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MKTG3 Lamb Hair McDanile
Chapter 1
12
Marketing
Undergraduate 2
02/23/2010

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Term
Marketing
Definition
The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Term
Exchange
Definition
People giving up somethig to recieve something they would rather have
Term
Production Orientation
Definition
A philosophy that focuses on the internal capabilities of the firm rather than on the desiers and needs of the marketplace
Term
Sales Orientation
Definition
The ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
Term
Marketing Concept
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
Term
Market Orientation
Definition
A philosophy that assumes that a sale does not depend on an agressive sales force but rather on customer's decision to purchase product. It is synonymous with the marketing concept
Term
Societal Marketing Orientation
Definition
The idea that an organizaton exits not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and cociety's long-term best interests
Term
Customer Value
Definition
The relationship between benefits and the sacrifice necessary to obtain those benefits
Term
Customer Satisfaction
Definition
Customer's evalutation of a good or service in terms of whether it has met their needs and expectations.
Term
Relationship Marketing
Definition
A strategy that focuses on keeping and imporivng relationships with current customers
Term
Empowerment
Definition
Delegation of authority to solve customers' problems quickly - usually by the first person that the customer notifies regarding a problem
Term
Teamwork
Definition
Collaborative efforts of people to accomplish common objectives
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