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Marketing - Ch 1
Marketing Terms
Question | Answer |
---|---|
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and partners, and society at large | Marketing |
People giving up something in order to receive something they would rather have. | Exchange |
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. | Product Orientation |
The ideas that people will buy more more goods and services if aggressive sales techniques are used and that high sales result in high profits. | Sales Orientation |
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. | Marketing Concept |
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. | Market Orientation |
The idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserver or enhance individuals' and society's long-term best interests. | Societal Marketing Orientation |
The relationship between benefits and the sacrifice necessary to obtain those benefits. | Customer Value |
Customers' evaluation of goods or services in terms of whether it has met their needs and expectations. | Customer Satisfaction |
A strategy that focuses on keeping and improving relationships with current customers. | Relationship Marketing |
Delegation of authority to solve customers' problems quickly -- Usually by the first person the customer notifies regarding a problem. | Empowerment |
Collaborative efforts of people to accomplish common objectives. | Teamwork |