An Overview of Marketing
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| marketing | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
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| exchange | people giving up something in order to receive something they would rather have
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| four competing philosophies | -production</br>
-sales</br>
-market</br>
-societal marketing orientations</br>
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| production orientation | a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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-"What can we do best?"</br>
-"What can our engineers design?"</br>
-"What is easy to produce, given our equipment?"
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| sales orientation | the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits </br></br>
-to sales oriented firms, marketing=selling things & collecting money</br>
-lack of understanding & need
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| marketing concept | the idea that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives
-articulates marketing orientation
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| market orientation | a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product; it is synonymous with the marketing concept
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| societal marketing orientation | the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests
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| customer value | the relationship between benefits and the sacrifice necessary to obtain those benefits</br></br>
-quality they expect and price willing to pay
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| customer satisfaction | customers' evaluation of a good or service in terms of whether it has met their needs and expectations
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| relationship marketing | a strategy that focuses on keeping and improving relationships with current customers</br></br>
-assumes customers prefer ongoing relationship with one organization rather than switch continually among providers in search for value
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| empowerment | delegation of authority to solve customers' problems quickly, usually by the first person the customer notifies regarding a problem </br>
-market oriented firms give employees authority to solve customer problems on the spot
->ownership attitudes
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| teamwork | collaborative efforts of people to accomplish common objectives
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