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Marketing Chapter 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
exchange
people giving up something in order to receive something they would rather have
production orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace; if we build it, they will come
sales orientation
the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profits
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
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
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
customer value
the relationship between benefits and the sacrifice necessary to obtain those benefits
customer value
marketers interested in __ __: offer products that perform, earn trust, avoid unrealistic pricing, give the buyer facts, offer organization-wide commitment in service and after-sales support, co-create
customer satisfaction
customer’s evaluation of a good or service in terms of whether it has met their needs and expectations
relationship marketing
a strategy that focuses on keeping and improving relationships with current customers
empowerment
delegation of authority to solve customers’ problems quickly – usually by the first person the customer notifies regarding a problem
teamwork
collaborative efforts of people the accomplish common objectives
sales
a __-oriented firm defines its business in terms of goods and services
market
a __-oriented firm defines its business in terms of the benefits its customers seek
Henry Ford
“If I had listened to the marketplace, I would have build a faster, cheaper horse”
everybody
a sales oriented organization targets its products at __
specific
a market oriented organization aims at ___ groups of people
CRM
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
sales
a _ oriented firm seeks to achieve profitability through sales volume and tries the convince potential customers to buy, even if the seller knows that the customer and product are mismatched
market
a _ oriented firm aims to make a profit by creating customer value, providing customer satisfaction, and building long term relationships with customers

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