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Details

principles of mrkt
ch1-4
13
Marketing
3rd Grade
09/09/2011

Additional Marketing Flashcards

 


 

Cards

Term
exchange
Definition
ppl giving up something in order to receive something they would rather have..opportunity cost
Term

MARKETING MANAGEMENT PHILOSOPHIES

 

Definition
Term
production orientation
Definition
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the market place.. Ex: Apple
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. Ex- toyota aggressive after massive recall to regain customer confidence
Term
marketing orientation
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.understanding competitive arena and competitors strengths and weaknesses critical to this phil.
Term
societal martketing orientation
Definition
the idea that an organization exists not only to satisfy customer wants and needs and to meet orgaizational objectives but also to preserve or enhance individuals' and society's long term best interests. Coca-cola recycling plant. Burts Bees. 
Term
customer value
Definition
the relationship between benefits and the sacrifice necessary to obtain those benefits. 
Term
customer satisfaction
Definition
customers eval of a good or service in terms of whether it has met their needs and expectations...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...Ex comcast example of what not to do!
Term
empowerment
Definition
delegation of authority to solve customers' problems quickly---usually by the first person the customer notifies regarding a problem
Term
strategic planning
Definition
the managerial process of creating and maintaining a fit between the organization's ovjectives and resources and the evolving market opportunities..long run profitability and growth
Term
elements of a marketing plan
Definition
business mission statement>SWOT. {Marketing strategy}>Target market>Marketing mix (4ps)> implementation evaluation control
Term
mission statement
Definition
a statement of the firm's cusiness based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions; clarity of purpose
Term
SWOT
Definition

SW-internal strengths/weaknesses

 

OT-external opportunities and threats... like ecomonic issues, technology, cultural shifts, political/legal, media

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