Term
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Definition
| the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. |
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Term
| Marketing seeks to (1)________ and (2)_________. |
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Definition
Marketing seeks (1) to discover the needs and wants of prospective customers and (2) to satisfy them.
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Term
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Definition
| the trade of things of value between buyer and seller so that each is better off after the trade. |
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Term
| Environmental forces that shape a organization's marketing activities include: |
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Definition
1. Social
2. Economic
3. Technological
4. Competitive
5. Regulatory |
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Term
| For marketing to occur, at least four factors are required: |
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Definition
1. Two or More Parties with Unsatisfied Needs
2. Desire and Ability to Satisfy These Needs
3. A Way for the Parties to Communicate
4. Something to Exchange |
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Definition
| person feels deprived of basic necessities such as food, clothing, and shelter. |
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Definition
| need that is shaped by a person's knowledge, culture and personality. |
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Definition
| people with both the desire and ability to buy a specific offering |
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Definition
| one or more specific groups of potential consumers toward which an organization directs its marketing program. |
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Term
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Definition
1. Product: a good, service, or idea to satisfy the consumer's needs
2. Price: what is exchanged for the product.
3. Promotion: a means of communication between the seller & buyer.
4. Place: a means of getting the product to the consumer. |
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Term
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Definition
| the market's managers controllable factors--product, price, promotion, and place--that can be used to solve a marketing problem. |
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Term
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Definition
| the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
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Term
| Three strategies for delivering outstanding customer value. |
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Definition
Have the:
1. Best Price
2. Best Product
3. Best Service |
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Term
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Definition
| linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits. |
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Term
| Huge manufacturers find relationship marketing |
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Definition
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Term
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Definition
| a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
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Term
| Four distinct stages in the lives of American manufacturing firms: |
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Definition
1. Production era (early US-1920's)
2. Sale era (1920's-1960's)
3. Marketing concept era (late 1950's-late 1980's)
4. Customer relationship era (1980's-present) |
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Term
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Definition
| goods were scarce and buyers were willing to accept virtually any goods that were available and make do with them. |
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Term
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Definition
| Manufacturers found they could produce more goods than buyers could consume. Competition grew. Firms hired more salespeople to find new buyers. |
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Term
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Definition
| Marketing became the motivating force among many American firms. |
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Term
| Customer Relationship Era |
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Definition
| Firms seek continuously to satisfy the high expectations of customers. |
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Term
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Definition
| the idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization's goals. |
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Term
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Definition
| An organization that focuses its efforts on (1) continuously collecting information about customer needs, (2) sharing this information across departments, and (3) using it to create customer value. |
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Term
| Customer Relationship Management (CRM) |
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Definition
| the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that the buyers and sellers will choose them in the marketplace. |
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Term
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Definition
| internal response that customers have to all aspects of an organization and its offering. |
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Term
| What shows how important customer experience is? |
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Definition
| The disconnect between what companies think they are providing versus what customers say they are receiving shows how important customer experience is. |
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Term
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Definition
| idea that organizations are accountable to a larger society. |
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Term
| Societal Marketing Concept |
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Definition
| view that organizations should satisfy the needs of consumers in a way that provides for society's well-being. |
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Term
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Definition
| the study of aggregate flow of a nation's goods and services to benefit society. |
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Term
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Definition
| how an individual organization directs its marketing activities and allocates its resources to benefit its customers. |
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Term
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Definition
Every organization markets.
Business firms involved in manufacturing, retailing, and providing services, non-profit organizations, special causes, etc.
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Term
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Definition
Goods, services, and ideas are marketed.
Goods: physical objects, Services: intangible items, Ideas: thoughts about concepts, actions, or cause
(Eg: Protect the earth )
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Term
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Definition
| are the people who use the goods and services purchased for a household. |
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Term
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Definition
| those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or resale. |
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Term
| Who Buys and Uses What Is Marketed? |
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Definition
| Both individuals and organizations buy and use goods and services that are marketed. |
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Term
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Definition
| In our free-enterprise society there are three specific groups that benefit from effective marketing: consumers (who buy), organizations (that sell), and society as a whole. |
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Term
| How do consumers benefit? |
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Definition
| Marketing creates utility. This utility is the result of the marketing exchange process and the way society benefits from the marketing. |
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Term
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Definition
| the benefits or value a customer received by users of a product. |
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Term
| What are the four types of utility? |
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Definition
1. Form utility: production of a good or service.
2. Place utility: having it available when the consumers need it.
3. Time utility: having it available when the consumers want it.
4. Possession utility: the value of making an item easy to purchase through the provision of credit cards or financial arrangements. |
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