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Ch.1 Terms
Chapter 1 Terms
19
Marketing
Professional
01/19/2014

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Term
marketing
Definition
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.
Term
exchange
Definition
People giving up something in order to receive something they would rather have.
Term
production orientation
Definition
A philosophy that focuses ont he internal capabilities of the fim rather than on the desires 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 aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept.
Term
societal marketing orientation
Definition
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 individuals' and society's long-term best interests.
Term
customer value
Definition
The relationship between benefits and the scrifice necessary to obtain those benefits.
Term
customer satisfaction
Definition
Customers' evaluation of a good or service in terms of whether it has met their needs and expectations.
Term
relationship marketing
Definition
A strategy hat focuses on keeping and improving relationships with current customers.
Term
empowerment
Definition
Delegation of authority to solve customers' problems quickly - usually by the first person the customer notifies regarding a problem.
Term
teamwork
Definition
Collaborative efforts of people to accomplish common objectives.
Term
customer relationship management (CRM)
Definition
A company-wide business strategy designed to optimize profitability revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Term
customer value
Definition
The relationship between benefits and the scrifice necessary to obtain those benefits.
Term
customer satisfaction
Definition
Customers' evaluation 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 improving relationships with current customers.
Term
empowerment
Definition
Delegation of authority to solve customers' problems quickly - usually by the first person the customer notifies regarding a problem.
Term
teamwork
Definition
Collaborative efforts of people to accomplish common objectives.
Term
customer relationship management (CRM)
Definition
A company-wide business strategy designed to optimize profitability revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
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