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Marketing - Ch 1

Marketing Terms

QuestionAnswer
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
Created by: 1246302469
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