click below
click below
Normal Size Small Size show me how
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 |