chapter 1 mktg

Flashcard maker : Lily Taylor
people giving up something in order to recieve something they’d rather have instead.
Exchange requires
two or more people may barter or trade
Exchange only takes place with 5 conditions:
1) must be at least two parties. 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 its approprate or desirable to deal with the other party.
4 competing philosophies strongly influence an organizations marketing processes –
– production, sales, market, and social marketing orientations
production orientation
philosophy that focuses on internal capabilities of the firm rather than on the desires and needs of a marketplace.
sales oreintation
based on belief that people will buy more goods and services if aggresive sales techniques are used and that high sales result in high profits
marketing concept
simple and intuively appealing philosophy yhat articulates a market orientation
the marketing concept focuses on
customer wants and needs that the organization can distinguish its products from competetitors offerings
satisfying customer needs legally and responsibly
market oriented
assume a sale doesnt depend on an aggressive sales force by on a customer’s decision to purchase the product
in order to achieve market oriented you
have to obtain info about customers competetitors and markets, examining info from business perspective, determine how to deliver superior customer value and implement actions to provide value to customers
societal marketing orientation
extends the marketing concept by acknolodging that some products that customers want may not really be in their best interests or the best interest of society as a whole.
customer value
the relationship between benefits and the sacrafice necessary to obtain those benefits
good value
a high quality product that is available only at high price wont be percieved as
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
relationship marketing
strategy that focuses on keeping and improving relationships with current customers
delegation of authority
a sales oriented firm defines its business in terms of
goods and services
a market oriented firm defines its business in terms of the
benefits its customers seek.
collaborative efforts of people to accomplish common objectives.
Customer relationship management (CRM)
a company-wide business
strategy designed to optimize profitability, revenue, and
customer satisfaction by focusing on highly defined and
precise customer groups.
A sales-oriented organization seeks to achieve profitability
through sales volume and tries to convince potential customers to buy, even if the seller knows that the customer
and product are mismatched.
Sales-oriented organizations seek to generate sales volume through intensive promotional activities, mainly
personal selling and advertising.
Salespeople who work
for market-oriented organizations are generally perceived
by their customers to be problem solvers and important
links to supply sources and new products.
The fundamental objectives of most businesses
survival, profits, and growth.
Marketing includes the following activities, which are vital to business organizations:
assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and pricing policies, developing
distribution strategies, and communicating with present
and potential customers.
Strategic planning is
the managerial process of creating
and maintaining a fit between the organization’s objectives
and resources and the evolving market opportunities.

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