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MKTG CH 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
David Packard-Hewlett Packard
“Marketing is too important to be left only to the marketing department.”
Wegmans Food Markets
“Employees first, customers second.”
Exchange
People giving up something to receive something they would rather have
Marketing
___________ can occur even if an exchange does not occur.
Product, Sales, Market, and Societal Marketing
Four competing philosophies that strongly influence an organization’s marketing process
Product Orientation Philosophy
A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
“Field of Dreams” orientation
Another name for product orientation
meet the needs of the marketplace
A production orientation falls short because it does not consider whether the goods and services that the firm produces most efficiently also _______________________.
Sales Orientation Philosophy
A philosophy that focuses on the ideas that people will buy more goods and services if aggressive sales techniques are used and the high sales result in high profits.
Sales
The fundamental problem with a _________ orientation, as with a production orientation, is a lack of understanding of the needs and wants of the marketplace.
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
Market Orientation Philosophy
A philosphy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase product; it is synonymous with the marketing concept.
L.L. Bean, Zappos.com, Amazon.com, Overstock.com, Blair
Top five U.S. retailers for customer service according to National Retail Federation/American Express Customer Service Survey.
USAA, L.L. Bean, Fairmont Hotels, Lexus, and Trader Joe’s
Best-in-class Customer Service Champs according to Business Week
strengths and weaknesses
Understanding your competitive arena and competitor’s ______ ___ ______ is a critical component of a market orientation.
Societal Marketing Orientation Philosophy
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 interests.
societal marketing
Marketing products and containers that are less toxic than normal are more durable, contain reusable materials, or are made of recyclable materials is consistent with a _______ _______ orientation.
expense, availability
The three top reasons customers gave for not folloiwng through by purchasing and using these more environmentally friendly products were: doubts about effectiveness, _____, and lack of ________ at convenient outlets.
Coca-Cola, Home Depot, UPS, Wal-Mart
These four companies are among the business leaders in the “eco-friendly” movement.
“inward-looking”
Personnel in sales-oriented firms tend to be ________, focusing on selling what the organization makes rather than asking what the market wants.
Customer Value
The relationship between benefits and the sacrifice necessary to obtain those benefits.
perform, trust, pricing, facts, commitment, creation
Marketers interested in customer value: offer products that _____, earn _____, avoid unrealistic _____, give the buyer _____, offer organization-wide ______ in service and after-sales support, and co-______.
Customer Satisfaction
The customer’s evaluation of a good or service in terms of whether that good or service has met their needs and expectations.
customers,existing customers, retaining
Companies can expand market share in three ways: attracting new ______, increasing business with ________ ________, and ______ current customers.
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 that the customer notifies regarding a problem.
expertise
Empowerment gives customers the feeling that their concerns are being addressed and gives employees the feeling that their _____ matters.
Teamwork
______ entails collaborative efforts of people to accomplish common objectives
goods, services
A sales-oriented firm defines its business (or mission) in terms of _____ and _____.
benefits
A market-oriented firm defines its business in terms of the _____ its customers seek.
everybody, average
A sales-oriented organization targets its products at ______ or the _____ customer.
market, groups, similar
A market-oriented organization carefully analyzes the _____ and divides it into _____ of people who are fairly _____ in terms of selected characteristics.
profitability, convince, mismatched
A sales-oriented organization seeks to achieve ____ through sales volume and tries to ______ potential customers to buy, even if the seller knows that the customer and product are ______.
customer value, satisfaction, relationships
The ultimate goal of most market-oriented organizations is to make a profit by creating _____ ______, providing customer ____ and building long-term _______ with customers.
promotional
Sales-oriented organizations seek to generate sales volume through intensive ____ activities, mainly personal selling and advertising.
product, place, promotion, princing
Market-oriented organizations recognize that promotion decisions are only on of four basic marketing mix decisions that have to be made: _____ decisions, _____(or distribution) decisions, _____ decisions, and ______ decisions.
Promotion
The means by which organizations communicate with present and prospective customers about the merits and characteristics of their organization and products.
everyone
Marketing is the job of _____ in the organization.
half
About ____ of every dollar you spnd pays for marketing costs, such as marketing research, product development, packaging, transportation, storage, advertising, and sales expenses.

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