Marketing 100s Ch 1 – Flashcards
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The relationship between benefits and the sacrifice necessary to obtain those benefits is called
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customer value
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A sales-oriented firm defines its business in terms of:
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goods and services.
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a _____________organization recognizes that different customer groups want different features and benefits
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market-oriented
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Market-oriented firms:
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make a profit by creating customer value.
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Sales-oriented businesses generate sales volume by:
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using intensive promotional activities.
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Which of the following is a critical component of a market orientation?
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An understanding of the competitor's strengths and weaknesses
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To a sales-oriented firm, marketing is:
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convincing people to buy things and collecting money
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An online fashion retailer frequently takes design submissions from its users, evaluates the designs, and produces the ones that most closely fit its seasonal look. This retailer is most likely to be
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market oriented.
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Which of the following statements is true about the marketing concept?
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It focuses on the importance of understanding customers and competition.
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A ____________is a philosophy that focuses on the internal capabilities of a firm rather than on the desires and needs of the marketplace.
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production orientation
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The company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups is called
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customer relationship management
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A production orientation philosophy:
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does not consider whether the goods and services that the firm produces most efficiently meet the needs of the marketplace.
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Personnel in sales-oriented firms tend to:
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focus less on making what the market wants.
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A _______________ based on the belief that people will buy more goods and services if aggressive marketing techniques are used to convince potential customers to buy
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sales orientation
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Marketing has two facets.
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First, it is a philosophy, an attitude, a perspective, or a management orientation that stresses customer satisfaction. Second, marketing is an organization function and a set of processes used to implement this philosophy.
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Marketing
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is 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.*
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exchange
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people giving up something in order to receive something else they would rather have. Normally, we think of money as the medium of exchange. We "give up" money to "get" the goods and services we want.
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An exchange can take place only if the following five conditions exist:
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There must be at least two parties. Each party has something that might be of value to the other party. Each party is capable of communication and delivery. Each party is free to accept or reject the exchange offer. Each party believes it is appropriate or desirable to deal with the other party.*
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Production Orientation
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a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of marketplace
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Sales Orientation
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the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
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Marketing Concept
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the idea that the social and economic justification for an organization existence is the satisfaction of customer want & needs while meeting organizational objectives
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Market Orientation
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a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customers decision to purchase a product; it is synonymous with the marketing concept; benefits that customer seek
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Societal Marketing Orientation
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extends the marketing concept by acknowledging that some products that customers want may not really be in their best interest or the best interest of society as a whole
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Differences between Sales & Marketing Orientations
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Organization's focus Firm's business Those to whom the product is directed Firm's primary goal Tools used to achieve the organization's goal
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Customer Value
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the relationship between benefits & the sacrifice necessary to obtain those benefits
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Relationship Marketing
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a strategy that focuses on keeping & improving relationships with current customers
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Empowerment
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delegation of authority to solve customers problems quickly--usually by the first person the customer notifies regarding a problem
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Teamwork
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collaborative efforts of people to accomplish common objectives
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Customer relationship management (CRM)
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a company wide business strategy designed to optimize profitability, revenue and customer satisfaction by focusing on highly defined & precise customer groups
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On-Demand Marketing
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delivers relevant experiences throughout the consumer's decision and buying process that are integrated across both physical & virtual environments
