Intro to Business- Ch. 11 – Flashcards
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The organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders is:
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marketing
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Customer relationship management
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using info about customers to create marketing strategies that develop and sustain desirable customer relationships.
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A corvette, a dinner at the olive garden, and a stay at the Hilton all possess:
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utility
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The utility created by converting production inputs into finished products is ___ utility.
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form
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The utility created by transferring ownership of a product is:
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ownership utility
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Between 1920s and 1950s, businesses had a strong ___ orientation, where emphasis was placed on increased advertising, enlarged sales forces, and occasionally high-pressure selling techniques.
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sales
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An approach to marketing that involves the entire business organization in the process of satisfying customers' needs while achieving the organization's goal is called:
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the marketing concept
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A market is a group of individuals &/or organizations that have needs for products in a given category & have the ability, willingness, and ___ to purchase such products.
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authority
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Markets are classified as either:
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consumer or business-to-business
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Western Civic Club's goals differ from those of a profit-driven business, meaning it's part of an ___ market.
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institutional
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Dell's market:
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institutional market
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Marketing strategy consists of:
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the selection and analysis of a target market and the creation and maintenance of an appropriate marketing mix.
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A marketing segment toward which a company directs its marketing effort is called a:
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target market
