PCM Key Terms - Domain 2, Topic 1

Question 2

Key Terms

Customer Orientation

Answer 2

A company objective based on the premise that the firm should measure itself primarily according to whether it meets its customers’ needs

Question 3

Key Terms

Customer Relationship Management (CRM)

Answer 3

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.

Question 4

Key Terms

Customer Value

Answer 4

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Question 5

Key Terms

Customer Value Proposition

Answer 5

The cluster of benefits that an organization promises customers to satisfy their needs

Question 6

Key Terms

Exchange

Answer 6

The trade of things of value between buyer and seller so that each is better off after the trade

Question 7

Key Terms

Form Utility

Answer 7

The benefits or customer value associated with the production of a product or service

Question 8

Key Terms

Idea

Answer 8

A concept, philosophy, image, or issue

Question 9

Key Terms

Market Orientation

Answer 9

When an organization focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value

Question 10

Key Terms

Market

Answer 10

People or businesses with both the desire and the ability to buy a specific offering.

Question 11

Key Terms

Marketing

Answer 11

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders,

Question 12

Key Terms

Marketing Concept

Answer 12

The idea that an organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals

Question 13

Key Terms

Marketing Citizenship

Answer 13

The goal of socially-responsible organizations to adopt a strategic focus for fulfilling the following roles that their stakeholders expect of them: Economic (be profitable), Legal (obey the law), Ethical (be ethical), and Philanthropic (be a good citizen)

Question 14

Key Terms

Marketing Mix

Answer 14

Four marketing elements - product, distribution, promotion, and pricing - that a firm can control to meet the needs of consumers within its target markets

Question 15

Key Terms

Marketing Program

Answer 15

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Question 16

Key Terms

Organizational Buyers

Answer 16

Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale

Question 17

Key Terms

Possession Utility

Answer 17

The benefits or customer value associated with making an item easy to purchase

Question 18

Key Terms

Place Utility

Answer 18

The benefits or customer value associated with having a product or service offering available where consumers need it

Question 19

Key Terms

Product

Answer 19

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumersÕ needs and is received in exchange for money or something else of value

Question 20

Key Terms

Production Orientation

Answer 20

A company objective practiced in the Production Era, when products poured into the marketplace, where demand for manufactured goods was strong.

Question 21

Key Terms

Relationship Marketing

Answer 21

Marketing that links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits

Question 22

Key Terms

Sales Orientation

Answer 22

A company objective based on the belief that increasing sales will help the firm more than will increasing products

Question 23

Key Terms

Service

Answer 23

An intangible result of the application of human and mechanical efforts to people or objects

Question 24

Key Terms

Stakeholder

Answer 24

Constituents who have a stake, or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes

Question 25

Key Terms

Societal Marketing Concept

Answer 25

The view that organizations should satisfy the needs of consumers in a way that provides for societyÕs well-being

Question 26

Key Terms

Target Market

Answer 26

One or more specific groups of potential consumers toward which an organization directs its marketing program

Question 27

Key Terms

Time Utility

Answer 27

The benefits or customer value associated with having a product or service available when needed

Question 28

Key Terms

Ultimate Consumer

Answer 28

The people who use the goods and services purchased for a household.

Question 29

Key Terms

Value

Answer 29

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product

Question 30

Key Terms

Utility

Answer 30

The benefits or customer value received by users of the product