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Chapter 1 MKTG250
| Term | Definition |
|---|---|
| Utility | consists of the benefits or customer value received by users of the product |
| Organazational Buyers | those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. |
| Ultimate Consumers | consist of the people who use the products and services purchased for a household. Also called consumers, buyers, or customers |
| Product | good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. |
| Societal Marketing Concept | the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being. |
| Customer Experience | the internal response that customers have to all aspects of an organization and its offering |
| Customer Relationship Managment | identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase |
| Market Orientation | organization focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value. |
| Market Concept | idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals. |
| Market Segments | relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action |
| Marketing Program | plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
| Relationship Marketing | organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
| Customer Value | unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before- sale and after-sale service at a specific price. |
| Environmental Forces | uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces. |
| Marketing Mix | controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem |
| Target Market | consists of one or more specific groups of potential consumers toward which an organization directs its marketing program. |
| Market | consists of people with both the desire and the ability to buy a specific offering |
| Exchange | trade of things of value between a buyer and a seller so that each is better off after the trade. |
| Marketing | activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
Created by:
agk236