Ch1 Marketing Flashcards
a companywide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
customer relationship management (CRM)
customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
customer satisfaction
the relationship between benefits and the sacrifice necessary to obtain those benefits
customer value
delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding a problem
empowerment
people giving up something in order to receive something they would rather have
exchange
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
market orientation
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
marketing
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
marketing concept
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
production orientation
a strategy that focuses on keeping and improving relationships with current customers
relationship marketing
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
sales 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
societal marketing orientation
collaborative efforts of people to accomplish common objectives
teamwork
