Exam 1 Terms Flashcards
The next Steps after discover customer needs using research
Design marketing program with the 4 ‘s
4 P’s
- Price
- Product
- Place
- Promotion
Orientations in American Business
- Product era (1840 - 1930)
- Sales era (1920 - 1965)
- Marketing concept era (1955 - 1999)
- Costumer relationship era (1990 - present)
Marketing
The process of createing, communicating, delivering, and exchange offerings that benefit its customers, the organization, stakeholders, and society at large.
Exchange
The trade between buyer and a seller with the intention of being better off after the trade.
Market
People with the ability and desire to buy an offering.
People who want to buy
Target Market
One or more potential customer groups that an organization focuses its marketing program.
Marketing Mix
Controllable factors (4 P’s) used to solve a marketing problem.
Marketing Orientation
Process of:
- Collect customer needs info.
- Share the information with the other departments.
- Using it to create customer value.
Customer Value Proposition (CVP)
Group of benefits that an organization promises to its customers to satisfy their needs.
Environmental forces
Uncontrollable forces that affect marketing decisions:
- Social
- Economic
- Technological
- Competitive
- Regulatory
Customer Value
Unique combination of benefits received by target customers:
- Quality
- Convenience
- On-time delivery
- Both before and after sale service at a specific price
Relationship Marketing
Links the organizatio with its customers, employees, suppliers, and other partners for a mutual long-term relationship
Marketing Program
Plan that integrate “Marketing Mix” to provide a product, service, or idea to prospective buyers.
Market Segment
Group of prospective customers that:
- Have similar needs
- Will respond similar to marketing action
