Shared Flashcard Set

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BA 350
Chapter 1
16
Business
Undergraduate 3
03/07/2011

Additional Business Flashcards

 


 

Cards

Term
Product
Definition
a good, service, or idea
Term
Exchanges
Definition
the provision or transfer of goods, services, or ideas in return for something of value
Term
Stakeholders
Definition
constituents who have a stake, or claim, in some aspect of a company's products, operations, markets, industry, and outcomes
Term
Marketing Environment
Definition
the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
Term
Marketing Concept
Definition
a philosophy that an organization should try to provide products that satisfy customer's needs through a coordinated set of activities that also allows the organization to achieve its goals
Term
Marketing Orientation
Definition
an organization-wide commitment to researching and responding to customer needs
Term
Relationship Marketing
Definition
establishing long-term, mutually satisfying buyer-seller relationships
Term
Customer-Centric Marketing
Definition
developing collaborative relationships with customers based on focusing on their individual needs and concerns
Term
Customer Relationship Management (CRM)
Definition
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Term
Value
Definition
a customer's subjective assessment of benefits relative to costs in determining the worth of a product
Term
Marketing Management
Definition
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
Term
Green Marketing
Definition
a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
Term
Marketing
Definition
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 envrionment
Term
Customers
Definition
he purchasers of organizations' products; the focal point of all marketing elements
Term
Target Market
Definition
the group of customers on which marketing efforts are focused
Term
Marketing Mix
Definition
four marketing elements - product, distribution, promotion, and pricing - that a firm can control to meet the needs of customers within its target markets
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