Midterm Ch. 1 Flashcards
Marketing
Creating offerings that bring value to the customer, partners, and society at large.
Exchange
Giving up something to receive something in exchange.
Production Orientation
A philosophy that focuses on the internal capabilities of the firm rather than the needs of the marketplace.
Sales Orientation
The belief is that being aggressive with sales will lead to more sales.
Marketing Concept
The idea is that the social and economic justification for a company’s existence is prioritizing the customer’s wants and needs while meeting organizational objectives.
Market Orientation
A philosophy that doesn’t push sales aggressively but instead recognizes that the customer is the one who chooses to buy the product.
Social Marketing Orientation
Its philosophy focuses on society’s long-term best interest and also to enhance individuals.
Customer Value
It is what the customer gains after sacrificing what is necessary to obtain the benefits.
Customer Satisfaction
Whether the product has met the customer’s needs and expectations.
Relationship Marketing
A strategy to keep and improve the companies relationship with the customer.
Empowerment
Giving the employee power to be able and solve the customer’s problems quickly, without having to ask others.
Customer Relationship Management (CRM)
A wide business strategy to optimize profitability and customer satisfaction by focusing on precise customer groups.
On-Demand Marketing
Both physical and virtual experiences are integrated throughout the customer’s decision and buying experience.
five things needed for an exchange
- Must be two parties.
- Each party must have something that might be of value to the other party.
- Both parties must be able to communicate and deliver.
- Both parties are free to accept or reject the offer.
- Both parties think it is appropriate or desirable to deal with the other party.
