Chapter 1: An Introduction to Marketing Flashcards
Marketing
The activities that develop an offering in order to satisfy a customer need.
Need
A state of being where we desire something that we do not possess but yearn to acquire.
Production orientation
A focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available. First orientation of marketing.
Sales orientation
Hard selling to the customers, who has greater choice thanks to more competition in the marketplace. Second orientation of marketing.
Marketing company orientation
A strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer. Third orientation of marketing.
Societal marketing orientation
Looking not only at the customer but expanding marketing efforts to include aspects from the external environment that go beyond a firm’s customers, suppliers, and competitors. Fourth orientation of marketing.
Customer satisfaction
Customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.
Relationship marketing
A strategy that focuses on keeping and improving relationships with current customers. Fifth orientation of marketing.
Exchange
People giving up one thing to receive another thing they would rather have.
Customer value
The relationship between benefits and the sacrifice necessary to obtain those benefits.
Marketing mix
The four Ps of marketing: product, price, place, and promotion.
Marketing segments
Groups of individuals, families, or companies that are placed together because it is believed that they share similar needs.
Relationship building
Companies can expand their market share in three ways: attracting new customers, increasing business with existing customers, and retaining current customers.
