Term
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Definition
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the individual and organizational objectives
Marketing is 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.
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Term
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Definition
People giving up
something to receive something they
would rather have. |
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Term
What are the 4 P's of Marketing? |
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Definition
Product
Pricing
Promotion
Place (Distribution) |
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Term
Necessary conditions for Exchange |
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Definition
At least two parties
Something of value
Communication and Delivery
Freedom to accept or reject
Desire to deal with other party |
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Term
What are the four Marketing Management Philosophies and their Key Concepts? |
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Definition
Production Orientation: focuses on internal capabilities of the firm
Sales Orientation: Promotion (often through price) and aggressive sales techniques
Market Orientation: Satisfying customer needs and wants while meeting objectives (Walmart)
Societal Marketing Orientation: Satisfying customer needs and wants while enhancing individual and societal well-being.
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Term
What is The Marketing Concept? |
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Definition
The idea that the social and
economic justification for an
organization’s existence is the
satisfaction of customer wants
and needs while meeting
organizational objectives. |
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Term
What are the three key issues in developing competitive advantage? |
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Definition
Create customer value
Build long-term relationships
Maintain customer satisfaction |
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Term
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Definition
The relationship between benefits
and the sacrifice necessary to
obtain those benefits. |
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Term
What are the requirements for customer value? |
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Definition
Offer products that perform
Earn trust
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in service and after-sales support
Co-creation |
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Term
Define Customer Satisfaction |
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Definition
The customer’s evaluation of a good or
service in terms of whether that good or service has met the customer’s needs and
expectations. |
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Term
How is customer satisfaction maintained? |
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Definition
Meet or exceed customer's expectation
Focus on delighting customers
Provide solutions to customer's problems
Cultivate relationships, not one-time transactions |
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Term
Define Relationship Marketing. |
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Definition
A strategy that focuses on keeping and improving relationships
with current customers. |
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Term
What are the keys to building long-term relationships? |
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Definition
Customer-oriented personnel
Effective employee training programs
Empowered employees
Teamwork
The employee is the firm |
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Term
Long term success is best supported by _______. |
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Definition
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Term
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Definition
Plays an important role in society
Vital to business survival, profits and growth
Offers career opportunities
Affects your life everday |
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Term
What are vital marketing activities? |
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Definition
Assess the wants and satisfaction of customers.
Design and manage product offerings.
Determine prices and pricing policies.
Develop distribution strategies.
Communicate to present and potential customers. |
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