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MP Chapter 1

Creating Customer Relationships & Value Through Marketing

TermDefinition
customer value Buyers' benefits, including quality, convenience, on-time delivery, and before-and-after-sale service at a specific place.
customer value proposition A cluster of benefits that an organization promises customers to satisfy their needs.
environmental forces The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision.
exchange The trade of things of value between a buyer and a seller so that each is better off.
market People with both the desire and the ability to buy a specific offering.
market orientation Focusing organizational efforts to collect and use information about the customers' needs to create customer value.
marketing The activity for creating and delivering offerings that benefit the organization, its stakeholders, and society.
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 controllable factors--product, price, promotion, and place--that the marketing manager can use 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 Manufacturers, wholesalers, retailers, and government agencies that buy products 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 the consumers' needs and is received in exchange for something else of value.
relationship marketing Linking 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 also 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 products and services purchased for a household.
utility The benefits or customer value received by users of the product.
Created by: mariwalsh
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