Marketing Ch. 1

Front 1

Marketing

Back 1

creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large

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

Four Factors for Marketing to Occur

Back 3

1) two or more parties (individuals or organizations) with unsatisfied needs 2) a desire and ability on their part to be satisfied
3) a way for the parties to communicate and
4) something to exchange

Front 4

Market

Back 4

people with both the desire and the ability to buy a specific product

Front 5

Target Market

Back 5

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

Front 6

Marketing Mix

Back 6

the marketing manager's controllable factors---Product, Price, Promotion, and Place---that can be used to solve a marketing problem

Front 7

Environmental Forces

Back 7

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

Front 8

The Four P's:

Back 8

Product- A good, service, or idea to satisfy the consumer's needs.
Price- What is exchanged for the product.
Promotion- A means of communication between the seller and buyer.
Place- A means of getting the product to the consumer.

Front 9

Customer Value

Back 9

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

Front 10

Relationship Marketing

Back 10

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

Front 11

Marketing Program

Back 11

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

Front 12

Marketing Concept

Back 12

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 13

Market Orientation

Back 13

an organization that focuses its efforts on (1) continuously collecting information about customer's needs (2) sharing this information across departments and (3) using it to create customer value

Front 14

Customer Relationship Management (CRM)

Back 14

the process of identifying prospective buyers, understanding them intimately and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace

Front 15

Customer Experience

Back 15

the internal response that customers have to all aspects of an organization and its offerings

Front 16

Societal Marketing Concept

Back 16

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

Front 17

Ultimate Consumers

Back 17

people who use the goods and services purchased for a household

Front 18

Organizational Buyers

Back 18

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

Front 19

Utility

Back 19

the benefits or customer value received by users of the product

Front 20

What is marketing?

Back 20

Marketing is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.

Front 21

Marketing focuses on _______ and _______ consumer needs.

Back 21

discovering; satisfying

Front 22

What four factors are needed for marketing to occur?

Back 22

The four factors are: (1) two or more parties (individuals or organizations) with unsatisfied needs (2) a desire and ability on their part to be satisfied (3) a way for the parties to communicate (4) something to exchange

Front 23

An organization can't satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its _____________.

Back 23

Target Markets

Front 24

What are the four marketing mix elements that make up the organization's marketing program?

Back 24

Product, Price, Promotion, Place

Front 25

What are environmental forces?

Back 25

Environmental forces are those that the organization's marketing department can't control. These include social, economic, technological, competitive and regulatory forces.

Front 26

Like Pillsbury and General Electric, many firms have gone through four distinct orientations for their business, starting with the ______ era and ending with today's _______era.

Back 26

production; customer

Front 27

What are the two key characteristics of the marketing concept?

Back 27

An organization should (1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization's goals.