Ch1 – Flashcard
2. each party has something that might be of value to the other party.
3. each party is capable of communication and delivery.
4. each party is free to accept or reject the exchange offer.
5. each party believes it is appropriate or desirable to deal with the other party.
2. integrating all the organization’s activities, including production, to satisfy these wants and needs
3. achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly.
this orientation extends the marketing concepts to serve 3 bodies rather than 2: customers, the organization itself, and society as a whole.
market-oriented firms derive their competitive advantage from an external focus. Departments in these firms coordinate their activities and focus on satisfying their customers.
2. customer value is the ratio of benefits to the sacrifice necessary to obtain those benefits.
creating customer value is a core business strategy of many successful firms.
3. marketers interested in customer value-offer products that perform, give consumers more than they expect, avoid unrealistic pricing, give the buyer facts, offer organization-wide commitment in service and after-sales support.
training: employees receive specialized training in building relationships with customers.
empowerment: employee are “empowered” or “enabled” to make key decisions when necessary in order to fix problems or meet customer needs.
teamwork: entails collaborative efforts of people to accomplish common objectives.
marketing plays an important role in society
marketing provides a delivery system from a complex standard of living. the number of transactions needed everyday in order to feed, clothe, and shelter a population the size of the one in the U.S. is enormous and requires a sophisticated exchange in mechanism.
Marketing is important to businesses
the fundamental objectives of most businesses are survival, profits, and growth. marketing contributes directly to achieving these objectives.
marketing provides the following vital business activities: assessing the wants and satisfactions of present and potential customers
marketing offers outstanding career opportunities
between one-fourth and one-third of the entire civilian work force in the United States performs marketing activities.
marketing offers career opportunity in areas such as professional selling, marketing research, advertising, retail busying, distribution management, product development, and wholesaling.
marketing affects your life every day
as customers of goods and services, we participate in the marketing prices every day.
almost 50 cents of every dollar consumers spend goes too pay marketing costs such as market research, product research and development, packaging, transportation, storage, advertising, and sales-force.
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