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Chapter 1
Customer Driven Strategic Marketing
14
Marketing
Undergraduate 3
08/10/2008

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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
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