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Customer Driven
Foundation of MRKG Pride/Ferrell 5th chap1
| Question | Answer |
|---|---|
| process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment | Marketing |
| A specific group of customers on whom an organization focuses its marketing efforts | Target Market |
| Four Marketing Mix variables | Product, Price, Distribution, Promotion |
| A Product can be (3 variables) | Good,Service,Idea |
| What are the 2 Price variables | Determines the value of the exchange and Often used as a competitive tool |
| Characteristics of Distribution | minimize costs, Select/motivate intermediaries, Establish/maintain inventory control, Develop/manage transportation and storage systems |
| Promoting includes what 4 things | Increase public awareness, Product features,Urge people to take a stance, Sustain interest in prices |
| What is the provision or transfer of goods, services, or ideas in return for something of value | Exchange |
| What four conditions must be present in an exchange | Two or more individuals, groups, or organizations The exchange should provide a benefit Each party must have confidence in the “something of value” The parties to the exchange must meet expectations |
| What is a Stakeholder | Constituents who have a stake, or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes |
| What are the uncontrollable forces that surround the customer and affect the marketing mix | Marketing Environment |
| Define marketing concept | A management philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals |
| Industrial Revolution improved speed and efficiency during this time | Promotional Orientation |
| Characteristics of Sales Orientation | 1920s-1950s Many products with not enough demand |
| An organization-wide commitment to customer needs that emerged in the 20th century | Market Orientation |
| To implement a Marketing Concept you must. . . | Establish an information system to discover customer needs Create satisfying products Coordinate all activities |
| Profits can be obtained through relationships by | Acquiring new customers Enhancing the profitability of existing customers Extending the duration of customer relationships |
| Establishing long term mutually satisfying buyer/seller relationships | Relationship marketing |
| Customer relationship management (CRM) | Using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
| A customer’s subjective assessment of benefits relative to costs in determining the worth of a product | Value |
| The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently | Marketing Managment |
| What is Green Marketing | A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment |
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