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Chapter 1 An Overview of Marketing
An Overview of Marketing
15
Marketing
Undergraduate 1
08/28/2016

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Term

Define the term
marketing

Definition

Marketingis the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Term
5 Conditions for Required for Exchange
Definition
1. At Least Two Parties
2. Something of Value
3. Communication and Delivery
4. Freedom to Accept or Reject
5. Desire to Deal with Other Party
Term
What are four marketing management philosophies?
Definition
Production, Sales, Market and Societal.
Term
Production Orientation
Definition
Focus is on internal capabilities of the firm.
Doesn’t consider if what is produced meets market needs.
Term
Sales Orientation
Definition
Focus on aggressive sales techniques and belief that high sales result in high profits.
*Disregards market needs and consumer demand.
**Despite the quality of sales force, often cannot convince people to buy what is neither wanted nor needed.
Term
Market Orientation
Definition
Focus on satisfying customer needs and wants while meeting objectives.
*Focusing on customer wants and needs to distinguish products from competitors’ offerings .
**Integrating all the organization’s activities to satisfy these wants .
***Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly.
Term
Societal Orientation
Definition
Focus on satisfying customer needs and wants while enhancing individual and societal well-being.
Term
Customer Value Requirements (6)
Definition
1. Offer products that perform
2. Earn trust
3. Avoid unrealistic pricing
4. Give the buyer facts
5. Offer organization-wide commitment in service and after-sales support
6.Co-creation with customers
Term
Customer Value
Definition
The relationship between benefits and the sacrifice necessary to obtain those benefits.
Term
Customer Satisfaction
Definition
The customers’ evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
Term
Relationship Marketing
Definition
Strategy that focuses on keeping and improving relationships with customers.
Term
Successful strategies need for Relationship Marketing:
Definition
Customer-Oriented Personnel
Effective Training Programs
Empowered Employees
Teamwork
Term
Why is it important to "Know the Firm’s Business:"?
Definition
Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences
Term
Sales vs. Market Orientations
Definition
* Sales-oriented firms focus on their own needs; market-oriented firms focus on customers’ needs and preferences.
*Sales-oriented companies consider themselves to be deliverers of goods/services. Market-oriented companies view themselves as satisfiers of customers.
*Sales-oriented firms direct their products to everyone; Market-oriented firms aim at specific segments of the population.
*Although the primary goal of both types of firms is profit, sales-oriented businesses pursue maximum sales volume through intensive promotion, whereas market-oriented businesses pursue customer satisfaction through coordinated activities.
Term
Why Study Marketing?
Definition
Marketing is important to Society and Business. Marketing affects us everyday. Marketing provides good career opportunities in advertising, sales, buying, etc.
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