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Details

CH 1
What is Marketing: Customer Focus
22
Marketing
Undergraduate 3
12/15/2010

Additional Marketing Flashcards

 


 

Cards

Term

 

 

Marketing

Definition

 


An organizational function and 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

Term

 

 

Target Marget

Definition

 

 

specific group of potential consumers

Term

 

Marketing Mix

Definition
  1. Product
  2. Price
  3. Place
  4. Promotion
Term

 

 

Customer Value

Definition


combination of benefits received by targeted buyers               

  (quality, price, convenience, on-time delivery, and before/after sale service)

Term

 

Production Era

(first era)

Definition

I. Evolution of Marketing

 

Goods were scarce and buyers were willing to accept virtually any goods that were available

Term

 

 

Sales Era

(second era)

Definition

I. Evolution of Marketing

 

Manufacturers discovered that they were able to produce more goods then buyers were able to consume

Term

 

 

Marketing- Concept Era

(Third era)

Definition

I. Evolution of Marketing

 

should strive to satisfy the needs of consumers while also trying to achieve the goal

Term

 

 

Customer Era

(Fourth Era)

Definition

I. Evolution of Marketing

 

continuously satisfy the high expectations of customers

Term

 

Market Orientation

Definition

 

continuously collect info about needs and wants, sharing the info, and creating customer value

Term

 

Utility

Definition

 

benefits/ customer value received by users of the product

 

The four Utilities are:

form, place, time, possession

Term
Goals/Objectives
Definition
measure how well the mission is being accomplished
-Profit, Sales, Market Share, Quality, Customer Satisfaction, Employee
Term
Exchange
Definition
trade of things of value between buyer and seller so that each is better off
Term
Target Market
Definition
Specific group of potential consumers toward which an organization directs its marketing program
Term
Environmental Forces
Definition
uncontrollable marketing factors such as social, economic, technological, competitive, and regulatory
Term
Customer Value
Definition
buyers’ benefits including quality, price, convenience, on-time delivery, and before-and after-sale service
Term
Relationship Marketing
Definition
linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
Term
Marketing Program
Definition
plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
Term
Marketing Concept
Definition
idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals
Term
Marketing Orientation
Definition
focusing organizational efforts to collect and use information about customers’ needs to create customer value
Term
Societal Marketing Concept
Definition
view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being
Term
Ultimate Consumers
Definition
people who use the goods and services purchased for household
Term
Organizational buyers
Definition
manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale
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