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MKTG.01
An Overview of Marketing
| Question | Answer |
|---|---|
| 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
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