Details Title: Ch 1, MAR 3023 Midterm 1 Description: UF Marketing MAR 3023 Midterm 1 Total Flash Cards: 26 Created: 09/16/2009 06:39:35		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term Marketing Definition The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large Term Exchange Definition The trade of things of value between buyer and seller so that each is better off after the trade Term 4 Requirements for Marketing to Occur Definition 1) Two or more parties with unsatisfied needs. 2)Desire & ability on their part to be satisfied. 3) Way for parties to communicate. 4) Something to exchange. Term Need Definition When a person is deprived of basic necessities Term Want Definition Need shaped by a person's knowledge, culture, and personality Term Market Definition People with the desire and ability to buy a certain product Term Target Market Definition One or more specific groups of potential consumers toward which an organization directs its marketing program Term Marketing Mix Definition The marketing manager's controllable factors - product, place, price, and promotion - that can be used to solve a marketing problem Term Environmental Forces Definition The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces. Term Customer Value Definition 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. Term Relationship Marketing Definition Linking the organization to its individual customers, employees, suppliers, and other partners for long term benefits Term Marketing Program Definition A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Prospective buyers react to the program. Term Marketing Concept Definition The idea that an organization should 1) strive to satisfy the needs of consumers while 2) also trying to achieve the organization's goals. Term Market Orientation Definition An organization focused on 1) continuously collectin information about customers' needs, 2) sharing this information across departments, and 3) using it to create customer value. Term Customer Relationship Management (CRM) Definition The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offering so that buyers will choose them in the marketplace. Term Customer Experience Definition The internal response that customers have to all aspects of an organization and its offering. Term Societal Marketing Concept Definition The view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. Term Macromarketing Definition The study of the aggressive flow of the nation's goods and services to benefit society. Addresses broad issues like whether marketing is too expensive. Term Micromarketing Definition How an individual directs its marketing activities and allocates its resources to benefit its customers Term Ultimate Consumers Definition People who use the goods and services purchased for a household Term Organizational Buyers Definition Manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale Term Utility Definition The benefits or customer value received by users of the product. A result of the marketing exchange processes and the wy society benefits from marketing. Term Form Utility Definition The value of a good that comes from the production or alteration of a good or service Term Possession Utility Definition The value to consumers of making an item easy to purchase so consumers can use it Term Place Utility Definition The value to consumers of having a good or service available where needed, when needed Term Time Utility Definition The value to consumers of having a good or service available when needed.