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18 Cards in this Set
- Front
- Back
Marketing
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- The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
- Seeks to: 1. Discover the needs and wants of prospective customers 2. Satisfy those needs and wants |
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Factors needed for marketing to occur
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1. Two or more parties with unsatisfied needs
2. A desire and ability on their part to be satisfied 3. A way for the parties to communicate 4. Something to exchange |
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Need
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Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
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Want
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A need that is shaped by a person's knowledge, culture, and personality
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Target Market
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One or more specific groups of potential consumers toward which an organization directs its marketing program.
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Four Ps
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Product, Price, Promotion, and Place
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Customer Value Proposition
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A cluster of benefits that an organization promises customers to satisfy their needs.
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Customer Value
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Combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
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Relationship Marketing
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Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
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Environmental Forces
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Forces that are mostly beyond the control of marketers. Example: social, economic, customers wants & needs.
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Marketing Concept
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An organization should
1. Strive to satisfy the needs of consumers 2. while trying to achieve the organization's goals |
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Market Orientation
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1. Continuously collecting information about customers' needs
2. Sharing this information across departments 3. Using it to create customer value |
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Customer Relationship Management
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Process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
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Customer Experience
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The internal response that customers have to all aspects of an organization and its offering
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Societal Marketing Concept
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View that organizations should satisfy the needs of consumers in a way that provides for society's well-being.
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Ultimate Consumers
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The people who use the products and services purchased for a household
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Organizational buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.
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Utility
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The benefits or customer value received by users of the product
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