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21 Cards in this Set
- Front
- Back
Marketing
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the activity, set of instructions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
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Exchange
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People giving up something to receive something they would rather have.
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Conditions for Exchange
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1) There must be at least two parties.
2) Each party has something that might be of value to the other party. 3) Each party is capable of communication and delivery. 4) Each party is free to accept or reject the exchange offer. 5) Each party believes it is appropriate or desirable to deal with the other party. |
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Four competing marketing philosophies:
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1) Production
2) Sales 3) Market 4) Societal Marketing |
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Production Orientation
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A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
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Sales Orientation
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The ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
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Marketing Concept
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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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Marketing concept includes the following:
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1) Focusing on customer wants and needs so that the organization can distinguish its products from competitors' offerings.
2) Integrating all the organization's activities, including production, to satisfy these wants. 3) Achieving long term goals for the organization by satisfying customer wants and needs legally and responsibly. |
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Market Orientation
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A philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase product; it is synonymous with the marketing concept
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Societal Marketing Orientation
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The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individual's and society's long-term best interests.
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Customer Value
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The relationship between benefits and the sacrifice necessary to obtain those benefits
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Marketers interested in customer value:
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-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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Customer Satisfaction
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Customers' evaluation of a good or service in terms of whether it has met their needs and expectations
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Relationship Marketing
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A strategy that focuses on keeping and improving relationships with current customers
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Empowerment
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Delegation of authority to solve customers' problems quickly--Usually by the first person that the customer notifies regarding a problem
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Teamwork
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Collaborative efforts of people to accomplish common objectives
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The 4 P's
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Product
Price Promotion Place |
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BRAND ADVOCATE
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VERY EFFECTIVE. Somebody who cares enough about the product to use "word of mouth" to spread the interest in this product
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Marketing is two things:
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1) A set of activities: The 4 P's
2) A philosophy: One of the four |
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Marketing concept does three things for value:
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1--Creating value
2--Communicating value 3--Delivering value |
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Target Market
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Targeted group. One that has a specific subset of consumers who share similar needs and wants.
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