase customer equity
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Acquire more profitable customers at a lower cost. Retain profitable customers longer. Win back profitable customers. Eliminate unprofitable customers. Sell more to profitable customers. Reduce service and operational costs
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Exchange
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Exchange is defined as the transfer of something tangible or intangible, actual or symbolic, between two or more social actors.
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Target Market
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A target market is a defined group of consumers or organizations with which a firm wants to create marketing exchanges and relationships
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Marketing Mix
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A marketing mix is the overall marketing offer to appeal to the target market.
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Marketing Manager
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Directs all company’s marketing activities, including planning, organizing, staffing, directing, controlling, evaluating performance
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Product Manger
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Develops goals, objectives, plans, strategies, marketing mixes for product line or brand
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Advertising Manager
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Devises advertising policy and strategy, selects advertising agencies, develops promotional campaigns, selects media, allocates advertising expenditures
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Supply Chain Manager
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Manages distribution system, including storage and transportation for all products and services
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Purchasing Manager
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Manages all purchasing activities, including buying product ingredients or components, supplies, equipment, needed materials
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Marketing research manager
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Develops research designs for specific problems; collects, analyzes, interprets data; presents results to top management
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Public Relations Manager
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Manages all communications with media and company stakeholders to present favorable public image
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Customer Service Manager
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Provides customer service, handles customer complaints
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Sales Manager
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Organizes, develops, directs, controls, evaluates sales force
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Marketing Perspective: Global
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Viewing the world as the potential marketplace to include identifying and responding both to market opportunities around the world and to different cultural groups within each market.
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Marketing Perspective: Relationship
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Building partnerships with firms outside the organization and encouraging teamwork among different functions within the organization to develop long-term customer relationships.
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Ethics
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Addressing the morality of marketing decisions and practicing social responsibility to include ecological considerations.
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Customer Value
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Constantly looking for ways to give customers more for less.
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Productivity
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Trying to get the best return for each marketing dollar spent.
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Technology
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Translating new and emerging technologies into successful products and services, and using technology to improve marketing practice.
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Entrepreneurship
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Focusing on innovation, on risk taking, and on being proactive in marketing efforts.
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