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2012-09-25 15:03:18
Chapter One Creating Customer Relationships Value through Marketing

Marketing Test 1
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  1. Marketing
    The activity for creating & delivering offerings that benefit the organization, its stakeholders, & society
  2. Marketing Needs
    • 1. Discover the needs & wants of prospective customers
    • and to:
    • 2. Satisfy them
  3. Exchange
    The trade of thngs of value b/w buyer & seller so that each is better off after the trade
  4. Marketing Envrionmental Factors
    Social, Economic, Technological, Competitve, Regulatory
  5. Discovering Customer Needs
    The first objective in marketing is discovering the needs of prospective customers
  6. Consumer Needs and Consumer Wants
    Marketing tries to satisfy consumer needs and consumer wants
  7. Need
    Occurs when a person feels deprived of basic necessities such as food, clothing, and shelter
  8. Want
    A need that is shaped by a person's knowledge, culture, & personality
  9. Market
    People with both the desire and the ability to buy a specific offering
  10. Target Market
    One or more specific groups of potential consumers toward which an organization directs its marketing program
  11. Four P's
    • Product: A good, service, or idea to satisfy the consumers' needs
    • Price: What is exchanged for the product
    • Promotion: A means of communication b/w the seller & buyer
    • Place: A means of getting the product to the consumer
  12. Marketing Matrix
    Controllable factors - place, price, promotion, product - that the marketing manager can use to solve a marketing problem
  13. Envrionmental Forces
    The uncontrollable social, economic, technological, competitive, & regulatory forces that affect the results of a marketing decision
  14. Customer Value
    Buyer's benefits, including quality, convenience, on-time delivery, & before-and-after sale service at a specific price
  15. Customer Value Strategy

    • Best price
    • Best service
    • Best product
  16. Relationship Marketing & the Marketing Program
    A firm achieves meaningful customer relationships by creating connections with its customers through careful coordination of the product, its price, the way it's promoted, & how it's placed
  17. Relationship Marketing
    Linking the organization to its individual customers, employees, suppliers, & other partners for their mutual long-term benefit
  18. Marketing Plan
    A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
  19. Evolution of the Market Orientation

    Production Era
    Covers the early years of the United States up until the 1920's. Goods were scarce & buyers were willing to accept virtually any goods that were available & make do w/them
  20. Evolution of the Market Orientation

    Sales Era
    From the 1920's - 1960's, manufacturers found they could produce more goods than buyers could consume. Competition grew and firms hired more sales people to find more buyers
  21. Evolution of the Market Orientation

    Marketing Concept Era
    Idea that an organization should strive to satsify the needs of consumers while also trying to achieve the organization's goals
  22. Evolution of the Market Orientation

    Market Orientation
    Focusing organizational efforts to collect & use information about customer's needs to create customer value
  23. Evolution of the Market Orientation

    Customer's Relationship Era
    Firms seek to continuously satisfy the high expectations of customers
  24. Evolution of the Market Orientation

    Customer Relationship Management (CRM)
    Process of identifying prospective buyers, understanding them intimately, & developing favorable long-term perceptions of the organization & its offerings so that buyers will choose them in the marketplace
  25. Evolution of the Market Orientation

    Customer Experience
    Internal response that customers have to all aspects of an organization & its offering
  26. Social Marketing Concept
    The view that organizations should satisfy the needs of consumers in a way that also provides for society's well-being
  27. Ultimate Consumers
    The people who use the goods & services purchased for a household
  28. Organizational Buyers
    Manufacturers, wholesellers, retailers, & government agencies that buy goods & services for their own use or resale
  29. Utility
    The benefits or customer value received by users of the product
  30. Four different utilities
    • Form: Production of goods or services
    • Place: Having the offering available where consumers need it
    • Time: Having it available when consumers need it
    • Possession: Value of making an item easy to purchase through the provision of credit cards or financial arrangements