Chapter 1 Terms MKTG 300

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  1. 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
  2. exchange
    people giving up something in order to receive something else they would rather have
  3. production orientation
    a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace
  4. sales orientation
    the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
  5. 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
  6. 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
  7. on-demand marketing
    delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer's decision and buying process
  8. 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'
  9. customer value the relationship between benefits and the sacrifice necessary to obtain those benefits
  10. customer satisfaction
    customers' evaluation of a good or service in terms of whether it has met their needs and expectations
  11. relationship marketing
    a strategy that focuses on keeping and improving relationships with current customers
  12. empowerment
    delegation of authority to solve customers' problems quickly—usually by the first person the customer notifies regarding a problem
  13. teamwork
    collaborative efforts of people to accomplish common objectives
  14. customer relationship management (CRM)
    a company- wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
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Chapter 1 Terms MKTG 300
2016-02-08 03:45:03
Exam 1
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