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MKTG 305
Chapter 1 - Creating Customer Relationships and Value through Marketing
| Term | Definition |
|---|---|
| Customer Experience | the internal response that customers have to all aspects of an organization and its offerings |
| Customer Relationship Management (CRM) | the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace |
| Customer Value | 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 |
| Customer Value Proposition | the cluster of benefits that an organization promises customers to satisfy their needs |
| Environmental Forces | the uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces |
| Exchange | the trade of things of value between buyer and seller so that each is better off after the trade |
| Market | people with both the desire and the ability to buy a specific offering |
| Market Orientation | an organization that focuses its efforts on continuously collecting information about customers’ needs, sharing this information across departments, and using it to create customer value |
| Marketing | the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large |
| Marketing Concept | the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization’s goals |
| Marketing Mix | the marketing manager’s controllable factors—product, price, promotion, and place—that can be used to solve a marketing problem |
| Marketing Program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Organizational Buyers | those manufacturers, wholesaler, retailers, and government agencies that buy goods and services for their own use or for resale |
| Product | a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value |
| Relationship Marketing | links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
| Societal Marketing Concept | the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being |
| Target Market | one or more specific groups of potential consumers toward which an organization directs its marketing program |
| Ultimate Consumers | the people who use the goods and services purchased for a household (also called consumers, buyers, or customers) |
| Utility | the benefits or customer value received by users of the product |
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Danielle0051
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