Chapter 1 Flashcards
def. marketing
he activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large
The Four Requirements for Marketing to Occur
Two or More Parties with Unsatisfied Needs‣Desire and Ability to Satisfy These Needs‣A Way for the Parties to Communicate‣Something to Exchange
What is a Market?
ltimately, the people, but also organizations with a desire to buy.
Social Marketing
Marketing cause and programs designed to influence the behaviour of individuals and benefit the society as a whole, but not the marketer.
Who Benefits from marketing?
Buyers (Customers) and Society
What is marketing?
According to the American Marketing Association, “marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Marketing focuses on ___________ and __________ prospective customers’________
- discovering
- satisfying
- needs, wants and experiences
Marketing’s first objective is
Discovering Consumer Needs
Marketing’s Second Task
satisfying consumer needs
what are controllable marketing mix factors
price, products, promotion, place
what are uncontrollable marketing mix factors
environmental factors
what is a market
A market is people with the desire and with the ability to buy a specific product.
six different orientations in the hx of North American Business – 6 Eras
- production Era (1860-1930
- Sales Era(1920-1940
- Marketing Concept (1950-1970
- Market orientation (1980- prest
- customer experience management (2000-prest)
- social media marketing era (2005-2020)
volution of North American Business – 6 Eras
- production Era
- Sales Era
- Marketing Concept
- Market orientation
Marketing concept is the idea that an organization should (2)
Strive to satisfy needs and wants of consumersb)While trying to achieve the organization’s goals.
Market Orientation:means a firm should focus its effords on (3)
Continuously collecting information about customers’needs and competitors’ capabilities, b)Sharing this information across departments, and c)Using the information to create customer value.
customer value
unique combination of benefits received, including quality, price, convenience, delivery and both the before-sale and after-sale services
customer satisfaction =
the match between customer expectation and product’s actual performance
customer relationship management
the process to build and develop a long-term relation by delivering value and satisfaction to customers
the process of identifying prospective buyers, understanding them intimately, and developing long-term perceptions of the organization and its offering
customer relationship management
the process to build and develop a long-term relation by delivering value and satisfaction to customers
CLV
customer lifetime value
customer lifetime value
the profits generated from customer’s purchase of the org’s products and services over the customer’s life time
CEM
customer experience management
CEM
customer experience management
