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An Overview of Marketing

marketing the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
exchange people giving up something in order to receive something they would rather have
four competing philosophies -production</br> -sales</br> -market</br> -societal marketing orientations</br>
production orientation a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace </br></br> -"What can we do best?"</br> -"What can our engineers design?"</br> -"What is easy to produce, given our equipment?"
sales orientation the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits </br></br> -to sales oriented firms, marketing=selling things & collecting money</br> -lack of understanding & need
marketing concept 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 -articulates marketing orientation
market orientation 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
societal marketing orientation the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
customer value the relationship between benefits and the sacrifice necessary to obtain those benefits</br></br> -quality they expect and price willing to pay
customer satisfaction customers' evaluation of a good or service in terms of whether it has met their needs and expectations
relationship marketing a strategy that focuses on keeping and improving relationships with current customers</br></br> -assumes customers prefer ongoing relationship with one organization rather than switch continually among providers in search for value
empowerment delegation of authority to solve customers' problems quickly, usually by the first person the customer notifies regarding a problem </br> -market oriented firms give employees authority to solve customer problems on the spot ->ownership attitudes
teamwork collaborative efforts of people to accomplish common objectives
Created by: xbaby_bananax