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Marketing 201
Chapter 1
19
Marketing
Undergraduate 3
09/29/2013

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Term
Marketing
Definition
the activity for creating, communicating, delivering, and exhcanging offerings that benefit its customers
Term
Exchange
Definition
the trade of things of value between buyer and seller so that each is better off after the trade
Term
Market
Definition
people with the desire and ability to to buy a specific offering
Term
Target market
Definition
one or more specific groups of potential consumers toward which an organizationdirects its marketing programs
Term
Marketing Mix
Definition
the four elements of marketing product, price, promotion, place
Term
Customer Value Prop.
Definition
cluster of benefits that an organization promises customers to satisfy their needs
Term
Environemental forces
Definition
social, economic, technological, competitive, and regulatory forces
Term
Customer value
Definition
the unique combination of benefits reviewed by target buyers
Term
relationship marketing
Definition
links the organization to its individual customers ,employees, suppliers, and other partners for their mutual long-term benefit
Term
marketing proram
Definition
a plan that integrates the marketing mix to provide a service to buyers
Term
Marketing concept
Definition
idea that organization should strive for 1. customer satisfaction, 2. achieve organizations goal
Term
market orientation
Definition
focus efforts on : 1. infor for customer 2. share info across the department 3 using info to create customer value
Term
CRM
Definition
process of indentifying prospective buying and getting to know their needs
Term
customer experience
Definition
response customers have to an organization and its employees
Term
social marketing concept
Definition
view that organization, should satisfy the need of consumers in a way that provides society's well-being
Term
Product
Definition
good, service, or idea that is tangible
Term
Ultimate consumers
Definition
people who use products for a household
Term
organizational buyers
Definition
retailers who buy product for resale
Term
utility
Definition
benefits customers resceives from product or service
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