MKT 351 - CHPT 1

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Author:
Anonymous
ID:
135152
Filename:
MKT 351 - CHPT 1
Updated:
2012-02-14 02:33:43
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MKT 351 CHPT
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CHPT VOCAB FLASH CARDS
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  1. customer satisfaction
    customers’ evaluation of a good or service in terms of whether it has met their needs and expectations
  2. customer value
    the relationship between benefits and the sacrifice necessary to obtain those benefits
  3. empowerment
    delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding a problem
  4. exchange
    people giving up something in order to receive something they would rather have
  5. market orientation
    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
  6. 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
  7. 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
  8. production orientation
    a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
  9. relationship marketing
    a strategy that focuses on keeping and improving relationships with current customers
  10. sales orientation
    the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
  11. 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
  12. teamwork
    collaborative efforts of people to accomplish common objectives

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