Details Title: Chapter 1 Description: Customer Driven Strategic Marketing Total Flash Cards: 14 Created: 08/10/2008 12:14:48		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 process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment Term customers Definition The purchasers of organizations' products; the focal point of all marketing activities Term target market Definition A specific group of customers on whom an organization focuses it marketing efforts Term marketing mix Definition Four marketing activities-product, pricing, distribution, and promotion-that a firm can control to meet the needs of customers within its target market Term product Definition A good, a service, or an 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 managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to acheive its goals Term marketing orientation Definition An organizationwide commitment to researching and responding to customer needs Term relationship marketing Definition Establishing long-term, mutually satisfying buyer-seller relationships 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 subjetive 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