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Marketing Chapter 1
| Term | Definition |
|---|---|
| Marketing | the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stake holders in a dynamic environment |
| Customer | the focal point of all marketing activities |
| target market | specific group of customers |
| marketing mix | Product, Distribution, Promotion, and Pricing; elements a firm can control to meet the needs of customers within its target markets |
| product | a good, service, or idea |
| exchanges | the provision or transfer of goods, services, or ideas in return for something of value |
| stakeholders | constituents who have a "stake" or claim, in some aspect of a company's products, operations, markets, industry, and outcomes |
| marketing environment | the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix |
| marketing concept | a philosophy that an organization should try to provide products that satisfy customer's needs through a coordinated set of activities that also allows the organization to achieve its goals |
| market orientation | requires the "organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it" |
| relationship marketing | long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges |
| customer-centric marketing | involves developing collaborative relationships with customers based on focusing on their individual needs and concerns |
| customer relationship management (CRM) | focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
| value | a customer's subjective assessment of benefits relative to costs in determining the worth of a product Customer value = customer benefits - customer costs |
| marketing management | the process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently |
| green marketing | a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment |
Created by:
lilready44
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