exam 1 Flashcards
customer satisfaction
customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
market oriented
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
Relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
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
on-demand marketing
delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer’s decision and buying process
production orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
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
exchange
people giving up something in order to receive something else they would rather have
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
Customer relationship management (CRM)
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
empowerment
delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding a problem
sales orientation
the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
customer value
the relationship between benefits and the sacrifice necessary to obtain those benefits
Teamwork
collaborative efforts of people to accomplish common objectives
product development
a marketing strategy that entails the creation of new products for present markets
global vision
recognizing and reacting to international marketing opportunities, using effective global marketing strategies, and being aware of threats from foreign competitors in all markets
Exporting
selling domestically produced products to buyers in other countries
Experience curves
curves that show costs declining at a predictable rate as experience with a product increases
market penetration
a marketing strategy that tries to increase market share among existing customers
marketing objective
a statement of what is to be accomplished through marketing activities
target market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges
SWOT analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
joint venture
when a domestic firm buys part of a foreign company or joins with a foreign company to create a new entity
inshoring
returning production jobs to the United States