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Mkt 100 - Chapt 1
Chapt 1 vocab
14
Marketing
Undergraduate 1
08/30/2008

Additional Marketing Flashcards

 


 

Cards

Term
marketing
Definition
the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
Term
customers
Definition
the purchasers of organizations' products; the focal point of all marketing activities
Term
target market
Definition
a specific group of customers on whom an organization focuses its marketing efforts.
Term
marketing mix
Definition
four marketing activities - product, pricing, distribution (place), and promotion -that a firm can control to meet the needs of customers within its target market.
Term
product
Definition
a good, a service, or an idea.
Term
exchanges
Definition
the provision or transfer of goods, services, or ideas in return for something of value.
Term
stakeholders
Definition
constituents who have a stake, or claim, in some aspect of a companies products, operations, markets, industry, and outcomes.
Term
marketing environment
Definition
the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and effect the marketing mix.
Term
marketing concept
Definition
a managerial philosophy that an organization should try to satisfy customers needs through a coordinated set of activities that also allows the org to achieve its goals.
Term
marketing orientation
Definition
an organizationwide commitment to researching and responding to customer needs.
Term
relationship marketing
Definition
establishing long term mutually satisfying buyer seller relationships.
Term
crm customer relationship management
Definition
using info about cust to creat mark eting stragies that devlp and sustain desirable cust relatinhsips
Term
value
Definition
a customers subjective assessment of benefits relative to cost in determining the worth of a product
Term
marketing management
Definition
the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
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