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Intro to Marketing Ch.1
Ch. 1
13
Marketing
Undergraduate 3
02/25/2013

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Term
marketing
Definition
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
exchange
Definition
-major goal of mktg
-people give up something in order to receive something they would rather have
Term
the 4 mktg management philosophies
Definition
1. production orientation
2. sales "
3. market "
4. societal mktg "
Term
product orientation
Definition
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
Term
sales orientation
Definition
a philosophy that that people will buy more if aggressive sales techniques are used & that high sales=high profits
Term
market orientation
Definition
philosophy that assumes a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product
-synonymous with the mktg concept
Term
social marketing orientation
Definition
philosophy that an org exists not only to satisfy customers and meet org objectives but to preserve or enhance individuals' and society's long-term best interests
Term
marketing concept
Definition
idea that the social and economic justification for an org's existence is the satisfaction of customers while meeting org objectives
Term
customer value
Definition
the relationship btwn benefits and the sacrifice necessary to obtain those benefits
Term
customer satisfaction
Definition
customers' evaluation of a good/service in terms of whether it has met their needs and expectations
Term
relationship marketing
Definition
strategy that focuses on keeping and improving relationships with current customers
Term
empowerment
Definition
delegation of authority to solve customer problems quickly
-usually by the first person the customer notifies
Term
teamwork
Definition
collaborative efforts of people to accomplish common objectives
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