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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Marketing
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The activity for creating, communicating, delivering, and
exchanging offerings that benefit the organization, its stakeholders,
and society at large. |
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Exchange
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The trade of things of value between buyer and seller so that each is better off after the trade.
|
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Market
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Consists of people with both the desire and the ability to
buy a specific product.
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Target Market
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Consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.
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Marketing Mix
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Consists of the marketing manager’s controllable
factors—product, price, promotion, and place—that can be used to solve a
marketing problem
|
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Environmental Forces
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Consist of the uncontrollable factors in a marketing
decision involving social, economic, technological, competitive, and regulatory
forces
|
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Customer Value
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Is the unique 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 benefits |
|
Marketing Program
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A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
|
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Marketing Concept
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The idea that an organization should (1) strive to satisfy the needs of consumers
(2) while also trying to achieve the organization’s goals
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Market Orientation
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Occurs when an organization focuses its efforts on (1)
continuously collecting information about customers’ needs, (2) sharing this
information across departments, and (3) using it to create customer value
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Societal Marketing Concept
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The 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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Consist of the people who use the goods
and services purchased for a household |
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Organizational Buyers
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Are those manufacturers, wholesalers, retailers, and government agencies that buy
goods and services for their own use or for resale
|
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Utility
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Consists of the benefits or customer value received by
users of the product
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