Marketing 210 Exam 1 Chapter 1 Flashcards
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.
Exchange
People giving up something in order to receive something else they would rather have.
Production Orientation
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
Sales Orientation
Based on the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits.
Marketing Concept
Simple and intuitively appealing philosophy that articulates a market orientation.
Market Orientated
Firms that adopt and implement the marketing concept
Societal Marketing Orientation
Extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or the best interests of society as a whole.
Customer Value
The relationship between benefits and the sacrifice necessary to obtain those benefits
Customer Satisfaction
The customers’ evaluation of a good or service in terms of whether that good or service has met their needs and expectations
Relationship Marketing
Strategy that focuses on keeping and improving relationships with current customers.
Empowerment
Describe the delegation of authority
Teamwork
Collaborative efforts of people to accomplish common objectives.
(CRM)
Customer Relationship Management
A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Big Data
The discovery, interpretation, and communication of meaningful patterns in data.
On-Demand Marketing
Integrated across both physical and virtual environments, throughout the consumer’s decision and buying process.
