Term
Define the term
marketing |
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Definition
Marketingis 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. |
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Term
| 5 Conditions for Required for Exchange |
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Definition
1. At Least Two Parties
2. Something of Value
3. Communication and Delivery
4. Freedom to Accept or Reject
5. Desire to Deal with Other Party |
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Term
| What are four marketing management philosophies? |
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Definition
| Production, Sales, Market and Societal. |
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Term
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Definition
Focus is on internal capabilities of the firm.
Doesn’t consider if what is produced meets market needs. |
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Term
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Definition
Focus on aggressive sales techniques and belief that high sales result in high profits.
*Disregards market needs and consumer demand.
**Despite the quality of sales force, often cannot convince people to buy what is neither wanted nor needed. |
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Term
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Definition
Focus on satisfying customer needs and wants while meeting objectives.
*Focusing on customer wants and needs to distinguish products from competitors’ offerings .
**Integrating all the organization’s activities to satisfy these wants .
***Achieving the organization’s long-term goals by satisfying customer wants and needs legally and responsibly. |
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Definition
| Focus on satisfying customer needs and wants while enhancing individual and societal well-being. |
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Term
| Customer Value Requirements (6) |
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Definition
1. Offer products that perform
2. Earn trust
3. Avoid unrealistic pricing
4. Give the buyer facts
5. Offer organization-wide commitment in service and after-sales support
6.Co-creation with customers |
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Term
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Definition
| The relationship between benefits and the sacrifice necessary to obtain those benefits. |
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Term
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Definition
| The customers’ evaluation of a good or service in terms of whether that good or service has met their needs and expectations. |
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Term
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Definition
| Strategy that focuses on keeping and improving relationships with customers. |
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Term
| Successful strategies need for Relationship Marketing: |
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Definition
Customer-Oriented Personnel
Effective Training Programs
Empowered Employees
Teamwork |
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Term
| Why is it important to "Know the Firm’s Business:"? |
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Definition
Ensures a customer focus
Encourages innovation and creativity
Stimulates an awareness of changes in customer preferences |
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Term
| Sales vs. Market Orientations |
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Definition
* Sales-oriented firms focus on their own needs; market-oriented firms focus on customers’ needs and preferences.
*Sales-oriented companies consider themselves to be deliverers of goods/services. Market-oriented companies view themselves as satisfiers of customers.
*Sales-oriented firms direct their products to everyone; Market-oriented firms aim at specific segments of the population.
*Although the primary goal of both types of firms is profit, sales-oriented businesses pursue maximum sales volume through intensive promotion, whereas market-oriented businesses pursue customer satisfaction through coordinated activities. |
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Term
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Definition
| Marketing is important to Society and Business. Marketing affects us everyday. Marketing provides good career opportunities in advertising, sales, buying, etc. |
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