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MARK 1115 Chapter 1
chapter 1
12
Marketing
Undergraduate 1
01/26/2014

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Cards

Term
customer satisfaction
Definition
Customers’ evaluation of a good or service based on whether it has met their needs and expectations. p. 9
Term
customer value
Definition
The ratio of benefits to the sacrifice necessary to obtain those benefits. p. 8
Term
empowerment
Definition
Delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding the problem. p. 11
Term
exchange
Definition
The idea that people give up something to receive something they would rather have. p. 4
Term
market orientation
Definition
A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product.
Synonymous with the marketing concept. p. 9
Term
marketing
Definition
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. p. 4
Term
marketing concept
Definition
The idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives. p. 6
Term
production orientation
Definition
A philosophy that focuses on the internal capabilities of the company rather than on the desires and needs of the marketplace. p. 5
Term
relationship marketing
Definition
A strategy that entails forging long-term partnerships with customers. p. 10
Term
sales orientation
Definition
The idea that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits. p. 5
Term
societal marketing orientation
Definition
The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests. p. 7
Term
teamwork
Definition
Collaborative efforts of people to accomplish common objectives. p. 11
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