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Marketing - 1

An Overview of Strategic Marketing

QuestionAnswer
Stakeholders Constituents who have a "stake", or claim, in some aspect of a company's products, operations, markets, industry, and outcomes.
Target market A specific group of customers on whom an organization focuses its marketing efforts.
Relationship Marketing Establishing long-term, mutually satisfying buyer-seller relationships.
Marketing Environment The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.
Value A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
Product A good, a service, or an idea.
Marketing Concept A managerial philosophy that an organization should try to satisfy customer's needs through a coordinated set of activities that also allows the organization to achieve its goals.
Green Marketing A strategic process involving stakeholders assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.
Exchanges The provision or transfer of goods, services, or ideas in return for something of value.
Customer relationship management (CRM) Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Marketing Mix Four marketing activities - product, pricing, distribution, and promotion - that a firm can control to meet the needs of customers within its target market.
Market Orientation An organization-wide commitment to researching and responding to customer needs.
Customers The purchasers of organizations' products
Marketing The 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.
Created by: ElTioBabalu
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